华鑫证券：首予阳光电源“买入”评级，业绩稳定增长，盈利能力提升

Core Viewpoint - Yangguang Power achieved a net profit of 7.73 billion yuan in H1 2025, representing a year-on-year growth of 56%, indicating stable performance and improved profitability [1] Financial Performance - The company's revenue from photovoltaic inverters and other power electronic conversion devices reached 15.3 billion yuan, a year-on-year increase of 17%, with a gross margin of 35.74%, down 1.88 percentage points [1] - Revenue from energy storage systems was 17.8 billion yuan, showing a significant year-on-year growth of 128%, with a gross margin of 39.92%, down 0.16 percentage points, indicating stable profitability [1] Market Position and Growth Potential - With the rapid development of artificial intelligence and data centers, global energy demand is tightening, positioning the company to leverage its green energy solutions [1] - The establishment of the AIDC division focuses on overseas markets, which is expected to become a new growth point for the company in the future [1] - The rapid growth of the energy storage business and proactive layout in the AIDC power supply sector suggest significant future growth potential [1]