阳光电源（300274）：储能装机景气驱动，公司业绩稳步增长

Investment Rating - The investment rating for the company is "Outperform the Market" [6][19][20] Core Views - The company's performance is steadily increasing, driven by the booming energy storage installation market, with a projected net profit of 77.35 billion yuan for the first half of 2025, representing a year-on-year increase of 56% [1][4] - The energy storage business has become a core pillar, contributing 178.03 billion yuan in revenue in the first half of 2025, a year-on-year growth of 127.78% [2][14] - The photovoltaic inverter business also shows robust growth, with a revenue of 153.27 billion yuan in the first half of 2025, up 17.06% year-on-year [2][14] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 435.33 billion yuan, a year-on-year increase of 40.3%, and a gross profit margin of 34.4%, up 1.9 percentage points [1][9] - For Q2 2025, the company reported a revenue of 244.97 billion yuan, a year-on-year increase of 33.1%, and a net profit of 39.08 billion yuan, up 36.5% year-on-year [1][9] Business Segments - The energy storage segment's revenue accounted for 40.89% of total revenue, surpassing the inverter segment for the first time [2][14] - The photovoltaic inverter segment continues to expand globally, with a significant increase in global photovoltaic installations, reaching 310 GW in the first half of 2025, a 60% year-on-year growth [2][14] Future Outlook - The company has adjusted its profit forecasts upward, expecting net profits of 139.70 billion yuan, 145.95 billion yuan, and 150.84 billion yuan for 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [4][19] - The company is also venturing into the AIDC power supply business, leveraging its expertise in power electronics to create a comprehensive solution integrating photovoltaic generation, energy storage, and AIDC power supply [3][18]