阳光电源 2025 年上半年 - 储能系统（ESS）销售强劲，香港上市提升市场情绪

300274.CH 65.00 RMB Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Global Energy Storage Sungrow Power Supply Co., Ltd Rating Market-Perform Price Target Sungrow reported 2Q25 net earnings of RMB3.91bn (+37% y-o-y, +2% q-o-q) which came in below consensus expectations of RMB4.98bn. 1H25 net earnings of RMB7.7bn represents 62% of FY consensus estimates of RMB12.36bn and 65% of our RMB11.8bn. The miss came primarily from asset impairments (RMB-0.7bn) and higher non-op costs. Although net profit came in ...