阳光电源（300274）：业绩大超预期，美国业务风险下降，布局AIDC打开估值提升空间

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][9]. Core Insights - The company has significantly exceeded performance expectations, with a notable reduction in risks associated with its U.S. operations. The expansion into AIDC (Automatic Identification and Data Capture) is expected to enhance valuation potential [2][6]. - The target price for the company has been raised to RMB 119.00 from RMB 72.50, reflecting an increase in earnings forecasts for 2025-2027 by 16%/17%/14% respectively [6][9]. Financial Overview - Revenue projections for the company are as follows: RMB 72,251 million in 2023, RMB 77,857 million in 2024, RMB 99,443 million in 2025, RMB 107,774 million in 2026, and RMB 115,947 million in 2027, with a year-on-year growth of 79.5% in 2023 and 27.7% in 2025 [5][11]. - Net profit is expected to grow from RMB 9,440 million in 2023 to RMB 14,510 million in 2025, reflecting a year-on-year increase of 162.7% in 2023 and 31.5% in 2025 [5][11]. - The company’s market capitalization is approximately RMB 162,148 million, with a year-to-date price change of 38.97% [4][11]. Performance Metrics - The company reported a gross margin of 33.8% in Q2 2025, with a significant increase in revenue from its energy storage segment, which rose by 128% year-on-year [6][7]. - The average daily trading volume is approximately 74.19 million shares, indicating strong market interest [4][11]. Market Position - The company is positioned within the photovoltaic manufacturing sector, specifically focusing on inverters, and is expected to benefit from favorable changes in U.S. tariff policies and increased demand for energy storage solutions [6][9].