阳光电源：光储双轮驱动，龙头昂扬奋发

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a global leader in photovoltaic inverters and energy storage systems, with a comprehensive layout in the renewable energy sector [10][11]. - The company achieved significant revenue and profit growth in 2023, with revenue reaching 72.25 billion yuan, a year-on-year increase of 79.5%, and net profit of 9.44 billion yuan, up 162.7% [11]. - The company is well-positioned to benefit from the growing demand in the energy storage market, particularly in overseas markets [4][6]. Summary by Sections Company Overview - The company was established in 1997 and listed on the Shenzhen Stock Exchange in November 2011. It has three main business segments: photovoltaic inverters, energy storage systems, and renewable energy investment development [10][11]. - The company holds a 23% global market share in photovoltaic inverters, ranking second worldwide, and a leading 16% market share in energy storage systems [10][11]. Photovoltaic Inverters - The global photovoltaic installation growth is expected to continue, with projections of 461 GW and 544 GW for 2024 and 2025, respectively, representing year-on-year growth of 23% and 18% [17][20]. - The company shipped 130 GW of photovoltaic inverters in 2023, with revenue from this segment reaching 27.65 billion yuan, a 61% increase year-on-year [4][12]. Energy Storage - The global energy storage market is anticipated to grow significantly, with new installations expected to reach 64.8 GW and 84.6 GW in 2024 and 2025, respectively [4][6]. - The company shipped 10.5 GWh of energy storage systems in 2023, maintaining its position as the leading Chinese enterprise in this sector [4][6]. Other Businesses - The company is expanding its renewable energy investment development, with strong growth in distributed energy and overseas projects [6][10]. - The company also leads in wind power converters, with a global shipment of 32 GW in 2023 [6][10]. Financial Projections - The company is expected to achieve net profits of 11.14 billion yuan, 13.03 billion yuan, and 14.96 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 7.50 yuan, 8.78 yuan, and 10.07 yuan [6][11]. - The report indicates that the company's P/E ratios for the next three years are projected to be lower than the average for comparable companies, suggesting a favorable valuation [6][11].