阳光电源（300274）：全球光储龙头增长强劲，布局AIDC开拓第三增长曲线

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in photovoltaic storage with strong growth and is expanding into AIDC to create a third growth curve [7] - The company's revenue for the first half of 2025 reached 43.53 billion yuan, a year-on-year increase of 40.3%, with a net profit of 7.73 billion yuan, up 56% year-on-year [7] - The report anticipates continued high growth in the energy storage sector and stable growth in the inverter business, reflecting the company's strong global leadership [7] Financial Performance Summary - Total revenue forecast for 2023A is 72.25 billion yuan, with a year-on-year growth of 79.47%, and projected to reach 113.05 billion yuan by 2027E [1] - Net profit attributable to shareholders is expected to grow from 9.44 billion yuan in 2023A to 17.89 billion yuan in 2027E, representing a year-on-year growth of 162.69% in 2023A [1] - The latest diluted EPS is projected to increase from 4.55 yuan in 2023A to 8.63 yuan in 2027E [1] Revenue and Profitability Insights - The company's revenue from photovoltaic inverters in the first half of 2025 was 15.3 billion yuan, a year-on-year increase of 17.1%, while the energy storage system revenue surged to 17.8 billion yuan, up 127.8% year-on-year [7] - The gross margin for the energy storage system was 39.9%, indicating strong profitability despite a slight decrease [7] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 14 billion yuan, 16.2 billion yuan, and 17.9 billion yuan respectively, with corresponding growth rates of 27.2%, 15.4%, and 10.5% [7] - The target price is set at 140 yuan per share based on a 2026 PE of 18 times [7]