阳光电源（300274）：深度之四：估值修复可期，业绩强势依然

Investment Rating - The report maintains a "Buy" rating for the company [13] Core Views - The report discusses the potential for valuation recovery and strong performance support for the company, suggesting that concerns over overseas trade policies and profit capabilities will diminish by 2025H2-2026, leading to a restoration of reasonable valuation levels [4][10][24] Summary by Sections Historical Performance and Valuation Decline - The company has shown strong performance over the past 2-3 years, consistently exceeding expectations, yet its valuation has been under pressure due to concerns about declining profitability and increasing trade barriers in the U.S. [9][23] Valuation Outlook - The report anticipates a gradual resolution of concerns regarding profitability and trade barriers, with the company entering a valuation recovery phase by 2025H2-2026. The expected PE ratio could recover to a range of 15-20 times [10][53] Profit Outlook - Even under pessimistic scenarios, the company is projected to achieve a profit of around 11 billion, with potential contributions from the U.S. market and domestic large storage demand supporting overall performance [11][54]