阳光电源(300274)：储能业务高速增长 光储龙头优势持续巩固

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by significant expansion in its energy storage and photovoltaic inverter businesses [1][2][3]. Financial Performance - In 2025 H1, the company achieved revenue of 43.533 billion yuan, a year-on-year increase of 40.34% [1] - The net profit attributable to shareholders reached 7.735 billion yuan, up 55.97% year-on-year [1] - The net profit excluding non-recurring items was 7.495 billion yuan, reflecting a 53.52% increase year-on-year [1] - In Q2 2025, revenue was 24.497 billion yuan, with a year-on-year growth of 33.09% [1] - The net profit attributable to shareholders for Q2 was 3.908 billion yuan, a 36.53% increase year-on-year [1] Business Segments - Energy Storage Business: - Revenue reached 17.803 billion yuan in H1 2025, a remarkable growth of 127.78% year-on-year [2] - Gross margin was 39.92%, a slight decrease of 0.16 percentage points [2] - Growth driven by global scale application of energy storage systems, including the PowerTitan 2.0 and PowerStack 835CS [2] - Photovoltaic Inverter Business: - Revenue was 15.327 billion yuan in H1 2025, a year-on-year increase of 17.06% [2] - Gross margin stood at 35.74%, down 1.88 percentage points [2] - New product launches included the SG465HX and the 1+X2.0 modular inverter [2] - New Energy Investment and Development: - Revenue was 8.398 billion yuan in H1 2025, a decline of 6.22% year-on-year [3] - Gross margin improved to 18.06%, an increase of 1.18 percentage points [3] - Revenue decline attributed to changes in policy and market environment [3] Future Outlook - The company has raised its profit forecasts for 2025-2027, expecting net profits of 14 billion, 15.9 billion, and 17.5 billion yuan respectively, reflecting increases of 16%, 15%, and 13% [3] - The current stock price corresponds to a price-to-earnings ratio of 14, 13, and 11 for 2025-2027 [3] - The company maintains a positive long-term growth outlook, particularly in the energy storage sector [3]