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研報掘金丨長江證券:陽光電源業績表現持續超預期,維持“買入”評級

長江證券研報指出,2023年陽光電源(300274.SZ)的業績表現持續超預期,公司全年實現歸母淨利潤94.4億,同比增長163%,主要是因為盈利水平超預期,2023逆變器毛利率達到37.9%,同比提升4.7pct;儲能系統毛利率達到37.5%,同比提升14.2pct。進一步看公司盈利水平超預期的原因,既有公司自身的成本下降、市場結構和產品結構的優化,也有匯率、運費、原材料跌價、IGBT模塊緊張等“偶然”因素。後續,隨着市場規模的擴大、貿易壁壘的提高、產品技術的進步,逆變器大機和大儲預計依然保持較高的行業壁壘,支撐陽光電源擁有可觀的利潤空間。維持“買入”評級。

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