电气设备行业25Q1光伏业绩总结：盈利下滑，磨底持续

Investment Rating - The investment rating for the industry is "Positive" [3] Core Insights - The industry is experiencing a decline in profitability, with the main material chain under significant pressure, while the auxiliary material chain remains relatively stable [7][16] - The performance of the main material chain has seen a year-on-year revenue decrease of 31% and 26% for 24Q4 and 25Q1, respectively, with net profit losses continuing to expand [7] - The auxiliary material chain has shown a slight revenue decline of 4% and a growth of 4% for the same periods, with net profit increasing by 10% in 25Q1 [7] - The industry is expected to enter a bottoming phase, with potential price rebounds anticipated in 25H2 due to supply contractions [23][25] Summary by Sections Industry Performance - The main material chain is facing ongoing losses due to continuous price declines, while the auxiliary material chain is performing more steadily, with some price increases providing operational flexibility [7][16] - The overall industry is experiencing a slowdown in demand growth, with limited bright spots on the demand side [23] Financial Metrics - The main material chain's gross margin and net margin have shown a declining trend, while the auxiliary material chain's margins remain relatively stable [7] - The industry's capital expenditures are decreasing, returning to levels seen in early 2022, indicating a slowdown in corporate expansion [16][20] Supply and Demand Dynamics - The industry is expected to see a significant supply contraction in 25H2, particularly in the battery and component segments, which are facing high debt ratios [20][25] - The demand outlook for 25H2 is expected to be subdued, with potential low points in production schedules during June and July [23][25]