阳光电源：业绩表现如期兑现，储能高景气持续

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company's performance has met expectations, with sustained high demand in the energy storage sector [1]. - The inverter segment has shown steady growth, with a significant increase in shipments and revenue [2]. - The energy storage business has become a reliable second pillar for the company, with notable new contracts and a strong market position [2]. Financial Performance Summary - Revenue for 2023 reached 72.25 billion yuan, a year-on-year increase of 79.5%, with projections for 2024, 2025, and 2026 to be 87.11 billion, 104.27 billion, and 123.55 billion yuan respectively [1][6]. - Net profit attributable to the parent company for 2023 was 9.44 billion yuan, reflecting a year-on-year growth of 162.7%, with expected profits of 10.42 billion, 12.69 billion, and 14.24 billion yuan for the following years [1][6]. - The company's return on equity (ROE) improved to 32.6% in 2023, with forecasts of 27.9%, 25.6%, and 22.7% for the next three years [1][6]. Inverter Segment Summary - The inverter segment generated revenue of 13.09 billion yuan in the first half of 2024, a 12.63% increase year-on-year, with expected shipments of 65 GW, a 30% increase [2]. - The gross margin for the inverter segment remained strong at 37.62% in the first half of 2024, despite a downward trend in prices [2]. Energy Storage Segment Summary - The energy storage segment achieved revenue of 7.82 billion yuan in the first half of 2024, with a gross margin of 40.08%, up 9.42 percentage points year-on-year [2]. - The company has secured significant new contracts for energy storage projects globally, enhancing its market presence [2].