多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 05 月 07 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） ...

智通财经记者｜马悦然 国内市场"卷"，龙头企业争先出海，其中美洲市场的毛利率表现抢眼。除隆基绿能外，其余三家企业在 美洲市场的毛利率均位于各区域之首。 美洲分为北美洲和南美洲，主要国家包括美国、加拿大、巴西、阿根廷等。上述四家公司中，天合光能 明确分出了"美国"，其他三家使用的是"美洲"。 根据四家企业2024年年报数据，天合光能的美国市场毛利率最高，达到34.16%，同比增加了0.92个百分 点。 不过，美国占天合光能的营收比重在四家企业中不算高，为12.07%。 | | | | 四大光伏组件龙头2024年美洲营收、毛利率情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司 | 美洲营收 单位:亿元 | 美洲营收 增长率 | 美洲占总 营收占比 | 美洲毛利率 | 毛利率同 比增减 | 是否为毛利最 高的区域 | | 天合光能 | 96.88 | -10.58% | 12.07% | 34.16% | 增加0.92 个百分点 | 色是 | | 晶澳科技 | 163.86 | 20.74% | 23.37% | 31.43% | 下滑4.63 ...

【环球时报驻德国特约记者 青木】欧洲智慧能源展览会7日至9日在德国慕尼黑展览中心举行。来自全 球约3000家参展商在19个展厅和一个室外展区展示面向未来能源行业的最新创新和解决方案。中国共有 约850家企业参展。 路透社上周表示，光伏行业的顶级制造商已面临低价和对美出口关税的双重压力。 目前，许多中国企业正加强与欧洲的合作。宁德时代在德国和匈牙利新建的两座工厂已投入运营。远景 动力在西班牙建设的超级电池工厂于去年7月举行奠基仪式。该工厂将成为欧洲首个磷酸铁锂电池超级 工厂。派能科技首座海外工厂3月在意大利帕多瓦举行开业仪式，该公司陆续在荷兰、英国、德国、意 大利等国家建立子公司。 多名德国行业专业人士对《环球时报》特约记者表示，欧洲能源转型离不开中国。被认为主导欧盟电池 旗舰项目的瑞典电池巨头"北伏电池"的破产就是一次教训。他们认为，中国在光伏、电池等新能源领域 建立了一条从原材料到终端产品的完整价值链，具备其他国家没有的优势。 "中国绿色能源发展迈向里程碑"，德国新闻电视台最近称赞道，今年第一季度，中国风光发电装机容量 首次超过火电。中国在可再生能源扩张方面也处于全球领先地位。特别是考虑到美国政府放弃气候保 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-026 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 2024 年 2 月 26 日，公司已收到交易对手方仕阳绿能科技支付的首期股权转 让款人民币 12 亿元，仕邦光能完成工商变更登记。本次交易进展具体内容详见 公 司 2024 年 2 月 27 日 、 2024 年 7 月 3 日 分 别于 上 海 证券 交 易 所网 站 （www.sse.com.cn）披露的《晶科能源股份有限公司关于出售子公司股权完成工 商变更登记的进展公告》（公告编号：2024-006）、《晶科能源股份有限公司关于 出售子公司股权的进展公告》（公告编号：2024-040）。 一、交易概述 晶科能源股份有限公司（以下简称"公司"）于 2023 年 5 月 23 日召开了第 一届董事会第二十八次会议、第一届监事会第十九次会议，于 2023 年 6 月 14 日召开了 2022 年年度股东大会，审议通过《关于对外出售子公司 100%股权的议 案》，同意将公司持有的新疆仕邦光能科技有限公司 ...

Core Viewpoint - In 2024, the photovoltaic industry faced a significant downturn, leading to a widespread reduction in executive compensation across A-share photovoltaic companies, with over 60% of management teams experiencing salary cuts compared to 2023 [1][3][5]. Summary by Category Executive Compensation Trends - In 2024, 43 out of 67 photovoltaic stocks reported a decline in total annual executive compensation, representing approximately 64.18% of the companies [3]. - Longi Green Energy's management saw the largest reduction, with total compensation dropping from 41.55 million yuan in 2023 to approximately 15.85 million yuan in 2024, a decrease of 25.70 million yuan [3][4]. - Tongwei Co. followed closely, with a total compensation of 42.09 million yuan in 2024, down from 66.14 million yuan in 2023, a reduction of 24.04 million yuan [3]. Notable Executive Salary Cuts - Longi Green Energy's Chairman, Zhong Baoshan, experienced a drastic salary cut from 11.54 million yuan in 2023 to 895,500 yuan in 2024, a decline of over 90% [5][6]. - Tongwei's executive Li Bin's salary fell from 26.28 million yuan in 2023 to 6.43 million yuan in 2024, a decrease of approximately 75.52% [7]. - Trina Solar's Chairman, Gao Jifan, saw his salary drop from 6.47 million yuan to 4.01 million yuan, a reduction of 245,560 yuan [7]. Salary Increases in a Downturn - Despite the overall trend, some executives saw salary increases, such as JinkoSolar's Vice President Jin Hao, whose salary rose from 4.88 million yuan to 5.99 million yuan [8]. - Yangguang Power's Chairman, Cao Renxian, received a salary increase from 3.51 million yuan to 3.88 million yuan, while other executives also reported salary growth [10]. Industry Performance Context - The photovoltaic industry is currently facing challenges, with JinkoSolar reporting a revenue decline of 22.08% year-on-year, and a net profit drop of 98.67% [9]. - Yangguang Power, however, reported a revenue increase of 7.76% and a net profit increase of 16.92% in 2024, correlating with the salary increases for its executives [10][11].

公司研究 2024 年组件销量维持行业第一，2025 年出货目标 85~100GW ——晶科能源（688223.SH）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 924.71 亿 元，同比-22.08%，实现归母净利润 0.99 亿元，同比-98.67%；2025Q1 实现营 业收入 138.43 亿元，同比-40.03%，实现归母净利润-13.9 亿元，环比亏损扩大。 2024 年组件销量维持行业第一，计提减值准备阶段性影响公司业绩。2024 年公 司实现组件出货 92.87GW，同比增长 18.28%，组件销量维持行业第一，其中 N 型出货 81.29GW，占比约 88%；但在产业链价格持续下跌的背景下，2024 年公 司光伏组件业务营业收入同比减少 22.13%至 890.74 亿元，毛利率同比减少 5.76 个 pct 至 7.79%。此外，公司基于审慎性原则 2024 年资产处置和计提减值损失 共 21.86 亿元（其中资产减值损失 14.58 亿元），阶段性影响公司业绩。 2025Q1 公司实现总出货量 19.13 ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

作 者丨曹恩惠 费心懿 延续这一影响因素，2 0 2 5年第一季度，上述2 3家A股风电公司合计取得4 7 5 . 7 5亿元的营收和 4 2 . 2 1 亿 元 的 归 母 净 利 润 。 与 2 0 2 4 年 一 季 度 相 比 ， 其 营 收 和 净 利 润 整 体 数 据 都 呈 现 增 长 的 局 面。这其中，部分头部整机厂商净利润增速强劲。 编 辑丨张星 大热的风电、光伏、储能等新能源行业，近些年来遭遇产业周期性波动影响，各条赛道呈现 出不同的业绩冷热现象。 2 0 2 4年，A股风电、储能公司整体维持着盈利状态，光伏公司就陷入了困境。而在2 0 2 5年第 一季度，风电、储能公司业绩"回春"，光伏公司则分化加剧。 整体来看，风电、光伏以及储能行业需求前景依然被业内看好，但产业链价格波动、海外市 场需求等因素，正在影响风电、光伏以及储能公司业绩的走势。 风机价格回升厂商整体业绩回暖 从2 0 2 4年第四季度到2 0 2 5年第一季度，国内风电行业整体表现回暖，部分厂商的业绩甚至超 出预期。 根据2 1世纪经济报道记者统计，2 0 2 4年，2 3家A股风电公司合计实现营业收入和归属于母公 司股 ...

Core Viewpoint - The solar industry has reported significant losses in 2024, with major companies like TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar facing substantial net losses. However, there are signs of improvement in Q1 2025 due to self-regulatory measures in the industry [1][2]. Group 1: Financial Performance of Major Companies - TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar reported net losses of 9.818 billion, 8.618 billion, 7.039 billion, and 5.319 billion respectively in 2024, marking the highest losses in the industry [1]. - JinkoSolar, in contrast, achieved a net profit of 0.99 billion in 2024, but reported a loss of 1.39 billion in Q1 2025, indicating a year-on-year decline of 218.20% [2][4]. - JinkoSolar's revenue in 2024 was 92.47 billion, down 22.08% year-on-year, with a net profit decline of 98.67% [4]. Group 2: Market Dynamics and Competitive Landscape - The solar market is experiencing intensified competition, leading to a significant drop in product prices: polysilicon prices fell over 39%, silicon wafer prices over 50%, battery prices over 30%, and module prices over 29% in 2024 [5]. - JinkoSolar's strategy to maintain market share involved signing numerous low-price orders, which contributed to its losses, while competitors like Longi Green Energy adopted a "volume control for profit" strategy [8][9]. - The TopCon technology, which JinkoSolar initially capitalized on, has become increasingly commoditized, diminishing its pricing power and leading to a decline in profitability [10][13]. Group 3: Future Outlook and Strategic Considerations - JinkoSolar aims to balance shipment volume and profitability, projecting a component shipment target of 20-25 GW for Q2 2025, while maintaining its position as the leading component supplier with 92.9 GW shipped in 2024 [9][19]. - The competition between TopCon and emerging technologies like BC and HJT is expected to intensify, with BC technology anticipated to surpass TopCon in market share by 2026 [17][18]. - JinkoSolar is considering a shift towards TBC or perovskite tandem cells to regain competitive advantage, although the latter may not see large-scale production for several years [18].

据报道，特朗普政府对东南亚四国太阳能产品祭出高额关税，柬埔寨产品关税高达3521%，震动国际市场。 这场关税风暴的源头，早在去年就已埋下。韩国韩华Qcells、美国First Solar等七家在美经营的太阳能制造商提交请愿书，声称中国 公司借东南亚向美国市场输送"不公平"廉价商品。美国太阳能制造贸易委员会更是污蔑在东南亚设厂的中企"倾销"并接受"补贴"， 为关税大棒的挥出找借口。 太阳能（资料图） 细看这次关税政策，针对性极强。越南太阳能产品面临395.5%的关税，泰国为375.2%，马来西亚是34.4%，而柬埔寨因所谓"不配合 调查"被课以重税。晶科能源、天合光能、晶澳太阳能等中资背景企业，也都被单独列出征收特定关税。按流程，6月美国国际贸易 委员会将对这一决定投票，但无论结果如何，伤害已然造成。 表面上看，特朗普政府宣称此举是保护美国太阳能行业。可现实却狠狠打了脸。美国从东南亚进口太阳能产品，是实实在在的刚性 需求。美国百姓想要廉价的太阳能产品，企业需要物美价廉的原料和零部件。拜登政府时期曾推出太阳能补贴政策，要求企业在美 国国内生产电池板，可美国自身产能跟不上，依赖东南亚进口的现状难以改变。如今切断进口 ...