阳光电源（300274）：业绩表现亮眼，储能业务高增

Investment Rating - The investment rating for the company is "Recommended" [4][12] Core Views - The company has shown impressive performance with a significant increase in revenue and profit, particularly in the energy storage business, which has grown rapidly [4][8] - The company achieved a revenue of 43.533 billion yuan in the first half of 2025, representing a year-on-year growth of 40.34%, and a net profit of 7.735 billion yuan, up 55.97% year-on-year [4][8] - The energy storage segment has become a major contributor, with revenue reaching 17.803 billion yuan, a remarkable increase of 127.8% year-on-year, surpassing the revenue from photovoltaic inverters [8] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 43.533 billion yuan, a 40.34% increase year-on-year, and a net profit of 7.735 billion yuan, up 55.97% year-on-year [4] - The second quarter revenue was 24.497 billion yuan, with a year-on-year growth of 33.09%, and a net profit of 3.908 billion yuan, increasing by 36.53% [4] - The company plans to distribute a cash dividend of 9.50 yuan per 10 shares [4] Revenue Breakdown - The inverter business generated revenue of 15.327 billion yuan, a 17.1% increase year-on-year, while the energy storage business revenue reached 17.803 billion yuan, growing by 127.8% [8] - The gross margin for the energy storage segment was 39.92%, indicating stable profitability despite a slight decrease [8] Market Position and Growth Prospects - The company maintains a leading position in the global energy storage market, with expectations of continued growth in demand [8] - The company has expanded its market presence globally, with significant investments in Europe, the Americas, and Asia-Pacific [9] - The company has introduced innovative products, including the world's first 400kW+ string inverter and a modular inverter, enhancing its competitive edge [9] Future Projections - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 14.796 billion yuan, 16.744 billion yuan, and 18.874 billion yuan respectively, reflecting strong growth expectations [9] - The projected P/E ratios for 2025, 2026, and 2027 are 14.4, 12.7, and 11.3 respectively, indicating favorable valuation metrics [9]