➢ 事件：2025 年 10 月，公司发布 2025 年三季报，根据公告，公司 25Q1- Q3 实现收入 499.70 亿元，同比-20.87%，实现归母净利润-42.01 亿元，实现 扣非归母净利润-43.15 亿元。 分季度看，公司 25Q3 实现收入 189.14 亿元，同比-6.27%，环比+13.12%，实 现归母净利润-12.83 亿元，实现扣非归母净利润-13.59 亿元，亏损环比收窄。 ➢ 费用管控能力良好，盈利能力边际改善。费用率方面，公司 25Q3 销售/管 理/研发/财务费用率分别为 2.75%/3.74%/1.96%/2.52%，环比分别-0.04Pcts/- 0.48Pcts/-0.68Pcts/+1.54Pcts，除财务费用率提升外，其他各项费用率改善显 著，费用管控能力持续优化。25Q3 公司销售毛利率/净利率分别为 4.49%/- 6.83%，环比 25Q2 分别+0.04Pcts/+2.63Pcts。 ➢ 至尊 N 型 TOPCon 组件领跑量产最高功率。根据 TaiyangNews 发布的 10 月量产最高效率光伏组件榜单，天合光能至尊 N 型组件以 720W 量产交付功 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Views - The wind power sector is witnessing a trend towards larger onshore wind turbines, with projects like the 11 MW wind turbine installation indicating a shift in capacity [8][16]. - The competition among photovoltaic (PV) technologies remains intense, with ongoing debates about the performance of different technologies such as BC and TOPCon [9][10]. - Recent policy changes in Sichuan province are expected to significantly reduce costs for user-side energy storage projects, enhancing their profitability [10]. Summary by Sections Wind Power - The report highlights the successful installation of the first 11 MW wind turbine at the 1 GW Tokkuz County wind project, indicating a trend towards larger turbine capacities [8][16]. - The wind power index increased by 1.93% during the week, outperforming the CSI 300 index by 0.34 percentage points, with a current PE_TTM valuation of approximately 20.28 times [17]. Photovoltaic - The competition between different PV technologies is described as fierce, with recent tests showing varying performance metrics between BC and TOPCon components [9][10]. - The report notes that the introduction of new technologies has led to significant debates regarding efficiency and output, impacting the adoption rate of BC technology [9]. Energy Storage & Hydrogen - A new policy in Sichuan allows user-side energy storage projects to be exempt from capacity demand charges for two years, which could lower operational costs and enhance returns [10]. - The report emphasizes the importance of energy storage in enhancing the flexibility and stability of the new power system [10]. Investment Recommendations - For wind power, the report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [10]. - In the photovoltaic sector, companies such as Longi Green Energy and Tongwei Co. are highlighted for their potential growth amid competitive pressures [10]. - The energy storage market is also noted for its growth potential, with companies like Sungrow Power Supply and Shunfeng International Clean Energy recommended for investment [10].