2025年光伏上市公司业绩持续承压

Core Viewpoint - The photovoltaic industry is currently experiencing a cyclical downturn, with companies facing significant operational pressures, but there are signs of improvement such as narrowing losses and recovering gross margins [3][4][12]. Group 1: Industry Performance - As of the latest disclosures, the photovoltaic sector remains at the bottom of the cycle, with most companies reporting losses, including major players like TCL Zhonghuan, Trina Solar, and LONGi Green Energy, with expected losses ranging from tens to hundreds of billions [3][5]. - The China Photovoltaic Industry Association reported a 16.9% year-on-year decline in revenue for the main industry chain in the first three quarters of 2025, while gross margin improved to 3.64%, reaching 5.61% in Q3 [3][4]. Group 2: Losses and Variability - Despite widespread losses, there is a notable divergence in the extent of losses among companies. For instance, LONGi Green Energy's expected loss of 60 to 65 billion is a significant reduction from the previous year's loss of 85.92 billion [6]. - Some companies, like Daqo New Energy, are also showing signs of resilience with losses narrowing by 52.17% to 63.21% year-on-year [6]. Group 3: Market Dynamics - The industry is facing a severe imbalance between supply and demand, exacerbated by concentrated capacity release, leading to aggressive price competition and declining product prices [8]. - Key raw material costs, such as silicon and silver paste, have risen sharply in the second half of 2025, but this cost increase has not been effectively passed down to downstream products, further squeezing profit margins [8]. Group 4: Strategic Responses - Companies are adopting various strategies to navigate the downturn, focusing on technological innovation, global expansion, and business collaboration [10]. - R&D and innovation are seen as critical for overcoming challenges, with companies like LONGi Green Energy and Trina Solar investing in advanced technologies and exploring new market applications [10]. - The integration of energy storage solutions alongside photovoltaic manufacturing is emerging as a new competitive focus, with companies like JinkoSolar and Trina Solar emphasizing the growth of their storage businesses [10]. Group 5: Future Outlook - Industry leaders believe that the current downturn does not signify a decline but rather a necessary adjustment towards high-quality development in anticipation of future demand surges [12].