阳光电源（300274）：光储龙头业绩高增，AIDC打开成长空间

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 122 CNY, compared to the current price of 99.65 CNY [5]. Core Views - The company has shown significant growth in its energy storage business, with a revenue increase of 128% year-on-year in the first half of 2025, making it the largest revenue segment [5]. - The company is expanding into the AIDC power business, which is expected to contribute to future growth [5]. - The overall profitability remains strong, with a projected compound annual growth rate of 20%-30% for the global energy storage market [5]. Financial Summary - Total revenue is projected to grow from 77,857 million CNY in 2024 to 114,996 million CNY in 2027, with year-on-year growth rates of 7.8%, 16.7%, 12.0%, and 13.0% respectively [4]. - Net profit attributable to the parent company is expected to increase from 11,036 million CNY in 2024 to 17,361 million CNY in 2027, with growth rates of 16.9%, 27.7%, 12.4%, and 9.6% respectively [4]. - Earnings per share (EPS) is projected to rise from 5.32 CNY in 2024 to 8.37 CNY in 2027 [4]. Business Performance - In the first half of 2025, the company achieved a revenue of 435.33 billion CNY, a year-on-year increase of 40.34%, and a net profit of 77.35 billion CNY, up 55.97% year-on-year [5]. - The gross margin for the first half of 2025 was 34.36%, reflecting a slight increase from the previous year [5]. - The company launched two new inverter products in the first half of 2025, reinforcing its market leadership in photovoltaic inverters [5].