光伏行业专题报告：从财务报表多维度看光伏支架行业发展变化

Investment Rating - The investment rating for the power equipment and new energy sector is "Recommended" (maintained) [2] Core Insights - The photovoltaic bracket industry is expected to benefit from downstream demand growth and declining raw material prices, with the market space projected to reach 86.15 billion yuan in 2024 and 97.44 billion yuan in 2025, representing year-on-year growth rates of 18.5% and 13.1% respectively [3][17][24] - The photovoltaic bracket is a critical component of solar power plants, directly impacting power generation efficiency and investment returns [9][10] - The industry has seen significant capacity expansion, with China's solar photovoltaic capacity exceeding 609 GW in 2023, a year-on-year increase of 55.3% [17] - The report highlights the performance improvement of leading companies in the sector, with strong cash flow and a shift towards profitability [3][28] Summary by Sections Section 1: Photovoltaic Bracket as the Backbone of Solar Power Plants - Photovoltaic brackets play a vital role in supporting and stabilizing solar panels, ensuring reliable operation for over 25 years [9] - The demand for photovoltaic brackets is expected to grow due to the increasing installation of solar power plants and the decline in raw material costs [17] Section 2: Overview of Listed Companies in the Bracket Sector - The report provides an overview of key players in the photovoltaic bracket market, including Zhongxinbo, Yihua, Zhenjiang, and Qingyuan, each with distinct advantages and product structures [28] - Zhongxinbo is a leading manufacturer of photovoltaic tracking brackets and fixed brackets, with a significant market share in Asia-Pacific and the Middle East [30] - Yihua focuses on connector manufacturing and has expanded into the photovoltaic bracket business, primarily serving major global clients [31] - Zhenjiang has established itself as a core supplier for Siemens in the wind power sector and has gradually entered the photovoltaic bracket market [35] - Qingyuan specializes in distributed photovoltaic brackets and has maintained a leading market share in Australia for 14 consecutive years [39] Section 3: Financial Performance of Photovoltaic Bracket Companies - Financial analysis shows that leading companies have improved their performance, with Zhongxinbo's revenue reaching 6.39 billion yuan in 2023, primarily from its bracket business [41] - The report indicates that the profitability of the bracket segment is expected to improve due to declining raw material costs and stable pricing [24][25] - The cash flow situation of Zhongxinbo is notably strong, with a net increase in cash and cash equivalents of 450 million yuan in 2023 [44]