阳光电源：盈利水平同比提升，储能大单值得期待

Investment Rating - The report maintains a "Buy" rating for Sungrow Power (300274 SZ) [4] Core Views - Sungrow Power achieved revenue of 31 02 billion yuan in H1 2024, a YoY increase of 8 38%, with net profit attributable to shareholders of 4 959 billion yuan, up 13 89% YoY [1][4] - In Q2 2024, revenue reached 18 406 billion yuan, a YoY increase of 14 74% and a QoQ increase of 45 92%, while net profit attributable to shareholders was 2 863 billion yuan, up 0 57% YoY and 36 56% QoQ [1][4] - The company's inverter business generated revenue of 13 1 billion yuan in H1 2024, a YoY increase of 13%, with a gross margin of 37 6%, up 1 7 percentage points YoY [5] - The energy storage business achieved a gross margin of 40 0% in H1 2024, a YoY increase of 12 6 percentage points, with strong profitability maintained in Q2 despite some headwinds [5] - The power station business saw revenue of 8 95 billion yuan in H1 2024, a YoY increase of 18%, with a gross margin of 16 9%, up 5 4 percentage points YoY [5] - The company's contract liabilities reached 9 04 billion yuan at the end of Q2 2024, a YoY increase of 60% and a QoQ increase of 11%, indicating strong order backlog [5] Business Outlook - The company's energy storage and inverter businesses are expected to continue contributing significantly to profits, with potential for further outperformance in energy storage [5] - Emerging markets such as the Middle East, Europe, Latin America, and Australia are expected to drive explosive growth in the energy storage sector, with Sungrow well-positioned to capitalize on this trend [5] - Recent large orders, including 7 8GWh in Saudi Arabia, 880MWh in Latin America, and 760MWh in Saudi Arabia, are expected to support sequential growth in shipments throughout 2024 [5] - The company is expected to benefit from market structure optimization, enhanced scale effects, and declining battery cell prices, maintaining a favorable gross margin level for energy storage throughout the year [5] Financial Forecasts - The report revises upward the company's earnings expectations, forecasting net profits of 11 3 billion yuan and 13 3 billion yuan for 2024 and 2025, respectively, with corresponding P/E ratios of 14x and 12x [6]