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]

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company has solidified its position as a leader in the solar and energy storage sector, with continuous impressive performance [2]. - In the first half of 2024, the company achieved revenue of 31.02 billion yuan, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 4.96 billion yuan, up 13.89% year-on-year [2]. - The inverter business showed stable growth, with revenue of 13.09 billion yuan in the first half of 2024, a year-on-year increase of 12.63% [2]. - The profitability of the energy storage systems significantly improved, with a gross margin of 40.08%, an increase of 12.61 percentage points year-on-year [2]. - The renewable energy investment and development business steadily grew, achieving revenue of 8.96 billion yuan, a year-on-year increase of 18.45% [2]. - The company is expected to achieve revenues of 88.81 billion, 108.05 billion, and 128.32 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 22.9%, 21.7%, and 18.8% [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 18.41 billion yuan, 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 yuan, a year-on-year increase of 0.57% and a quarter-on-quarter increase of 36.56% [2]. - The company’s gross margin for the inverter business was 37.62%, up 1.70 percentage points year-on-year [2]. Business Segments - The inverter business is expanding globally, with over 490 service points and products sold in more than 170 countries [2]. - The energy storage system revenue decreased by 8.30% year-on-year to 7.82 billion yuan, but the gross margin improved significantly [2]. - The renewable energy investment and development segment is focusing on enhancing technology and market service capabilities [2]. Future Projections - The company forecasts net profits of 10.86 billion, 13.10 billion, and 15.67 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.0%, 20.6%, and 19.6% [2]. - The projected PE ratios for 2024, 2025, and 2026 are 13X, 11X, and 9X, respectively [2].

Industry Overview - The global photovoltaic installed capacity reached approximately 193 GW in the first half of 2024, a year-on-year increase of 19% [2] - Global energy storage installations were around 60 GWh, with a year-on-year growth of 49% [3] - Domestic wind power grid capacity increased from 23 GW in the same period last year to 26 GW, reflecting a 12% year-on-year growth [3] Company Performance - The company achieved operating revenue of 31 billion CNY in the first half of 2024, representing an 8% year-on-year increase [4] - Net profit attributable to shareholders reached 4.96 billion CNY, up 14% year-on-year [4] - Research and development expenses amounted to 1.48 billion CNY, a 42% increase compared to the previous year [4] Market Strategy - The company focuses on enhancing brand strength, marketing capabilities, service quality, and product reliability [4] - A global marketing and service network has been established, with over 490 service points worldwide [3] - The company has set up six R&D centers in various locations, including Germany and the Netherlands, to drive innovation in power electronics and grid support technologies [4] Financial Highlights - Accounts receivable increased to 24 billion CNY, up 2.9 billion CNY from the beginning of the year, primarily due to revenue growth [5] - Sales expenses rose to 1.773 billion CNY, a 41.3% increase, driven by the expansion of overseas business and marketing efforts [5] - Asset impairment losses decreased to 120 million CNY, down from the previous year, due to changes in inventory and contract asset aging structures [5] Future Outlook - The company anticipates continued growth in the hydrogen energy sector, with expectations of profitability in 4-5 years [6] - The energy storage market is expected to maintain high growth rates, driven by increasing renewable energy installations and grid demand [6] - Cash flow decreased by approximately 7 billion CNY in the first half of the year, attributed to increased tax liabilities and longer domestic payment cycles [6]

年 月 日 阳光电源 买入 维持评级 公司点评 盈利能力持续亮眼，下半年海外储能 订单确认有望加速 业绩简评 2024 年 8 月 23 日，公司发布半年报，2024 年上半年实现营收 310 亿元，同比增长 8.4%；归母净利润 49.6 亿元，同比增长 13.9%。 其中 2Q24 实现营收 184 亿元，同比增长 14.7%；归母净利润 28.6 亿元，环比增长 36.6%，符合我们预期，略超市场预期。 经营分析 光储产品价跌量增，盈利能力持续保持高位：逆变器收入 131 亿 元，同比增长 12.6%，毛利率 37.6%，同比提升 1.7pct。储能系统 收入 78 亿元，同比下降 8.3%，毛利率 40.08%，同比提升 12.6pct， 我们判断逆变器/储能收入同比增速放缓/同比下降主要是因为原 材料价格下跌带动产品单价下滑所致。上半年公司根据最新会计 准则将保证类质保费用计入营业成本，复原后预计上半年逆变器、 储能系统毛利率约 40%、43%左右，延续去年高盈利状态。 存货及合同负债环比高增，有望支持公司业务兑现高增长：截至 2024Q2 末存货 281 亿元，较年初增加 67 亿元，其中原材料/ ...

阳光电源股份有限公司 2024 年半年度报告全文 阳光电源股份有限公司 2024 年半年度报告 公告编号：2024-080 2024 年 8 月 1 阳光电源股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人曹仁贤、主管会计工作负责人田帅及会计机构负责人(会计主 管人员)李攀声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告"第三节管理层讨论与分析"中"十、公司面临的风险和应对措 施"部分描述了公司经营中可能存在的风险及应对措施，敬请投资者注意并仔 细阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 阳光电源股份有限公司 2024 年半年度报告全文 | --- | ...

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和第五届监事会第七次会议，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，同意公司在不影响募集资金投资项目正常实施的前提下，继续使用不 超过人民币 65,000 万元的暂时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。 现将有关事项公告如下： 一、募集资金情况 2021 年 8 月 19 日经中国证券监督管理委员会《关于同意阳光电源股份有限 公司向特定对象发行股票注册的批复》（证监许可[2021]2734 号）核准，同意公 司向特定对象发行股票募集资金的注册申请。根据发行结果，本次最终发行对象 为 18 名，发行价格为 128.00 元/股，发行股数为 28,418,634 股，募集资金总额为 3,637,585,152.00 元，扣除相关不含税发行费用人民币 14,439,021.64 元，募集资 金净额为人民币 3,623,146,130.36 元。以上募集资金已于 20 ...

阳光电源股份有限公司 2024 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：阳光电源股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年初占用资 | 2024 年 1-6 月占用累计 | 2024 年 1-6 月占用资 | 2024 年 1-6 月偿 | 2024 年 6 月末占用 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 金余额 | 发生金额(不含利息) | 金的利息(如有) | 还累计发生金额 | 资金余额 | 因 | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | ...