阳光电源：光储龙头地位稳固，全球化布局影响力持续提升

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company has solidified its leading position in the solar storage industry, with a continuous enhancement of its global influence [1] - The company reported a revenue of 31.02 billion yuan for the first half of 2024, representing an 8.38% year-on-year increase, and a net profit of 4.96 billion yuan, up 13.89% year-on-year [2] - The inverter business showed stable growth with revenues of 13.09 billion yuan, a 12.63% increase year-on-year, and a gross margin of 37.62%, up 1.70 percentage points [2] - The energy storage business demonstrated significant improvement in profitability, with revenues of 7.82 billion yuan, a decrease of 8.30% year-on-year, but a gross margin of 40.08%, up 12.61 percentage points [3] - The company has expanded its global service network to over 490 locations and is actively pursuing market opportunities in Europe, America, Australia, and China [2][3] Financial Data and Valuation - The total market capitalization of the company is approximately 141.23 billion yuan, with a circulating market capitalization of about 108.31 billion yuan [4] - The company’s projected revenues for 2024-2026 are 89.78 billion yuan, 109.62 billion yuan, and 129.48 billion yuan, respectively, with corresponding net profits of 10.25 billion yuan, 12.05 billion yuan, and 14.81 billion yuan [6] - The expected earnings per share (EPS) for 2024-2026 are 4.94 yuan, 5.81 yuan, and 7.14 yuan, with price-to-earnings (P/E) ratios of 13.8, 11.7, and 9.5, respectively [6][7]