阳光电源(300274)：储能需求海内外共振 AIDC有望成为新增长极

Core Viewpoint - The company achieved a quarterly revenue of 22.869 billion yuan in Q3 2025, representing a year-on-year increase of 20.83% but a quarter-on-quarter decrease of 6.65%. The net profit attributable to shareholders was 4.147 billion yuan, up 57.04% year-on-year and up 6.10% quarter-on-quarter. The non-recurring net profit was 3.991 billion yuan, reflecting a year-on-year increase of 59.76% and a quarter-on-quarter increase of 4.50%. The company's performance continues to reach new highs, driven by the release of global energy storage demand and an increase in the proportion of high-margin overseas business [1]. Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 66.402 billion yuan, a year-on-year increase of 32.95%. The net profit attributable to shareholders was 11.881 billion yuan, up 56.34% year-on-year. The non-recurring net profit reached 11.486 billion yuan, reflecting a year-on-year increase of 55.63% [2]. - In Q3 alone, the company achieved a revenue of 22.869 billion yuan, a year-on-year increase of 20.83% and a quarter-on-quarter decrease of 6.65%. The net profit attributable to shareholders was 4.147 billion yuan, up 57.04% year-on-year and up 6.10% quarter-on-quarter. The non-recurring net profit was 3.991 billion yuan, reflecting a year-on-year increase of 59.76% and a quarter-on-quarter increase of 4.50% [2]. Growth and Profitability - The company’s revenue and net profit for the first three quarters reached new highs, with net profit growth significantly outpacing revenue growth, indicating improvements in both scale effects and profitability levels. The net profit for Q3 was the highest of the year, primarily due to a substantial year-on-year increase in energy storage system shipments [3]. - The overall gross margin for the first three quarters was 34.88%, with Q3 gross margin rising to 35.87%, the highest level in history. This improvement is attributed to the optimization of the regional structure of the energy storage business and an increase in the proportion of high-margin overseas business [4]. Operational Efficiency and R&D Investment - The company has shown continuous improvement in operational efficiency, with accounts receivable turnover days and notes receivable turnover days decreasing by 3 days quarter-on-quarter, reflecting enhanced working capital efficiency [5]. - In Q3, the company’s R&D expenses reached 1.103 billion yuan, a year-on-year increase of 23.96%, indicating a marginal increase in R&D investment. The focus of R&D is on energy storage technology iteration and the development of AIDC power products [5]. Future Outlook - The company is gradually laying out AIDC-related businesses, anticipating significant increases in electricity demand due to large-scale AIDC investments globally. The company holds a high market share in North American energy storage and is expected to secure orders in the AIDC energy storage market. The plan includes developing AIDC power products, with 800V DC supply being the next clear power supply architecture [5]. - Revenue forecasts for 2025-2027 are projected at 100.459 billion yuan, 127.271 billion yuan, and 157.027 billion yuan, with net profits of 15.454 billion yuan, 19.405 billion yuan, and 22.891 billion yuan, respectively. The corresponding PE valuations are 24.42, 19.44, and 16.48 times [6].