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 business 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 90.18 billion yuan in 2025 and 108.42 billion yuan in 2026, with net profits projected at 13.97 billion yuan and 16.04 billion yuan respectively [2][5] Financial Performance Summary - Revenue Forecasts: - 2024A: 77,857 million yuan - 2025E: 90,180 million yuan - 2026E: 123,493 million yuan - 2027E: 108,424 million yuan - Net Profit Forecasts: - 2024A: 11,036 million yuan - 2025E: 13,966 million yuan - 2026E: 16,954 million yuan - 2027E: 16,044 million yuan - EPS Forecasts: - 2024A: 5.32 yuan - 2025E: 6.74 yuan - 2026E: 7.74 yuan - 2027E: 8.18 yuan [2][6] Key Financial Ratios - Gross Margin: - 2024A: 29.94% - 2025E: 31.60% - 2026E: 30.84% - 2027E: 29.59% - Net Margin: - 2024A: 14.2% - 2025E: 15.5% - 2026E: 14.8% - 2027E: 13.7% - Return on Equity (ROE): - 2024A: 29.9% - 2025E: 29.7% - 2026E: 26.4% - 2027E: 22.5% [6][7]