阳光电源深度报告：光储龙头向“阳”而生，技术引领携“光”同行

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is a leading global supplier of inverters and energy storage systems, experiencing rapid growth in performance driven by global demand for solar and storage solutions [1][3]. - The company's revenue and net profit have shown explosive growth from 2021 to 2023, with revenues increasing from 24.14 billion to 72.25 billion yuan and net profits rising from 1.58 billion to 9.44 billion yuan [1][14]. - The company has established a strong competitive barrier through its global layout, scale advantages, and brand recognition in the inverter market [2][32]. Summary by Sections Inverter Business - The company has a significant global presence in the inverter market, with shipments increasing from 47GW in 2021 to 130GW in 2023, reflecting a growth rate of 34.3%, 63.8%, and 68.8% respectively [2][32]. - The company has been recognized as the top financing company for inverters for four consecutive years by Bloomberg NEF, highlighting its strong brand and market position [2][37]. Energy Storage - The company has developed a "solar-storage integration" business model, leading the energy storage market with a shipment volume of 10.5GWh in 2023, ranking first among Chinese companies [3][12]. - The decline in raw material prices has significantly improved the economic viability of energy storage systems, contributing to the company's competitive advantage [3][39]. Financial Forecast and Valuation - The report projects the company's net profit to reach 11.18 billion, 12.88 billion, and 14.88 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 5.39, 6.21, and 7.18 yuan per share [4][9]. - The company is compared with peers in the inverter and energy storage sectors, maintaining a favorable valuation with projected P/E ratios of 13, 12, and 10 for the next three years [4][9]. Other Business Segments - The company is diversifying into other renewable energy sectors, including wind power and hydrogen energy, enhancing its overall business resilience [1][13]. - The company has established a comprehensive product matrix that includes electric vehicle drive systems and charging stations, further broadening its market reach [1][13].