阳光电源（300274）：储能业务翻倍增长，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 showed significant growth, with revenue reaching 43.53 billion yuan, a year-on-year increase of 40.34%, and net profit attributable to shareholders at 7.735 billion yuan, up 55.97% year-on-year [4] - The gross margin improved to 34.36%, an increase of 1.94 percentage points, while the net margin rose to 17.99%, up 1.72 percentage points [4] - The company's energy storage business saw revenue double year-on-year, reaching 17.803 billion yuan, with a gross margin of 39.92% [5] - The photovoltaic inverter business also experienced steady growth, with revenue of 15.327 billion yuan, a year-on-year increase of 17.06% [5] - The company is actively expanding into the AIDC market, aiming to create a third growth engine [6] - Future profit estimates for 2025-2027 are 14.9 billion yuan, 16 billion yuan, and 17.8 billion yuan respectively, with corresponding P/E ratios of 14, 13, and 12 [6] Financial Performance - In Q2 2025, the company achieved revenue of 24.497 billion yuan, a year-on-year increase of 33.09%, and net profit of 3.908 billion yuan, up 36.53% year-on-year [5] - The company maintains a shipment guidance of 40-50 GWh for the year in its energy storage segment [5] - The projected revenue for 2025 is 91.62 billion yuan, with a year-on-year growth of 17.7% [9] - The net profit for 2025 is estimated at 14.88 billion yuan, reflecting a year-on-year growth of 34.9% [9] - The gross margin is expected to be 31.4% in 2025, with a return on equity (ROE) of 29.8% [9]