阳光电源：逆变器龙头，大储市场空间广阔

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company has been deeply engaged in the inverter sector for over 20 years and has established itself as a leader in the energy storage market, with significant growth potential [3] - The company has maintained its position as the world's largest inverter supplier since 2021, with a market share of 22% in 2021 and 23.6% in 2022 [3] - The global energy storage market is experiencing robust growth, with a 136% year-on-year increase in new installations in 2023, and the company is well-positioned to capitalize on this trend [3] - The company is expected to achieve revenue of 860.69 billion, 1097.29 billion, and 1354.10 billion CNY from 2024 to 2026, with corresponding net profits of 108.22 billion, 130.68 billion, and 150.86 billion CNY [3] Summary by Sections Inverter Business - The company has a comprehensive product line and a global presence, with inverter shipments of 130GW in 2023, leading the market [10][21] - The company has established a strong brand value and is expected to further enhance its competitive advantage in the inverter market [3][26] - The company has a significant market share in ground power station inverters, increasing from 6.1% in 2011 to 33.4% in 2022 [18] Energy Storage - The energy storage market is essential for addressing energy consumption needs, with a CAGR of 81% from 2017 to 2023 [29] - The company has a strong early layout in energy storage, leveraging its experience in inverter technology to enhance its market position [31] - The company ranked second globally in energy storage system shipments in 2023, with a market share of 10.7% [44][49] Financial Forecast and Investment Suggestions - The company is projected to maintain strong revenue growth, with a forecasted revenue of 860.69 billion CNY in 2024, reflecting a 19.13% growth rate [4] - The company's net profit is expected to grow at a rate of 14.64% in 2024, indicating a solid profitability outlook [4] - The company is recommended for a "Buy" rating based on its strong market position and growth potential in both inverter and energy storage sectors [3][51]