阳光电源（300274）：储能业务高速增长，光储龙头优势持续巩固

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company reported a significant revenue increase of 40.34% year-on-year, reaching 43.533 billion yuan in H1 2025, with a net profit growth of 55.97% to 7.735 billion yuan [1]. - The energy storage business experienced remarkable growth, with revenues of 17.803 billion yuan, a year-on-year increase of 127.78%, driven by the global application of energy storage systems [2]. - The photovoltaic inverter business also saw steady growth, with revenues of 15.327 billion yuan, up 17.06% year-on-year, supported by new product launches and an expanded global market presence [2]. - The renewable energy investment and development business faced a slight revenue decline of 6.22% to 8.398 billion yuan, although the gross margin improved by 1.18 percentage points [3]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 14 billion, 15.9 billion, and 17.5 billion yuan respectively, reflecting a positive long-term growth outlook [3]. Summary by Sections Revenue and Profitability - H1 2025 revenue reached 43.533 billion yuan, a 40.34% increase year-on-year, with net profit at 7.735 billion yuan, up 55.97% [1]. - The energy storage segment generated 17.803 billion yuan, a 127.78% increase, while the photovoltaic inverter segment brought in 15.327 billion yuan, a 17.06% increase [2]. Business Segments - Energy storage business: Revenue of 17.803 billion yuan, gross margin at 39.92%, with significant product innovations enhancing market competitiveness [2]. - Photovoltaic inverter business: Revenue of 15.327 billion yuan, gross margin at 35.74%, with new product launches aimed at reducing costs and meeting new market demands [2]. - Renewable energy investment: Revenue of 8.398 billion yuan, a 6.22% decline, but with improved gross margin due to brand premium and scale effects [3]. Financial Projections - Revised profit forecasts for 2025-2027: 14 billion yuan, 15.9 billion yuan, and 17.5 billion yuan in net profits, with corresponding PE ratios of 14, 13, and 11 [3].