2024 年 08 月 27 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn [Table_Title] 光储龙头强韧性，2024H1 储能毛利率同比高增 ——阳光电源（300274）2024 年半年报点评 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|--------------|-------|---------| | 最近一年走势 | | | | | 事件 | | | | | | | | | | | | | | 现营收 | | | | | | | | | | | | | | +3.0pct | | | | | | | | | | | | | | | | | | | | | | | 相对沪深300 | 表现 | | 2024/08/26 | 比 | -1.0pct | | 表现 | 1M | 3M | 12M | | | | 阳光电源 | 1.5% | -0.4% | 2.6% | | | | 沪深300 | -2. ...

光储盈利能力优异，竞争实力彰显 | --- | --- | |------------------------------|--------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 71.44 | | 近 12 个月最高/ | 112.77/56.38 | | 总股本（百万股） | 2,073 | | 流通股本（百万股） | 1,590 | | 流通股比例（%） | 76.69 | | 总市值（亿元） | 1,481 | | 流通市值（亿元） | 1,136 | [公司价格与沪深 Table_Chart] 300 走势比较 -34% -21% -8% 6% 19% 8/23 11/23 2/24 5/24 阳光电源 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com [Table_CompanyReport] 相关报告 1.报表稳健业绩高增，彰显强劲实力 2024-05-08 2.多维角逐新能源赛道，发力一体化 能源管理 2 ...

[Table_Title] 阳光电源（300274.SZ） 业绩超预期，全球储能影响力持续提升 [Table_Summary] 核心观点： 公司发布 2024 年半年报，业绩超预期。24 年上半年公司实现营收 310.20 亿元，同比+8.38%；毛利率 32.42%，同比+3.0pct，主要系公 司品牌溢价、产品创新及项目管理能力的提高；归母净利润 49.59 亿 元，同比+13.89%；财务费用 1.88 亿元，同比增长 4.97 亿元，主要系 汇兑损失金额大幅增加。24Q2 实现营收 184.06 亿元，同比+14.74%， 环比+45.92%；归母净利润 28.63 亿元，同比+0.57%，环比+36.56%。 逆变器业务经营稳健，微逆新品开拓欧洲户用市场。根据公司中报， 24 年上半年光伏逆变器业务出货 65GW，实现营收 130.93 亿元，同 比+12.63%，占总营收 42.21%，毛利率稳定在 38%左右。公司大力推 进全球化品牌战略，加码布局欧洲、美洲、澳洲、中国渠道市场，全球 服务网点增长至 490+。公司重磅发布微逆系列及家庭智慧能源管理器 iHomeManager，方便适应欧洲及全球 ...

证券研究报告 非金融公司|公司点评|阳光电源（300274） 2024 半年报点评： 业绩稳定增长，光储双赛道龙头地位稳 固 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 公司 2024H1 实现营业收入 310.2 亿元，同比增长 8.4%，实现归母净利润 49.6 亿元，同比增 长 13.9%。公司光伏逆变器技术优势突出稳健发展，储能系统盈利水平同比显著提升，技术优 势领先。公司专注于新能源发电领域，持续加大研发投入，公司光伏逆变器、储能系统龙头地 位稳固，盈利能力出色，维持"买入"评级。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月26日 阳光电源(300274) 2024 半年报点评： 业绩稳定增长，光储双赛道龙头地位稳固 | --- | --- | |------------|-------------------| | 行 业： | 电力设备/光伏设备 | | 投资评级： | 买入（维持） | | 当前价格： ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance in the first half of 2024 shows a year-on-year revenue growth of 13.89%, with total revenue reaching RMB 310.20 billion, a growth of 8.38% compared to the previous year [3]. - The inverter business is experiencing steady growth, while the profitability of the energy storage systems has significantly improved [3]. - The company has a high contract liability amounting to RMB 90.42 billion, indicating strong demand and positive production outlook [3]. Financial Summary - For the first half of 2024, the company achieved a net profit attributable to shareholders of RMB 49.59 billion, up 13.89% year-on-year, with a net profit margin of 16.27% [3][5]. - The comprehensive gross margin increased by 3.00 percentage points to 32.42%, and the comprehensive net margin improved by 0.86 percentage points [3]. - The company's revenue from photovoltaic inverters reached RMB 130.93 billion, a year-on-year increase of 12.63%, with a gross margin of 37.62% [3]. - The energy storage systems generated revenue of RMB 78.16 billion, with a gross margin improvement of 12.61 percentage points to 40.08% [3]. - The new energy investment and development segment saw revenue of RMB 89.55 billion, an increase of 18.45% year-on-year, with a gross margin of 16.88% [3]. Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 5.28, RMB 5.88, and RMB 6.74, respectively, with corresponding price-to-earnings ratios of 13.5, 12.1, and 10.6 times [3][4].

证 券 研 究 报 告 阳光电源（300274）2024 年半年报点评 强推（维持） 盈利能力维持高位，海外储能有望持续放量 目标价：88.97 元 当前价：68.12 元 事项： ❖ 公司发布 2024 年半年报，2024H1 公司实现营收 310.20 亿元，同比+8.38%； 归母净利润 49.59 亿元，同比+13.89%；毛利率 32.42%，同比+3.00pct；归母 净利率 15.99%，同比+0.77pct。其中 2024Q2 公司实现营收 184.06 亿元，同比 +14.74%，环比+45.92%；归母净利润 28.63 亿元，同比+0.57%，环比+36.56%； 毛利率 29.5%，同比-1.03pct，环比-7.17pct；归母净利率 15.55%，同比-2.19pct， 环比-1.07pct。 评论： ❖ 光伏逆变器出货高增，产品持续创新迭代。2024H1 公司光伏逆变器实现营收 130.93 亿元，同比+13%，毛利率 37.6%，同比+1.7pct；2024H1 全球发货 65GW， 同比约+30%。组件价格回落至底部位置，刺激光伏装机需求持续增长，价格 敏感性较高的地面电站需 ...

2024 年 8 月 26 日 公司研究 Q2 业绩超预期，光储龙头地位稳固 ——阳光电源（300274.SZ）2024 年半年度报告点评 要点 事件：公司发布 2024 年半年度报告，2024 年公司实现营收 310.2 亿元，同比 +8.38%；实现归母净利润 49.59 亿元，同比+13.9%；实现扣非归母净利润 48.82 亿元，同比+14.03%。其中，2024Q2 公司实现营收 184.06 亿元，同比+14.74%； 实现归母净利润 28.63 亿元，同比+0.57%；实现扣非归母净利润 27.99 亿元， 同比-0.86%。 点评： 深耕海外市场，储能业务盈利能力超预期。2024H1，公司储能业务实现营收 78.16 亿元，同比-8.3%；毛利率为 40.08%，同比+12.61pct。储能业务营收同 比下降主要系储能系统单价的降低，储能业务毛利率同比大幅提升主要系储能电 芯价格的下降。24H1，公司全球首发的 10MWh"交直流一体"全液冷储能系统 PowerTitan2.0 及工商业液冷储能系统 PowerStack200CS 在全球范围内广泛 应用。在订单获取上公司同样表现亮眼，公司与 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 revenue reached 31.02 billion yuan, up 8.4% year-on-year, with a net profit attributable to shareholders of 4.96 billion yuan, an increase of 13.9% year-on-year. The gross margin was 32.4%, up 3 percentage points, and the net profit margin was 16%, up 0.8 percentage points [2] - The energy storage gross margin reached a record high of 40.1%, benefiting from lower cell costs and product iterations, despite a revenue decline of 8.3% year-on-year in H1 2024 [2] - The inverter gross margin improved year-on-year, with revenue from photovoltaic inverters in H1 2024 at 13.1 billion yuan, up 12.6% year-on-year, and a gross margin of 37.6%, up 1.7 percentage points [2] - The company adjusted its profit forecast upwards, expecting net profits of 11 billion yuan, 14 billion yuan, and 16.9 billion yuan for 2024, 2025, and 2026 respectively, reflecting a year-on-year growth of 16.8%, 27.1%, and 20.5% [2] Financial Summary - Total revenue for 2022 was 40.257 billion yuan, with a projected increase to 83.825 billion yuan in 2024, representing a year-on-year growth of 16.02% [2] - The net profit attributable to shareholders for 2022 was 3.593 billion yuan, expected to rise to 11.021 billion yuan in 2024, marking a year-on-year increase of 16.75% [2] - The latest diluted EPS is projected to be 5.32 yuan per share in 2024, with a P/E ratio of 12.81 based on the current price [2] Market Data - The closing price of the stock is 68.12 yuan, with a market capitalization of approximately 141.23 billion yuan [4] - The stock has a price-to-book ratio of 4.50 and a circulating A-share market value of approximately 108.31 billion yuan [4] Basic Data - The company has a total share capital of 2,073.21 million shares, with a net asset value per share of 15.15 yuan [5] - The debt-to-asset ratio stands at 64.67% [5]

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company has solidified its leading position in the solar storage industry, with a continuous enhancement of its global influence [1] - The company reported a revenue of 31.02 billion yuan for the first half of 2024, representing an 8.38% year-on-year increase, and a net profit of 4.96 billion yuan, up 13.89% year-on-year [2] - The inverter business showed stable growth with revenues of 13.09 billion yuan, a 12.63% increase year-on-year, and a gross margin of 37.62%, up 1.70 percentage points [2] - The energy storage business demonstrated significant improvement in profitability, with revenues of 7.82 billion yuan, a decrease of 8.30% year-on-year, but a gross margin of 40.08%, up 12.61 percentage points [3] - The company has expanded its global service network to over 490 locations and is actively pursuing market opportunities in Europe, America, Australia, and China [2][3] Financial Data and Valuation - The total market capitalization of the company is approximately 141.23 billion yuan, with a circulating market capitalization of about 108.31 billion yuan [4] - The company’s projected revenues for 2024-2026 are 89.78 billion yuan, 109.62 billion yuan, and 129.48 billion yuan, respectively, with corresponding net profits of 10.25 billion yuan, 12.05 billion yuan, and 14.81 billion yuan [6] - The expected earnings per share (EPS) for 2024-2026 are 4.94 yuan, 5.81 yuan, and 7.14 yuan, with price-to-earnings (P/E) ratios of 13.8, 11.7, and 9.5, respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates robust profitability with significant growth potential in overseas markets [2] - The company's revenue for H1 2024 reached 31.02 billion yuan, a year-on-year increase of 8.4%, with net profit attributable to shareholders rising by 13.9% to 4.96 billion yuan [2] - In Q2 2024, revenue surged by 45.9% quarter-on-quarter to 18.41 billion yuan, with net profit attributable to shareholders increasing by 36.6% to 2.86 billion yuan [2] Business Segments Photovoltaic Inverters and Power Electronics - Revenue from photovoltaic inverters and power electronics reached 13.09 billion yuan in H1 2024, a year-on-year increase of 12.6%, with a gross margin of 37.6%, up 1.7 percentage points [2] - The company has expanded its overseas presence with over 20 branches, 490 service outlets, and partnerships in more than 170 countries and regions [2] - New product launches include the first microinverter series and a new generation of commercial and industrial string inverters [2] Energy Storage Systems - Revenue from energy storage systems was 7.82 billion yuan in H1 2024, down 8.3% year-on-year due to shipment and revenue recognition timing, but gross margin remained high at 40% [2] - The company secured major overseas projects, including a 7.8GWh project in the Middle East, an 880MWh project in Latin America, and an 800MWh project in Europe [2] New Energy Investment and Development - Revenue from new energy investment and development grew by 18.5% year-on-year to 8.95 billion yuan in H1 2024, with gross margin improving by 5.4 percentage points to 16.9% [3] - The company secured several domestic and international projects, including a 150MW wind project in Anhui and a 200MW wind project in Kazakhstan [3] Financial Projections - The company's revenue is projected to grow at a CAGR of 13.06% over the next three years, with net profit attributable to shareholders expected to reach 11.53 billion yuan in 2024, 12.58 billion yuan in 2025, and 13.64 billion yuan in 2026 [3][4] - EPS is forecasted to increase from 5.56 yuan in 2024 to 6.58 yuan in 2026, with ROE expected to decline from 29.66% in 2024 to 22.62% in 2026 [4] Valuation Metrics - The company's PE ratio is projected to decrease from 12 in 2024 to 10 in 2026, while the PB ratio is expected to decline from 3.80 in 2024 to 2.41 in 2026 [4] - The EV/EBITDA ratio is forecasted to decrease from 8.28 in 2024 to 6.19 in 2026 [8]