华龙证券：光伏主产业链亏损收窄 硅料现金流改善明显

Industry Outlook - The new energy industry is expected to maintain a positive trend through 2026, with an oversupply of photovoltaic capacity being cleared and battery technology upgrades likely to create new opportunities [1] - The industry maintains a "recommended" rating [1] Company Performance - The photovoltaic equipment industry reported a revenue of 618.9 billion yuan for Q1-Q3 2025, a year-on-year decrease of 11.05%, and a net profit of -6.8 billion yuan, a year-on-year decline of 158.82% [2] - The gross margin for the photovoltaic equipment industry was 10.76%, an improvement of 1.1 percentage points compared to 2024, while the net margin was 1.42%, up 1.8 percentage points from 2024 [2] Segment Analysis - In Q3 2025, the main photovoltaic industry chain (silicon materials, silicon wafers, battery cells, and modules) continued to report negative net profits, although there was significant improvement in the silicon material and battery cell segments [3] - The cash flow for the silicon material segment showed notable improvement, with the main material segments reporting net profits of -6.34 billion yuan for silicon materials, -5.77 billion yuan for silicon wafers, -0.95 billion yuan for battery cells, and -13.97 billion yuan for modules in Q1-Q3 2025 [4] - The inverter segment maintained positive net profit growth since 2025, achieving a net profit of 5.664 billion yuan in Q3 2025, a year-on-year increase of 26.39% [4]