光伏行业2025年中报总结：业绩逐步见底

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [1] Core Insights - The photovoltaic sector shows signs of quarterly improvement in performance, despite a backdrop of overcapacity and significant reductions in capital expenditure [3][4] - The industry is currently in an adjustment cycle, with overcapacity and low product prices forcing companies to reduce operating rates and eliminate outdated production lines [4][5] - The performance of the photovoltaic sector is influenced by policy-driven demand surges, operational efficiency improvements, cost reductions, and decreased asset impairment provisions [15][37] Summary by Sections 1. Performance Recovery and Market Dynamics - The photovoltaic sector's performance has shown signs of recovery in Q2 2025, driven by policy-induced demand and operational improvements [15][37] - The overall revenue for 73 A-share photovoltaic companies reached CNY 490.5 billion in the first half of 2025, a year-on-year decline of 11.51%, while net profit dropped by 98.01% to CNY 1.62 billion [15][21] - The second quarter saw revenues of CNY 2,673.52 billion, reflecting a year-on-year decline of 8.85%, but net profit improved to CNY 5.81 billion, a significant recovery from losses in Q1 [3][15] 2. Subsector Performance Variability - The four main material sectors are experiencing a gradual recovery, with losses narrowing each quarter [4][37] - The photovoltaic equipment sector reported a revenue decline of 13.59% to CNY 246.67 billion, with net profit down 28.91% to CNY 33.68 billion due to weak downstream demand [5][21] - In contrast, the photovoltaic inverter sector achieved a revenue increase of 28.56% to CNY 680.38 billion, with net profit rising 44.21% to CNY 106.21 billion, driven by increased demand from domestic and overseas markets [9][21] 3. Investment Recommendations - The photovoltaic industry remains undervalued historically, with potential for valuation recovery as measures to combat excessive competition and improve product quality are implemented [11][39] - Investment focus should be on leading companies in subsectors such as energy storage inverters, BC batteries, perovskite batteries, photovoltaic films, photovoltaic glass, and leading firms in the polysilicon sector [11][39]