阳光电源：光储业务稳健增长，盈利能力提升显著

Investment Rating - The report maintains an "Overweight" rating for the company [2][6]. Core Views - The company is expected to continue its growth momentum in the second half of 2024, with adjusted net profit forecasts for 2024-2026 being CNY 11.29 billion, CNY 13.86 billion, and CNY 16.08 billion respectively, corresponding to PE ratios of 13.1, 10.7, and 9.2 times based on the closing price on August 26, 2024 [6]. Market Data - As of August 26, 2024, the closing price is CNY 71.44, with a total share capital of 2,073.21 million shares and circulating shares of 1,590 million [3]. Financial Performance - In H1 2024, the company achieved operating revenue of CNY 31.02 billion, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of CNY 4.959 billion, up 13.89% year-on-year [6]. - The quarterly breakdown shows Q1 revenue of CNY 12.614 billion (up 0.26% YoY) and Q2 revenue of CNY 18.406 billion (up 14.74% YoY) [6]. - The gross margin for H1 2024 improved by 3 percentage points to 32.42%, while the net margin increased by 0.86 percentage points to 16.27% [6]. Business Segments - The photovoltaic inverter business generated revenue of CNY 13.09 billion in H1 2024, reflecting a 12.63% year-on-year growth, with a gross margin of 37.62% [6][7]. - The energy storage business reported revenue of CNY 7.82 billion, down 8.3% year-on-year, but with a gross margin of 40.08%, up 12.61 percentage points [7]. - The renewable energy investment and development segment achieved revenue of CNY 8.95 billion, an 18.45% increase year-on-year, with a gross margin of 16.88% [7]. Future Outlook - The company is expected to maintain its leading position in the inverter industry and capitalize on opportunities in the energy storage market, with significant contracts signed for major projects [7].