事件 2025 年8 月25 日，阳光电源发布2025 年半年报。公司2025H1 实现营业收入435.3亿元，同比增长 40.3%，实现归母净利润77.3 亿元，同比增长56.0%，实现销售毛利率34.4%，同比提升1.9pct；其中 2025Q2 实现营业收入245.0 亿元，同比增长33.1%，环比增长28.7%，实现归母净利润39.1 亿元，同比 增长36.5%，环比增长2.1%，公司业绩维持稳健增长。 2025H1 公司研发投入20.4 亿元，同比增长37.1%，重点加强1+X 2.0 模块化逆变器、大功率组串、储能 系统3.0 以及AIDC 等新技术研发投入。公司成立AIDC 事业部，具备提供绿电系统一系列解决方案能 力，重点布局海外市场。 盈利预测及投资建议 公司储能系统高毛利业务占比提升，我们预计公司2025-2027 年营业收入分别为946.1/1079.3/1223.4 亿 元，同比增速分别为21.5%/14.1%/13.4%；归母净利润分别为145.7/159.8/174.1 亿元，同比增速分别为 32.0%/9.7%/9.0%。EPS 分别为7.03/7.71/8.40 元。公司是光伏 ...

储能收入 178.03亿， 同比增长127.78%，毛利率39.92% 文 | 中关村储能产业技术联盟 8 月 25 日 晚 ， 阳 光 电 源 发 布 2025 年 半 年 报 ， 上 半 年 公 司 营 业 收 入 435.33 亿 元 ， 同 比 增 长 40.34% ， 归 母 净 利 润 77.35 亿 元 ， 同 比 增 长 55.97% ， 扣 非 净 利 润 74.95 亿 元 ， 同 比 增 长 53.52%。 同日，阳光电源宣布， 将筹划发行H股股票并在香港联交所上市 ，以深化全球化战略布局，打 造多元化融资渠道，进一步提升公司核心竞争力。 分行业看： 将启动港股上市 同日，阳光电源宣布，为深化全球化战略布局，提升公司国际化品牌形象，打造多元化融资渠 道，进一步提升核心竞争力，公司拟发行H股股票并申请在香港联交所主板挂牌上市。 光伏行业营收225.13亿元，占比51.72%，同比增长4.84%； 储能行业营收178.03亿元，占比40.89%，同比增长127.78%； 其他业务营收32.17亿元，占比7.39%，同比增长85.96%。 分产品看： 光伏逆变器等电力电子转换设备营收153.2 ...

Investment Rating - The report upgrades the company's rating to "Buy" based on its strong growth prospects and attractive valuation, with a projected PE of 12 times for 2025 [10]. Core Views - The company is a leading player in the global inverter and energy storage market, with significant brand and technological advantages, and a strong overseas market presence. The core concern affecting the company's stock price is the sustainability of energy storage unit profitability, which has led to a long-term suppression of valuation and expectations. However, global energy storage demand is expected to continue to grow, and the company's energy storage gross margin is anticipated to recover to normal levels in the second half of this year, remaining above market expectations [1][3][10]. Summary by Sections Historical Performance - The company's stock price has experienced three phases since its listing. From 2011 to 2018, the main business was in inverters and EPC for power plants, heavily reliant on domestic photovoltaic subsidy policies. From 2019 to 2021, the company rapidly expanded its overseas inverter market share due to IGBT shortages and the pandemic, leading to significant stock price increases. Since 2022, the energy storage business has emerged as a second growth curve, with its output and profitability exceeding expectations, driving the stock price to outperform the photovoltaic index [2][19][20]. Current Situation - The energy storage business has become the core contradiction affecting the company's ROE and stock price. The inverter business has stabilized, with steady gross margins, while energy storage profits have significantly increased in recent years. The gross margin for energy storage is expected to improve due to the decline in lithium carbonate prices, but profitability per watt is projected to decline as the impact of lithium price decreases weakens [3][44]. Future Outlook - The company has sufficient orders on hand, with demand expected to grow rapidly in regions outside of the US and China, including Europe, the Middle East, South America, and Southeast Asia. The energy storage business is projected to ship 25-30 GWh in 2024, with global energy storage demand growth expected to reach 40-50% by 2025. The inverter business is expected to grow at around 10% annually, while the hydrogen energy business is anticipated to become a third growth curve [10][9][10]. Financial Projections - The company is expected to achieve revenues of 813.81 billion, 981.61 billion, and 1,108.91 billion yuan from 2024 to 2026, with net profits of 108.9 billion, 127.07 billion, and 140.19 billion yuan, corresponding to PE valuations of 13.69, 11.73, and 10.64 times [10].