智通财经APP获悉，据港交所10月5日披露，阳光电源股份有限公司(简称"阳光电源")(300274.SZ)向港交 所主板提交上市申请，中金公司为其独家保荐人。根据弗若斯特沙利文的分析，阳光电源的光伏逆变器 产品出货量连续十年保持全球领先。 阳光电源成立于1997年，自2011年11月深交所创业板上市以来，公司总市值已突破3300亿元人民币。 招股书显示，阳光电源是一家全球领先的清洁能源科技企业。公司从光伏逆变器业务起步，始终聚焦清 洁电力领域，逐步布局太阳能、风能、储能、电动汽车及充电、氢能("光风储电氢")五大赛道。 阳光电源聚焦清洁电力行业，业务布局覆盖"光风储电氢"五大赛道，主要产品或服务包括：光伏逆变 器、储能系统、新能源投资开发、风电变流及传动产品、新能源汽车电控电源及充电、智慧能源运维服 务及水面光伏系统等，并战略布局氢能、AIDC电源等业务。 阳光电源以光伏逆变器和储能系统为代表的主要业务板块，均处于全球领先地位。根据弗若斯特沙利文 的分析，以2024年出货量计，阳光电源的光伏逆变器在全球的市占率约为25.2%;截至2025年6月30日，其 储能系统累计出货量达70GWh，全球领先。阳光电源已建 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - In 2024, the company is expected to achieve a revenue of 77.86 billion, a year-on-year increase of 7.76%, and a net profit of 11.04 billion, up 16.92% [5] - The first quarter of 2025 shows significant growth, with revenue reaching 19.04 billion, a 50.92% increase year-on-year, and a net profit of 3.83 billion, up 82.52% [1][5] Financial Performance Summary - In 2024, the company’s revenue is projected to be 77.86 billion, with a growth rate of 7.76% [5] - The net profit for 2024 is expected to be 11.04 billion, reflecting a growth rate of 16.92% [5] - For Q1 2025, the company achieved a revenue of 19.04 billion, marking a 50.92% year-on-year increase, and a net profit of 3.83 billion, which is an 82.52% increase [1][5] Product and Market Development - The company’s growth is driven by increased shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase, and energy storage shipments at 28 GWh, a 167% increase [2] - The company has launched several new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, enhancing its market position [2][3] Competitive Landscape - The impact of tariffs is considered manageable, as the company's revenue from the U.S. accounts for only 15% of total revenue [3] - The company is enhancing its competitiveness through technological advancements and localizing its supply chain in overseas markets [3] Profit Forecast - The forecast for net profit from 2025 to 2027 is 11.87 billion, 13.59 billion, and 15.54 billion respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - The company's revenue for 2024 is projected to be 77.86 billion, a year-on-year increase of 7.76%, and the net profit is expected to reach 11.04 billion, up 16.92% [5] - In Q1 2025, the company achieved revenue of 19.04 billion, reflecting a 50.92% year-on-year growth, and a net profit of 3.83 billion, which is an 82.52% increase [1][2] Financial Performance - The company’s revenue growth is primarily driven by the increase in shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase year-on-year, and energy storage shipments at 28 GWh, up 167% [2] - The gross profit margin for the year was 29.94%, an increase of 2.76% compared to the previous year [2] - The company is expected to achieve net profits of 11.87 billion, 13.59 billion, and 15.54 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4][5] Market Position and Strategy - The company is enhancing its competitiveness by focusing on technological advancements in power electronics and grid support, while also expanding its product offerings in multiple sectors including photovoltaic inverters and energy storage [3] - The company has established overseas factories in Thailand and India to mitigate the impact of trade barriers and enhance local market capabilities [3] - The introduction of new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, has further solidified the company's market position [2]