逆变器 2025 年 08 月 10 日 公 司 研 究 阳光电源（300274.SZ） 储能海外订单不断，AIDC 业务有望成为第二成 长曲线 投资要点： 海外储能订单不断，公司在全球储能市场具备强竞争力 公 司 动 态 跟 踪 8 月初公司与保加利亚太阳能公司 Sunterra RE 签署合作协议，该 协议规定在 Sunterra RE 旗下三个最大的光伏园区部署 1GWh 的电池储 能系统，这是公司继 7 月底与欧洲光储电站开发商 SUNOTEC 在保加 利亚及其他欧洲市场签署 2.4GWh 储能订单后又一个 GW 级订单，公 司在欧洲市场的储能订单明显加速；且根据储能产业网，25 年以来公 司持续斩获海外储能订单，包括今年 2 月份获取 500MWh 日本储能订 单、3 月份与 Renewable Power Capital（RPC）合作签署芬兰西南部 Uusikaupunki 的 Kalanti 50MW/100MWh 储能项目、5 月份与全球可再 生能源公司 Zelestra 签约 1GWh 储能项目等，充分体现了公司在全球 储能市场的强竞争力。 美国政策靴子落地可期，公司具备相应应对方式 7 月 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Insights - Overseas cloud service providers (CSPs) have revised their capital expenditure (CAPEX) expectations upwards, leading to an increase in data center construction activity. Major companies like Microsoft, Google, and Meta have all raised their CAPEX forecasts for 2025, driven by strong AI demand [7] - The importance of high-efficiency, high-density, and high-stability power supply systems is increasing as the industry transitions from traditional computing to AI-driven computing. This shift necessitates continuous upgrades in power supply technology across various stages of the power chain [7] - The overseas AIDC (AI Data Center) market is experiencing a boom, with companies like Delta and Vertiv holding significant technological advantages. Domestic companies are expected to benefit from this trend as they close the technology gap and gain access to the overseas market [7] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies that are likely to benefit from the rising demand for AIDC power supply, including Megmeet (002851), Hezhong Electric (603063), Newray (300593), Tonghe Technology (300491), Oulu Tong (300870), and Zhongheng Electric (002364) [7] - For AIDC power supply support, companies such as Jinpan Technology (688676), Mingyang Electric (301291), Weiteng Electric (688226), and Liangxin Co. (002706) are recommended for attention [7]