阳光电源_2025 年三季度基本符合预期，2026 年全球储能需求前景稳健但美国长期不确定性仍存；维持中性评级

Rmb22,869mn/Rmb8,202mn/Rmb5,023mn/Rmb4,147mn (+21%/+47%/+62%/+57% yoy), -5%/+12%/+12%/+8% vs. GSe; GPM/OPM/NPM was 36%/22%/18% (+6pp/+6pp/+4pp yoy), +6pp/+4pp/+2pp vs. GSe. ESS was the key growth driver in 3Q25 driven by solid overseas demand, while solar inverters and the solar EPC businesses were impacted by the challenging domestic solar demand. The company's 2025E total shipment target of 40-50GWh is unchanged (vs. GSe of 45GWh). US business uncertainties persist for ESS projects that will start constru ...