光伏设备行业点评：盈利压力依旧明显，经营改善已见曙光

Investment Rating - The industry investment rating is "In line with the market" [3] Core Viewpoints - The photovoltaic industry is experiencing significant pressure on profitability, but signs of operational improvement are emerging. The manufacturing side is under pressure with production growth slowing down, while demand remains stable [5][6] - The domestic demand for photovoltaic installations has shown strong growth, with a 107% year-on-year increase in new installations in the first half of 2025 [5] - The industry is witnessing a decline in production capacity utilization and a significant drop in product prices compared to previous highs, with declines of 88.3% for polysilicon and 66.4% for modules [5][6] Summary by Sections Industry Performance Overview - In the first half of 2025, the overall revenue of the photovoltaic industry was 341 billion yuan, a year-on-year decrease of 15.48%, with a net profit loss of 8.79 billion yuan, worsening from a loss of 618 million yuan in the same period last year [5] - The industry’s operating cash flow improved significantly, totaling 2.799 billion yuan compared to a negative cash flow of 20.31 billion yuan in the previous year [5] Quarterly Changes - In Q2 2025, the industry's total revenue was 184.9 billion yuan, with a year-on-year decline of 12.29%, but the decline has been narrowing quarter by quarter since Q4 2024 [5] - The net profit for Q2 2025 was -4.54 billion yuan, showing a year-on-year improvement of 15.87% and a quarter-on-quarter increase of 7.30%, marking the first quarter of profit growth after seven consecutive quarters of decline [5] Operational Indicators - The overall gross margin for the industry in the first half of 2025 was 9.74%, a year-on-year decrease of 4.95 percentage points, while the net margin was -2.58%, down 2.41 percentage points year-on-year [5] - Capital expenditures totaled 30.242 billion yuan, a year-on-year decrease of 51.86%, indicating a contraction in investment across all segments [5] Investment Recommendations - The report suggests that the domestic demand for renewable energy is expected to remain robust, supported by increasing electricity consumption and the implementation of market-based trading for renewable energy [5][6] - The industry is seeing a consensus against excessive competition, with prices beginning to stabilize, and there is potential for recovery in overseas markets as well [6]