阳光电源(300274)：单季经营现金流环比大增 AIDC有望续写华章业绩简评

Core Insights - The company reported a revenue of 66.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 32.95%, and a net profit of 11.881 billion yuan, up 56.34% year-on-year [1] Financial Performance - In Q3, the company achieved a revenue of 22.869 billion yuan, which is a 20.83% increase year-on-year, and a net profit of 4.147 billion yuan, reflecting a 57.04% year-on-year growth [2] - The gross margin for Q3 was 35.87%, an increase of 2.12 percentage points quarter-on-quarter, while the net profit margin was 18.03%, up 1.55 percentage points quarter-on-quarter [3] Research and Development - The company increased its R&D investment by 32%, focusing on the AIDC business, with total R&D expenditure for the first three quarters reaching 3.14 billion yuan, a year-on-year increase of 32.16% [3] Cash Flow - Operating cash flow saw a significant increase, with a net cash flow from operating activities reaching 9.914 billion yuan, a staggering year-on-year increase of 1133.14%. In Q3 alone, the operating cash flow was 6.479 billion yuan, up by 48.35 billion yuan quarter-on-quarter, primarily due to improved business structure and increased sales collections [3] Profit Forecast and Valuation - The company forecasts net profits for 2025-2027 to be 14.9 billion, 18.1 billion, and 21.6 billion yuan, corresponding to price-to-earnings ratios of 23, 19, and 16 times, respectively, maintaining a "buy" rating and key recommendation [4]