光伏行业2024年及2025年一季报业绩综述：光伏主产业链现金流承压，逆变器业绩高增

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1] Core Insights - The photovoltaic sector is experiencing significant pressure on cash flow across the main industry chain, while the inverter segment shows high growth in performance [1] - In 2024, the photovoltaic equipment industry is projected to achieve operating revenue of 927.1 billion, a year-on-year decrease of 22.81%, and a net profit of -26.6 billion, a year-on-year decline of 127.13% [4][20] - The first quarter of 2025 shows a similar trend with operating revenue of 179.2 billion, down 22.56% year-on-year, and a net profit of -4.5 billion, down 205.49% year-on-year [4][20] - The main industry chain (silicon materials, silicon wafers, battery cells, and modules) is under pressure, with most segments experiencing declines in revenue and net profit [26] - The inverter segment, however, maintains positive growth in net profit for both 2024 and Q1 2025, benefiting from demand in Europe and emerging markets [26][46] Summary by Sections 1. Performance Review of the Power Equipment and Photovoltaic Sector - The power equipment industry achieved operating revenue of 3,340.5 billion in 2024, down 8.28% year-on-year, and a net profit of 87.4 billion, down 61.50% year-on-year [10][13] - In Q1 2025, the industry reported operating revenue of 727.1 billion, a decrease of 10.30% year-on-year, and a net profit of 28.6 billion, down 12.48% year-on-year [10][13] 2. Segment Analysis: Main Industry Chain Cash Flow Under Pressure, Inverter Performance High Growth - The main industry chain is largely in a loss-making state, with Q1 2025 operating cash flow net amounting to -5.3 billion, indicating ongoing overcapacity pressure [4][26] - The inverter segment shows resilience, with net profit growth in both 2024 and Q1 2025, driven by increased demand and global supply chain dynamics [26][46] 3. Investment Recommendations - The report suggests focusing on leading companies in the main industry chain with cash and technological advantages, such as Tongwei Co., Longi Green Energy, and Aiko Solar [4][46] - In the auxiliary materials segment, companies like CITIC Bo and those benefiting from the copper-to-silver trend are recommended [4][46] - For photovoltaic equipment, companies like Dier Laser and JinkoSolar are highlighted for their positive shipment trends [4][46]