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研報掘金丨光大證券:維持陽光電源“買入”評級,目標價113元
格隆匯 03-25 15:44
光大證券研報指出,陽光電源(300274.SZ)深耕光儲賽道、業績持續成長。23年營收/歸母淨利潤722.5/94.4億元,同增80%/163%,其中光伏逆變器佔比38.3%,儲能系統24.6%;光伏逆變器/儲能系統毛利率較高,23年分別爲37.93%/37.47%。24H1營收/歸母淨利潤310/50億元,持續增長。大儲市場爆發確定性強,美國維持高增,歐洲、新興市場進入併網高峯期。考慮公司逆變器、儲能業務毛利率表現較好,全球儲能出貨繼續高增,盈利能力維持高位,給予公司2025年18xPE,對應目標價113元,維持“買入”評級。
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