报告期内，全球光伏市场快速发展，公司长期以来坚持开辟海外市场作为重要的战略布局方向，且始终 秉持着"国内与国际市场共同发展"的全球化布局，积极开拓国内外市场。本报告期受益于国内光伏抢装 潮、澳大利亚户储补贴政策落地及欧洲市场走出库存调整期，公司逆变器及储能电池销量与毛利额显著 提升；同时，公司持续加大研发投入并优化全球市场布局，期间费用虽同比有所增加，但营收增长与产 品结构优化有效提升了整体盈利能力。 格隆汇2月27日丨固德威(688390.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入88.86亿 元，较上年增长31.88%；归属于母公司所有者的净利润1.36亿元，较上年增加1.98亿元；归属于母公司 所有者的扣除非经常性损益的净利润0.36亿元，较上年增加2.29亿元；基本每股收益0.56元/股，较上年 增加0.82元/股。 ...

Investment Rating - The report maintains a recommendation for the photovoltaic industry [1] Core Insights - In April 2025, domestic newly installed photovoltaic capacity surged to 45.22GW, marking a year-on-year increase of 215% and a month-on-month increase of 123% [12][13] - From January to April 2025, the total newly installed photovoltaic capacity reached 104.93GW, up 75% year-on-year, indicating strong growth potential in the domestic photovoltaic market [12][13] - The report highlights a significant recovery in inverter exports to Europe, with April 2025 inverter export volume reaching approximately 28.1GW, a year-on-year increase of 31% [3][39] Summary by Sections Section 1: Domestic Photovoltaic Installation and Export Data - April 2025 saw a record high in domestic photovoltaic installations at 45.22GW, with a total of 104.93GW installed from January to April 2025, reflecting a 75% year-on-year growth [12][13] - Battery component exports in April 2025 amounted to 161.6 billion yuan, down 9% month-on-month, while inverter exports improved significantly, reaching 58.2 billion yuan, up 28% month-on-month [14][34] Section 2: Market Performance - The report notes that the photovoltaic industry remains resilient, with a strong performance in newly installed capacity and inverter exports, particularly to emerging markets in Asia and Africa [20][37] - The overall market sentiment is reflected in the performance of the industry indices, with the photovoltaic equipment sector experiencing a decline of 3.19% [66][66] Section 3: Price Trends in the Photovoltaic Supply Chain - The report provides insights into the pricing of key materials in the photovoltaic supply chain, indicating stable prices for polysilicon and silicon wafers, while battery cell prices showed slight declines [4][4] - The pricing trends for photovoltaic glass and EVA films also reflect minor fluctuations, suggesting a stable supply chain environment [4][4]