阳光电源-2025 年业绩_储能系统（ESS）毛利率降幅超预期，业绩不及预期

Ac t i o n | 31 Mar 2026 13:36:12 ET │ 20 pages Sungrow Power Supply (300274.SZ) 2025 Earnings Miss for More Than Expected ESS Margin Cut CITI'S TAKE Sungrow reported 2025 earnings miss with negative surprise of net profit falling 54% yoy to Rmb1,580m in 4Q25 primarily owing to lower-than- expected margin of its ESS sales. While we issued a negative catalyst watch on 28 Jan 2026 highlighting the margin cut risk, the cut in 4Q25 was earlier and deeper than our previous expectations. Our Sungrow net profits a ...