阳光电源与沙特ALGIHAZ签约全球最大储能项目，公司发布回购报告书

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company signed a contract with Saudi ALGIHAZ for the world's largest energy storage project with a capacity of 7.8 GWh, expected to contribute significantly to profits upon full operation in 2025 [2] - The company plans to repurchase shares using its own funds, with a total repurchase amount between RMB 500 million and 1 billion, demonstrating confidence in long-term development [2] Financial Performance and Forecast - The company’s projected net profits for 2024-2026 are RMB 10.248 billion, RMB 12.046 billion, and RMB 14.812 billion respectively, with corresponding EPS of 4.94, 5.81, and 7.14 yuan per share [2][5] - The expected P/E ratios for the same period are 14.2, 12.1, and 9.8 times [2][5] - Revenue is forecasted to grow from RMB 89.778 billion in 2024 to RMB 129.482 billion in 2026, with year-on-year growth rates of 24.3%, 22.1%, and 18.1% respectively [5] Project Details - The energy storage project will enhance the stability of the Saudi power grid and support the country's Vision 2030 [2] - The project will utilize over 1,500 PowerTitan 2.0 liquid-cooled energy storage systems, designed for high energy density and efficient land use [2] Share Repurchase Plan - The share repurchase plan aims to incentivize employees and align interests among shareholders, the company, and employees [2] - The repurchase will occur within 12 months from the board's approval, targeting 5.15 million to 10.31 million shares, representing 0.25% to 0.50% of the total share capital [2]