阳光电源：围绕绿电的业务布局

Sungrow Power Supply Co., Ltd. (hereinafter "Sungrow") originally started out as a provider of photovoltaic inverters and gradually diversified into clean energy equipment and power station solutions. As a social consensus around carbon cutting emerged, the renewable energy industry experienced rapid growth. However, Sungrow's stock prices remained volatile. In 2021, the company reported revenue of ￥24.1 billion, up 25% from the previous year. Despite this growth, its profit attributable to the parent company dropped by 19% to ￥1.58 billion, surprising the market. Cao Renxian, founder and chairman of Sungrow attributed the underperformance to the power station development business. The significant increase in upstream silicon prices affected the entire photovoltaic industry chain, causing the prices of silicon wafers, battery pieces, and modules to rise to varying degrees. Consequently, some of Sungrow's projects fell behind schedule. To increase competitiveness in the highly integrated power station development arena, should Sungrow move upstream to produce silicon-based materials and modules, or should it scale back its power station development business and focus on supplying components? Since many upstream component suppliers had broken into power station development and operations and maintenance services, should Sungrow cooperate or compete with them?