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 | ...

Core Viewpoint - The article highlights the impressive performance of Sungrow Power Supply Co., Ltd. (300274.SZ) in the photovoltaic industry, showcasing its significant revenue and profit growth despite industry challenges, and notes the importance of monitoring insider selling signals as the stock reaches historical highs [4][5][34]. Financial Performance - In the first half of 2025, Sungrow achieved a revenue of 43.53 billion yuan, a substantial increase of 40.3% year-on-year, effectively doubling its revenue compared to the entire year of 2022 [7]. - The net profit attributable to shareholders reached 7.73 billion yuan, marking a year-on-year increase of 56.0%, significantly higher than the profit levels during the same period in 2022 [9]. - The gross margin improved to 34.4%, up by 1.9 percentage points from the previous year, reflecting a nearly ten percentage point increase since 2022 [12]. Business Structure Changes - The energy storage system has become the largest revenue source for Sungrow, generating 17.80 billion yuan in the first half of 2025, a remarkable growth of 127.78% year-on-year, accounting for 40.89% of total revenue [16][18]. - Revenue from photovoltaic inverters was 15.33 billion yuan, with a year-on-year growth of 17.06%, while revenue from power station investment and development decreased by 6.22% to 8.40 billion yuan due to policy impacts [18]. - Overseas revenue accounted for 58.30% of total revenue, reaching 25.38 billion yuan, a significant increase of 88.32% year-on-year, while domestic revenue grew only 3.48% [20]. Research and Development - Sungrow invested 2.04 billion yuan in R&D in the first half of 2025, a 37.08% increase year-on-year, with a total of 7,120 R&D personnel, indicating a strong commitment to innovation [21]. - The company has launched several new products, including the world's first 400kW+ string inverter, further solidifying its position in the market [26]. Dividend and Insider Selling - Sungrow plans to implement a mid-term dividend of 1.95 billion yuan and a share buyback of 300 million yuan, marking its first mid-term dividend in ten years [32]. - Recent insider selling plans have been disclosed by several executives, including the company secretary and financial director, which may signal caution as the stock price reaches new highs [33][34].

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].