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 | ...

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].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 88.97 CNY, compared to the current price of 68.12 CNY [2]. Core Views - The company's profitability remains high, with overseas energy storage expected to continue to grow significantly [2]. - In H1 2024, the company achieved revenue of 31.02 billion CNY, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 4.96 billion CNY, up 13.89% year-on-year [2]. - The gross margin was 32.42%, an increase of 3.00 percentage points year-on-year, while the net profit margin was 15.99%, up 0.77 percentage points year-on-year [2]. Summary by Sections Revenue and Profitability - In Q2 2024, the company reported revenue of 18.41 billion CNY, a year-on-year increase of 14.74% and a quarter-on-quarter increase of 45.92% [2]. - The net profit for Q2 2024 was 2.86 billion CNY, a year-on-year increase of 0.57% and a quarter-on-quarter increase of 36.56% [2]. - The gross margin for Q2 2024 was 29.5%, down 1.03 percentage points year-on-year and down 7.17 percentage points quarter-on-quarter [2]. Product Performance - The company's photovoltaic inverter revenue in H1 2024 was 13.09 billion CNY, a year-on-year increase of 13%, with a gross margin of 37.6%, up 1.7 percentage points year-on-year [3]. - Global shipments reached 65 GW, a year-on-year increase of approximately 30% [3]. - The company has strengthened its global presence, particularly in Europe, America, Australia, and China, with over 490 service points worldwide [3]. Energy Storage Business - The energy storage system business generated revenue of 7.82 billion CNY in H1 2024, a year-on-year decrease of 8%, but the gross margin improved significantly to 40.1%, up 12.6 percentage points year-on-year [3]. - Global energy storage shipments reached 8 GWh, a year-on-year increase of approximately 60% [3]. - The company has secured significant contracts for energy storage projects in the Middle East, Latin America, Europe, and the UK, indicating strong future growth potential [3]. Future Outlook - The company is expected to maintain high profitability in 2024 due to rapid growth in its solar and storage business, cost control, and economies of scale [3]. - Projected net profits for 2024-2026 are 10.85 billion CNY, 12.11 billion CNY, and 13.27 billion CNY, respectively, with corresponding price-to-earnings ratios of 13, 12, and 11 times [4].