阳光电源：盈利能力持续提升，加大研发创新，进一步强化行业领先优势

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes the continuous improvement in profitability, increased investment in R&D, and the strengthening of the company's industry-leading position [5] - The company has achieved significant revenue growth, with a reported revenue of 31.02 billion yuan in the first half of 2024, representing an 8.4% year-on-year increase, and a net profit of 4.96 billion yuan, up 13.9% year-on-year [5][6] - The company is recognized as a leader in large-scale storage projects, with contracts signed for major projects across various regions, including the Middle East and Europe [5] Financial Overview - For the first half of 2024, the company's revenue was 31.02 billion yuan, with a year-on-year growth of 8.4%, and a net profit of 4.96 billion yuan, reflecting a 13.9% increase [5] - In the second quarter of 2024, revenue reached 18.41 billion yuan, showing a year-on-year increase of 14.7% and a quarter-on-quarter increase of 45.9% [5] - The company's gross margin improved to 32.4%, an increase of 3 percentage points year-on-year, driven by significant R&D investments [5][6] Segment Performance - In the first half of 2024, revenue from inverters was 13.09 billion yuan (up 12.6% year-on-year), with a gross margin of 37.6% [5] - The EPC segment generated revenue of 8.95 billion yuan (up 18.5% year-on-year), with a gross margin of 16.9% [5] - The energy storage systems segment reported revenue of 7.82 billion yuan (down 8.3% year-on-year), but with a gross margin of 40.1%, an increase of 12.6% year-on-year [5] Global Expansion and Market Strategy - The company is actively pursuing a global brand strategy, enhancing its presence in key markets such as Europe, America, and Australia, and has seen rapid growth in emerging markets like Thailand and Saudi Arabia [5] - The number of global service points has increased to over 490, reflecting the company's growing brand competitiveness and influence [5] Profit Forecast and Valuation - The company is projected to achieve a net profit of 11.36 billion yuan in 2024 and 13.63 billion yuan in 2025 [6] - The report assigns a PE valuation of 20-22 times for 2024, suggesting a reasonable value range of 109.60 to 120.56 yuan per share [5][6]