阳光电源（300274）：光储业绩快速增长，切入AIDC赛道布局未来

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company has shown rapid growth in the photovoltaic and energy storage sectors, with a significant focus on the AIDC (Automated Identification and Data Capture) market for future expansion [3]. - The company's revenue for the first half of 2025 reached 43.533 billion yuan, a year-on-year increase of 40.3%, while the net profit attributable to shareholders was 7.735 billion yuan, up 56.0% year-on-year [3]. - The report highlights the company's strong competitive position in the photovoltaic inverter business, with innovative product launches enhancing efficiency and reducing costs [3]. - The energy storage system business has seen a remarkable increase in revenue, achieving 17.8 billion yuan in the first half of 2025, representing a 128% year-on-year growth [3]. - The company is expected to benefit from a compound annual growth rate (CAGR) of 20% to 30% in the global energy storage market over the next few years [3]. Financial Summary - The company’s projected revenue for 2025 is 100.99 billion yuan, with a year-on-year growth rate of 30% [1]. - The net profit attributable to shareholders is expected to reach 14.021 billion yuan in 2025, reflecting a 27% year-on-year increase [1]. - The earnings per share (EPS) is forecasted to be 6.76 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 19.8 [1]. - The company’s gross margin for the first half of 2025 was reported at 34.4%, showing a slight improvement compared to the previous year [3]. - The report anticipates a steady decline in the company's net asset return rate (ROE) from 32% in 2023 to 21% by 2027 [1].