阳光电源（300274）：逆变器业务稳健增长，储能系统盈利能力亮眼

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][6] Core Views - The company has shown a robust growth in its inverter business and significant improvement in the profitability of its energy storage systems, with a year-on-year revenue growth of 16.92% for 2024 [4][9] - The company achieved a total revenue of RMB 77.86 billion in 2024, reflecting a growth rate of 7.76% compared to the previous year [10] - The energy storage segment has seen a remarkable revenue increase of 40.21%, with a gross margin improvement of 4.07 percentage points [9][10] Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are adjusted to RMB 5.89, RMB 7.00, and RMB 7.71 respectively, with corresponding price-to-earnings ratios of 10.6, 8.9, and 8.1 [6][8] - The company’s total revenue is expected to reach RMB 93.10 billion in 2025, with a growth rate of 19.6% [8][14] - The gross profit margin for 2024 was reported at 29.94%, a slight decrease of 0.41 percentage points year-on-year, while the net profit margin improved to 14.47%, an increase of 1.17 percentage points [10][11] Performance Metrics - The company’s contract liabilities reached RMB 100.26 billion by the end of 2024, marking a year-on-year increase of 52.73% [9][10] - The company’s inverter sales reached 147 GW in 2024, representing a growth of 13.08% [9] - The first quarter of 2025 saw a significant year-on-year revenue increase of 50.92%, amounting to RMB 19.04 billion [11]