阳光电源（300274）：25Q3业绩点评：光储龙头业绩高增，加速布局AIDC

Investment Rating - The report maintains a "Buy" rating for the company, 阳光电源 (300274.SZ) [2] Core Insights - The company has shown significant growth in its performance, with a revenue increase of 32.95% year-on-year for the first three quarters of 2025, reaching 664.02 billion yuan, and a net profit increase of 56.34% to 118.81 billion yuan [5] - The strong growth in the energy storage sector is attributed to a 70% increase in shipments and a 105% increase in revenue, with overseas shipments rising from 63% to 83% of total shipments [5] - The company is expected to achieve a revenue of 901.80 billion yuan in 2025 and 1,084.24 billion yuan in 2026, with net profits projected at 139.66 billion yuan and 160.44 billion yuan respectively [5] Financial Forecast Summary - Revenue Forecast: - 2024: 77,857 million yuan - 2025: 90,180 million yuan - 2026: 123,493 million yuan - 2027: 108,424 million yuan [2][6] - Net Profit Forecast: - 2024: 11,036 million yuan - 2025: 13,966 million yuan - 2026: 16,954 million yuan - 2027: 16,044 million yuan [2][6] - EPS Forecast: - 2024: 5.32 yuan - 2025: 6.74 yuan - 2026: 7.74 yuan - 2027: 8.18 yuan [2][6] - Profitability Ratios: - Gross Margin: 29.94% in 2024, expected to rise to 31.60% in 2025, then stabilize around 30.84% in 2026 [2][6] - Net Margin: 14.2% in 2024, increasing to 15.5% in 2025 [2][6] - Valuation Ratios: - PE Ratio: 35.97 in 2024, decreasing to 28.43 in 2025 and further to 23.42 in 2026 [2][6] Operational Highlights - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 64.79 billion yuan in Q3 2025, representing a 90.14% year-on-year increase [5] - The company is actively expanding into the AIDC power supply sector, with plans for product rollout and small-scale delivery expected in 2026 [5]