行 业 电力设备及新能源行业 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 1 周 报 行 业 研 究 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 行情回顾：截至2025年10月30日，近两周申万电力设备行业上涨4.66%， 跑赢沪深300指数2.68个百分点，在申万31个行业中排名第3名；申万电 力设备行业本月上涨1.69%，跑赢沪深300指数0.20个百分点，在申万31 个行业中排名第12名；申万电力设备板块年初至今上涨46.13%，跑赢沪 深300指数26.43个百分点，在申万31个行业中排名第4名。 邮箱： liuxingwen@dgzq.com.cn 截至2025年10月30日，近两周风电设备板块下跌0.30%，光伏设备板块 上涨5.86%，电网设备板块上涨0.39%，电机板块上涨4.66%，电池板块 上涨7.37%，其他电源设备板块下跌2.15%。 截至2025年10月30日，近两周涨幅前十的个股里，芳源股份、铜冠铜箔 和鹏辉能源三家公 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 29 年 月 日 通威股份（600438.SH） 2025 年三季报点评：业绩拐点已现，盈利修复可期 三季度业绩大幅改善，亏损收窄超预期。前三季度公司实现营业收入 646.0 亿元，同比下降 5.38%；归母净利润-52.70 亿元，第三季度单季营收达 240.91 亿元，同比降幅收窄至 1.57%；归母净利润-3.15 亿元，亏损大幅 收窄 62.69%，环比第二季度减亏 86.68%，创 2023 年四季度以来单季最 低亏损水平。基本每股收益由去年同期-0.19 元/股回升至-0.07 元/股，盈 利边际修复显著。 价格回升与成本优化共促盈利改善。三季度多晶硅价格显著反弹，据硅业 分会统计数据，N 型复投料均价从 7 月初的 3.47 万元/吨升至 9 月下旬的 5.32 万元/吨，涨幅达 53.3%。价格回升带动存货跌价准备计提减少，前 三季度资产减值损失同比收窄 34.68%。管理费用同比下降 34.47%，体 现精细化管理成效；研发费用达 8.16 亿元，持续的技术投入巩固公司长 期竞争力。 技术领先与全球产能布局构筑核心优势。公 ...

Core Viewpoint - The report highlights the financial performance and operational updates of Canadian Solar Inc. for the first half of 2025, indicating a decline in revenue and net profit due to increased market competition and reduced sales prices for photovoltaic components [3][4]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 21.05 billion, a decrease of 4.13% compared to CNY 21.96 billion in the same period last year [3]. - Total profit for the period was CNY 842.37 million, down 42.64% from CNY 1.47 billion year-on-year [3]. - Net profit attributable to shareholders was CNY 731.00 million, reflecting a 41.01% decline from CNY 1.24 billion in the previous year [3]. - The net cash flow from operating activities increased significantly by 157.95% to CNY 3.78 billion compared to CNY 1.47 billion in the same period last year [3]. Business Overview - The company is a leading manufacturer of photovoltaic modules and large-scale energy storage systems, focusing on the research, production, and sales of crystalline silicon photovoltaic modules [4][12]. - The core business extends into photovoltaic application solutions, including large-scale energy storage products, household energy storage products, photovoltaic system business, and EPC (Engineering, Procurement, and Construction) services for photovoltaic power plants [4][12]. Product Innovations - The company has introduced various innovative technologies and products, including TOPCon components, HJT (Heterojunction Technology) components, and BIPV (Building Integrated Photovoltaics) systems [5][6][9]. - The TOPCon series includes products with power ratings up to 720W, designed to reduce project costs and improve efficiency [4][5]. - The HJT technology offers higher efficiency and power, with upcoming products expected to reach up to 730W [6][7]. Market Position - The company has maintained a strong market position, consistently ranking among the top suppliers of photovoltaic modules globally for 15 consecutive years [4][12]. - Canadian Solar Inc. is recognized as part of the "first tier" of global module suppliers according to Bloomberg New Energy Finance [4]. Sales and Distribution - The sales model primarily involves direct sales complemented by distribution channels, with a global presence in over 100 countries [14][15]. - The company has established a network of local sales resources in key markets, enhancing brand visibility and customer engagement [14][15]. Future Outlook - The company plans to continue its focus on innovation and efficiency improvements in its product offerings, aiming to enhance its competitive edge in the photovoltaic and energy storage markets [4][12].

Investment Rating - The report does not explicitly state an investment rating for the equipment manufacturing industry, but it suggests a focus on companies with high performance certainty in the main engine sector [1]. Core Insights - The equipment manufacturing sector has shown positive trends, with significant growth in domestic sales of major engineering machinery products, particularly excavators, which saw increases of 6.2% and 17.2% in June and July respectively [2]. - The automotive sector experienced a slight decline in retail sales for traditional vehicles, while new energy vehicle sales increased by 6% year-on-year during the first ten days of August [2]. - The photovoltaic sector is facing challenges with weak demand and stable material prices, necessitating close attention to upcoming industry meetings and policy developments [2]. Summary by Sections Market Review - From August 11 to August 15, the indices for mechanical equipment, electric power equipment, and automotive industries rose by 3.21%, 5.84%, and 3.08% respectively, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.37% [7][9]. - The top-performing sub-sectors included electric motors and other power equipment, which rose by 10.21% and 9.99% respectively, while the automotive service sector saw a decline of 1.35% [9]. Industry News and Key Company Announcements - The report highlights the 2025 World Humanoid Robot Games, showcasing advancements in robotics [17]. - A new unified world model platform for real-world robot control was launched, indicating innovation in the robotics field [17]. - The Guizhou provincial government has initiated a three-year action plan for the high-quality development of the low-altitude economy, aiming for significant advancements by 2027 [17]. - The storage industry is responding to competitive pressures with a new initiative aimed at promoting fair competition [17]. - Several companies, including North Car and Best, reported significant revenue growth in their recent half-year earnings reports, indicating a positive trend in the equipment manufacturing sector [18][19].

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry faced challenges in Q2 and Q3 of 2024, with 52 surveyed companies reporting no losses in Q2 but only marginal profits in Q3 [2][3] - The industry began self-regulated production cuts in December 2024, indicating that the worst period has passed, with component prices starting to rise by the end of February 2025 due to a surge in commercial distributed power station installations [2][3] Price Trends and Market Dynamics - Component prices are expected to fluctuate, with a forecasted drop to around 0.65 yuan in June-July 2025, but not below previous lows, indicating a seasonal fluctuation pattern [2][3] - The overall trend for 2025 is anticipated to be high at the beginning and lower towards the end of the year, but new lows are unlikely [3][4] Demand Forecast - Future demand for PV is expected to stabilize, with government measures in place to prevent significant declines despite market trading impacts [4] - The explosive demand growth in 2023 and 2024 was driven by falling component prices, and the government is expected to intervene to maintain stability post-2025 [4] Supply-Side Measures - The supply side is currently executing self-regulated production cuts, with potential energy consumption restrictions expected to stabilize prices and promote healthy development [5][6] - The industry is in a low supply phase, with many companies reducing production or exiting the market, which is expected to optimize competition [6][7] Technological Advancements - BC battery technology is gaining attention, with companies like Aiko Solar rapidly developing their capacity, expected to exceed 10GW in orders [8][9] - High-efficiency BBC batteries are popular in the European high-end market, and the acceptance of BC batteries in large ground-mounted power stations is increasing [9][10] Market Opportunities and Risks - The transition from silver paste to copper paste in PV production is a significant cost-reduction strategy, with companies like Tongwei leading the way [14][15] - If all silver paste were replaced with copper, companies like Dike would see a drop in revenue but potentially an increase in profit due to lower material costs [16] Company-Specific Insights - Aiko Solar's rapid development in the BC battery sector positions it well for future market share growth, especially in light of patent disputes surrounding TOPCon technology [9] - Longi Green Energy is upgrading its BC2 production capacity, with significant output expected in Q2 2025 [11] Investment Considerations - Many PV companies are opting to lower their convertible bond prices, indicating a belief that the industry cycle is nearing its bottom [18] - The impact of convertible bonds on future development is notable, with companies like Longi and JA Solar adjusting their bond prices to provide a safety margin for investors [19] Recommended Stocks - In the PV materials sector, recommended stocks include: - Point Sequence for high-efficiency new technologies - Boqian New Materials for cost reduction and efficiency - Dike for convertible bonds [20]