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阳光电源 - 2025 年二季度符合预期;美国储能需求因项目赶工强劲,但长期存不确定性;AI 数据中心电源业务尚处早期;中性评级

Sungrow Power Supply Co. (300274.SZ) 2Q25 in line; NT US ESS demand strong on rush project new starts but with LT uncertainties; AIDC power business still in early stage; Neutral 300274.SZ 12m Price Target: Rmb79.70 Price: Rmb102.60 Downside: 22.3% Post market close on Aug 25, 2025, Sungrow announced 2Q25 results in line with GSe, with revenue/gross profit/EBIT/net income at Rmb24,497mn/Rmb8,269mn/Rmb4,603mn/Rmb3,908mn (+33%/+52%/+30%/+37% yoy), -5%/+4%/-10%/-4% vs. GSe, largely in line; GPM/OPM/NPM was 34% ...