些许出乎预料的是，本轮光伏投资热，源于商业航天。长江证券研究所最新分析，到2030年，低轨卫星 市场对应光伏需求空间为百亿左右规模，太空算力对应光伏千亿-万亿左右规模，市场空间广阔。 放眼全球，中国光伏产业链最具竞争力，投资机遇环节众多，且各具看点。例如，光伏电池组件是产业 链中产能与竞争最为集中的环节之一；逆变器作为光伏系统的"大脑"，具备高技术含量与高附加值属 性；硅料硅片当前产能过剩较为显著，有望成为"反内卷"过程中率先受益的环节。 而藏在商业航天热点背后，光伏正遇上5大投资机遇共叠：反内卷、技术迭代、出海需求、光储需求、 太空光伏，显然更值得投资者期待。 历经4年左右时间的调整，如今，光伏板块的配置价值已较为突出。在这样一个关键阶段，基金公司也 加大了对光伏领域的投资布局。今日（1月27日），"指数投资大厂"华宝基金旗下——华宝中证光伏产 业指数基金（代码：026754）正式火热开售，成为参与光伏投资的又一把投资利器。 光伏遇上5大投资机遇 此次发售的华宝中证光伏产业指数基金（代码：026754）跟踪中证光伏产业主题指数，该指数覆盖光伏 电池组件、逆变器、硅料、硅片、光伏加工设备、光伏储能设备及光伏电 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [4]. Core Insights - The company achieved a revenue of 5.535 billion yuan in H1 2025, marking a year-on-year increase of 16.58%, with a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1]. - The inverter business showed steady growth, with revenue of 2.644 billion yuan in H1 2025, a 13.90% increase year-on-year, accounting for 47.93% of main business revenue [2]. - The energy storage battery business experienced significant growth, with revenue of 1.422 billion yuan in H1 2025, an 85.80% year-on-year increase, representing 25.78% of main business revenue [2]. - The dehumidifier and heat exchanger businesses faced challenges, with revenues of 408 million yuan and 868 million yuan in H1 2025, reflecting declines of 10.30% and 17.83% year-on-year, respectively [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 5.535 billion yuan, with a net profit of 1.522 billion yuan, and a non-recurring net profit of 1.462 billion yuan, showing growth rates of 16.58%, 23.18%, and 25.74% respectively [1]. - For Q2 2025, revenue was 2.969 billion yuan, with a net profit of 817 million yuan, and a non-recurring net profit of 849 million yuan, indicating growth rates of 3.65%, 1.72%, and 15.09% respectively [1]. Business Segments - The inverter segment generated 2.644 billion yuan in H1 2025, with a 13.90% year-on-year growth, driven by product upgrades and new market applications [2]. - The energy storage battery segment saw a remarkable 85.80% increase in revenue to 1.422 billion yuan, supported by rising global demand and participation in international exhibitions [2]. - The dehumidifier and heat exchanger segments reported declines in revenue due to increased competition and reduced downstream demand, with respective revenues of 408 million yuan and 868 million yuan [3]. Profitability and Valuation - The report projects a downward adjustment in profit forecasts for 2025-2027, estimating net profits of 3.506 billion yuan, 4.412 billion yuan, and 5.026 billion yuan, reflecting reductions of 10%, 9%, and 8% respectively [3]. - The current stock price corresponds to a P/E ratio of 16, 13, and 11 for 2025-2027 [3].

Investment Rating - The report maintains a "Buy" rating for the companies Sunpower (阳光电源), Deye (德业股份), and Shangneng Electric (上能电气) [5][40][41]. Core Insights - The inverter export value in July 2025 was 6.51 billion yuan, showing a slight month-on-month decrease of 1.2%, while the export quantity was 4.6 million units, down 10.3% month-on-month. Despite this, demand remains high during the peak season, driven by power outages, rising electricity prices, and significant growth in wind and solar installations [8][39]. - The report highlights that the long-term demand for inverters is strongly supported by factors such as power outages, increasing electricity prices, and high growth in wind and solar installations. The parity of solar storage is expected to further unlock demand potential [39]. Summary by Sections Export Trends - In July 2025, exports to Europe reached 2.831 billion yuan, up 15.7% month-on-month and 28.1% year-on-year, driven by high electricity prices and increased demand for solar storage [11][39]. - Exports to Southeast Asia decreased to 385 million yuan, down 40.7% month-on-month, primarily due to typhoon impacts in the Philippines [21][39]. - Exports to Australia increased significantly by 64.4% month-on-month, reaching 388 million yuan, supported by a new subsidy policy for residential energy storage [36][39]. Regional Demand Insights - In Europe, the average wholesale electricity price rose to 84.8 euros/MWh, up 22.1% month-on-month, which is expected to boost solar storage demand [11][39]. - In India, the maintenance of a nuclear power plant is anticipated to tighten electricity supply, potentially leading to higher electricity prices and increased demand for solar storage [17][39]. - The Middle East shows a significant energy transition trend, with a notable project in Saudi Arabia expected to drive future inverter demand [24][39]. Company Recommendations - Sunpower (阳光电源) is projected to have strong earnings support due to high domestic and international order volumes, maintaining a "Buy" rating with a target price of 92.80 yuan [41]. - Deye (德业股份) is expected to benefit from rapid growth in its energy storage business, with a target price of 129.15 yuan [42]. - Shangneng Electric (上能电气) is recognized for its expanding product range and potential contributions from overseas markets, maintaining a "Buy" rating with a target price of 34.00 yuan [44].

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector [1] Core Viewpoints - The inverter export value in June 2025 reached 6.59 billion yuan, a month-on-month increase of 10.3%, driven by seasonal factors, increased power outages, and high growth in wind and solar installations [7] - The report highlights strong demand in Southeast Asia, particularly in the Philippines and Vietnam, where inverter exports increased significantly [3][20] - The report emphasizes the long-term growth potential of the inverter market, supported by rising electricity prices and government incentives for energy storage solutions [40] Summary by Sections Inverter Export Trends - In June 2025, China's inverter export value was 6.59 billion yuan, with a month-on-month increase of 10.3% and a year-to-date total of 30.6 billion yuan, reflecting a year-on-year growth of 7.6% [7] - The average export price per unit was 1,285 yuan, up 26.9% month-on-month, indicating a shift towards higher-value commercial storage products [5] Regional Demand Insights - Southeast Asia: Exports to 11 countries reached 649 million yuan, up 20.6% month-on-month, with the Philippines seeing a remarkable 127.8% increase [3][20] - Middle East: Exports to Saudi Arabia were 469 million yuan, a 7.2% increase, while exports to the UAE decreased by 9.9% due to project shipment schedules [4][27] - Australia: Exports surged by 90.3% to 236 million yuan, driven by rising household electricity prices and new government subsidies for home storage systems [38] Company Recommendations - The report recommends three companies: - DeYue Co., Ltd. (605117 CH) with a target price of 129.15 yuan and a "Buy" rating [2][42] - ShangNeng Electric (300827 CH) with a target price of 34.00 yuan and a "Buy" rating [2][42] - Sunshine Power (300274 CH) with a target price of 92.80 yuan and a "Buy" rating [2][42] Market Drivers - The report identifies key drivers for demand, including increased power outages, rising electricity prices, and high growth in wind and solar installations, which are expected to sustain long-term inverter demand [40]

Core Viewpoint - The company reported steady revenue growth and strong profitability in its 2024 annual report and 2025 Q1 report, with significant increases in both revenue and net profit [1][2] Financial Performance - In 2024, the company achieved operating revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% [1][2] - For Q1 2025, the company reported operating revenue of 19.036 billion yuan, reflecting a year-on-year growth of 50.92%, and a net profit of 3.826 billion yuan, an increase of 82.52% [1][2] - The net cash flow from operating activities in 2024 was 12.068 billion yuan, a significant increase of 72.85% year-on-year, attributed to improved collection efficiency [2] Business Segments Photovoltaic Inverter - The photovoltaic inverter segment generated revenue of 29.127 billion yuan in 2024, a year-on-year increase of 5.3%, accounting for 37.4% of total revenue [3] - The company shipped 147 GW of photovoltaic inverters in 2024, a 13% increase year-on-year, maintaining a leading position in the industry [3] - The segment's gross margin was 30.90%, a decrease of 1.94 percentage points year-on-year [3] Energy Storage - The energy storage systems segment reported revenue of 24.959 billion yuan in 2024, a year-on-year growth of 40.2%, representing 32.1% of total revenue [4] - The gross margin for the energy storage segment was 36.69%, an increase of 4.07 percentage points year-on-year [4] - The company shipped 28 GWh of energy storage products in 2024, a significant year-on-year increase of 167% [4] Market Position and Outlook - The company is recognized for its high-quality energy storage products, with a strong global presence and numerous contracts in various regions, including the Middle East and Europe [4] - The company expects a compound annual growth rate of over 10% in the global photovoltaic market from 2024 to 2030, despite potential short-term slowdowns [3] Investment Recommendations - The company is positioned as a leading player in the global photovoltaic inverter market, with strong order backlog and competitive advantages [5] - The net profit forecasts for 2025 and 2026 have been adjusted to 12.932 billion yuan and 14.423 billion yuan, respectively, with a new forecast for 2027 at 16.206 billion yuan [5]