阳光电源（300274）：中报业绩保持强劲，全面布局AIDC电源

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company reported strong performance in the first half of 2025, with revenue of 43.533 billion yuan, a year-over-year increase of 40.34%, and a net profit of 7.735 billion yuan, up 55.97% year-over-year [4][5] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 13.441 billion yuan, 15.683 billion yuan, and 16.543 billion yuan for 2025, 2026, and 2027 respectively [4][5] - The company is strategically entering the AIDC power supply sector, aiming to enhance its global presence and increase R&D investment [6] Financial Performance - In the first half of 2025, the company achieved a gross margin of 34.36% and a net cash flow from operating activities of 3.434 billion yuan [4][5] - The revenue from the energy storage system business reached 17.803 billion yuan, a year-over-year increase of 127.78%, accounting for 40.89% of total revenue [5] - The photovoltaic inverter business generated revenue of 15.327 billion yuan, with a year-over-year growth of 17.06% [5] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 92.216 billion yuan, with a year-over-year growth of 18.4% [8][11] - The projected EPS for 2025 is 6.48 yuan, with a corresponding P/E ratio of 15.0 [8][11] - The gross margin is expected to improve to 31.7% in 2025, with a net profit margin of 14.6% [8][11]