阳光电源（300274）：25Q2业绩亮眼，布局AIDC搭建第二增长曲线

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6][4]. Core Views - The company reported strong performance in H1 2025, with revenue of 43.533 billion yuan, a year-on-year increase of 40.34%, and a net profit of 7.735 billion yuan, up 55.97% year-on-year [1]. - The company is focusing on building a second growth curve through its AIDC (Automated Identification and Data Capture) division, with plans for product launches in 2026 [4]. - The energy storage system segment has seen rapid growth, contributing 40.89% to total revenue in H1 2025, with a year-on-year revenue increase of 127.78% [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 24.497 billion yuan, a year-on-year increase of 33.09% and a quarter-on-quarter increase of 28.68% [1]. - The net profit for Q2 2025 was 3.908 billion yuan, reflecting a year-on-year increase of 36.53% and a quarter-on-quarter increase of 2.15% [1]. Business Segments - The photovoltaic inverter business generated revenue of 15.327 billion yuan in H1 2025, a year-on-year increase of 17.06%, with a gross margin of 35.74% [2]. - The energy storage system revenue reached 17.803 billion yuan in H1 2025, making it the largest revenue source for the company [3]. - The new energy investment and development segment saw a revenue decline to 8.398 billion yuan, down 6.22% year-on-year, primarily due to regulatory impacts [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 88.758 billion yuan, 102.601 billion yuan, and 115.172 billion yuan, with corresponding growth rates of 14.0%, 15.6%, and 12.3% [4]. - Net profit projections for the same period are 13.684 billion yuan, 15.277 billion yuan, and 16.825 billion yuan, with growth rates of 24.0%, 11.6%, and 10.1% respectively [4].