阳光电源(300274)：Q1业绩超预期 光储龙头彰显全球竞争力

Core Insights - The company reported a revenue of 77.857 billion in 2024, a year-on-year increase of 7.8%, and a net profit of 11.036 billion, up 16.9% year-on-year [1] - In Q4 2024, the company achieved a revenue of 27.911 billion, a year-on-year increase of 8.0%, and a net profit of 3.437 billion, up 55.0% year-on-year [1] - For Q1 2025, the company reported a revenue of 19.036 billion, a significant year-on-year increase of 50.9%, and a net profit of 3.826 billion, up 82.5% year-on-year [1] Revenue Breakdown - In 2024, the photovoltaic inverter and power electronic conversion equipment business generated a revenue of 29.13 billion, a year-on-year increase of 5%, with a gross margin of 30.9% [2] - The energy storage business achieved a revenue of 24.96 billion, up 40% year-on-year, with a gross margin of 36.7% [2] - The new energy investment and development segment reported a revenue of 21 billion, down 15% year-on-year, with a gross margin of 19.4% [2] Product and Market Development - The company is enhancing its product offerings, including large power string inverters and modular inverters, to address global energy grid challenges [3] - The company is expanding its global market presence, with production capacity in overseas factories in India and Thailand reaching 25 GW [3] - The company plans to issue Global Depositary Receipts (GDR) to support the expansion of energy storage equipment manufacturing and enhance global competitiveness [3] Profit Forecast and Investment Rating - The company anticipates continued high growth in the energy storage business across various global markets [4] - The forecast for net profit from 2025 to 2027 is 13.47 billion, 15.62 billion, and 17.61 billion respectively, with year-on-year growth rates of 22%, 16%, and 13% [4] - The current stock price corresponds to a price-to-earnings ratio of 9, 8, and 7 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]