Core Viewpoint - The photovoltaic industry is experiencing a significant performance restructuring, with major companies in key sectors such as equipment, inverters, junction boxes, and mounting brackets facing declining profits and some even reporting losses, indicating a shift in the industry's profitability logic [1] Equipment Sector - Equipment suppliers are seeing the most pronounced decline, with several leading companies reporting both revenue and net profit decreases in Q3 [2] - Jiejia Weichuang (捷佳伟创) reported Q3 revenue of 4.734 billion yuan, a decrease of 17.26% year-on-year, and net profit of 858 million yuan, a sharp decline from previous growth rates [2] - Jing Sheng Machinery (晶盛机电) experienced a dramatic drop in Q3 revenue to 2.474 billion yuan, down 42.87%, and net profit of 262 million yuan, down 69.65% [2] - Maiwei Co., Ltd. (迈为股份) reported Q3 revenue of 1.991 billion yuan, a decline of 31.3%, and net profit of 269 million yuan, down 9.42% [4][5] - Aotewei (奥特维) saw its Q3 revenue drop to 1.292 billion yuan, down 48.65%, with net profit plummeting 90.04% to 50 million yuan [6] Inverter Sector - The inverter industry is experiencing a bifurcated performance, with some companies like Sungrow (阳光电源) and GoodWe (固德威) reporting significant profit increases, while others face profit declines [7] - Sungrow achieved a net profit of 4.147 billion yuan in Q3, up 57.04% year-on-year, while GoodWe's net profit surged by 200.83% [7] - Conversely, companies like Jinlang Technology (锦浪科技) and Deye (德业股份) reported net profit declines of 16.85% and 17.84%, respectively [7] Junction Box Sector - The junction box sector has also seen significant profit declines, with Zairun New Energy (泽润新能) reporting a net loss of approximately 3.856 million yuan in Q3, a 115.93% year-on-year drop [8] - Kuai Ke Electronics (快可电子) reported Q3 revenue of 328 million yuan, up 66.1%, but net profit decreased by 64.47% [8] Mounting Bracket Sector - The mounting bracket sector is facing similar challenges, with Qingyuan Co. (清源股份) reporting Q3 revenue of 470 million yuan, a 5.47% increase, but net profit down 73.94% [8] - Leading company Zhongxinbo (中信博) reported a net profit decline of 74.49% year-on-year, with Q3 losses reaching 48.39 million yuan, a 119.76% drop [9][10] Overall Industry Outlook - The overall profitability of the photovoltaic equipment, inverter, junction box, and mounting bracket sectors is declining, with industry experts indicating that the stability of returns from photovoltaic power stations is not as strong as before, complicating investment decisions [10]