阳光电源：逆变器业务稳健增长，储能系统盈利能力亮眼

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance in the first half of 2024 shows a year-on-year revenue growth of 13.89%, with total revenue reaching RMB 310.20 billion, a growth of 8.38% compared to the previous year [3]. - The inverter business is experiencing steady growth, while the profitability of the energy storage systems has significantly improved [3]. - The company has a high contract liability amounting to RMB 90.42 billion, indicating strong demand and positive production outlook [3]. Financial Summary - For the first half of 2024, the company achieved a net profit attributable to shareholders of RMB 49.59 billion, up 13.89% year-on-year, with a net profit margin of 16.27% [3][5]. - The comprehensive gross margin increased by 3.00 percentage points to 32.42%, and the comprehensive net margin improved by 0.86 percentage points [3]. - The company's revenue from photovoltaic inverters reached RMB 130.93 billion, a year-on-year increase of 12.63%, with a gross margin of 37.62% [3]. - The energy storage systems generated revenue of RMB 78.16 billion, with a gross margin improvement of 12.61 percentage points to 40.08% [3]. - The new energy investment and development segment saw revenue of RMB 89.55 billion, an increase of 18.45% year-on-year, with a gross margin of 16.88% [3]. Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 5.28, RMB 5.88, and RMB 6.74, respectively, with corresponding price-to-earnings ratios of 13.5, 12.1, and 10.6 times [3][4].