阳光电源：储能系统全球龙头，下游需求共振再受益

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 69.83 yuan [5][34] Core Views - The company is a global leader in energy storage systems, benefiting from the rapid growth in global demand for energy storage [2] - The company's competitive advantages include its PowerTitan2.0 liquid-cooled energy storage system and its grid-forming control technology, which have established a technical barrier in the industry [2][29] - The global energy storage demand is expected to continue growing, with multiple regions such as the US, Europe, and Asia-Africa-Latin America driving the demand [3][34] Demand Side - In the US, despite potential risks from the Trump administration, energy storage demand is expected to remain strong, with Wood Mackenzie predicting a 26% year-over-year growth in energy storage capacity in 2024 [13][15] - In Europe, while residential energy storage demand is slowing, large-scale energy storage demand is expected to grow rapidly, with the European energy storage market projected to exceed 10GWh in 2024 [17][19] - In Asia-Africa-Latin America, energy storage projects are accelerating, with over 35GWh of energy storage projects announced in the second half of 2024 [24][25] Supply Side - The company ranks second globally in the battery energy storage system (BESS) integrator market, with an 11% market share in 2023 [2][26] - The company has secured significant orders in Europe and the Middle East, including a 4.4GWh project in the UK and a 7.8GWh project in Saudi Arabia [2][28] - The PowerTitan2.0 system, with its "AC-DC integrated" design, significantly improves system efficiency, reduces installation time, and enhances safety [29][30] Profit Forecast and Valuation - The company's revenue is expected to grow from 84.5 billion yuan in 2024 to 122.9 billion yuan in 2026, with a year-over-year growth rate of 16.04%, 13.12%, and 20.11% respectively [3][34] - Net profit attributable to the parent company is forecasted to increase from 10.95 billion yuan in 2024 to 14.88 billion yuan in 2026 [3][34] - The company's valuation is projected at 13X, 12X, and 10X PE for 2024, 2025, and 2026 respectively [3][34]