Sineng Electric 2024 Annual Results: Storage PCS Margins Up 7 Points, Overseas Revenue Up 69%

Key takeaways

• Revenue fell 3.23 % to CNY 4.77 billion while net profit rose 46.49 % to CNY 419 million. The annual report attributes this to reduced domestic ESS system integration work and increased overseas PV and storage equipment sales.
• Energy storage PCS and system integration revenue was CNY 1.93 billion (40.40 % of total), with gross margin up 7.12 percentage points to 21.98 %, the largest margin change of the reported segments.
• Overseas revenue grew 68.74 % to CNY 1.16 billion, reaching 24.38 % of total revenue, with an overseas gross margin of 32.74 % against a domestic margin of 19.76 %.
• A 5 GW storage PCS and system integration factory was completed at the end of 2024.
• Sineng Electric ranked in the top two in China for storage PCS shipments from 2021 to 2024, according to the China Energy Storage Alliance (CNESA).

1. Headline numbers

Sineng Electric reported total revenue of CNY 4.77 billion for the year ended December 31, 2024, down 3.23 % from the prior year. The annual report states that the company reduced its volume of domestic ESS system integration projects, which carry lower margins than its equipment sales.

Net profit attributable to shareholders reached CNY 419 million, up 46.49 % year-on-year. Gross margin rose in both core segments, and overseas revenue, which carries a higher gross margin than domestic revenue, grew 68.74 %.

Operating cash flow was positive at CNY 122 million, a 435.81 % change from the prior year, when cash flow from operations was negative.

R&D spending was CNY 290 million, representing 6.07 % of revenue. The company employed 1,609 people at year-end, of whom 490 (30.45 %) were in R&D.

2. Revenue by segment: PV inverters vs energy storage

Sineng Electric reports two core product lines. PV inverters accounted for 57.62 % of revenue and energy storage for 40.40 %.

Segment	FY2024 Revenue (CNY B)	% of Total	YoY Change	Gross Margin	Margin Change
PV inverters	2.75	57.62 %	-4.45 %	22.55 %	+5.05 ppt
Energy storage PCS & system integration	1.93	40.40 %	+0.08 %	21.98 %	+7.12 ppt

PV inverter shipments totaled 25,109 MW during the year, up 7 % year-on-year. PV inverter revenue fell 4.45 % while energy storage revenue was flat at +0.08 %, so the gap between the two segments’ revenue shares narrowed.

The annual report attributes the flat storage revenue to the reduction in domestic system integration work, alongside standalone PCS equipment sales domestically and system-level projects overseas.

3. Gross margin by segment

Gross margin on storage PCS and system integration rose 7.12 percentage points to 21.98 %, while PV inverter margin rose 5.05 percentage points to 22.55 %.

The storage margin of 21.98 % is 0.57 percentage points below the PV inverter margin of 22.55 % (derived). In the prior year the gap was 2.64 percentage points (derived from the reported margin changes).

By geography, overseas revenue carried a gross margin of 32.74 %, compared to 19.76 % for domestic revenue, a gap of 12.98 percentage points (derived). Overseas revenue was 24.38 % of the total.

4. Geographic mix: domestic and overseas

Sineng Electric reports revenue and gross margin split between domestic and overseas sales.

Region	FY2024 Revenue (CNY B)	% of Total	YoY Change	Gross Margin
Domestic (China)	3.61	75.62 %	-14.93 %	19.76 %
Overseas	1.16	24.38 %	+68.74 %	32.74 %

Domestic revenue fell 14.93 %, in line with the reported reduction in system integration project volume. Overseas revenue grew 68.74 % to CNY 1.16 billion.

The company has established offices in nine countries: India, Brazil, Spain, Dubai (UAE), Singapore, Germany, the United States, Greece, and South Africa.

Key international customers named in the annual report include TATA, ACWA Power, Adani, AVAADA, and L&T.

5. 5 GW PCS factory completed

Sineng Electric completed a 5 GW storage PCS and system integration manufacturing facility at the end of 2024.

The annual report does not disclose utilization of the new facility or a shipment figure in GW for the storage segment, so the ratio of the 5 GW capacity to actual 2024 storage output cannot be derived from this filing.

6. Product developments

Sineng Electric’s product portfolio spans string-level to utility-scale PCS and MV skid solutions, with storage PCS products covering 100 kW to 2,000 kW and integrated system capacity up to 12,500 kW. The product range includes grid-forming capability.

The annual report names the Hubei 100 MW / 200 MWh sodium-ion energy storage project among the year’s projects. Sodium-ion is an alternative chemistry to lithium iron phosphate for stationary applications.

PV inverter shipments were 25,109 MW, up 7 % year-on-year.

7. Key customers and reference projects

The annual report names several major customers and project partners:

• SPI (State Power Investment Corporation) — one of China’s five major power generation groups
• China Energy (China Energy Investment Corporation) — the world’s largest power company by installed capacity
• Datang (China Datang Corporation) — one of China’s “Big Five” power generators
• TATA — Indian conglomerate with major renewable energy investments
• ACWA Power — Saudi-headquartered developer of power generation and water desalination plants, active across the Middle East, Africa, and Central Asia
• Adani — Indian infrastructure group with a renewable energy portfolio
• AVAADA — Indian renewable energy company focused on solar and energy storage projects
• L&T (Larsen & Toubro) — Indian multinational engineering and construction company

The list includes both Chinese state-owned utilities and international infrastructure groups.

From 2021 to 2024, Sineng Electric ranked in the top two in China for storage PCS shipments, according to CNESA (China Energy Storage Alliance).

8. Market context

The annual report describes price competition in the Chinese domestic storage market, particularly in system integration.

Sineng Electric reports reducing domestic system integration volume while overseas equipment sales grew 68.74 %. Domestic gross margin was 19.76 % and overseas gross margin was 32.74 %.

The company’s named overseas customers are concentrated in India (TATA, Adani, AVAADA, L&T) and the Middle East (ACWA Power), and it has offices in nine countries.

9. Summary of disclosures

Revenue fell 3.23 % while net profit rose 46.49 %. Domestic revenue fell 14.93 % and overseas revenue grew 68.74 %.

Overseas revenue was CNY 1.16 billion, 24.38 % of total sales, at a 32.74 % gross margin against 19.76 % domestic.

The annual report reports storage PCS and system integration as a single combined line, so PCS-only revenue and margin cannot be separated from system integration revenue and margin in this filing.

Energy storage was 40.40 % of revenue and PV inverters 57.62 %. Storage revenue was flat (+0.08 %) while PV inverter revenue fell 4.45 %.

10. Related reading

• CATL 2025 Annual Results: What the Numbers Mean for Energy Storage
• Sungrow 2024 Annual Results: What the Numbers Mean for Energy Storage
• Kehua vs Sineng Electric: BESS PCS Manufacturer Deep-Dive
• EVE Energy 2025 Annual Results: What the Numbers Mean for Energy Storage
• Samsung SDI 2025 Annual Results: What the Numbers Mean for Energy Storage

11. Sources

All data in this article is sourced from Sineng Electric’s 2024 Annual Report, filed on the Shenzhen Stock Exchange (SZSE) via CNINFO.

• Sineng Electric 2024 Annual Report (PDF, Chinese) — Filed on CNINFO (SZSE), full financial statements and MD&A
• Sineng Electric Manufacturer Profile — BESS Manufacturers directory page