2025 年 09 月 27 日 —阳光电源（300274.SZ）公司动态研究报告 储能强势增长，布局 AIDC 打开新成长空间 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 阳光电源 沪深300 相关研究 ▌业绩稳定增长，盈利能力提升 2025H1，公司实现营业收入 435.3 亿元，同比增长 40%，归母 净利润 77.3 亿元，同比增长 56%；毛利率达 34.36%，同比提 升 1.94pct，净利率达 17.77%，同比提升 1.78pct，盈利能力 进一步提升。 ▌储能翻倍以上增长，逆变器稳步增长 市场表现 买入(首次) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 分析师：罗笛箫 | S1050525070001 | | luodx@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 6 | | --- | --- | | 当前股价（元） | 157.5 | | 总市值（亿元） | 3265 | | 总股本（百万股） | 2073 | ...

减持信号值得关注。 | 作者 | | 木鱼 | | --- | --- | --- | | 编辑 | | 小白 | 年初至今，阳光电源（300274.SZ）在经历一段区间震荡后，股价又走到了历史高位。除了市场原 因，其本身的业绩是股价最重要的支撑因素。 在光伏主产业链普遍承压的行业环境下，阳光电源却交出了一份逆势增长的2025年中报。 更为可观的是利润表现，2025年上半年，阳光电源实现归母净利润77.3亿元，同比大增56.0%。 要知道，营收与之持平的2022年，彼时的利润还不到2025年上半年的二分之一。其实在营收增速只有 个位数的2024年，利润也依旧是两位数增长，可见阳光电源的盈利增长有多强。 （来源：市值风云APP） 收入翻一番，利润翻两番 2025年上半年，阳光电源实现营业收入435.3亿元，同比大幅增长了40.3%。可以看到，这半年的收 入，已经较三年前的2022年全年业绩实现翻番了。 （来源：市值风云APP） （来源：市值风云APP） 毛利率的持续提升是盈利增强的核心驱动因素。2025年上半年，其毛利率达到34.4%，提升了1.9个百 分点。 回顾过去三年，阳光电源的毛利率从2022年的24. ...

Core Viewpoint - The company, Sunshine Power, reported significant growth in its financial performance for the first half of 2025, with a focus on expanding its global presence through the issuance of H-shares for listing on the Hong Kong Stock Exchange [2][7]. Financial Performance - The company's total revenue reached 43.533 billion yuan, representing a year-on-year increase of 40.34% [2]. - The net profit attributable to shareholders was 7.735 billion yuan, up 55.97% year-on-year [2]. - The non-recurring net profit was 7.495 billion yuan, reflecting a growth of 53.52% compared to the previous year [2]. Revenue Breakdown by Sector - The energy storage sector generated revenue of 17.803 billion yuan, showing a remarkable year-on-year growth of 127.78% with a gross margin of 39.92% [3][4]. - The photovoltaic sector earned 22.513 billion yuan, accounting for 51.72% of total revenue, with a year-on-year growth of 4.84% [3]. - Other business segments contributed 3.217 billion yuan, representing 7.39% of total revenue, with an increase of 85.96% year-on-year [3]. Revenue Breakdown by Product - Revenue from photovoltaic inverters and other power electronic conversion devices was 15.327 billion yuan, up 17.06% year-on-year, with a gross margin of 35.74% [4]. - The energy storage system revenue surpassed that of photovoltaic inverters for the first time [5]. - Revenue from new energy investment and development was 8.398 billion yuan, down 6.22% year-on-year [4]. - Revenue from photovoltaic power generation was 761 million yuan, reflecting a growth of 59.44% [4]. Revenue Breakdown by Region - Domestic revenue was 18.155 billion yuan, a year-on-year increase of 3.48%, accounting for 41.70% of total revenue [6]. - Overseas revenue reached 25.379 billion yuan, marking an impressive growth of 88.32% and representing 58.30% of total revenue [6]. Research and Development - The company invested 2.037 billion yuan in R&D, a year-on-year increase of 37%, with R&D personnel accounting for approximately 40% of the workforce [8]. - The company holds a total of 10,541 patent applications, including 5,690 invention patents [8]. Product Innovations - The company launched the PowerTitan 3.0 AC smart storage platform, featuring various models with high energy density [9]. - The PowerTitan 2.0 system has been widely applied globally, supporting various energy storage projects [10]. - The company introduced a new commercial liquid-cooled energy storage system, PowerStack 835CS, aimed at industrial applications [10]. Technological Advancements - The company upgraded its core network technology, introducing a three-tier collaborative architecture for energy storage systems [11]. - The company published the first battery management technology white paper, integrating AI and IoT to enhance data management [12]. Market Applications - The company's energy storage systems are widely used in mature electricity markets across Europe, America, the Middle East, and Asia-Pacific, with no reported safety incidents [13].

Core Viewpoint - Yangguang Power announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, brand image, and diversify financing channels [1] Company Overview - Yangguang Power focuses on renewable energy equipment including solar, wind, storage, hydrogen, electric vehicles, and charging systems, and is recognized as a national key high-tech enterprise [3] Financial Performance - For the first half of 2025, Yangguang Power reported revenue of 43.53 billion yuan, a year-on-year increase of 40.34% - Net profit attributable to shareholders reached 7.73 billion yuan, up 55.97% year-on-year - Gross margin improved to 34.36%, an increase of 1.94% due to brand premium, product innovation, and economies of scale [3][6] Revenue Breakdown - Revenue from mainland China (excluding Hong Kong and Macau) was 18.15 billion yuan, a growth of 3.48% - Revenue from overseas (including Hong Kong and Macau) was 25.38 billion yuan, showing an increase of 88.32% [6] Industry Performance - In the solar sector, revenue was 22.51 billion yuan, a growth of 4.84% - The storage sector saw revenue of 17.80 billion yuan, a significant increase of 127.78% - The hydrogen energy sector secured multiple large-scale projects both domestically and internationally, with overseas orders exceeding 50% [4][5]

Core Viewpoint - The company, Sungrow Power Supply, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, improve its international brand image, diversify financing channels, and strengthen its core competitiveness [2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 43.53 billion yuan, a year-on-year increase of 40.34%, and a net profit attributable to shareholders of 7.73 billion yuan, up 55.97% [3][7]. - The gross profit margin was 34.36%, an increase of 1.94% year-on-year, driven by brand premium, product innovation, and economies of scale [3]. Regional Revenue Breakdown - Revenue from mainland China (excluding Hong Kong and Macau) was 18.15 billion yuan, a growth of 3.48% year-on-year, while overseas revenue (including Hong Kong and Macau) reached 25.38 billion yuan, marking an 88.32% increase [4][7]. Industry Revenue Breakdown - In the photovoltaic sector, revenue was 22.51 billion yuan, a growth of 4.84% year-on-year. The company is delivering a benchmark off-grid project in Saudi Arabia and has provided inverters for a high-altitude solar power station in Yunnan [5]. - The energy storage sector saw revenue of 17.80 billion yuan, a significant increase of 127.78% year-on-year, with the launch of new storage platform models [5][7]. Product Development - The company launched the PowerTitan 3.0 AC storage platform, featuring various models with high energy density, and has widely applied its innovative "integrated AC/DC" 10MWh liquid-cooled storage system globally [5]. - In the hydrogen energy sector, the company secured multiple large-scale green hydrogen projects domestically and internationally, with overseas orders accounting for over 50% of its total [6].

Core Viewpoint - The company, Sungrow Power Supply Co., Ltd., announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image while diversifying its financing channels [2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 43.53 billion yuan, a year-on-year increase of 40.34%, and a net profit attributable to shareholders of 7.73 billion yuan, up 55.97% [2]. - The company proposed a cash dividend of 9.50 yuan per 10 shares (tax included) [2]. Revenue Breakdown - Revenue from the energy storage sector reached 17.80 billion yuan, representing a significant year-on-year growth of 127.78%, with a gross margin of 39.92% [3][4]. - The photovoltaic sector generated 22.51 billion yuan, accounting for 51.72% of total revenue, with a modest growth of 4.84% [4]. - Other segments contributed 3.22 billion yuan, showing an increase of 85.96% [4]. Regional Performance - Revenue from mainland China (excluding Hong Kong, Macau, and Taiwan) was 18.15 billion yuan, a 3.48% increase year-on-year [4]. - Overseas revenue surged to 25.38 billion yuan, marking an 88.32% growth compared to the previous year [4]. Product Innovations - The company launched the PowerTitan 3.0 AC storage platform, featuring models with capacities ranging from 3.45 MWh to 12.5 MWh, utilizing advanced technologies [6]. - The PowerTitan 2.0 system, a 10 MWh all-liquid cooling energy storage solution, has been widely adopted in various projects globally [6]. - The PowerStack 835CS system for industrial applications has been implemented in high-energy-consuming sectors such as steel and automotive [7]. Future Plans - The company plans to issue global depositary receipts (GDRs) based on new A-shares, aiming to raise up to 4.88 billion yuan for advanced energy storage equipment manufacturing and other projects [8]. - The board approved the permanent allocation of surplus fundraising to enhance liquidity for daily operations [9]. Market Capitalization - As of the latest closing, the company's market capitalization stands at 212.7 billion yuan [10].

Core Viewpoint - The competition in the next-generation energy storage cell market is intensifying, with companies like CATL and Sungrow leading the charge with their respective high-capacity cells, 587Ah and 684Ah, highlighting a broader technological and market strategy battle [4][5][8]. Group 1: Company Strategies - CATL believes that the optimal capacity for energy storage cells is 587Ah, balancing system integration efficiency and safety [5][6]. - Sungrow emphasizes that the efficiency of the entire energy storage system is more critical than the individual cell capacity, advocating for a holistic approach to system design [6][10]. - Both companies agree that larger capacity is not always better, and finding the right balance is essential for optimal performance [5][9]. Group 2: Technological Approaches - CATL utilizes a winding process for its 587Ah cells, which they argue provides a better match for national standards and enhances energy density [5][6]. - Sungrow, on the other hand, employs a stacking process for its 684Ah cells, which they claim is more suitable for high-capacity applications and offers advantages in system-level efficiency [6][7]. - The industry is witnessing a shift towards stacking technology, with over 20 manufacturers now producing stacked cells, indicating a growing trend in this direction [7][8]. Group 3: Market Dynamics - The energy storage market is evolving towards a more integrated approach, where the overall performance of the energy storage system is prioritized over individual cell specifications [10][11]. - The competition is not just about capacity but also about the technological routes and safety standards that each company adheres to [8][9]. - As the market matures, hardware differentiation is expected to diminish, leading to a focus on software capabilities and system integration as key competitive advantages [11].