电力设备及新能源行业2025年半年报业绩综述：整体业绩同比改善，细分领域有所分化

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and renewable energy industry [2] Core Insights - The overall performance of the electric power equipment industry improved year-on-year in the first half of 2025, with revenue reaching 1.66 trillion yuan, a 4.7% increase, and net profit attributable to shareholders at 699.90 billion yuan, up 5.5% [4][14] - Capital expenditure in the industry decreased by 17.5% year-on-year, marking the lowest level in the past four years [4][14] - The report highlights significant growth in the wind power, battery, and grid equipment sectors, particularly in Q2 2025, where revenue increased by 6.0% year-on-year [4][20] Summary by Sections 1. Industry Performance Analysis - In H1 2025, the electric power equipment industry achieved operating revenue of 1.66 trillion yuan, a 4.7% increase year-on-year, and a net profit of 699.90 billion yuan, up 5.5% [4][14] - The industry’s expense ratio was 10.6%, down 0.9 percentage points, while the gross profit margin was 16.4%, down 1.2 percentage points [4][14] - Capital expenditure for H1 2025 was 1443.3 billion yuan, a decrease of 17.5% [4][14] 2. Subsector Performance 2.1 Photovoltaic Equipment - The photovoltaic equipment sector reported revenue of 0.41 trillion yuan in H1 2025, a decline of 12.9%, with a net loss of 79.4 billion yuan [29][30] - The sector's capital expenditure fell by 49.5% year-on-year [30] 2.2 Wind Power Equipment - The wind power equipment sector achieved revenue of 1047.4 billion yuan in H1 2025, a 45.6% increase, with net profit of 42.3 billion yuan, up 15.5% [47] - Capital expenditure in this sector decreased by 82.6% [48] 2.3 Grid Equipment - The grid equipment sector maintained steady growth, benefiting from national energy structure transformation and increased investment in grid projects [4] 2.4 Battery Sector - The battery sector showed strong performance, with significant growth in installed capacity and revenue [4] 2.5 Electric Motor Sector - The electric motor sector also reported year-on-year growth in performance [4] 2.6 Other Power Equipment - Other power equipment sectors maintained growth, contributing positively to the overall industry performance [4]