Case Analysis of Sungrow (300274.SZ) Solar-Storage-Charging Integration

Based on collected materials and market data, the following is a detailed analysis report on Sungrow’s solar-storage-charging integration business:

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Sungrow Power Supply Co., Ltd., founded in 1997, is a national key high-tech enterprise focusing on new energy power equipment such as solar energy, wind energy, energy storage, hydrogen energy, and electric vehicles. The company’s stock code is 300274.SZ, with a current market capitalization of approximately RMB 358 billion, firmly maintaining its position as a global leader in photovoltaic inverters and energy storage systems [0].

: The company’s R&D personnel account for as high as 40% of its total workforce, with a cumulative total of over 3,600 patent applications, and its business covers more than 150 countries and regions worldwide. Sungrow boasts core technical advantages of “Triple-Electronics Integration” in power electronics, electrochemistry, and grid support technologies, achieving full-stack independent R&D of photovoltaic inverters, energy storage systems, and charging piles [1].

: As of the end of 2022, the company has established over 20 overseas subsidiaries and branch companies, with more than 280 authorized certified service providers and over 490 global service outlets. Its overseas revenue accounts for a stable 47% or more of total revenue [2].

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Sungrow’s solar-storage-charging integrated solution integrates four core systems to form a complete “power generation - energy storage - power consumption” closed-loop system:

Product Category	Product Series	Application Scenario	Key Features
Photovoltaic Power Generation System	CX Series Inverters, SG150CX	Commercial & Industrial / Ground-Mounted Power Stations	150kW high-power inverter, high conversion efficiency
Energy Storage System	PowerTitan (Large-Scale), PowerStack (Commercial & Industrial)	Grid-Side / User-Side	Liquid cooling temperature control, LCOS reduced by over 20%
Charging Facilities	IDC180E (180kW), Isolated Air-Cooled Ultra-Fast Charging Pile	Public / Dedicated Charging	Industry-first isolated air-cooling technology, 96% efficiency
Energy Management System	EMS200CP/EMS3000, Sungrow Cloud Platform	Intelligent Scheduling	AI-based smart regulation, 10% revenue increase

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• Project Location
  : Chongqing
• Project Features
  : Integrates photovoltaic power generation, energy storage systems, charging facilities, and vehicle testing functions into one
• Technical Highlights
  : Achieves full-function integration of “solar power, storage, charging, and testing”, creating a city-level zero-carbon charging demonstration benchmark [3]

• Project Location
  : Feidong County, Anhui Province
• Application Scenario
  : Expressway Service Area
• Environmental Benefits
  : Annual average photovoltaic power generation of 130,100 kWh, saving 40,000 tons of standard coal annually and reducing carbon dioxide emissions by approximately 4,430 tons, with remarkable energy conservation and emission reduction effects [4]

• Project Location
  : Anhui Expressway Service Areas
• Technical Configuration
  : Adopts SG150CX 150kW string inverters paired with ultra-fast charging piles
• Solution
  : Custom-configures photovoltaic, energy storage, and charging systems based on local conditions to provide flexible and efficient zero-carbon charging services [5]

• Project Location
  : Chaohu, Anhui Province
• Project Scale
  : 10MW
• Application Scenario
  : Dedicated Bus Charging Station
• Social Value
  : Responds to zero-carbon transportation initiatives and builds a green energy hub for urban public transit [6]

• Project Location
  : Shanghai
• Application Scenario
  : Roadside Parking Lot
• Project Features
  : Makes full use of urban roadside space resources to integrate charging facilities with municipal infrastructure [7]

Project Name	Location	Application Scenario	Features
Duyun Bus Terminal Project	Duyun, Guizhou	Public Transit Hub	High-power charging meets public transit operation needs
Henan Sanmenxia Solar-Charging Integrated Power Station	Sanmenxia, Henan	Solar-Charging Integration	In-depth integration of photovoltaic and charging facilities
Hefei Leshui Charging Station	Hefei, Anhui	Public Charging	Standardized solution for Sungrow charging stations

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• Full-stack independent R&D of photovoltaic inverters, energy storage converters (PCS), battery management systems (BMS), and charging piles
• Enables integrated communication between solar, storage, and charging systems, and builds a cloud-edge collaboration system
• Achieves seamless collaboration and intelligent scheduling between devices [8]

• Fault linkage protection strategy, protection response time ≤ 1.5s
• Multiple protections against reverse current, overload, and excessive demand
• AI-based smart regulation achieves a 10% increase in revenue [9]

• Liquid-cooled energy storage systems (PowerTitan, PowerStack)
• Intelligent cluster-level management, extending service life and reducing losses
• System cycle efficiency exceeds 91% [10]

Product Model	Power/Capacity	Output Voltage	System Efficiency	Key Features
IDC180E	180kW	200-1000Vdc	96%	Industry’s lightest charging cable, integrated design
240KW Integrated DC Charging Pile	240kW	200-1000Vdc	95%	Dual-gun simultaneous charging function
PowerStack200CS	225kWh	-	>91%	Integrated smart energy storage design
SG150CX	150kW	-	-	String inverter

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Sungrow’s solar-storage-charging integrated solutions have covered a diverse range of application scenarios:

Scenario Type	Specific Scenarios	Solution Features
Public Charging Stations	Public parking lots, shopping malls, hospitals	Fast charging-focused, highly intelligent
Expressways	Service areas, roadside parking lots along expressways	High-power ultra-fast charging, customized configuration based on local conditions
Dedicated Bus Charging	Public transit hubs, bus parking lots	High-power charging, zero-carbon transportation
Commercial & Industrial Parks	Factory rooftops, logistics parks	Integrated solar-storage-charging, load balancing
Residential Communities	Underground/ground parking lots	Ordered charging, smart APP control
Scenic Area Charging	Parking lots at tourist service centers	Enables charging while sightseeing

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Based on the latest financial data, Sungrow has delivered strong performance in 2024-2025 [0]:

Financial Indicator	Q3 FY2025	Q2 FY2025	Q1 FY2025
Operating Revenue	RMB 22.87 billion	RMB 24.50 billion	RMB 19.04 billion
Earnings Per Share (EPS)	USD 2.00	USD 1.88	USD 1.86
EPS Surprise	+19.76%	-	-

Business Segment	2023 Revenue Proportion	YoY Growth Rate	Market Position
Photovoltaic Inverters	~35%	High-speed growth	Global No. 1 (cumulative installed capacity exceeding 405GW)
Energy Storage Systems	~30%	Explosive growth	Top-tier globally
Charging Equipment	~5%	Rapid growth	Industry-leading
New Energy Investment and Development	~20%	Steady growth	Global No. 1

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1. Policy-Driven
   : Data from the National Energy Administration shows that as of the end of June 2025, the ownership of new energy vehicles in China has reached 36.89 million units, and the demand for charging services is growing exponentially
2. Market Potential
   : Industry experts predict that the market size of solar-storage-charging integration will exceed RMB 1 trillion in the future
3. Technological Evolution
   : Ultra-fast charging piles of 240kW and above are increasingly popular, and liquid-cooled energy storage technology continues to evolve

Competitive Advantage	Specific Performance
Brand Advantage	28 years of focus on new energy power electronics, high global brand recognition
Technical Advantage	Full-stack independent R&D with “Triple-Electronics Integration”, over 200 charging pile patents, leading the formulation of 10 standards
Channel Advantage	Over 490 global service outlets, accelerated channel construction in China, the U.S., and Europe
Ecosystem Advantage	Full product line coverage of solar, storage, and charging, strong ecosystem integration capability

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As a leader in the solar-storage-charging integration sector, Sungrow has successfully built multiple benchmark projects by leveraging its full-stack independent R&D capabilities in photovoltaic inverters, energy storage systems, and charging equipment. The company’s solar-storage-charging integration projects implemented in Chongqing, Anhui, Shanghai, Guizhou and other regions cover multiple scenarios such as public charging, expressways, dedicated bus charging, and commercial & industrial parks, demonstrating strong technical strength and solution capabilities.

With the continuous growth of new energy vehicle ownership and the advancement of carbon neutrality goals, the solar-storage-charging integration market will enter a period of rapid development. Relying on its three-dimensional core competitiveness of brand strength, product strength, and channel strength, Sungrow is expected to fully benefit from the high growth of global solar and energy storage installation demand, with high certainty in performance realization.

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[0] Jinling AI - Sungrow (300274.SZ) Company Overview and Financial Data

[1] Sungrow - Energy Storage System Solution PDF (https://info-support.sungrowpower.com/application/pdf/2022/05/24/储能系统解决方案.pdf)

[2] Soochow Securities - In-Depth Research on Sungrow (300274) (https://pdf.dfcfw.com/pdf/H3_AP202409091639804271_1.pdf)

[3] Sungrow Official Website - Chongqing’s First Solar-Storage-Charging-Testing Integrated Charging Station (https://cn.sungrowpower.com/cases_detail/443.html)

[4] A Comprehensive Guide to Solar-Storage-Charging Integration - Case Study of Anhui Communications Holding Feidong Solar-Storage-Charging Project (https://chd.in-en.com/html/chd-2456236.shtml)

[5] Sungrow Official Website - Anhui Expressway’s First Batch of Ultra-Fast Charging Station Projects (https://cn.sungrowpower.com/solution/8.html)

[6] Sungrow Official Website - Chaohu Bus Parking Lot Charging Station (https://cn.sungrowpower.com/solution/8.html)

[7] Sungrow Official Website - Shanghai’s First Roadside Parking Lot Charging Station Project (https://cn.sungrowpower.com/solution/8.html)

[8] Huafu Securities - In-Depth Research on Sungrow (300274.SZ) (https://pdf.dfcfw.com/pdf/H3_AP202309201599425747_1.pdf)

[9] Sungrow New Energy - Sungrow Charging Station Solutions (https://www.sungrowplant.com/charging-station.html)

[10] Soochow Securities - Technical Features of Sungrow’s Energy Storage Products (https://pdf.dfcfw.com/pdf/H3_AP202409091639804271_1.pdf)