"一个大学老师，带领国产逆变器突围"——在《大国光伏》一书中给了阳光电源（300274）创始人曹仁贤这样一个标题。简单的15个字，概括了曹仁贤的创 业史，也简明突出了阳光电源在我国光伏发展史上的地位。如果说14年前的A股上市是阳光电源站稳逆变器"一哥"的起点，那如今的港股IPO则可能是阳光 电源储能业务蓄势爆发的新起点。 近日，港交所官网显示，阳光电源递交上市申请材料，欲冲击"A+H"。无论是当下的资本环境还是阳光电源的全球化布局，公司此次赴港上市并不意外，而 是全球化战略的必然选择。在开启第二个IPO的关键时期，阳光电源刚刚完成一场业务重心的切换。今年上半年，公司储能系统营收占比达到40.89%，超越 光伏逆变器等电力电子转换设备营收占比。公司业务蓬勃发展的同时，阳光电源的财务情况也不可忽视，账上目前有接近300亿元的存货以及超270亿元的应 收账款。 储能"爆单"、行业竞争加剧，新起点下，摆在阳光电源面前的既是机遇也是挑战。 资本野心不止"A+H" 登陆A股市场近14年后，已凭借近3000亿元总市值坐稳A股光伏行业头把交椅的阳光电源，于近日递表港交所，开启了公司第二个IPO进程。 回顾阳光电源的成长历程， ...

Group 1: Pinduoduo (PDD US) - 2Q profit exceeded expectations mainly due to interest income and better-than-expected marketing expenses. Advertising revenue grew by 13% year-on-year, in line with expectations, while commission income slowed due to the contraction of full-service business and reduced growth in merchant support programs [1] - Despite maintaining support for merchants and user investments in the second half of the year, the impact of merchant support programs and national subsidies is expected to improve marginally. The overseas business disruptions are also anticipated to be less severe than in 2Q [1] - Based on the better-than-expected 2Q performance, the profit forecast for 2025 has been raised by 4%, and the valuation has been adjusted to 2026, with the target price increased from $135 to $150, corresponding to an 11x P/E ratio for 2026 [1] Group 2: Yadea Group Holdings (1585 HK) - In 1H25, two-wheeler sales returned to normal rhythm, and gross margin reached a record high. Revenue for 1H25 was CNY 19.19 billion, up 33.1% year-on-year, aligning with market expectations [4] - The sales volume of electric bicycles and scooters increased to 8.794 million units, surpassing the same period in 2024. The gross margin improved by 1.6 percentage points to 19.6%, setting a historical high [5] - The new national standard will be implemented on September 1, 2025, marking the start of a new industry cycle. Revenue forecasts for 2025-27 have been raised by 2%-4%, and net profit estimates have been adjusted upward by 1%-2% [5] Group 3: Deqi Pharmaceutical (6996 HK) - CLDN18.2 ADC data further confirms its potential as a best-in-class treatment, with larger sample clinical data showing improved response rates. The drug has received breakthrough therapy designation in mainland China for treating CLDN18.2 positive, HER2 negative gastric cancer [8] - The management maintains a forecast for global peak sales exceeding $5 billion, with ongoing development plans for various indications [8][9] - The target price has been raised to HKD 8.80, reflecting a nearly 30% increase in long-term sales forecasts for ATG022 [9] Group 4: Rongchang Biopharmaceutical (9995 HK) - In 1H25, the company reported a revenue increase of 47.6% to CNY 1.09 billion, with a gross margin improvement of 7.3 percentage points to 84.4%. The loss in 2Q was narrowed compared to previous periods [10] - The management expects product sales to grow by over 30% for the full year, aiming for breakeven in 2026 and profitability in 2027 [10][11] - The target price has been raised to HKD 103, reflecting the strong growth trajectory and potential of core assets [11] Group 5: Sunshine Power (300274 CH) - The company reported 2Q25 revenue and profit of CNY 24.5 billion and CNY 3.91 billion, respectively, with year-on-year growth of 33% and 37%, significantly exceeding market expectations [16] - The improvement in the US tariff situation since May has positively impacted the company's outlook, particularly for energy storage demand [16][17] - The target price has been raised to CNY 119, indicating a potential upside of 16% [17] Group 6: Junda Co., Ltd. (002865 CH) - The company reported a loss of CNY 158 million in 2Q25, slightly exceeding the forecasted median loss, with a gross margin of -2.1% [18] - Recent government initiatives to regulate the photovoltaic industry signal increased certainty in supply-side reforms, which may benefit the company [18] - The target price has been raised to CNY 57.70, reflecting improved market conditions and valuation [18]

Core Viewpoint - The report highlights that Yangguang Power's performance significantly exceeded expectations, with a target price raised to 119.0 CNY and a buy rating maintained due to improved U.S. business risks and strategic positioning in AIDC [1][3]. Financial Performance - In Q2 2025, Yangguang Power reported revenue and profit of 24.5 billion CNY and 3.91 billion CNY, respectively, representing year-on-year increases of 33% and 37%, and quarter-on-quarter increases of 29% and 2% [2]. - The gross margin stood at 33.8%, with a year-on-year increase of 2.2 percentage points and a quarter-on-quarter decrease of 1.4 percentage points [2]. - The company plans to issue H-shares, indicating a strategic move to enhance capital [2]. Segment Performance - In the first half of 2025, revenue from energy storage surged by 128% to 17.8 billion CNY, with a gross margin of 39.9% [2]. - Inverter revenue reached 15.3 billion CNY, a year-on-year increase of 17%, with a gross margin of 35.7% [2]. - High-margin overseas revenue increased by 88%, accounting for 58% of total revenue, which contributed to a 1.9 percentage point increase in overall gross margin year-on-year [2]. Market Conditions - The tariff situation has improved significantly, with the U.S. suspending 24% tariffs on Chinese goods, allowing Yangguang Power to resume normal shipments to the U.S. [3]. - The U.S. Inflation Reduction Act, effective July 4, extends tax credits for energy storage investments, positively impacting future demand [3]. Strategic Outlook - Yangguang Power is focusing on the rapidly growing AIDC power supply business, which is expected to become a significant growth driver and enhance valuation [3]. - Earnings forecasts for 2025-2027 have been raised by 16%, 17%, and 14%, respectively, with the valuation benchmark adjusted from 12 times to 17 times the 2025 earnings [3].