证券研究报告 阳光电源 (300274 CH) Q2 利润同环比增长，AIDC 加速布局 公司发布中报，25Q2 收入 244.97 亿元，同/环比+33.1%/+28.7%，归母净 利 39.08 亿元，同/环比+36.5%/+2.1%，扣非净利 38.19 亿元，同/环比 +36.4%/+3.9%，归母净利超出我们此前 22.23 亿的预期，主要系较多海外 储能订单确收+国内光储有所抢装，25H1 经营性现金流量净额 34.3 亿元， 同比+232%，经营质量大幅好转。考虑到公司为全球光储行业龙头，海内外 订单量稳中有进，开拓布局 AIDC 蓝海市场，我们维持"买入"评级。 25Q2 利润同环比增长，减值及股权激励费用略微影响利润释放 公司 25Q2 归母净利 39.08 亿元，同/环比+36.5%/+2.1%，其中 Q2 计提减 值 7.0 亿，新增股权激励费用 1.8 亿；毛利率/净利率达 33.75%/16.48%， 环比-1.38/-3.45pct，期间费用率达 11.71%，环比+1.02pct，其中销售/管理 /研发/财务费用率分别+0.38/+0.31/+0.86/-0.52pct，主要系公 ...

公司营收和盈利增长强劲，储能业务贡献增量。2025年上半年，公司实现营业收入435.33亿元，同比增 长40.34%。从产品结构来看，上半年公司逆变器业务实现营收153.27亿元，同比增长17.1%，保持良性 增长；储能业务实现营收178.03亿元，同比增长127.8%，实现快速增长；新能源投资开发业务收入有所 下降。上半年，公司销售毛利率34.36%，同比增加1.94pct，主要由于毛利率水平较高的储能业务占比 增加；净利率17.99%，同比增加1.72pct，净利率同比呈现增长。2025年上半年，公司经营活动产生的 现金流量净额 34.34 亿元，同比增长 231.91%，主要系本期销售回款增加所致。 储能业务：上半年营收翻倍以上增长，全球市场拓展顺利。2025年上半年，公司储能系统营收178.03亿 元，同比增长127.8%，实现快速增长；占主营业务收入的比重达到40.89%，超过了光伏逆变器占比。 上半年，储能系统板块毛利率39.92%，较上年同期略减少0.16个pct，盈利能力基本稳定。全球储能系 统需求持续增长，公司市场地位突出，业绩受益。 根据公司投资者关系活动记录表，上半年公司储能系统发货量已 ...

8月25日，逆变器龙头德业股份7.SH，股价59.98元，市值542.49亿元）发布2025年半年报，公司上半年 实现营业收入55.35亿元，同比增长16.58%，归母净利润为15.22亿元，同比增长23.18%。 上半年，德业股份还在原有商用储能系统基础上扩展功率段，推出100kW~2.5MW储能解决方案，相较 于传统集装箱式储能系统，通过模块化设计去除非必要设备实现系统精简，具有更高的灵活性和可扩展 性，允许用户自由选择和组合不同的模块，满足特定项目需要，可降低30%总成本，使运输、组装、安 装更加高效，增加经济性。 就收入增长来看，德业股份的储能电池产品已明显超过逆变器产品。公司储能电池产品实现营业收入 14.22亿元，较上年同期增长85.80%，占公司主营业务收入25.78%。 德业股份称，基于用户需求和市场消费趋势，储能电池迎来快速增长，公司通过高规格参展与深度区域 路演相结合的方式，持续推动品牌全球化战略落地。先后在美国、日本、乌兹别克斯坦展示了覆盖户 用、工商储及大型储能在内的全场景解决方案，又在西非、德国、巴拿马与多米尼加等国家和地区开展 路演及品牌活动。 2025年半年报披露，德业股份上半年 ...

光伏逆变器和储能业务为这两家公司贡献约75%的营收。 阳光电源（300274.SZ）和德业股份（605117.SH）这两家主营储能和逆变器的企业，双双递上了营收净 利双增的半年"成绩单"。 然而，亮眼的基本面表现并未直接反映在今日的盘面上。截至收盘，阳光电源下跌5.45%至97.01元/ 股，总市值为2011亿元。德业股份下跌3.15%至59.98元/股，总市值为542亿元。其中，阳光电源在二级 市场的表现位列Wind终端"近一小时最热"榜单前十位。 光伏逆变器市场近几年稳步增长。据标普全球大宗商品洞察（S&P Global Commodity Insights）预测， 2025年至2028年，全球储能新增需求年均复合增长率保持15%以上。 二十多年前，阳光电源以光伏逆变器起家。报告期内，公司的储能系统业务实现营收178.03亿元，同比 增长127.78%，占营收比重40.89%；光伏逆变器等电力电子转换设备实现营收153.27亿元，同比增长 17.06%，营收占比35.21%。 德业股份稍晚一些从2016年开始布局光伏逆变器业务。以上半年财务数据看，逆变器是德业股份的第一 大营收来源，占主营业务收入的47. ...

中报业绩披露，进入高峰期！ 8月25日晚间，长城军工、涛涛车业、天孚通信、大元泵业、舒泰神、华通线缆、拓维信息等多只大牛股披露了中报业绩。 此外，高德红外、阳光电源、立讯精密、安集科技、纳睿雷达、沃尔核材、新易盛、凯莱英等多个行业的龙头公司，也纷纷披露了上半年业绩。其中，高德 红外上半年净利同比增长超900%。 来看详细报道！ 多只大牛股披露半年报 长城军工25日晚披露半年报，公司上半年实现营业收入6.99亿元，同比增长29.55%，归母净利润亏损2740万元，上年同期亏损3963万元。报告期，公司 主要产品结构变化及销售规模有所上升，军品营业收入同比增长33.07%，产品综合毛利率比上年同期提升 2.71个百分点。二级市场上，长城军工的股价今 年以来大涨428%。 涛涛车业发布半年报，公司上半年实现营业收入17.13亿元，同比增长23.19%。其中，智能电动低速车销售收入为11.52亿元，同比增长30.65%；特种车销 售收入为4.90亿元，同比增长8.22%。上半年，公司的归母净利润为3.42亿元，同比增长88.04%。公司拟每10股派发现金红利15元（含税）。报告期内， 公司优化资源配置，拓展市场空间， ...

Group 1: Company Performance Highlights - Changcheng Military Industry reported a revenue of 699 million yuan, a year-on-year increase of 29.55%, but a net loss of 27.4 million yuan, improving from a loss of 39.63 million yuan in the previous year [3] - Taotao Vehicle achieved a revenue of 1.713 billion yuan, up 23.19%, with a net profit of 342 million yuan, a significant increase of 88.04% [3] - Tianfu Communication's revenue reached 2.456 billion yuan, growing by 57.84%, and a net profit of 899 million yuan, up 37.46% [4] - Dayuan Pump Industry reported a revenue of 965 million yuan, a 14.55% increase, but a net profit decline of 27.99% to 101 million yuan [4] - Shutaishen's revenue fell to 126 million yuan, down 31.14%, with a net loss of 24.64 million yuan [5] - Jinfake Technology's revenue was 31.636 billion yuan, up 35.5%, with a net profit of 585 million yuan, a 54.12% increase [5] - Inner Mongolia First Machinery's revenue was 5.727 billion yuan, a 19.62% increase, with a net profit of 290 million yuan, up 9.99% [6] - Huadong Cable's revenue reached 3.425 billion yuan, a 12.95% increase, but a net profit decline of 29.3% to 138 million yuan [6] - Tuowei Information reported a revenue of 1.306 billion yuan, down 24.42%, but a net profit increase of 2262.83% to 78.81 million yuan [7] Group 2: Industry Leaders' Performance - Gaode Infrared reported a revenue of 1.934 billion yuan, up 68.24%, with a net profit of 181 million yuan, a remarkable increase of 906.85% [9] - Xinyi Technology achieved a revenue of 10.437 billion yuan, a 282.64% increase, with a net profit of 3.942 billion yuan, up 355.68% [9] - Sunshine Power's revenue was 43.533 billion yuan, a 40.34% increase, with a net profit of 7.735 billion yuan, up 55.97% [9] - Nairui Radar reported a revenue of 155 million yuan, up 112.84%, with a net profit of 56.946 million yuan, an increase of 866.97% [10] - Luxshare Precision's revenue reached 124.503 billion yuan, a 20.18% increase, with a net profit of 6.644 billion yuan, up 23.13% [11] - Anji Technology's revenue was 1.141 billion yuan, up 43.17%, with a net profit of 376 million yuan, a 60.53% increase [11] - Wolong Nuclear Materials reported a revenue of 3.945 billion yuan, a 27.46% increase, with a net profit of 558 million yuan, up 33.06% [12] - Kailaiying's revenue was 3.188 billion yuan, an 18.20% increase, with a net profit of 617 million yuan, up 23.71% [12] - Lens Technology reported a revenue of 32.96 billion yuan, a 14.18% increase, with a net profit of 1.143 billion yuan, up 32.68% [13]

Core Insights - The core insight of the article is that despite a challenging environment in the photovoltaic industry, Jinlang Technology Co., Ltd. reported strong financial performance in the first half of 2025, driven by a shift in product mix and effective cost control [2][11]. Financial Performance - In the first half of 2025, Jinlang Technology achieved operating revenue of 3.794 billion yuan, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, up 70.96% year-on-year [2]. - The second quarter net profit reached 407 million yuan, reflecting a quarter-on-quarter growth of 109.27% [2]. Sales and Product Mix - The total sales volume of inverters was approximately 466,200 units, representing a year-on-year decline of 6.98% [3]. - The revenue from traditional grid-connected inverters decreased by 11.22%, while revenue from energy storage inverters surged from 192 million yuan in 2024 to 793 million yuan in 2025, marking a growth of 313.51% [5]. Cost Management - The operating cost of the grid-connected inverter business decreased by 19.53%, leading to an increase in gross margin by 7.62 percentage points despite a decline in revenue [8]. Market Dynamics - The overseas market, including Hong Kong, Macau, and Taiwan, contributed significantly to revenue growth, achieving 1.778 billion yuan, a year-on-year increase of 25.26% [9]. - The gross margin for the mainland China market was 40.91%, while the overseas market had a gross margin of 29.72% [9]. Strategic Investments - Jinlang Technology plans to raise 1.694 billion yuan through convertible bonds, with a significant portion allocated to upgrading inverter production capacity [15]. - The investment will focus on high-voltage, high-power grid-connected inverters and medium-to-large power hybrid energy storage inverters, targeting the commercial energy storage market [15][16]. Operational Challenges - The company faces challenges with declining sales volume in its core inverter business and potential cooling demand in the second half of the year due to the end of a "rush installation" phase driven by policy changes [12][14]. - Concerns about the sustainability of profit growth arise as the company enters the more complex commercial energy storage sector, which may strain its operational capabilities [19].

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [25]. Core Views - The company's energy storage business has seen significant growth, leading to a notable recovery in profitability. The company reported a total revenue of 3.794 billion yuan for the first half of 2025, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, up 70.96% year-on-year [7][10]. - The company has optimized its product and customer structure, reducing the unit cost of inverters and continuously launching higher value-added products, which has resulted in an increase in gross profit margin by 3.49 percentage points to 35.67% [10]. - The company maintains a strong global position in the inverter market, ranking third globally with a 5% share of the inverter shipment volume in 2024, despite a 6.98% year-on-year decline in inverter sales volume in the first half of 2025 [10][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total revenue of 3.794 billion yuan, with a net profit of 602 million yuan, reflecting a significant year-on-year growth of 70.96% [7][10]. - The operating cash flow for the period was 811 million yuan, up 36.56% year-on-year, with a diluted return on equity of 7%, an increase of 2.56 percentage points [7][10]. Business Segments - The revenue from the grid-connected inverter segment was 1.82 billion yuan, down 11.22% year-on-year, while the energy storage inverter segment saw a remarkable increase of 313.51%, generating 793 million yuan [10]. - The company’s overseas revenue reached 1.778 billion yuan, a year-on-year increase of 25.26%, with sales accounting for 46.86% of total revenue, up 4.56 percentage points [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 973 million yuan, 1.170 billion yuan, and 1.337 billion yuan for 2025, 2026, and 2027, respectively [12][23]. - The report anticipates that advancements in energy storage inverter technology and decreasing costs of energy storage systems will further enhance market growth [11].

Market Overview - The A-share market has seen increased activity, with the ChiNext Index rising by 8.58% in a week and the Shanghai Composite Index up by 1.7%, surpassing 3700 points for the first time in nearly four years [1][2] - Since April, the A-share market has entered a four-month trend, with institutions predicting that the short-term sentiment will remain strong due to the accumulation of profit-making effects [1][2] Liquidity Trends - Recent data indicates a positive trend in A-share market liquidity, with daily trading volumes exceeding 2 trillion yuan for three consecutive days [2] - The margin trading balance has also returned to the 2 trillion yuan mark, reflecting increased investor participation [2] - In July, new A-share accounts opened on the Shanghai Stock Exchange reached 1.9636 million, a 19% month-on-month increase and a 71% year-on-year increase, indicating a shift of household wealth towards financial assets [2] External Influences - A-shares are seen as attractive to foreign investors, especially in the context of non-USD assets outperforming USD assets [3] - The narrowing of the China-US interest rate differential is expected to facilitate capital inflows into the Chinese market, providing further monetary policy space [3] Market Characteristics - The current market is characterized by a steady upward trend, supported by capital market reforms aimed at increasing investor returns [4] - The market is experiencing a "healthy" upward trend, with volatility decreasing and many sectors remaining at moderate levels of crowding [4] Investment Focus - Short-term investment recommendations include focusing on sectors with strong industrial trends such as innovative pharmaceuticals, resources, communications, and gaming [5] - Long-term investment should consider industries with sustainable pricing power, including rare earths, cobalt, phosphorous chemicals, pesticides, fluorochemicals, and photovoltaic inverters [5] Foreign Investment Preferences - If the Federal Reserve lowers interest rates in the second half of the year, foreign investment is expected to flow into the Chinese market, with a focus on industries with stable performance and sustainability [6] - Key sectors for foreign investment include innovative pharmaceuticals, leading internet companies in Hong Kong, the Nvidia supply chain, and new energy sectors [6]

Group 1 - Enphase Energy's stock price fell over 6.3% in after-hours trading [1] - The CEO of Enphase Energy expressed concerns that the U.S. residential solar market is expected to decline by 20% by 2026 [1]