阿特斯午后跌超13%，机构：反内卷持续推进，光伏业务有望重估

Core Viewpoint - The A-share market showed mixed performance with declines in sectors such as power equipment and defense, while specific concept sectors like photovoltaic inverters and energy storage faced significant losses. The recent financial results of Aters reflect a downturn in revenue and net profit, raising concerns about future performance despite potential growth in energy storage and photovoltaic markets [1]. Financial Performance - Aters reported a revenue of 31.27 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.51% [1] - The net profit attributable to the parent company was 989 million yuan, down 49.41% year-on-year [1] - In Q3 2025, Aters achieved a revenue of 10.218 billion yuan, representing a year-on-year decline of 16.38% and a quarter-on-quarter decline of 18.03% [1] - The net profit for Q3 2025 was 258 million yuan, down 63.96% year-on-year and 62.28% quarter-on-quarter [1] Industry Outlook - Longjiang Securities noted that Aters has a strong order backlog in energy storage, with expected shipment growth in 2026 likely to meet or exceed industry levels, benefiting from the surge in data center storage needs [1] - In the photovoltaic sector, Aters is focusing on high-margin markets, and the resolution of U.S. factory equity issues is expected to alleviate trade barrier concerns, enhancing performance certainty [1] - The ongoing push against internal competition in the domestic market may lead to a revaluation of Aters' photovoltaic business [1]