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. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [9]. Core Insights - The company has shown impressive performance in its half-year results for 2025, with significant growth in revenue and profit margins. The revenue reached 435.33 billion yuan, a year-on-year increase of 40.34%, while the net profit attributable to shareholders was 77.35 billion yuan, up 55.97% year-on-year [5]. - The energy storage system business has experienced rapid growth, with global shipments reaching 28 GWh in 2024 and revenue from this segment amounting to 178.03 billion yuan, reflecting a year-on-year growth of 127.78% [1][5]. - The company has increased its R&D investment significantly, amounting to 20.37 billion yuan in the first half of 2025, a 37% increase year-on-year, enhancing its global competitiveness [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 34.36%, an increase of 1.94 percentage points year-on-year, and a net margin of 17.99%, up 1.72 percentage points year-on-year [5]. - The second quarter of 2025 saw revenue of 244.97 billion yuan, a year-on-year increase of 33.09%, and a net profit of 39.08 billion yuan, up 36.53% year-on-year [5]. Product Development - The company launched the PowerTitan 3.0 AC energy storage platform, featuring three models with varying capacities, and introduced innovative inverter products, including the world's first 400 kW+ string inverter [5][6]. - The energy storage systems are widely applied in various global markets, including Europe, America, and Asia-Pacific, with no reported safety incidents in the projects [6]. Market Outlook - The company is expected to continue expanding its global market presence, with projected earnings per share (EPS) of 6.09 yuan, 6.96 yuan, and 7.80 yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings (PE) ratios of approximately 16, 14, and 12 [8].