Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has a strong foothold in the photovoltaic and energy storage sectors, with significant brand and technological advantages, establishing its leading position in the market [2][3] - The company is expected to achieve robust revenue growth, with projected total revenue reaching 83.825 billion yuan in 2024, reflecting a year-on-year increase of 16.02% [1] - The company's net profit is forecasted to be 11.021 billion yuan in 2024, representing a year-on-year growth of 16.75% [1] Summary by Sections Company Background - The company has focused on photovoltaic inverters for over 20 years, achieving a diverse product portfolio that includes energy storage systems and other renewable energy solutions [11] - The company has a stable shareholding structure, with the founder holding a significant portion of shares, ensuring strong management continuity [12][13] Financial Performance - In 2023, the company reported total revenue of 72.251 billion yuan, a year-on-year increase of 79.47%, and a net profit of 9.440 billion yuan, up 162.69% [2][15] - The revenue for the first half of 2024 is projected at 31 billion yuan, with a net profit of 5 billion yuan, indicating continued growth [2][15] Competitive Advantages - The company has a strong brand value exceeding 100 billion yuan and maintains a leading position in financing capability, being ranked first globally in financing value for inverters [20][21] - The company has invested heavily in R&D, with a workforce of 5,787 researchers, and holds 4,906 patents, showcasing its commitment to innovation [23][24] Market Outlook - The global photovoltaic market is expected to see a stable growth rate, with an estimated 490 GW of new installations in 2024, a 21% increase year-on-year [26] - The company is well-positioned to benefit from the growing demand for energy storage solutions, particularly in emerging markets [3][25]

证券研究报告 公司近一年市场表现 ·阳光电源 ·创业板指 市场数据：2024 年 9 月 9 日 逆变器：营收稳定增长，渠道及产品力领先：2024 年上半年，公司逆变 器业务实现营收 130.9 亿元，同比+12.6%；毛利率为 37.62%，同比提升 +1.7pct。渠道方面，公司加码布局欧洲、美洲、澳洲、中国市场，全球服务 网点超过 490。得益于公司全球营销、服务及供应链优势，上半年公司与泰 国 Gulf Energy 签约 3.5GW 光储供货协议，为沙特超豪华度假综合体 Amaala 打造标杆离网项目。产品方面，公司持续加强研发创新推出新品，上半年面 向工商业发布了新一代大功率组串逆变器 SG150CX-CN，以及首款微型逆变 器系列。 收盘价（元）： 75.99 年内最高/最低（元）： 112.77/56.38 流通A股/总股本（亿）： 15.90/20.73 流通 A 股市值（亿）： 1,208.24 总市值（亿）： 1,575.43 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 2.39 储能：毛利率显著提升：2024 年上半年，公司储能系统业务实现营收 78.2 亿元，同比 ...

证券代码：300274 证券简称：阳光电源 公告编号：2024－085 阳光电源股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司（以下简称"公司"）于 2024 年 7 月 12 日召开第五 届董事会第八次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 以自有资金回购公司部分社会公众股股份，用于后期实施员工持股计划或股权激 励计划。回购价格不超过 97.00 元/股（含），回购总金额不低于人民币 5 亿元（含） 且不超过人民币 10 亿元（含），具体回购股份的数量以回购结束时实际回购的股 份数量为准。本次回购股份的实施期限自董事会审议通过之日起 12 个月内。具 体内容详见公司 2024 年 7 月 15 日在巨潮资讯网披露的《关于回购公司股份方案 的公告》（公告编号 2024-067）。 2、公司以集中竞价交易方式回购公司股份符合下列要求： 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，现将公司截至上月末的回购进展情况公告如下： 一、回购股份的进展情况 公司于 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q2 performance exceeded expectations, with a revenue of 184.06 billion yuan in Q2 2024, representing a year-on-year increase of 14.74% and a quarter-on-quarter increase of 45.92% [1] - The company's gross profit margin improved year-on-year, reaching 32.42% in H1 2024, while the net profit margin also increased to 13.72% [2] - The company has a strong order backlog in its overseas energy storage systems, indicating robust growth potential in this segment [2] Financial Performance Summary - In H1 2024, the company achieved a total revenue of 310.2 billion yuan, up 8.38% year-on-year, and a net profit of 49.59 billion yuan, up 13.90% year-on-year [1] - The revenue from photovoltaic inverters was 130.93 billion yuan in H1 2024, a year-on-year increase of 12.63%, with a gross margin of 37.62% [2] - The revenue from energy storage systems was 78.16 billion yuan, showing a slight decline of 8.30% year-on-year, primarily due to shipment and revenue recognition timing [2] - The company’s domestic revenue reached 175.43 billion yuan, up 32.97% year-on-year, while overseas revenue was 134.76 billion yuan, down 12.65% year-on-year [2] Earnings Forecast and Investment Recommendations - The company is expected to achieve net profits of 112.29 billion yuan, 129.21 billion yuan, and 148.18 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 19.0%, 15.1%, and 14.7% [3] - The report highlights the company's strong supply chain management and profitability from overseas orders as key factors for future growth [2]

证券代码：300274 证券简称：阳光电源 公告编号：2024－084 阳光电源股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开第五 届董事会第九次会议，审议通过了《关于继续使用暂时闲置募集资金购买理财产 品的议案》，为提高募集资金使用效率，进一步增加公司收益，同意公司继续使 用额度不超过人民币 65,000 万元的闲置募集资金购买理财产品，在上述额度范 围内资金可以循环滚动使用，使用期限自公司董事会审议通过之日起不超过 12 个月。具体内容详见公司于巨潮资讯网披露的《关于继续使用暂时闲置募集资金 购买理财产品的公告》（公告编号 2024-083）。 根据上述决议，为了提高公司资金使用效率，同时不影响募投项目实施，公 司近日在授权范围内使用闲置募集资金购买了下列理财产品，并到期赎回了部分 理财产品： 一、理财产品基本信息 购买情况： | 序 | 签约银行 | 产品名称 | 认购金额 | 收益类 | 产品起息 | 产品到期 | 预计年化收益 | | --- | --- | - ...

公 司 研 究 公 司 点 评 报 告 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 27 日 公司点评 买入/维持 阳光电源(300274) 目标价: 昨收盘:71.44 阳光电源 2024 年中报点评：光储盈利提升，业绩行稳致远 ◼ 走势比较 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 (30%) (22%) (14%) (6%) 2% 10% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 阳光电源 沪深300 ◼ 股票数据 总股本/流通(亿股) 20.73/20.73 总市值/流通(亿元) 1,481.1/1,481 .1 12 个月内最高/最低价 (元) 112.77/56.38 相关研究报告 | --- | |----------------------------------| | <<阳光电源 2023 年报及 2024 | | 点评：业绩稳健增长，龙头地位稳 | | 固>>--2024-05-15 | | <<光储龙头强势向上，打造风光储电 | | 氢"全能"集成商>>--2022-08-27 | | <<阳光电源（300274）年报及一季报 | | 点评——光伏逆变器依旧领先，储能 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is a leading global supplier of photovoltaic inverters and energy storage systems, expected to benefit from product advantages and growing domestic and international demand [4][5]. - The company's revenue for the first half of 2024 showed rapid growth, with significant contributions from various business segments, including photovoltaic inverters, energy storage systems, and new energy investment development [2][3]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 130.9 billion yuan from photovoltaic inverters, 89.5 billion yuan from energy storage systems, and 78.2 billion yuan from new energy investment, with year-on-year growth rates of +12.63%, -8.30%, and +18.45% respectively [2]. - The gross margin for the company reached 32.42% in H1 2024, an increase of 5.42 percentage points year-on-year, attributed to brand premium, product innovation, scale effects, and improved project management capabilities [2]. - The gross margin for photovoltaic inverters was 37.62%, up by 1.70 percentage points year-on-year, while the gross margin for energy storage systems was 40.08%, an increase of 12.61 percentage points year-on-year [2]. Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 119.8 billion yuan, 132.4 billion yuan, and 157.5 billion yuan respectively [4]. - The projected PE ratios for 2024, 2025, and 2026 are 12.3, 11.2, and 9.4 times respectively [5]. Market Data - As of August 27, 2024, the company's stock price is 71.17 yuan, with a market capitalization of approximately 147.55 billion yuan [2]. - The stock has a 52-week price range of 56.38 to 112.77 yuan [2]. Product and Order Highlights - The company has signed significant contracts, including a 3.5GW supply agreement with GulfEnergy in Thailand and a landmark off-grid project in Saudi Arabia [2]. - The company continues to innovate, launching new products such as high-power string inverters and micro-inverter series for balcony photovoltaic scenarios in Europe [2].

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 阳光电源（300274）公司半年报点评 2024 年 08 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------------|---------------| | 08[Table_StockInfo 月 27日收盘价（元）] | 71.17 | | 52 周股价波动（元） | 56.38-112.77 | | 总股本/流通 A 股（百万股） | 2073/1590 | | 总市值/流通市值（百万元） | 147550/113160 | | 相关研究 | | | [Table_ReportInfo] 《盈利能力增长势头延续，品牌力 | +规模效益+ | | 全覆盖战略奠定高质量发展信心》 | 2024.05.13 | 市场表现 [Table_QuoteInfo] 阳光电源 海通综指 -25.12% -18.12% -11.12% -4.12% 2.88% 2023/8 2023/ ...

阳光电源（300274.SZ） 业绩表现如期兑现，储能高景气持续 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|---------|---------|--------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 40,257 | 72,251 | 87,105 | 104,265 | 123,554 | 股票信息 | | | 增长率 yoy（%） | 66.8 | 79.5 | 20.6 | 19.7 | 18.5 | | | | 归母净利润（百万元） | 3,593 | 9,440 | 10,424 | 12,686 | 14,241 | 行业 | 电力设备及新能源 | | 增长率 yoy（%） | 127.0 | 162.7 | 10.4 | 21.7 | ...