【SMM New Energy News】Sungrow: Q1 Storage Revenue Reaches 8.7bn Yuan, Up 60% YoY Excluding Major Project

Published: Apr 28, 2026 17:40

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Sungrow reported Q1 inverter revenue of ~5bn yuan, down 15% YoY due to delayed shipments following US tariff policy changes, though gross margin rose to 40% as the company scaled back low-margin residential business. Storage revenue hit ~8.7bn yuan; despite a YoY decline caused by a high base from last year's Saudi project and US tariffs, the segment grew 60% YoY excluding that project. Storage gross margin fell YoY due to regional price adjustments and sales mix shifts but showed quarter-on-quarter growth.

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