逆变器持续增长，风电排产高增，光伏主链分化、辅链持续承压

Core Viewpoint - The report indicates a significant divergence within the new energy sector, with solar energy facing substantial challenges while wind energy shows strong performance. The overall financial performance in H1 2025 reflects a decline in revenue and profit across various segments, but there are signs of potential recovery in the latter half of the year due to industry consolidation and price stabilization efforts [2][3]. Group 1: Financial Performance Overview - The new energy sector generated revenue of 729.7 billion yuan in H1 2025, a decrease of 3% year-on-year, with a net profit attributable to shareholders of 11 billion yuan, down 46% [2]. - In Q2 2025, revenue reached 411.5 billion yuan, showing no year-on-year growth but a 29% increase quarter-on-quarter, with a net profit of 6 billion yuan, down 8% year-on-year but up 23% quarter-on-quarter [2]. - The photovoltaic segment reported H1 2025 revenue of 434.8 billion yuan, a 14% decrease, and a net loss of 7.1 billion yuan, a 276% decline year-on-year [2]. Group 2: Segment Performance - The wind energy sector achieved H1 2025 revenue of 155.8 billion yuan, a 32% decrease, but net profit increased by 20% to 9.1 billion yuan [2]. - In Q2 2025, wind energy revenue was 94.5 billion yuan, a 34% increase year-on-year and a 54% increase quarter-on-quarter, with net profit rising by 21% to 5.5 billion yuan [2]. - The inverter segment showed positive growth in H1 2025, while the photovoltaic supply chain faced ongoing pressure, particularly in the silicon material and wafer segments, which saw significant declines in revenue and profit [2][3]. Group 3: Market Trends and Future Outlook - The silicon material prices reached a bottom in Q2 2025, with expectations for profitability to improve in H2 2025 as industry consolidation and internal competition drive price recovery [2][3]. - The battery segment is anticipated to face profitability challenges due to excess capacity, but improvements are expected as P-type capacity exits the market and consolidation progresses [2]. - The demand for household storage is gradually recovering, with significant growth in commercial and large-scale storage, particularly in Europe and Southeast Asia, which is expected to positively impact inverter performance [3][4]. Group 4: Recommendations - The report highlights high-growth areas such as inverters and mounting structures, recommending companies like Sungrow Power Supply, DeYe Shares, and others for investment [5]. - It also suggests focusing on leading silicon material producers with cost advantages and strong channel capabilities in the component sector, including LONGi Green Energy and Canadian Solar [5]. - New technology leaders and companies in offshore and onshore wind sectors are also recommended for potential investment opportunities [5].