Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's shipments continued to grow in Q3 2024, with inverter shipments reaching 108GW in the first three quarters, a 29% YoY increase, and energy storage shipments reaching 17GWh, a 140% YoY increase [2] - The company plans to issue GDR to raise up to 4.88 billion yuan for domestic and overseas capacity expansion, aiming to add 35GWh of energy storage products and 50GW of inverter equipment capacity [2] - The company's revenue for Q1-3 2024 reached 49.946 billion yuan, a 7.61% YoY increase, with a net profit of 7.6 billion yuan, a 5.21% YoY increase [1] - The company's gross margin for Q3 2024 was 29.52%, a 4.86 percentage point YoY decrease, mainly due to changes in the shipment market structure [2] Financial Performance - Q3 2024 revenue was 18.926 billion yuan, a 6.37% YoY increase, with a net profit of 2.64 billion yuan, a 7.96% YoY decrease [1] - The company's operating cash flow for Q3 2024 was 3.408 billion yuan, a significant improvement from the previous quarter [2] - The company's operating expenses for Q3 2024 were 2.31 billion yuan, a 460 million yuan increase from the previous quarter, mainly due to higher sales expenses [2] Future Projections - The company's net profit for 2024-2026 is projected to be 10.85 billion yuan, 12.105 billion yuan, and 13.274 billion yuan, respectively, with a PE ratio of 17x, 15x, and 14x [2] - The target price for the company is set at 117 yuan, based on a 20x PE ratio for 2025 [2] Market Performance - The company's stock price as of November 4, 2024, was 89.15 yuan, with a 12-month high/low of 119.19 yuan and 57.57 yuan, respectively [4] - The company's total market capitalization is 184.827 billion yuan, with a circulating market capitalization of 141.749 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in operating cash flow and maintains a stable operational performance. The revenue for the first three quarters of 2024 reached 49.95 billion yuan, a year-on-year increase of 7.61%, while the net profit attributable to shareholders was 7.60 billion yuan, up 5.21% year-on-year. However, in Q3 2024, the net profit decreased by 7.96% year-on-year and 7.76% quarter-on-quarter due to an increase in domestic photovoltaic inverter shipments and delayed revenue recognition from large storage projects in the U.S. [2][3] Summary by Relevant Sections Performance Overview - The company reported a closing price of 89.15 yuan, with a total market capitalization of 184.8 billion yuan and a circulating market capitalization of 141.7 billion yuan. The total share capital is 2,073 million shares, with a circulating share ratio of 76.69% [1]. Financial Indicators - For 2023, the company achieved an operating income of 72.25 billion yuan, with a year-on-year growth of 79.5%. The net profit attributable to shareholders was 9.44 billion yuan, reflecting a year-on-year increase of 162.7%. The gross margin for 2023 was 30.4% [3][6]. Future Projections - The company is expected to achieve net profits of 11.70 billion yuan, 13.90 billion yuan, and 16.68 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are projected to be 16, 13, and 11 times [2][3]. Cash Flow Analysis - The net cash flow from operating activities for 2024 is projected to be 11.65 billion yuan, with a significant increase from 6.98 billion yuan in 2023. The net increase in cash is expected to reach 14.61 billion yuan in 2024 [5][6]. Market Position and Competitive Advantage - The company has a strong competitive position in the energy storage market, with a robust order backlog in overseas markets. The anticipated delivery of delayed orders in Q4 is expected to support performance improvement. The company's product, cost, and brand advantages create high barriers to entry, enhancing its global competitiveness [2][3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has demonstrated strong growth in revenue and profit, with a projected revenue increase from 72.25 billion in 2023 to 87.11 billion in 2024, representing a year-on-year growth rate of 20.6% [1][6]. - The inverter segment is expected to see a shipment of 108GW in the first three quarters of 2024, a year-on-year increase of approximately 29% [2]. - The global energy storage market is expanding rapidly, with a projected shipment of 17GWh in the first three quarters of 2024, reflecting a year-on-year growth of 57% [3]. - The company is focusing on enhancing its competitive edge through continuous investment in sales and R&D, with sales expenses and R&D expenses increasing by 8 million and 6.3 million respectively in the first three quarters of 2024 [4]. Financial Summary - The company achieved a revenue of 49.946 billion in the first three quarters of 2024, a year-on-year increase of 7.61%, and a net profit attributable to the parent company of 7.6 billion, up 5.21% year-on-year [1][4]. - The gross margin for Q3 2024 is reported at 29.52%, with a net margin of 14.16% [1]. - The company's inventory as of Q3 2024 stands at 32.151 billion, indicating a significant increase in project reserves [4]. - The projected earnings per share (EPS) for 2024 is 5.02, with corresponding P/E ratios of 18.0X, 15.3X, and 13.6X for the years 2024, 2025, and 2026 respectively [6][9].

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证券代码：300274 证券简称：阳光电源 公告编号：2024－117 公司于 2024 年 7 月 19 日首次通过股份回购专用证券账户以集中竞价交易 方式回购公司股份。截至 2024 年 10 月 31 日，公司通过深圳证券交易所交易系 统以集中竞价交易方式累计回购股份 3,196,500 股，占公司总股本的比例为 0.1542%，回购成交的最高价为 95.12 元/股，最低价为 65.85 元/股，支付的资金 总额为人民币 271,218,738.05 元（不含交易费用）。本次回购符合公司回购股份 方案及相关法律法规的要求。 二、其他说明 （一）公司回购股份的时间、回购股份数量及集中竞价交易的委托时段、交 易价格等符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》第 十七条、十八条及公司回购股份方案的相关规定，具体如下： 阳光电源股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司（以下简称"公司"）于 2024 年 7 月 12 日召开第五 届董事会第八次会议，审议通过了《关于回购公司 ...

感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后大家好欢迎参加阳光电源2024年三级报业绩交流会目前所有参会者居住于精英状态下面开始播报声明本次会议仅服务于邀请参与的广大投资者 会因评及文字记录的内容仅供参会者内部使用不得公开发布阳光电源未授权任何媒体转发本次会相关内容未经允许和授权的转载转发均属侵权阳光电源将保留追究其法律责任的权利阳光电源不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 在会开始前我们提示各位投资者在主讲嘉宾发言结束后将留提问时间下面会议正式开始各位尊敬的投资者朋友晚上好我是正代康茂磊感谢大家的宝贵时间因为公司GDR项目工作量比较大所以延后了三级报披露时间感谢大家的耐心等待同时也表示抱歉董事长曹总因为有日程冲突没法参加今晚的会议也希望大家能够理解 公司今天参会的 ...

证券研究报告·公司点评报告·光伏设备 阳光电源（300274） 2024 三季报点评： Q3 储能出货大幅增长， 欧美+新兴市场将全面开花 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|-------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 40257 | 72251 | 83825 | 101778 | 120637 | | 同比（ % ） | 66.79 | 79.47 | 16.02 | 21.42 | 18.53 | | 归母净利润（百万元） | 3593 | 9440 | 11021 | 14012 | 16877 | | 同比（ % ） | 127.04 | 162.69 | 16.75 | 27.14 | 20.45 | | EPS- 最新摊薄（元 / 股） | 1. ...

Investment Rating - The report maintains a "Recommend" rating for Sungrow Power (300274 SZ) [1][3] Core Views - Sungrow Power achieved revenue of RMB 49 946 billion in the first three quarters of 2024, a YoY increase of 7 61% Net profit attributable to the parent company was RMB 7 6 billion, up 5 21% YoY [1] - In Q3 2024, revenue reached RMB 18 926 billion, a YoY increase of 6 37%, but net profit attributable to the parent company declined by 7 96% YoY to RMB 2 64 billion [1] - The company's profitability slightly decreased due to delayed revenue recognition and changes in shipment structure, with domestic market revenue share increasing and intensified competition in the energy storage market [1] - The company plans to issue GDRs overseas to expand global production capacity, including 15GWh of energy storage products and 50GW of inverter equipment [1] - Revenue for 2024-2026 is forecasted to be RMB 81 803 billion, RMB 98 540 billion, and RMB 119 186 billion, with YoY growth rates of 13 2%, 20 5%, and 21 0% respectively [1][4] Financial Performance - Q3 2024 gross margin was 29 52%, stable QoQ, while net profit margin decreased by 1 81pct QoQ to 14 16% [1] - Inventory at the end of Q3 2024 was RMB 32 151 billion, an increase of RMB 4 014 billion QoQ, mainly due to increased projects under development and preparation for overseas energy storage orders [1] - Operating cash flow in Q3 2024 was RMB 3 408 billion, a QoQ increase of 55 24% [1] - The company's 2024-2026 net profit attributable to the parent company is expected to be RMB 10 9 billion, RMB 13 082 billion, and RMB 15 969 billion, with YoY growth rates of 15 5%, 20 0%, and 22 1% respectively [1][4] Valuation and Forecast - The company's 2024-2026 PE ratios are 17X, 14X, and 11X based on the closing price on November 1, 2024 [1][4] - EPS for 2024-2026 is forecasted to be RMB 5 26, RMB 6 31, and RMB 7 70 respectively [4] - PB ratios for 2024-2026 are 4 8X, 3 6X, and 2 7X [4] Global Expansion - The company plans to build overseas production capacity for 15GWh of energy storage products and 50GW of inverter equipment, which is expected to enhance its global competitiveness [1]

Investment Rating - The report maintains a "Recommend" rating for Sungrow Power (300274 SZ) [1] Core Views - The company's revenue growth remains steady, with a lag in revenue recognition that is expected to be released in subsequent periods [4] - Profitability remains strong, with a gross margin of 31 3% for the first three quarters, up 2 9 percentage points year-on-year [4] - The company plans to issue GDRs to expand global production capacity and consolidate its competitive advantage, with a total fundraising amount not exceeding RMB 4 9 billion [7] - The company's global competitiveness in the PV inverter and energy storage markets is strong, with a robust order book and excellent profitability expected to continue [8] Financial Performance - In the first three quarters of 2024, the company achieved revenue of RMB 49 946 billion, a year-on-year increase of 7 6%, and net profit attributable to the parent company of RMB 7 6 billion, a year-on-year increase of 5 2% [3] - In the third quarter, revenue was RMB 18 926 billion, up 6 4% year-on-year and 2 8% quarter-on-quarter, while net profit attributable to the parent company was RMB 2 64 billion, down 8 0% year-on-year and 7 8% quarter-on-quarter [3] - The company's gross margin for the first three quarters was 31 3%, with quarterly gross margins of 36 7%, 29 5%, and 29 5% respectively [4] - The company's operating cash flow improved significantly in the third quarter, with a net cash flow from operating activities of RMB 3 41 billion, a quarter-on-quarter increase of RMB 5 5 billion [6] Future Outlook - The company's energy storage business is progressing smoothly, with revenue recognition expected to be delayed until the fourth quarter or 2025 due to the project-based nature of its large-scale storage business [4] - The company's global market competitiveness is expected to remain strong, with a projected net profit attributable to the parent company of RMB 11 891 billion, RMB 14 559 billion, and RMB 16 195 billion for 2024, 2025, and 2026 respectively [8] - The company's revenue is expected to grow to RMB 89 206 billion, RMB 112 875 billion, and RMB 131 070 billion for 2024, 2025, and 2026 respectively, with corresponding net profit growth rates of 26 0%, 22 4%, and 11 2% [5] Industry and Market Position - Sungrow Power operates in the power equipment and new energy industry, with a strong position in the global PV inverter and energy storage markets [1] - The company's market capitalization is RMB 182 9 billion, with a circulating market capitalization of RMB 16 48 billion [1] - The company's total share capital is 2 073 billion shares, with 1 59 billion A-shares in circulation [1]

| --- | --- | --- | --- | --- | |-----------------------|-------------------------|---------------------------|-----------------|------------------------------| | 交银国际研究 公司更新 | | | | | | | | | | | | 新能源 | 收盘价 人民币 90.62 | 目标价 人民币 104.80↑ | 潜在涨幅 +15.6% | 2024 年 11 月 1 日 | | 阳光电源 | (300274 CH) | | | | 滞后确认的储能收入有望在 4 季度兌现， 发行 GDR 加速海外产能布局 储能收入确认滞后导致收入增长较慢和盈利下降：公司3季度收入/归母净 利189/26.4亿元（人民币，下同），同比+6.4%/-8.0%，环比+2.8%/-7.8% 。 收入增长较慢主要是由于储能系统收入确认滞后于发货，发货量大增尚未 反映在收入。盈利同比下降主要是由于毛利率下降和销售、研发费用大 增。期內毛利率 29.5%，同/环比小幅下降 1.2 ...