交银国际证券：上调阳光电源目标价至119.0元，给予买入评级

Core Viewpoint - The report highlights that Yangguang Power's performance significantly exceeded expectations, with a target price raised to 119.0 CNY and a buy rating maintained due to improved U.S. business risks and strategic positioning in AIDC [1][3]. Financial Performance - In Q2 2025, Yangguang Power reported revenue and profit of 24.5 billion CNY and 3.91 billion CNY, respectively, representing year-on-year increases of 33% and 37%, and quarter-on-quarter increases of 29% and 2% [2]. - The gross margin stood at 33.8%, with a year-on-year increase of 2.2 percentage points and a quarter-on-quarter decrease of 1.4 percentage points [2]. - The company plans to issue H-shares, indicating a strategic move to enhance capital [2]. Segment Performance - In the first half of 2025, revenue from energy storage surged by 128% to 17.8 billion CNY, with a gross margin of 39.9% [2]. - Inverter revenue reached 15.3 billion CNY, a year-on-year increase of 17%, with a gross margin of 35.7% [2]. - High-margin overseas revenue increased by 88%, accounting for 58% of total revenue, which contributed to a 1.9 percentage point increase in overall gross margin year-on-year [2]. Market Conditions - The tariff situation has improved significantly, with the U.S. suspending 24% tariffs on Chinese goods, allowing Yangguang Power to resume normal shipments to the U.S. [3]. - The U.S. Inflation Reduction Act, effective July 4, extends tax credits for energy storage investments, positively impacting future demand [3]. Strategic Outlook - Yangguang Power is focusing on the rapidly growing AIDC power supply business, which is expected to become a significant growth driver and enhance valuation [3]. - Earnings forecasts for 2025-2027 have been raised by 16%, 17%, and 14%, respectively, with the valuation benchmark adjusted from 12 times to 17 times the 2025 earnings [3].