半年营收6100亿元的光伏板块，业绩拐点还有多远？

Core Viewpoint - The photovoltaic industry is still in a bottoming phase in the first half of the year due to a year-on-year decline in the price of the industrial chain, with total revenue and net profit of listed companies decreasing significantly compared to the previous year [1] Financial Performance - A total of 110 photovoltaic listed companies achieved a combined operating revenue of 615.28 billion yuan in the first half of the year, a decrease of approximately 65 billion yuan compared to the same period last year [1] - The net profit attributable to shareholders was 7.64 billion yuan, down from 17.01 billion yuan in the same period last year [1] - Among the listed companies, 47 faced losses, an increase from 39 in the previous year [4] Company-Specific Performance - Companies like Longi Green Energy and Aiko Solar reported significant reductions in losses, with net profits of -2.57 billion yuan and -0.24 billion yuan respectively, showing year-on-year improvements of 50.88% and 86.38% [5] - Aiko Solar attributed its performance improvement to the ABC component, with shipments reaching 8.57 GW, a year-on-year increase of over 400% [5] - The five major component manufacturers, including Tongwei Co., Trina Solar, and JinkoSolar, collectively lost nearly 16 billion yuan in the first half of the year [6] Market Dynamics - The demand side saw high growth in new domestic photovoltaic installations, particularly during the second quarter's "rush installation" period, which boosted revenue but did not significantly improve profitability due to low prices in the industrial chain [1][3] - The inverter segment benefited from a recovery in the European market and demand from emerging markets, with companies like Sungrow Power Supply and DeYuan achieving significant profit growth [7] Cash Flow and Operational Strategy - The net cash flow from operating activities for the 110 listed photovoltaic companies turned positive, reaching 29.45 billion yuan, a significant improvement from the previous year [8] - Companies are focusing on maintaining stable cash flow as a strategy to cope with the cyclical downturn in the industry, moving away from irrational competition and seeking high-value orders [8][9] Industry Outlook - The industry is undergoing a "de-involution" process, with government efforts to curb irrational competition and promote capacity adjustment [9] - The overall industry is expected to see improvements in profitability as companies adapt to market conditions and focus on cost advantages rather than subsidies [9]