Revenue: In the fourth quarter of 22 and the first quarter of this year, the company achieved revenue of 18 billion and 12.6 billion respectively, with year-on-year growth rates as high as 106% and 175%. Since last year's third quarter, the growth rate has risen to a record high.

Based on the segmentation trend, the booming energy storage business should be the main driver of the company's revenue growth.

It can be seen that the good trend of the company's current performance is quite different from the pessimistic cognition of the market that the price of photovoltaic silicon-containing materials in China has plummeted and the demand for photovoltaic products overseas has declined.

The continued decline in stock prices and the rising performance of photovoltaic companies has shown a clear divergence. But it remains to be seen whether lagging results have yet to reveal problems, or whether market sentiment has been so bearish that it has wrongly killed the still-substantial growth sector.

In terms of gross profit performance, the trend of continuous improvement in the gross profit margin of photovoltaic solar panel inverter and energy storage business continued in the second half of 2022, and the gross profit margin of the first quarter of this year continued to increase, reaching 28%. Therefore, at least in the first quarter, the sharp decline in the price of photovoltaic silicon materials did not affect the company's gross profit level. Free in silicon material, silicon wafers, battery flat this upstream and downstream of the industrial chain competing with each other, is also one of the reasons why the company is more favored by the market.

Expenses: While gross profit continues to rise, the company's expenses also steadily decline. In the fourth quarter of last year and the first quarter of this year, the combined rate of the three fees remained in the range of 11%-12%, compared with the rate of about 13%-18% in the three quarters of 22 years ago. Reflects the rapid expansion of the company's revenue scale, the release of operating leverage and profit space.

Profit: In general, with the increase in the scale of revenue, significant improvement in gross profit, and passive decline in expenses under the scale effect, the net profit of Sunshine Power in the fourth quarter and the first quarter was 15.3 billion and 1.51 billion respectively, which significantly increased compared with the previous quarters.

Even with a linear extrapolation of $1.5 billion per quarter, the company's current valuation falls back to 25x PE. As a result, companies are now back to the norm where valuations can be measured on performance, compared with the previous "market dream" of nearly $200 billion supported by quarterly profits of less than $1 billion. The subsequent high probability will enter into the rational investment logic of performance rather than "outlook" driven by stock prices.

Looking back at the performance of the Sun power has been achieved in the backward mirror, Dolphin thinks there is nothing to be picky about. The rapid release of revenues and profits in the energy storage sector helped drive both revenue and profit growth in the fourth quarter and first quarter of this year. The company's current market value of about 150 billion corresponding to a single quarter of about 1.5 billion net profit has returned to a reasonable range.

However, the first-quarter results may not yet reflect the slowdown in overseas demand for PV and the internal situation of the upstream and downstream of the domestic PV industry chain. Looking forward, the strong trend of double - click revenue and profit in this earnings report may not continue. Market sentiment towards the new energy sector is also quite low.