光伏市值一哥阳光电源：海外市场成利润引擎 员工6年增550%

Core Viewpoint - Yangguang Electric Power (300274.SZ) has reported its 2024 annual results, becoming one of the few companies in the photovoltaic sector to achieve overall growth in performance [1] Financial Performance - The company achieved an operating revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [4] - The overall gross profit margin for the company was 29.94%, an increase of 2.76% year-on-year, attributed to brand premium, product innovation, and economies of scale [5] - The revenue from the photovoltaic segment was approximately 47.904 billion yuan, accounting for about 60% of total revenue, while the revenue from photovoltaic inverters was about 29 billion yuan, with a gross margin of 30.90% [6] Business Segments - The energy storage system revenue was approximately 25 billion yuan, accounting for 32.06% of total revenue, with a gross margin of 36.69% [7] - The global shipment of energy storage systems reached 28 GWh, a significant increase of 166% compared to 10.5 GWh in 2023 [7] - The company’s overseas market contributed over 60% of its gross profit, with 46.62% of total revenue coming from international markets [10] Employee Growth and Costs - The company has seen a 550% increase in employee numbers over the past six years, reaching 17,305 employees, making it the only listed inverter company with over 10,000 employees [14] - The company's operating expenses, including sales and management costs, have significantly increased, with sales expenses rising over 30% to 3.761 billion yuan and management expenses increasing over 37% to 1.201 billion yuan [16] - Despite the growth in net profit, the profit per employee has declined for the first time in recent years [17]