上能电气：光储大机领军者，出海步履昂扬

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 44.30 CNY as of January 7 [1]. Core Views - The company is a leading player in the photovoltaic inverter and energy storage sectors, actively expanding its international presence. It has achieved significant growth in overseas markets, particularly in India and the Middle East, contributing to its profit increase [7][8]. - The global photovoltaic inverter market is expected to grow, with projected shipments of 554 GW in 2024 and 621 GW in 2025, corresponding to market sizes of 840 billion CNY and 889 billion CNY respectively [31][36]. - The energy storage market is also anticipated to grow, with global installations expected to reach 57.8 GW in 2024 and 77.8 GW in 2025, indicating a robust demand for the company's products [8]. Summary by Sections Company Overview - The company, established in 2012 and listed in 2020, specializes in power electronics technology, initially focusing on photovoltaic inverters and later expanding into energy storage systems. It has a significant market position in high-power photovoltaic inverters and energy storage systems [14][15]. Photovoltaic Inverters - The company ranks fourth globally in photovoltaic inverter shipments in 2023, maintaining a position in the top ten for eleven consecutive years. The global photovoltaic installation growth is slowing but is still expected to continue, with significant opportunities in emerging markets like India and the Middle East [7][15][26]. - The company’s focus on centralized and high-power products has positioned it well in the market, with a strong emphasis on international expansion [8][20]. Energy Storage Systems - The global energy storage market is experiencing rapid growth, with the company holding a leading position in high-power energy storage systems. It ranks first in domestic shipments of third-party high-power PCS (Power Conversion System) in China [8][15]. - The company’s third-party PCS model is seen as advantageous, allowing for flexible partnerships with battery and DC-side companies, which could enhance its market share in emerging markets [8][24]. Financial Performance - The company reported a revenue of 49.33 billion CNY in 2023, a year-on-year increase of 110.9%, with a net profit of 2.86 billion CNY, up 250.5% from the previous year. For the first three quarters of 2024, revenue was 30.69 billion CNY, a decrease of 7.3%, but net profit increased by 44.8% to 3.02 billion CNY [18][19][20]. - The gross margin improved significantly, reaching 22.98% in the first half of 2024, driven by the expansion of overseas inverter business [22][23]. Market Outlook - The report anticipates that the company will achieve net profits of 5.53 billion CNY, 9.11 billion CNY, and 12.49 billion CNY in 2024, 2025, and 2026 respectively, with corresponding EPS of 1.54 CNY, 2.53 CNY, and 3.47 CNY [8][24].