阳光电源：光储龙头地位稳固，储能系统营收、盈利能力稳步提升-20250508

Investment Rating - The report maintains an "Accumulate" rating for the company [4][7]. Core Views - The company has solidified its leading position in the solar energy storage sector, with steady growth in revenue and profitability from its energy storage systems [1][2]. - In 2024, the company achieved a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [1]. - The company reported a significant increase in quarterly performance, with Q1 2025 revenue reaching 19.036 billion yuan, a 50.92% year-on-year increase, and net profit of 3.826 billion yuan, up 82.52% year-on-year [1]. Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 77.857 billion yuan, up 7.76% year-on-year [1]. - 2024 net profit: 11.036 billion yuan, up 16.92% year-on-year [1]. - Q1 2025 revenue: 19.036 billion yuan, up 50.92% year-on-year [1]. - Q1 2025 net profit: 3.826 billion yuan, up 82.52% year-on-year [1]. - Product Performance: - Revenue from solar inverters: 29.127 billion yuan, up 5.33% [11]. - Revenue from energy storage systems: 24.959 billion yuan, up 40.21% [11]. - Energy storage shipments: 28 GWh, up 167% year-on-year [11]. - Geographical Revenue Distribution: - Revenue from mainland China: 41.563 billion yuan, up 6.90% year-on-year [11]. - Revenue from overseas (including Hong Kong, Macau, and Taiwan): 36.294 billion yuan, up 8.76% year-on-year [11]. - Profitability Ratios: - 2024 net profit margin: 14.47%, up 1.17 percentage points year-on-year [11]. - 2024 gross margin: 29.94%, down 0.41 percentage points year-on-year [11]. - Future Projections: - Expected net profit for 2025: 12.442 billion yuan, a year-on-year increase of 12.7% [4]. - Expected net profit for 2026: 14.029 billion yuan, a year-on-year increase of 12.7% [4]. - Expected net profit for 2027: 15.358 billion yuan, a year-on-year increase of 9.5% [4].