阳光电源2024年中报点评：光储盈利提升，业绩行稳致远

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [16]. Core Views - The company has shown stable performance with revenue and profit growth, driven by its leading position in the photovoltaic and energy storage sectors [12]. - The company is expected to benefit from continuous industry demand growth, with a projected revenue increase from 873.2 billion to 1,226.2 billion from 2024 to 2026 [12]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 31.02 billion, a year-on-year increase of 8.4%, and a net profit of 4.96 billion, up 13.9% year-on-year [5]. - The gross margin for H1 2024 was 32.4%, an increase of 5.4 percentage points year-on-year, attributed to scale effects and product innovation [5]. - Operating cash flow for H1 2024 was -2.6 billion, a decrease of 7.4 billion compared to the same period last year, mainly due to increased inventory and personnel costs [5]. Business Segments - The inverter business generated revenue of 13.1 billion in H1 2024, with a gross margin of 37.6%, reflecting a 1.7 percentage point increase year-on-year [6]. - The energy storage system segment reported revenue of 7.8 billion, down 8.3% year-on-year, but the gross margin improved to 40.1%, up 12.6 percentage points due to declining raw material prices [7]. - The renewable energy investment and development segment saw revenue of 8.95 billion, an 18.5% increase year-on-year, with a gross margin of 16.9%, up 5.4 percentage points [9]. Market Dynamics - Domestic revenue accounted for 56.6% of total revenue in H1 2024, growing 33% year-on-year, while overseas revenue decreased by 12.7% [11]. - The company has signed significant contracts for energy storage projects, including the largest storage project in the Middle East and a major battery storage project in the UK [8]. Future Outlook - The company is projected to achieve revenues of 87.3 billion, 106.2 billion, and 122.6 billion from 2024 to 2026, with net profits expected to grow correspondingly [12]. - The current price-to-earnings ratio is projected to be 14, 12, and 11 for the years 2024 to 2026, indicating a favorable valuation [12].