Investment Rating - The report upgrades the investment rating to "Strong Buy" [3][28]. Core Views - The company has been deeply involved in the distributed solar storage industry for many years and is increasing investments in new products and markets following its 2024 IPO. The residential storage business is recovering after a downturn in the second half of 2023, and the commercial storage business is expected to drive new growth due to the promotion of dynamic electricity pricing in Europe [1][7]. - The company is expected to benefit significantly from Australia's "Cheaper Home Batteries" subsidy program, which has a total scale of AUD 2.3 billion, aimed at reducing upfront costs for residential storage systems [15][7]. - The company has made substantial investments in research and development, with a significant increase in sales personnel and total salary expenses, indicating a strong commitment to expanding its product matrix and market reach [7][8]. Financial Data and Valuation - Total revenue is projected to recover from CNY 3,073 million in 2024 to CNY 4,613 million in 2025, with a year-on-year growth of 50% [2][28]. - The net profit attributable to the parent company is expected to increase from CNY 204 million in 2024 to CNY 411 million in 2025, reflecting a growth rate of 102% [2][28]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 51.0 in 2024 to 25.3 in 2025, indicating improved valuation as earnings recover [2][28]. Business Performance - The residential storage business is gradually recovering, with European inventory levels returning to normal and emerging markets showing increasing demand [15][7]. - The commercial storage business is expected to see significant growth, particularly in Europe, where the company has established a strong position and is poised to benefit from the introduction of dynamic pricing in Germany starting in 2025 [19][7]. - The company’s sales regions have expanded to over 110 countries, with non-European revenue increasing by over 60% in 2024, indicating successful market diversification [7][8]. Profitability Forecast - The company is expected to achieve revenues of CNY 61.32 billion and CNY 70.67 billion in 2026 and 2027, respectively, with a gross margin of approximately 34% [28][39]. - The net profit forecast for 2026 and 2027 is CNY 6.91 billion and CNY 9.22 billion, respectively, indicating a healthy growth trajectory [28][39].

逆变器、光伏和电力设备 25M3 出口数据解读 20250428 摘要 • 阳光电源一季度业绩超预期，收入达 38 亿人民币，主要受益于美国抢出 口和中东市场。但因去年同期对美出货占比高，预计今年二三季度同比可 能下降，短期股价波动风险较高，长期投资价值仍然存在。 • 欧洲逆变器市场经历补库去库周期后，3 月开始复苏，预计需求将提升。 亚洲和非洲市场呈现稳定增长，3 月亚洲同比增长十几个点，非洲同比增 长 80%。东南亚、南亚缺电加剧，将推动光储系统需求。 • 3 月份光伏组件出口额与去年 8 月持平，约为 24-25 亿元人民币，同比有 所下滑，受春节影响发货延迟。需关注 4 月份数据以准确评估组件业务潜 力。 • 二季度是逆变器及储能板块的投资窗口期，多家公司排产和订单良好。欧 洲需求稳定释放，东南亚、南亚缺电推动光储需求，有望实现环比和同比 双重提升。 • 2025 年 3 月电力设备出口延续高景气，变压器对北美出口因关税政策提 前，同比翻倍增长，亚洲市场表现亮眼。高压开关设备出口加速，电表出 口增速稳定。 Q&A 逆变器和光伏设备在亚非拉市场的出口情况如何？ 我们对亚非拉市场的出口前景持乐观态度。尽管 ...

文 | 中关村储能产业技术联盟 倒计时3 1天！ 第十三届储能国际峰会暨展览会（ESIE 2025） 时间：2025年4月10-12日 地点：首都国际会展中心 华昱欣12 5kW/ 261kWh智能液冷储能户外柜 自研可靠、节能高效、严选高质 电芯级覆盖温度检测，智能液冷均衡算法，电芯间温差控制≤2℃ 主办： 中关村储能产业技术联盟、中国能源研究会、中国科学院工程热物理研究所 展馆冠名： 阳光电源、中天科技、宁德时代、新源智储、海博思创、中车株洲所 浙江华昱欣科技有限公司 将亮相第13届储能国际峰会暨展览会，展位位于 A2馆（宁德时代馆） A249展位 。 浙江华昱欣科技有限公司 浙江华昱欣科技有限公司（简称"华昱欣"）是一家以智慧光储系统为核心，集研发、制造、 销售、服务于一体的国家高新技术企业，产品涵盖光伏逆变器、储能系统与能源管理系统， 致力于为客户提供领先的户用、工商业、地面电站等全场景的数智化能源解决方案。 公司深入布局电力电子拓扑、核心算法、热、磁、EMC、BMS、EMS、AI、智慧云平台等领 域，拥有七十余项核心知识产权，产品获得TÜV莱茵、CSA、必维、SGS等多家海内外权威 机构认证。 公司 ...