阳光电源：Q2盈利能力超预期，光储业务稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q2 performance exceeded expectations, with a revenue of 184.06 billion yuan in Q2 2024, representing a year-on-year increase of 14.74% and a quarter-on-quarter increase of 45.92% [1] - The company's gross profit margin improved year-on-year, reaching 32.42% in H1 2024, while the net profit margin also increased to 13.72% [2] - The company has a strong order backlog in its overseas energy storage systems, indicating robust growth potential in this segment [2] Financial Performance Summary - In H1 2024, the company achieved a total revenue of 310.2 billion yuan, up 8.38% year-on-year, and a net profit of 49.59 billion yuan, up 13.90% year-on-year [1] - The revenue from photovoltaic inverters was 130.93 billion yuan in H1 2024, a year-on-year increase of 12.63%, with a gross margin of 37.62% [2] - The revenue from energy storage systems was 78.16 billion yuan, showing a slight decline of 8.30% year-on-year, primarily due to shipment and revenue recognition timing [2] - The company’s domestic revenue reached 175.43 billion yuan, up 32.97% year-on-year, while overseas revenue was 134.76 billion yuan, down 12.65% year-on-year [2] Earnings Forecast and Investment Recommendations - The company is expected to achieve net profits of 112.29 billion yuan, 129.21 billion yuan, and 148.18 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 19.0%, 15.1%, and 14.7% [3] - The report highlights the company's strong supply chain management and profitability from overseas orders as key factors for future growth [2]