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东吴证券:25H1风电板块表现亮眼 光伏主链分化、辅链持续承压
SCSSCS(SH:601555) 智通财经网·2025-09-10 07:21

Core Viewpoint - The report from Dongwu Securities indicates a significant divergence in the performance of the renewable energy sector, with wind power showing strong results while solar power faces challenges [1] Group 1: Financial Performance - In H1 2025, the renewable energy sector achieved revenues of 729.7 billion yuan, a decrease of 3% year-on-year, and a net profit attributable to shareholders of 11 billion yuan, down 46% [1] - The wind power segment generated revenues of 155.8 billion yuan in H1 2025, a decline of 32%, but net profit increased by 20% to 9.1 billion yuan [1] - In Q2 2025, the renewable energy sector's revenue was 411.5 billion yuan, flat year-on-year but up 29% quarter-on-quarter, with a net profit of 6 billion yuan, down 8% year-on-year but up 23% quarter-on-quarter [1] Group 2: Segment Analysis - The inverter segment showed positive growth with a year-on-year revenue increase of 30%, while the solar main and auxiliary chains continued to face pressure [2] - The battery segment's revenue increased by 8%, while other materials like silver paste and glass saw declines of 2% and 28%, respectively [2] - The profitability of auxiliary materials is under short-term pressure, but price increases in Q3 are expected to improve margins [4] Group 3: Supply Side Dynamics - The price of silicon materials hit a bottom in Q2 2025, with expectations for profitability to turn positive in H2 2025 as industry consolidation progresses [3] - The oversupply of silicon wafers is leading to increased competition, with price recovery anticipated in H2 2025 and 2026 [3] - The overall component prices have entered a bottom range, with potential for gradual recovery driven by demand and pricing adjustments [3] Group 4: Demand Trends - Demand for household storage is gradually recovering, with significant growth in commercial and large-scale storage [4] - The U.S. large-scale storage market is expected to see a surge in 2025, although growth may slow in 2026 [4] - European and Southeast Asian markets are experiencing robust demand, supported by subsidy policies and dynamic pricing models [4] Group 5: Wind Power Insights - Wind power production is experiencing high growth, with significant increases in installation and profitability [5] - The domestic market benefits from improved capacity utilization, leading to a positive shift in profitability for offshore products [5] - The overall wind power segment is in a favorable state, with strong order books and improved margins for leading manufacturers [5]