东吴证券：上游价格触底释放利润，主链盈利坚挺，户储出货承压，风电整机盈利承压、零部件分化明显VIP专享VIP免费

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证券研究报告·行业深度报告·电力设备

东吴证券研究所

1 / 34

请务必阅读正文之后的免责声明部分

电力设备行业深度报告

上游价格触底释放利润，主链盈利坚挺，户

储出货承压，风电整机盈利承压、零部件分

化明显

2023 年09 月03 日

证券分析师曾朵红

执业证书：S0600516080001

021-60199793

zengdh@dwzq.com.cn

证券分析师陈瑶

执业证书：S0600520070006

chenyao@dwzq.com.cn

证券分析师郭亚男

执业证书：S0600523070003

guoyn@dwzq.com.cn

行业走势

相关研究

《锂电需求依然弱复苏、光伏组

件价格启稳》

2023-08-27

《电力设备需求较好、电动车和

光伏旺季在即》

2023-08-20

增持（维持）

[Table_Tag]

关键词：#新需求、新政策

[Table_Summary]

投资要点

◼ 新能源：1）行业整体盈利持续增长，光伏 2023Q2 归母净利润创历史新高：全行业 2023H1 营收 8,860.68 亿元，同增

21.75%，归母净利润 976.70 亿元，同增 26.75%。光伏板块 2023H1 营收 6,386.20 亿元，同增 29.21%，归母净利润

779.27 亿元，同增 36.11%。风电板块 2023H1 营收 1,229.65 亿元，同增 5.59%，归母净利润为 105.23 亿元，同减

19.28%。核电板块 2023H1 营收 1,244.82 亿元，同增 6.35%；归母净利润 92.20 亿元，同增 36.28%。全行业 2023Q2

收入 4,912.72 亿元，同增 21.97%，归母净利润 496.42 亿元，同增 18.50%；光伏板块 2023Q2 营收 3,474.72 亿元，同

增22.79%，归母净利润 392.26 亿元，同增 18.78%；风电板块 2023Q2 营收 755.37 亿元，同增 23.88%，归母净利润

58.61 亿元，同减 5.47%%；核电板块 2023Q2 营收 682.63 亿元，同增 16.05%，归母净利润 45.55 亿元，同增 70.88%。

2）2023H1 毛利率上升、归母净利率上升，2023Q2 毛利率下降、归母净利率下降。2023H1，全行业 115 家公司的毛

利率为 22.99%，同增 0.23pct。2023Q2，全行业毛利率为 22.04%，同减 0.48pct。2023H1，全行业归母净利率为 11.02%，

同增 0.43pct。2023Q2，归母净利率为 10.10%，同减 0.30pct。3）2023Q2 行业现金净流入增多。2023Q2，全行业经营

性现金净流入 782.05 亿元，同增 8.33%。4）全行业应收款、合同负债、存货均环比增加：2023Q2 末应收账款为 3,843.08

亿元，环比+11.18%。合同负债 2,109.18亿元，环比+5.67%。存货 4,184.92 亿元，环比+5.68%。

◼ 光伏板块：光伏分化明显，龙头恒强：2023H1、2023Q2 龙头企业增长持续，石英砂供给紧缺下涨价带来最大业绩弹

性，各环节盈利能力改善。2023H1 光伏板块收入、归母净利润同比增长 29.21%、36.11%。2023Q2 光伏板块收入、归

母净利润同比增长 22.79%、18.78%。2023H1 归母净利润增速：石英坩锅>逆变器>电池>组件>金刚线>设备>银浆>支

架>EPC>其他辅材>硅片>玻璃>硅料>胶膜。2023Q2 归母净利润增速：石英坩锅>逆变器>电池>组件>其他辅材>银浆>

金刚线>设备>EPC >支架>玻璃>硅片>胶膜>硅料。细分各环节：各环节分化严重，石英砂供给紧缺下涨价带来最大业

绩弹性，电池盈利同比明显修复，逆变器同比持续高增，Q2 环比承压。硅料：价格快速下行，利润释放下游受益。

龙头通威股份（2023Q2 归母净利 46.7 亿元，同降 34%）Q2 单吨盈利下行至 5万/吨，随 N型硅料占比提升将体现品

质及成本差异性。石英坩埚：石英砂供给较为紧张下盈利快速上行。欧晶科技（2023Q2 归母净利润 2.36 亿元，同增

389.04%）、石英股份（2023Q2 归母净利润 16.10 亿元，同增 700.36%）石英砂紧缺，价格大幅上涨，瓜分超额收益，

我们认为高纯石英砂明后年供需依然相对紧张，高盈利持续期较长。硅片：Q2 盈利差异拉大、随竞争加剧盈利中枢

将有所下行。TCL 中环（2023Q2 归母净利 22.83 亿元，同增 42.13%）硅片经营性单瓦盈利 1毛，N型占比不断提升。

弘元绿能（2023Q2 归母净利润 3.4 亿元，同降 63.05%）主要系行业供给释放盈利下行+价格速跌计提存货减值所致，

双良节能（2023Q2 归母净利润 1.16 亿元，同降 49.98%）。电池：产能结构性供不应求、N型盈利优势坚挺。爱旭股

份（2023Q2 归母净利润 6.07 亿元，同增 64.66%），预计 2023H2 随ABC 电池出货提升，电池盈利有望保持坚挺。钧

达股份（2023Q2 归母净利润 6.02 亿元，同增 139.48%）N型产能行业领先，P型单瓦盈利 6分/W，N型1.2 毛/W，

N型优势突出。组件：Q2 整体盈利稳健、人民币汇率贬值+美国高盈利+N 型溢价均有所贡献。晶澳科技（2023Q2 归

母净利润 22.31 亿元，同增 134.31%）2023Q2 出货保守，2023H2 有望明显提升。隆基绿能 2023Q2 归母净利润 42.83

亿元，同增 75.20%，晶科能源（2023Q2 归母净利润 21.85 亿元，同增 333.52%）。天合光能（2023Q2 归母净利润 17.72

亿元，同增 144.05%）单瓦净利约 1.1-1.2 毛，环比持平，一体化+N 型产能持续提升。逆变器：户储库存压力下 Q2

出货环降、四季度有望迎需求拐点，大储量利超预期。阳光电源（2023Q2 归母净利润 28.46 亿元，同增 481.46%）美

国大储量利超预期+IGBT 模块紧缺+费用规模效应+海运费等成本下行+汇率因素，业绩大超市场预期，；德业股份

（2023Q2 归母净利润 6.75 亿元，同增 111.96%）南非需求爆发带动出货高增、新产品新市场布局加速。固德威（2023Q2

归母净利润 4.04 亿元，同增 794.45%）库存压力影响下出货环比略降。锦浪科技（2023Q2 归母净利润 3.03 亿元，同

增29.56%）库存压力下出货环降，H2 有望逐季改善，禾迈股份（2023Q2 归母净利润 1.72 亿元，同增 50.28%）、昱

能科技（2023Q2 归母净利润 0.17 亿元，同降 83.12%）微逆需求放缓，库存压力下禾迈昱能出货环降 30%+。玻璃：

涨价+成本下行带动盈利修复、H2 需求旺盛下盈利有望持续提升。福莱特（2023Q2 归母净利润 5.73 亿元，同增 1%）

测算单平盈利约 2.5 元，环比提升 0.4 元，涨价+成本下行带动盈利修复、2023Q3 有望量利双升。胶膜：Q2 盈利差异

拉大，龙头优势明显。龙头福斯特（2023Q2 归母净利润 5.20 亿元，同降 27.53%）2023Q2 胶膜涨价传导成本压力带

动盈利回升、看好全年盈利持续修复。海优新材（2023Q2 归母净利润-0.57 亿元，同降 143.5%）主要系胶膜涨幅不及

粒子叠加资产减值。银浆：N型占比持续提升推动量利双升。聚和材料（2023Q2 归母净利润 1.24 亿元，同增 19.70%）

N型占比持续提升，享受量价双升α，产能扩张+银粉自供，持续保障增长。帝科股份（2023Q2 归母净利润 1.16 亿

元，同增长 1135.27%）。

◼ 风电板块：整机盈利承压、零部件分化明显。1）2023H1，风电板块营收同比上增、盈利同比下降。2023H1 风电板块

收入 1209.1 亿元，同增 5.3%，归母净利润 104.4 亿元，同降 19.6%。2023H1 毛利率 17.2%，同比-1.9%；归母净利率

9.7%，同增 0.6%。2）整机营收同比略降，盈利承压，风场转让贡献投资收益。龙头金风科技 23H1 风机制造盈利承

压，大型化价格竞争、机型切换等因素导致毛利率下滑，23H1 营收 190.0 亿元，同增 14.0%，归母净利润 12.5 亿元，

同降 34.8%，23H1 投资收益为 19.98 亿元（其中转让风场 16.70 亿元），同增 33.39%。明阳智能 2023H1 营收 105.6 亿

元，同降 25.8%；归母净利 6.5 亿元，同降 73.3%，投资收益 2.9 亿元，同降 55.0%。23Q2 盈利水平明显提增，主要

系海风出货量恢复、陆风成本错配改善。三一重能 2023H1 营收 39.2 亿元，同减 4.1%；归母净利 8.2 亿元，同增 2.4%，

投资收益 8.0 亿元，同增 28.5%。3）海缆环节营收保持稳定、盈利同比上增。龙头东方电缆 2023H1 海缆收入同比下

滑，系 H1 海上项目延缓，开工量少，但产品结构较好盈利能力维持高位。2023H1 营收 36.9 亿元，同降 4.4%；归母

净利润 6.2 亿元，同增 18.1%。4）塔筒海桩环节 2023H1 收入、利润均同比增高。泰胜风能 2023H1 营收 16.7 亿元，

同增 30.6%，归母净利 1.2 亿元，同增 17.9%。公司业绩低于预期，主要系原材料成本高、海上出货不及预期，而公

-28%

-25%

-22%

-19%

-16%

-13%

-10%

-7%

-4%

-1%

2022/9/5 2023/1/3 2023/5/3 2023/8/31

电力设备沪深300

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司在手订单充足，产能持续释放，预计 H2 盈利将有所修复。天顺风能 2023H1 营收 43.1 亿元，同增 111.0%，归母净

利5.8 亿元，同增 128.3%。公司业绩位于预告中值偏上，公司于 2023 年5月收购江苏长风，待未来海工产能进一步

释放、规模化优势显现，盈利能力将进一步提增。海力风电 2023H1 营收 10.4 亿元，同增 59.7%，归母净利 1.4 亿元，

同降 29.1%。5）零部件板块分化明显。铸件龙头日月股份产品结构优化、精加工产能占比提升，2023H1 营收 24.0 亿

元，同增 17.5%，归母净利润 2.9 亿元，同增 184.6%，业绩略超预期。锻造主轴龙头金雷风电受益原材料价格下降+

产品结构优化，风电主轴毛利率持续改善， 2023H1 营收 8.0 亿元，同增 24.4%，归母净利润 2.0 亿元，同增 70.1%。

轴承盈利下滑，叶片盈利 Q2 环比改善，变流器、电机环节营收、盈利增。轴承国产化龙头新强联 2023H1 营收 12.2

亿元，同减 3.8%，归母净利润 1.0 亿元，同减 58.5%。叶片龙头中材科技叶片业务 2023H1 营收 43 亿元，同增 16.9%，

受益于原材料降价+大叶片占比提升，叶片毛利率持续修复，23H1 毛利率 17.2%，同增 9.7pct。6）现金流。2023H1

经营性现金流量净流入-149.6 亿元，同降 21.7%。2023Q2 净流入 17.9 亿元，同/环比-66.2%/+110.7%。7）2023Q2 应

收账款增长、合同负债增多，存货增加。2023Q2 末应收账款为 1167.4 亿元，环比增长 12.2%；合同负债 307.1 亿元，

环比增长 4.8%。存货 750.6 亿元，环比增加 12.4%。

◼ 核电板块：2023H1 收入略增，归母净利润大幅增长，双龙头盈利增长。1、2023H1 核电板块收入略增，归母净利润

大幅增长。核电板块 2023H1 营收 1244.82 亿元，同增 6.35%，归母净利润 92.20 亿元，同增 36.28%。2023Q2 营收

682.63 亿元，同减 16.05%，归母净利润 45.55 亿元，同增 70.88%。板块双龙头 2023H1 盈利增长，东方电气盈利持续

增长，上海电气盈利有所好转。核电板块龙头企业为东方电气、上海电气。东方电气 2023H1 收入 293.46 亿元，同增

10.43%，归母净利润 9.83 亿元，同增 15.93%。2023Q2 收入 149.13 亿元，同增 10.43%，归母净利润 9.83亿元，同增

15.93%。上海电气 2023H1 出现较大亏损，盈利有所好转。上海电气 2023H1 收入 528.60亿元，同增 5.70%，归母净

利润 5.90 亿元，同增 159.55%。2023Q2 收入 317.13 亿元，同增 26.02%，归母净利润 2.24 亿元，同增 122.26%。2、

2023H1 毛利率下降、归母净利率提升，2023Q2 毛利率下降、归母净利率提升。2023H1 年核电板块 9家公司毛利率

为26.98%，同减 0.09pct；归母净利率 7.41%，同增 1.63pct。2023Q2 毛利率为 26.05%，同减 0.86pct；归母净利率为

6.67%，同增 2.14pct。2023H1 现金流入增长，2023Q1 现金流入增长。2023H1 年核电设备板块现金流净流入 145.83

亿元，同减 15.48%。2023Q2 现金流净流入 174.81 亿元，同减 12.58%。

◼ 投资建议：Q3 组件排产逐月提升带动产业链价格小幅反弹，同时组件价格下跌逐步趋稳，1-7 月国内装机超 97GW，持

续超预期，光储平价充分刺激需求起量，H2 需求旺季到来，预计全球光伏装机超 370GW，同增 50%，继续看好光伏板

块成长。看好：逆变器（阳光电源、盛弘股份、固德威、德业股份、锦浪科技、禾迈股份、科士达、昱能科技），组

件（晶科能源、晶澳科技、阿特斯、隆基绿能、天合光能、通威股份，关注东方日升、横店东磁、亿晶光电），新技

术龙头（晶科能源、钧达股份、爱旭股份），和格局稳定的各环节龙头（福斯特、TCL 中环、福莱特、聚和材料、美畅

股份、宇邦新材、海优新材，关注通灵股份、快可电子等）。陆风平价新周期，前期大量招标将带动 23 年装机高增；

海上风电成长赛道，22-25 年CAGR 达50%，新一轮竞配和招标开启行业高景气。重点推荐：海缆（东方电缆），塔筒

&管桩（泰胜风能、天顺风能、海力风电、大金重工）、铸锻件（日月股份、金雷股份），整机（三一重能、明阳智能、

金风科技）。

◼ 风险提示：行业竞争加剧、电网消纳问题限制、新技术拓展不及预期。

oPzQnPtMmNmMnOrPnMqMoP9PbPaQtRrRpNpMjMrRzQkPoOmQ9PnMmQxNsRmPxNtPtO

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内容目录

1. 前言 .................................................................................................................................................... 5

2. 光伏板块：光伏分化明显，龙头恒强 .............................................................................................. 9

2.1 2023H1、2023Q2 龙头企业保持增长，各环节景气度明显分化 .................................... 9

2.2 2023H1 盈利能力稳定，2023Q2 盈利小幅回落 ............................................................. 13

2.3 2023 二季度应收账款、合同负债、存货增长................................................................ 19

3. 风电板块：整机盈利承压、零部件分化明显 .............................................................................. 23

3.1 2023H1 风电板块营收同比上升、盈利同比下降 ........................................................... 23

3.2 2023H1、2023Q2 风电板块毛利率及净利率小幅下滑 .................................................. 26

3.3 2023Q2 应收账款增加、合同负债增多、存货增加 ....................................................... 29

4. 核电板块 2023H1 收入提升、归母净利润大幅上升，双龙头盈利增长 ................................... 31

4.1 2023H1 核电板块收入增长、归母净利润大幅上升 ....................................................... 31

4.2 2023H1 毛利率下降、归母净利率上升，2023Q2 毛利率下降、归母净利率上升 ..... 32

5. 投资建议 .......................................................................................................................................... 33

6. 风险提示 .......................................................................................................................................... 33

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证券研究报告·行业深度报告·电力设备东吴证券研究所1/34请务必阅读正文之后的免责声明部分电力设备行业深度报告上游价格触底释放利润，主链盈利坚挺，户储出货承压，风电整机盈利承压、零部件分化明显2023年09月03日证券分析师曾朵红执业证书：S0600516080001021-60199793zengdh@dwzq.com.cn证券分析师陈瑶执业证书：S0600520070006chenyao@dwzq.com.cn证券分析师郭亚男执业证书：S0600523070003guoyn@dwzq.com.cn行业走势相关研究《锂电需求依然弱复苏、光伏组件价格启稳》2023-08-27《电力设备需求较好、电动车和光伏旺季在即》2023-08-20增持（维持）[Table_Tag]关键词：#新需求、新政策[Table_Summary]投资要点◼新能源：1）行业整体盈利持续增长，光伏2023Q2归母净利润创历史新高：全行业2023H1营收8,860.68亿元，同增21.75%，归母净利润976.70亿元，同增26.75%。光伏板块2023H1营收6,386.20亿元，同增29.21%，归母净利润779.27亿元，同增36.11%。风电板块2023H1营收1,229.65亿元，同增5.59%，归母净利润为105.23亿元，同减19.28%。核电板块2023H1营收1,244.82亿元，同增6.35%；归母净利润92.20亿元，同增36.28%。全行业2023Q2收入4,912.72亿元，同增21.97%，归母净利润496.42亿元，同增18.50%；光伏板块2023Q2营收3,474.72亿元，同增22.79%，归母净利润392.26亿元，同增18.78%；风电板块2023Q2营收755.37亿元，同增23.88%，归母净利润58.61亿元，同减5.47%%；核电板块2023Q2营收682.63亿元，同增16.05%，归母净利润45.55亿元，同增70.88%。2）2023H1毛利率上升、归母净利率上升，2023Q2毛利率下降、归母净利率下降。2023H1，全行业115家公司的毛利率为22.99%，同增0.23pct。2023Q2，全行业毛利率为22.04%，同减0.48pct。2023H1，全行业归母净利率为11.02%，同增0.43pct。2023Q2，归母净利率为10.10%，同减0.30pct。3）2023Q2行业现金净流入增多。2023Q2，全行业经营性现金净流入782.05亿元，同增8.33%。4）全行业应收款、合同负债、存货均环比增加：2023Q2末应收账款为3,843.08亿元，环比+11.18%。合同负债2,109.18亿元，环比+5.67%。存货4,184.92亿元，环比+5.68%。◼光伏板块：光伏分化明显，龙头恒强：2023H1、2023Q2龙头企业增长持续，石英砂供给紧缺下涨价带来最大业绩弹性，各环节盈利能力改善。2023H1光伏板块收入、归母净利润同比增长29.21%、36.11%。2023Q2光伏板块收入、归母净利润同比增长22.79%、18.78%。2023H1归母净利润增速：石英坩锅>逆变器>电池>组件>金刚线>设备>银浆>支架>EPC>其他辅材>硅片>玻璃>硅料>胶膜。2023Q2归母净利润增速：石英坩锅>逆变器>电池>组件>其他辅材>银浆>金刚线>设备>EPC>支架>玻璃>硅片>胶膜>硅料。细分各环节：各环节分化严重，石英砂供给紧缺下涨价带来最大业绩弹性，电池盈利同比明显修复，逆变器同比持续高增，Q2环比承压。硅料：价格快速下行，利润释放下游受益。龙头通威股份（2023Q2归母净利46.7亿元，同降34%）Q2单吨盈利下行至5万/吨，随N型硅料占比提升将体现品质及成本差异性。石英坩埚：石英砂供给较为紧张下盈利快速上行。欧晶科技（2023Q2归母净利润2.36亿元，同增389.04%）、石英股份（2023Q2归母净利润16.10亿元，同增700.36%）石英砂紧缺，价格大幅上涨，瓜分超额收益，我们认为高纯石英砂明后年供需依然相对紧张，高盈利持续期较长。硅片：Q2盈利差异拉大、随竞争加剧盈利中枢将有所下行。TCL中环（2023Q2归母净利22.83亿元，同增42.13%）硅片经营性单瓦盈利1毛，N型占比不断提升。弘元绿能（2023Q2归母净利润3.4亿元，同降63.05%）主要系行业供给释放盈利下行+价格速跌计提存货减值所致，双良节能（2023Q2归母净利润1.16亿元，同降49.98%）。电池：产能结构性供不应求、N型盈利优势坚挺。爱旭股份（2023Q2归母净利润6.07亿元，同增64.66%），预计2023H2随ABC电池出货提升，电池盈利有望保持坚挺。钧达股份（2023Q2归母净利润6.02亿元，同增139.48%）N型产能行业领先，P型单瓦盈利6分/W，N型1.2毛/W，N型优势突出。组件：Q2整体盈利稳健、人民币汇率贬值+美国高盈利+N型溢价均有所贡献。晶澳科技（2023Q2归母净利润22.31亿元，同增134.31%）2023Q2出货保守，2023H2有望明显提升。隆基绿能2023Q2归母净利润42.83亿元，同增75.20%，晶科能源（2023Q2归母净利润21.85亿元，同增333.52%）。天合光能（2023Q2归母净利润17.72亿元，同增144.05%）单瓦净利约1.1-1.2毛，环比持平，一体化+N型产能持续提升。逆变器：户储库存压力下Q2出货环降、四季度有望迎需求拐点，大储量利超预期。阳光电源（2023Q2归母净利润28.46亿元，同增481.46%）美国大储量利超预期+IGBT模块紧缺+费用规模效应+海运费等成本下行+汇率因素，业绩大超市场预期，；德业股份（2023Q2归母净利润6.75亿元，同增111.96%）南非需求爆发带动出货高增、新产品新市场布局加速。固德威（2023Q2归母净利润4.04亿元，同增794.45%）库存压力影响下出货环比略降。锦浪科技（2023Q2归母净利润3.03亿元，同增29.56%）库存压力下出货环降，H2有望逐季改善，禾迈股份（2023Q2归母净利润1.72亿元，同增50.28%）、昱能科技（2023Q2归母净利润0.17亿元，同降83.12%）微逆需求放缓，库存压力下禾迈昱能出货环降30%+。玻璃：涨价+成本下行带动盈利修复、H2需求旺盛下盈利有望持续提升。福莱特（2023Q2归母净利润5.73亿元，同增1%）测算单平盈利约2.5元，环比提升0.4元，涨价+成本下行带动盈利修复、2023Q3有望量利双升。胶膜：Q2盈利差异拉大，龙头优势明显。龙头福斯特（2023Q2归母净利润5.20亿元，同降27.53%）2023Q2胶膜涨价传导成本压力带动盈利回升、看好全年盈利持续修复。海优新材（2023Q2归母净利润-0.57亿元，同降143.5%）主要系胶膜涨幅不及粒子叠加资产减值。银浆：N型占比持续提升推动量利双升。聚和材料（2023Q2归母净利润1.24亿元，同增19.70%）N型占比持续提升，享受量价双升α，产能扩张+银粉自供，持续保障增长。帝科股份（2023Q2归母净利润1.16亿元，同增长1135.27%）。◼风电板块：整机盈利承压、零部件分化明显。1）2023H1，风电板块营收同比上增、盈利同比下降。2023H1风电板块收入1209.1亿元，同增5.3%，归母净利润104.4亿元，同降19.6%。2023H1毛利率17.2%，同比-1.9%；归母净利率9.7%，同增0.6%。2）整机营收同比略降，盈利承压，风场转让贡献投资收益。龙头金风科技23H1风机制造盈利承压，大型化价格竞争、机型切换等因素导致毛利率下滑，23H1营收190.0亿元，同增14.0%，归母净利润12.5亿元，同降34.8%，23H1投资收益为19.98亿元（其中转让风场16.70亿元），同增33.39%。明阳智能2023H1营收105.6亿元，同降25.8%；归母净利6.5亿元，同降73.3%，投资收益2.9亿元，同降55.0%。23Q2盈利水平明显提增，主要系海风出货量恢复、陆风成本错配改善。三一重能2023H1营收39.2亿元，同减4.1%；归母净利8.2亿元，同增2.4%，投资收益8.0亿元，同增28.5%。3）海缆环节营收保持稳定、盈利同比上增。龙头东方电缆2023H1海缆收入同比下滑，系H1海上项目延缓，开工量少，但产品结构较好盈利能力维持高位。2023H1营收36.9亿元，同降4.4%；归母净利润6.2亿元，同增18.1%。4）塔筒海桩环节2023H1收入、利润均同比增高。泰胜风能2023H1营收16.7亿元，同增30.6%，归母净利1.2亿元，同增17.9%。公司业绩低于预期，主要系原材料成本高、海上出货不及预期，而公-28%-25%-22%-19%-16%-13%-10%-7%-4%-1%2%2022/9/52023/1/32023/5/32023/8/31电力设备沪深300请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所2/34司在手订单充足，产能持续释放，预计H2盈利将有所修复。天顺风能2023H1营收43.1亿元，同增111.0%，归母净利5.8亿元，同增128.3%。公司业绩位于预告中值偏上，公司于2023年5月收购江苏长风，待未来海工产能进一步释放、规模化优势显现，盈利能力将进一步提增。海力风电2023H1营收10.4亿元，同增59.7%，归母净利1.4亿元，同降29.1%。5）零部件板块分化明显。铸件龙头日月股份产品结构优化、精加工产能占比提升，2023H1营收24.0亿元，同增17.5%，归母净利润2.9亿元，同增184.6%，业绩略超预期。锻造主轴龙头金雷风电受益原材料价格下降+产品结构优化，风电主轴毛利率持续改善，2023H1营收8.0亿元，同增24.4%，归母净利润2.0亿元，同增70.1%。轴承盈利下滑，叶片盈利Q2环比改善，变流器、电机环节营收、盈利增。轴承国产化龙头新强联2023H1营收12.2亿元，同减3.8%，归母净利润1.0亿元，同减58.5%。叶片龙头中材科技叶片业务2023H1营收43亿元，同增16.9%，受益于原材料降价+大叶片占比提升，叶片毛利率持续修复，23H1毛利率17.2%，同增9.7pct。6）现金流。2023H1经营性现金流量净流入-149.6亿元，同降21.7%。2023Q2净流入17.9亿元，同/环比-66.2%/+110.7%。7）2023Q2应收账款增长、合同负债增多，存货增加。2023Q2末应收账款为1167.4亿元，环比增长12.2%；合同负债307.1亿元，环比增长4.8%。存货750.6亿元，环比增加12.4%。◼核电板块：2023H1收入略增，归母净利润大幅增长，双龙头盈利增长。1、2023H1核电板块收入略增，归母净利润大幅增长。核电板块2023H1营收1244.82亿元，同增6.35%，归母净利润92.20亿元，同增36.28%。2023Q2营收682.63亿元，同减16.05%，归母净利润45.55亿元，同增70.88%。板块双龙头2023H1盈利增长，东方电气盈利持续增长，上海电气盈利有所好转。核电板块龙头企业为东方电气、上海电气。东方电气2023H1收入293.46亿元，同增10.43%，归母净利润9.83亿元，同增15.93%。2023Q2收入149.13亿元，同增10.43%，归母净利润9.83亿元，同增15.93%。上海电气2023H1出现较大亏损，盈利有所好转。上海电气2023H1收入528.60亿元，同增5.70%，归母净利润5.90亿元，同增159.55%。2023Q2收入317.13亿元，同增26.02%，归母净利润2.24亿元，同增122.26%。2、2023H1毛利率下降、归母净利率提升，2023Q2毛利率下降、归母净利率提升。2023H1年核电板块9家公司毛利率为26.98%，同减0.09pct；归母净利率7.41%，同增1.63pct。2023Q2毛利率为26.05%，同减0.86pct；归母净利率为6.67%，同增2.14pct。2023H1现金流入增长，2023Q1现金流入增长。2023H1年核电设备板块现金流净流入145.83亿元，同减15.48%。2023Q2现金流净流入174.81亿元，同减12.58%。◼投资建议：Q3组件排产逐月提升带动产业链价格小幅反弹，同时组件价格下跌逐步趋稳，1-7月国内装机超97GW，持续超预期，光储平价充分刺激需求起量，H2需求旺季到来，预计全球光伏装机超370GW，同增50%，继续看好光伏板块成长。看好：逆变器（阳光电源、盛弘股份、固德威、德业股份、锦浪科技、禾迈股份、科士达、昱能科技），组件（晶科能源、晶澳科技、阿特斯、隆基绿能、天合光能、通威股份，关注东方日升、横店东磁、亿晶光电），新技术龙头（晶科能源、钧达股份、爱旭股份），和格局稳定的各环节龙头（福斯特、TCL中环、福莱特、聚和材料、美畅股份、宇邦新材、海优新材，关注通灵股份、快可电子等）。陆风平价新周期，前期大量招标将带动23年装机高增；海上风电成长赛道，22-25年CAGR达50%，新一轮竞配和招标开启行业高景气。重点推荐：海缆（东方电缆），塔筒&管桩（泰胜风能、天顺风能、海力风电、大金重工）、铸锻件（日月股份、金雷股份），整机（三一重能、明阳智能、金风科技）。◼风险提示：行业竞争加剧、电网消纳问题限制、新技术拓展不及预期。oPzQnPtMmNmMnOrPnMqMoP9PbPaQtRrRpNpMjMrRzQkPoOmQ9PnMmQxNsRmPxNtPtO请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告3/34内容目录1.前言....................................................................................................................................................52.光伏板块：光伏分化明显，龙头恒强..............................................................................................92.12023H1、2023Q2龙头企业保持增长，各环节景气度明显分化....................................92.22023H1盈利能力稳定，2023Q2盈利小幅回落.............................................................132.32023二季度应收账款、合同负债、存货增长................................................................193.风电板块：整机盈利承压、零部件分化明显..............................................................................233.12023H1风电板块营收同比上升、盈利同比下降...........................................................233.22023H1、2023Q2风电板块毛利率及净利率小幅下滑..................................................263.32023Q2应收账款增加、合同负债增多、存货增加.......................................................294.核电板块2023H1收入提升、归母净利润大幅上升，双龙头盈利增长...................................314.12023H1核电板块收入增长、归母净利润大幅上升.......................................................314.22023H1毛利率下降、归母净利率上升，2023Q2毛利率下降、归母净利率上升.....325.投资建议..........................................................................................................................................336.风险提示..........................................................................................................................................33请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告4/34图表目录表1：115家上市公司分类....................................................................................................................5表2：新能源板块2023H1收入和归母净利润情况............................................................................7表3：新能源板块2023H1整体情况....................................................................................................7表4：新能源板块2023二季度收入和归母净利润情况.....................................................................7表5：新能源板块2023二季度整体情况.............................................................................................7表6：新能源板块2023H1及2023Q2毛利率情况.............................................................................8表7：新能源板块2023H1及2023Q2归母净利率情况.....................................................................8表8：新能源板块2023H1-2023Q2经营活动现金流情况（亿元）.................................................8表9：新能源板块2023H1及2023Q2费用率情况.............................................................................8表10：新能源板块2023H1及2023Q2末应收账款情况（亿元）...................................................9表11：新能源板块2023H1及2023Q2末合同负债情况（亿元）...................................................9表12：新能源板块2023H1及2023Q2末存货情况（亿元）...........................................................9表13：光伏公司收入和归母净利润变动情况分析表（亿元）.......................................................11表14：光伏公司毛利率和归母净利率变动情况分析表...................................................................14表15：光伏板块2022-2023Q2经营净现金流情况(亿元)................................................................17表16：光伏公司应收账款、合同负债变动情况分析表（亿元）...................................................19表17：光伏板块2022Q3-2023Q2存货变动情况(亿元)...................................................................21表18：风电公司收入和归母净利润变动情况分析表.......................................................................25表19：风电公司毛利率和归母净利率变动情况分析表...................................................................26表20：风电板块2022-2023Q2经营净现金流情况(亿元)................................................................28表21：风电板块应收账款、合同负债变动情况分析表（亿元）...................................................29表22：风电板块2022-2023Q2存货变动情况(亿元)........................................................................30表23：核电公司收入和归母净利润变动情况分析表.......................................................................31表24：核电等发电设备公司毛利率和归母净利润率变动情况分析表...........................................32表25：核电板块2022-2023Q2经营净现金流情况统计（亿元）..................................................32请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告5/341.前言◼新能源板块，2023H1营收增长21.75%，归母净利润同比增长26.75%。我们在新能源板块共选取了115家上市公司进行了统计分析，全行业2023H1实现收入8,860.68亿元，同增21.75%，实现归母净利润976.70亿元，同增26.75%。全行业2023Q2收入4,912.72亿元，同增21.97%，实现归母净利润496.42亿元，同增18.50%。◼2023H1收入同比下降的公司有26家，增幅为0-30%的有43家，增幅为30%以上的有46家。2023H1归母净利润同比下降的公司有34家，增幅为0-30%的有19家，增幅为30%以上的有62家，亏损的有4家，扭亏的有6家。表1：115家上市公司分类行业光伏风电核电公司合盛硅业金风科技东方电气通威股份三一重能上海电气大全能源明阳智能中核科技隆基绿能运达股份南风股份TCL中环电气风电江苏神通京运通中材科技佳电股份弘元绿能双一科技应流股份双良节能时代新材东方锆业钧达股份大金重工中国核电爱旭股份天顺风能爱康科技天能重工隆基绿能泰胜风能阿特斯海力风电晶澳科技日月股份东方日升广大特材晶科能源金雷风电天合光能通裕重工横店东磁吉鑫科技亿晶光电恒润股份海泰新能振江股份福莱特中环海陆亚玛顿海锅股份凯盛新能双一科技安彩高科广大特材南玻A宏德股份福斯特新强联海优新材五洲新春赛伍技术禾望电气鹿山新材东方电缆天洋新材中天科技明冠新材银星能源请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告6/34深圳燃气节能风电阳光电源盛弘股份科士达昱能科技锦浪科技固德威禾迈股份上能电气德业股份中信博意华股份清源股份林洋能源芯能科技能辉科技晶科科技太阳能晶盛机电迈为股份京运通捷佳伟创连城数控奥特维海目星美畅股份恒星科技高测股份三超新材岱勒新材东尼电子聚和材料帝科股份苏州固锝石英股份欧晶科技天宜上佳金博股份通灵股份快可电子宇邦新材同享科技鑫铂股份数据来源：Wind，东吴证券研究所请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告7/34表2：新能源板块2023H1收入和归母净利润情况分项营业收入（亿元）同比（%）归母净利润（亿元）同比（%）光伏6,386.2029.21%779.2736.11%风电1,229.655.59%105.23-19.28%核电1,244.826.35%92.2036.28%数据来源：Wind，东吴证券研究所表3：新能源板块2023H1整体情况公司数量收入同比归母净利润同比同比负增长2634同比增长幅度在0%-30%4319同比增长超过30%4662亏损-4扭亏-6合计115数据来源：Wind，东吴证券研究所◼新能源板块2023二季度营收增长21.97%，归母净利润上升18.50%。全行业115家公司2023Q2实现收入共计4,912.72亿元，同比增长21.97%，实现归母净利润496.42亿元，同比增长18.50%。◼2023二季度收入同比下降的公司有28家，增幅为0-30%的公司共有45家，增幅为30%以上的公司共有42家。归母净利润2023二季度同比下降的公司共有48家，增幅为0-30%的公司共有8家，增幅为30%以上的公司共有59家。亏损的公司有7家，扭亏的公司有4家。表4：新能源板块2023二季度收入和归母净利润情况分项营业收入（亿元）同比（%）归母净利润（亿元）同比光伏3,474.7222.79%392.2618.78%风电755.3723.88%58.61-5.47%核电682.6316.05%45.5570.88%数据来源：Wind，东吴证券研究所表5：新能源板块2023二季度整体情况公司数量收入同比归母净利润同比同比负增长2848同比增长幅度在0%-30%458同比增长超过30%4259亏损-7请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告8/34扭亏-4合计115数据来源：Wind，东吴证券研究所◼2023H1毛利率上升、归母净利率上升，2023Q2毛利率下降、归母净利率下降。2023H1，全行业115家公司的毛利率为22.99%，同增0.23pct。2023Q2，全行业毛利率为22.04%，同减0.48pct。2023H1，全行业归母净利率为11.02%，同增0.43pct。2023Q2，归母净利率为10.10%，同减0.30pct。◼2023H1行业现金净流入增多、2023Q2行业现金净流入增多。2023H1，全行业115家公司经营活动现金流量净额为582.48亿元，同增18.63%，2023Q2，全行业经营性现金净流入782.05亿元，同增8.33%。表6：新能源板块2023H1及2023Q2毛利率情况毛利率2022Q12022Q22022Q32022Q42023Q12023Q22023Q2同比2023H12023H1同比光伏21.92%21.83%23.39%20.35%23.79%21.82%-0.01pct22.72%0.85pct风电22.93%21.54%19.48%16.07%21.85%19.46%-2.08pct20.38%-1.82pct核电27.24%26.91%26.47%19.98%28.12%26.05%-0.86pct26.98%-0.09pct数据来源：Wind，东吴证券研究所表7：新能源板块2023H1及2023Q2归母净利率情况归母净利率2022Q12022Q22022Q32022Q42023Q12023Q22023Q2同比2023H12023H1同比光伏11.47%11.67%13.05%8.76%13.29%11.29%-0.38pct12.20%0.62pct风电12.32%10.17%7.73%4.33%9.83%7.76%-2.41pct8.56%-2.64pct核电7.04%4.53%5.24%-0.50%8.30%6.67%2.14pct7.41%1.63pct数据来源：Wind，东吴证券研究所表8：新能源板块2023H1-2023Q2经营活动现金流情况（亿元）经营活动现金流2022Q12022Q22022Q32022Q42023Q12023Q22023Q2同比2023H12023H1同比光伏-26.47471.81365.39593.17-1.73589.8625.02%588.1332.07%风电-177.0250.15-43.32348.84-168.8617.38-65.35%-151.48-19.40%核电-27.44199.97119.79351.34-28.98174.81-12.58%145.83-15.48%数据来源：Wind，东吴证券研究所表9：新能源板块2023H1及2023Q2费用率情况期间费用率2022Q12022Q22022Q32022Q42023Q12023Q22023Q2同比2023H12023H1同比光伏7.96%6.47%6.85%7.36%7.92%5.32%-1.16pct6.50%-0.60pct请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告9/34风电11.98%12.11%11.85%11.57%14.98%11.05%-1.06pct12.56%0.51pct核电14.30%15.91%16.10%18.22%14.74%13.49%-2.41pct14.06%-1.05pct数据来源：Wind，东吴证券研究所表10：新能源板块2023H1及2023Q2末应收账款情况（亿元）应收账款2022Q12022Q22022Q32022Q42023Q12023Q22023Q2环比光伏1,125.251,345.881,392.151,502.991,664.231,867.7812.23%风电966.391,000.541,054.831,001.711,050.381,179.3512.28%核电673.08703.88721.50693.64742.03795.9515.58%数据来源：Wind，东吴证券研究所表11：新能源板块2023H1及2023Q2末合同负债情况（亿元）预收账款2022Q12022Q22022Q32022Q42023Q12023Q22023Q2环比光伏596.78755.22990.40890.58977.091,029.255.34%风电261.18274.49266.61255.58293.22307.214.77%核电680.59687.48733.26727.21725.70772.726.48%数据来源：Wind，东吴证券研究所表12：新能源板块2023H1及2023Q2末存货情况（亿元）存货2022Q12022Q22022Q32022Q42023Q12023Q22023Q2环比光伏1,563.921,938.122,092.452,128.132,448.242,602.226.29%风电587.26598.83658.95607.34688.34771.3512.05%核电790.96776.41811.12786.53823.52811.35-1.48%数据来源：Wind，东吴证券研究所2.光伏板块：光伏分化明显，龙头恒强2.12023H1、2023Q2龙头企业保持增长，各环节景气度明显分化2023H1光伏板块收入、归母净利润同比增长29.21%、36.11%，收入增速看：石英坩锅>逆变器>设备>银浆>组件>其他辅材>玻璃>金刚线>电池>EPC>支架>硅片>硅料>胶膜，归母净利润增速看：石英坩锅>逆变器>电池>组件>金刚线>设备>银浆>支架>EPC>其他辅材>硅片>玻璃>硅料>胶膜。光伏板块共选取企业73家，2023H1收入6386.20亿元，同比增长29.21%，归母净利润779.27亿元，同比增加36.11%。其中：硅料2023H1收入953.30亿元，同比增长6.30%，归母净利润194.79亿元，同比-22.99%；硅片2023H1收入720.32亿元，同比增长8.10%，归母净利润80.10亿元，同比增长5.71%；电池2023H1收入284.92亿元，同比增长24.83%，归母净利润23.10亿元，同比增长225.76%；组件请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告10/342023H1收入2689.51亿元，同比增长37.08%，归母净利润239.36亿元，同比增长143.48%；玻璃2023H1收入251.46亿元，同比增长29.62%，归母净利润21.75亿元，同比-7.69%；胶膜2023H1收入333.65亿元，同比增长4.96%，归母净利润15.37亿元，同比-29.56%；逆变器2023H1收入484.05亿元，同比增长119.52%，归母净利润82.86亿元，同比增长239.11%；支架2023H1收入50.07亿元，同比增长12.95%，归母净利润2.72亿元，同比增长31.54%；EPC2023H1收入95.10亿元，同比增长20.74%，归母净利润17.32亿元，同比增加17.32%；设备2023H1收入270.51亿元，同比增长52.56%，归母净利润43.77亿元，同比增长42.54%；金刚线2023H1收入82.22亿元，同比增长26.12%，归母净利润16.65亿元，同比增长48.92%，银浆2023H1收入93.70亿元，同比增长39.33%，归母净利润5.27亿元，同比增长37.15%，石英坩埚2023H1收入48.89亿元，同比增长282.41%，归母净利润28.39亿元，同比增长645.83%，其他辅材2023H1收入79.87亿元，同比增长30.75%，归母净利润8.35亿元，同比增长18.87%。2023Q2光伏板块收入、归母净利润同比增长22.79%、18.78%，收入增速看：石英坩锅>逆变器>设备>其他辅材>电池>组件>EPC>玻璃>金刚线>支架>硅料>胶膜>硅片，归母净利润增速看：石英坩锅>逆变器>电池>组件>其他辅材>银浆>金刚线>设备>EPC>支架>玻璃>硅片>胶膜>硅料。光伏板块共选取企业73家，2023Q2收入3474.72亿元，同比增长22.79%，归母净利润392.26亿元，同比增加18.78%。其中：硅料2023Q2收入515.01亿元，同比增长2.03%，归母净利润69.63亿元，同比减少49.31%；硅片2023Q2收入363.10亿元，同比减少4.31%，归母净利润37.50亿元，同比减少16.88%；电池2023Q2收入155.35亿元，同比增长29.76%，归母净利润12.22亿元，同比增长152.88%；组件2023Q2收入1493.99亿元，同比增长29.69%，归母净利润128.84亿元，同比增长122.51%；玻璃2023Q2收入122.53亿元，同比增长15.43%，归母净利润12.29亿元，同比降低12.29%；胶膜2023Q2收入170.38亿元，同比降低3.14%，归母净利润8.71亿元，同比降低37.06%；逆变器2023Q2收入268.80亿元，同比增长99.54%，归母净利润49.02亿元，同比增长223.51%；支架2023Q2收入28.93亿元，同比增长13.71%，归母净利润1.67亿元，同比增长1.34%；EPC2023Q2收入57.22亿元，同比增长22.00%，归母净利润10.88亿元，同比增长10.69%；设备2023Q2收入150.58亿元，同比增长46.89%，归母净利润22.75亿元，同比增长16.23%；金刚线2023Q2收入44.43亿元，同比增长15.23%，归母净利润9.73亿元，同比增长43.34%，银浆2023Q2收入53.07亿元，同比增长50.10%，归母净利润2.94亿元，同比增长44.65%，石英坩埚2023Q2收入18.59亿元，同比增长303.99%，归母净利润18.46亿元，同比增长640.19%，其他辅材2023Q2收入45.19亿元，同比增长43.14%，归母净利润5.13亿元，同比增长45.01%。各环节分化严重，石英砂供给紧缺下涨价带来最大业绩弹性，电池盈利同比明显修复，逆变器同比持续高增，Q2环比承压。硅料：价格快速下行，利润释放下游受益。龙头通威股份（2023Q2归母净利46.7亿元，同降34%）Q2单吨盈利下行至5万/吨，随N型硅料占比提升将体现品质及成本差异性。石英坩埚：石英砂供给较为紧张下盈利快速上行。欧晶科技（2023Q2归母净利润2.36亿元，同增389.04%）、石英股份（2023Q2归母净利润16.10亿元，同增700.36%）石英砂紧缺，价格大幅上涨，瓜分超额收益，我们认为高纯石英砂明后年供需依然相对紧张，高盈利持续期较长。硅片：Q2盈利差异拉大、随竞争加剧盈利中枢将有所下行。TCL中环（2023Q2归母净利22.83亿元，同增42.13%）硅片经营性单瓦盈利1毛，N型占比不断提升。弘元绿能（2023Q2归母净利润3.4亿元，同降63.05%）主要系行业供给释放盈利下行+价格速跌计提存货减值所致，双良节能（2023Q2归母净利润1.16亿元，同降49.98%）。电池：产能结构性供不应求、N型盈利优势坚挺。爱旭股份（2023Q2归母净利润6.07亿元，同增64.66%），预计2023H2随ABC请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告11/34电池出货提升，电池盈利有望保持坚挺。钧达股份（2023Q2归母净利润6.02亿元，同增139.48%）N型产能行业领先，P型单瓦盈利6分/W，N型1.2毛/W，N型优势突出。组件：Q2整体盈利稳健、人民币汇率贬值+美国高盈利+N型溢价均有所贡献。晶澳科技（2023Q2归母净利润22.31亿元，同增134.31%）2023Q2出货保守，2023H2有望明显提升。隆基绿能2023Q2归母净利润42.83亿元，同增75.20%，晶科能源（2023Q2归母净利润21.85亿元，同增333.52%）。天合光能（2023Q2归母净利润17.72亿元，同增144.05%）单瓦净利约1.1-1.2毛，环比持平，一体化+N型产能持续提升。逆变器：户储库存压力下Q2出货环降、四季度有望迎需求拐点，大储量利超预期。阳光电源（2023Q2归母净利润28.46亿元，同增481.46%）美国大储量利超预期+IGBT模块紧缺+费用规模效应+海运费等成本下行+汇率因素，业绩大超市场预期，；德业股份（2023Q2归母净利润6.75亿元，同增111.96%）南非需求爆发带动出货高增、新产品新市场布局加速。固德威（2023Q2归母净利润4.04亿元，同增794.45%）库存压力影响下出货环比略降。锦浪科技（2023Q2归母净利润3.03亿元，同增29.56%）库存压力下出货环降，H2有望逐季改善，禾迈股份（2023Q2归母净利润1.72亿元，同增50.28%）、昱能科技（2023Q2归母净利润0.17亿元，同降83.12%）微逆需求放缓，库存压力下禾迈昱能出货环降30%+。玻璃：涨价+成本下行带动盈利修复、H2需求旺盛下盈利有望持续提升。福莱特（2023Q2归母净利润5.73亿元，同增1%）测算单平盈利约2.5元，环比提升0.4元，涨价+成本下行带动盈利修复、2023Q3有望量利双升。胶膜：Q2盈利差异拉大，龙头优势明显。龙头福斯特（2023Q2归母净利润5.20亿元，同降27.53%）2023Q2胶膜涨价传导成本压力带动盈利回升、看好全年盈利持续修复。海优新材（2023Q2归母净利润-0.57亿元，同降143.5%）主要系胶膜涨幅不及粒子叠加资产减值。银浆：N型占比持续提升推动量利双升。聚和材料（2023Q2归母净利润1.24亿元，同增19.70%）N型占比持续提升，享受量价双升α，产能扩张+银粉自供，持续保障增长。帝科股份（2023Q2归母净利润1.16亿元，同增长1135.27%）。表13：光伏公司收入和归母净利润变动情况分析表（亿元）营业收入归母净利润代码公司名称2023H1同比2023Q22023Q2同比2023Q2环比2023H12023H1同比2023Q22023Q2同比2023Q2环比硅料953.306.30%515.012.03%17.50%194.79-22.99%69.63-49.31%55.64%603260.SH合盛硅业119.38-8.17%62.09-6.07%8.38%17.82-49.72%7.80-47.81%-22.25%600438.SH通威股份740.6822.75%408.2414.50%22.80%132.708.56%46.69-33.58%-45.72%688303.SH大全能源93.25-42.93%44.68-45.58%-7.99%44.26-53.53%15.15-70.94%-47.95%硅片720.328.10%363.10-4.31%1.64%80.105.71%37.50-16.88%88.03%601012.SH隆基绿能126.95-10.52%62.90-23.40%-1.80%17.83-23.88%12.58-8.32%139.62%002129.SZTCL中环348.9810.09%172.79-5.74%-1.93%45.3655.50%22.8342.13%1.34%601908.SH京运通51.372.85%24.14-21.05%-11.34%0.56-85.70%-2.48-165.30%-181.69%603185.SH弘元绿能71.74-37.38%36.61-36.68%4.22%10.17-35.45%3.40-63.05%-49.72%600481.SH双良节能121.28182.29%66.65160.14%22.01%6.1874.89%1.16-49.98%-76.82%电池284.9224.83%155.3529.76%19.90%23.10225.76%12.22152.88%112.32%002865.SZ钧达股份94.21112.83%54.54128.17%37.47%9.56250.23%6.02139.48%69.93%600732.SH爱旭股份162.491.65%85.034.23%9.78%13.09119.60%6.0764.66%-13.46%002610.SZ爱康科技28.2216.92%15.7810.85%26.88%0.46128.93%0.14109.93%-58.37%组件2689.5137.08%1493.9929.69%24.97%239.36143.48%128.84122.51%116.57%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告12/34601012.SH隆基绿能646.5228.24%363.3414.18%28.30%73.9578.71%42.8375.20%37.61%688472.SH阿特斯261.0531.71%142.7417.88%20.65%19.23321.75%10.05161.41%9.39%002459.SZ晶澳科技408.4343.47%203.6226.10%-0.58%48.13182.74%22.31134.31%-13.58%300118.SZ东方日升176.0739.56%108.3050.38%59.80%8.6170.65%5.5088.53%77.02%688223.SH晶科能源536.2460.52%304.7262.72%31.61%38.43324.58%21.85333.52%31.77%688599.SH天合光能493.8438.21%280.6537.18%31.64%35.40178.88%17.72144.05%0.24%002056.SZ横店东磁102.469.35%56.1412.88%21.21%12.1252.03%6.2945.84%7.93%600537.SH亿晶光电43.6526.00%22.486.88%6.19%2.851106.64%1.58349.22%25.13%835985.BJ海泰新能21.26-26.76%12.01-27.32%29.83%0.6484.83%0.70242.97%1187.16%玻璃251.4629.62%122.5315.43%-4.97%21.75-7.69%12.29-11.79%129.88%601865.SH福莱特96.7832.50%43.1313.64%-19.60%10.858.19%5.731.31%12.12%002623.SZ亚玛顿16.8714.78%8.7814.93%8.51%0.39-9.22%0.23-26.81%49.47%600876.SH凯盛新能27.7917.92%13.520.16%-5.19%1.29-48.06%1.16-14.39%834.39%600207.SH安彩高科26.1249.28%13.9043.08%13.79%0.33-46.52%0.23-45.89%123.02%000012.SZ南玻A83.8928.69%43.1915.67%6.09%8.89-11.16%4.93-20.15%24.39%胶膜333.654.96%170.38-3.14%4.35%15.37-29.56%8.71-37.06%130.71%603806.SH福斯特106.1617.76%57.0311.15%16.08%8.85-16.31%5.20-27.53%42.81%688680.SH海优新材24.00-14.72%10.49-33.85%-22.34%-0.34-116.42%-0.57-143.50%-350.18%603212.SH赛伍技术22.21-1.66%11.801.67%13.42%0.50-71.25%0.17-80.16%-48.27%603051.SH鹿山新材14.5911.33%7.52-7.13%6.32%-0.67-186.90%-0.32-172.06%8.77%603330.SH天洋新材6.11-9.60%2.74-23.22%-18.70%0.01-96.52%-0.02-107.48%-167.56%688560.SH明冠新材8.36-8.76%4.35-18.41%8.37%0.53-43.85%0.33-44.95%72.30%601139.SH深圳燃气152.232.87%76.45-4.59%0.89%6.5020.56%3.9125.33%51.48%逆变器484.05119.52%268.8099.54%24.88%82.86239.11%49.02223.51%144.87%300274.SZ阳光电源286.22133.06%160.42107.97%27.52%43.54383.55%28.46481.46%88.80%300693.SZ盛弘股份11.02100.89%6.54110.34%46.07%1.81166.15%1.19162.92%89.87%002518.SZ科士达28.2385.56%14.2047.82%1.22%5.01129.85%2.6763.36%14.46%688348.SH昱能科技6.5832.30%2.22-31.35%-48.97%1.344.19%0.17-83.12%-85.93%300763.SZ锦浪科技32.5133.16%15.9719.22%-3.49%6.2757.51%3.0329.56%-6.57%688390.SH固德威38.14162.61%20.95161.01%21.85%7.411256.20%4.04794.45%20.20%688032.SH禾迈股份10.65107.30%4.8570.17%-16.50%3.4872.68%1.7250.28%-2.36%300827.SZ上能电气21.77416.58%15.57665.56%151.04%1.35488.54%0.991340.43%170.09%605117.SH德业股份48.94106.21%28.0983.34%34.74%12.64180.50%6.75111.96%14.60%支架50.0712.95%28.9313.71%36.82%2.7231.54%1.671.34%159.18%688408.SH中信博19.2133.72%11.0628.48%35.61%0.988319.15%0.59666.36%52.97%002897.SZ意华股份22.24-6.99%12.87-4.32%37.36%0.66-63.12%0.51-62.39%224.77%603628.SH清源股份8.6242.36%5.0047.81%38.17%1.08278.55%0.57153.80%12.91%EPC95.1020.74%57.2222.00%51.03%17.3225.01%10.8810.69%168.90%601222.SH林洋能源32.1138.35%21.4660.53%101.52%5.8141.85%3.8466.49%95.45%603105.SH芯能科技3.3212.66%2.0414.97%60.30%1.0935.93%0.7913.66%162.71%301046.SZ能辉科技1.85-11.67%1.1422.68%61.34%0.06-63.66%0.02-64.01%-62.13%601778.SH晶科科技17.5115.50%9.33-1.05%14.01%1.3836.37%1.13-29.47%367.56%000591.SZ太阳能40.3214.02%23.258.64%36.15%8.9915.38%5.10-1.48%31.02%设备270.5152.56%150.5846.89%25.56%43.7742.54%22.7516.23%108.24%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告13/34300316.SZ晶盛机电84.0692.37%48.0798.82%33.53%22.0682.78%13.1972.57%48.83%300751.SZ迈为股份28.6962.98%17.1284.92%48.03%4.257.13%2.04-5.89%-7.77%601908.SH京运通51.372.85%24.14-21.05%-11.34%0.56-85.70%-2.48-165.30%-181.69%300724.SZ捷佳伟创40.8352.39%21.5263.43%11.42%7.5248.00%4.1576.92%23.40%835368.BJ连城数控18.9155.16%12.4438.65%92.09%2.3330.35%1.3049.84%27.42%688516.SH奥特维25.1766.41%14.7866.52%42.29%5.2374.76%3.0156.64%36.18%688559.SH海目星21.4679.61%12.5167.17%39.71%1.8595.91%1.5384.13%385.26%金刚线82.2226.12%44.4315.23%17.56%16.6548.92%9.7343.34%140.74%300861.SZ美畅股份21.6840.96%11.7434.59%18.08%8.9333.99%5.1334.55%35.38%002132.SZ恒星科技21.06-10.16%11.73-21.17%25.76%0.35-68.05%0.39-49.29%954.07%688556.SH高测股份25.2188.80%12.6261.93%0.19%7.14201.27%3.79170.77%13.45%300554.SZ三超新材2.1917.24%1.144.52%9.38%0.05268.03%0.04-48.21%262.53%300700.SZ岱勒新材4.3055.80%2.7780.50%80.78%0.87111.01%0.66137.29%212.08%603595.SH东尼电子7.77-7.30%4.42-2.30%32.12%-0.68-207.41%-0.29-163.40%28.07%银浆93.7039.33%53.0750.10%30.60%5.2737.15%2.9444.65%126.32%688503.SH聚和材料41.8123.56%23.9841.86%34.42%2.6924.71%1.4529.32%17.29%300842.SZ帝科股份34.75108.05%19.2798.23%24.45%2.03630.47%1.161135.27%35.01%002079.SZ苏州固锝17.142.55%9.8212.47%34.27%0.55-60.63%0.33-60.11%42.44%石英坩埚48.89282.41%30.30303.99%62.95%28.39645.83%18.46640.19%185.91%603688.SH石英股份34.34392.71%22.11405.90%80.79%24.31742.52%16.10700.36%96.17%001269.SZ欧晶科技14.55150.19%8.18161.61%28.66%4.08342.85%2.36389.04%36.96%其他辅材79.8730.75%45.1943.14%30.34%8.3518.87%5.1345.01%158.94%688033.SH天宜上佳9.72141.27%6.61187.97%112.42%1.3282.27%0.86127.44%90.88%688598.SH金博股份6.07-28.34%3.05-23.13%0.88%2.83-23.07%1.65-0.15%39.84%301168.SZ通灵股份7.1214.75%3.8325.38%16.42%0.8480.06%0.4748.80%26.91%301278.SZ快可电子6.4920.02%3.4517.93%13.52%0.8886.16%0.4987.41%27.41%301266.SZ宇邦新材12.9133.11%7.3746.49%32.92%0.7349.47%0.3728.38%1.81%839167.BJ同享科技9.3637.93%5.1346.45%21.24%0.4865.08%0.2640.52%24.38%003038.SZ鑫铂股份28.2037.61%15.7645.91%26.69%1.2840.86%1.02126.62%288.22%合计光伏6386.2029.213474.7222.79%19.35%779.2736.11%382.2618.78%1.36%数据来源：Wind，东吴证券研究所2.22023H1盈利能力稳定，2023Q2盈利小幅回落光伏行业2023H1盈利能力稳定，2023Q2盈利小幅回落。2023H1全行业毛利率22.72%，同比上升0.85pct，2023Q2毛利率21.82%，同比下降0.01pct。2023H1全行业归母净利率12.20%，同比上升0.62pct，2023Q2归母净利率11.29%，同比下降0.38pct。2023H1毛利率增幅看：石英坩埚>电池>金刚线>逆变器>组件>支架>硅片>设备>银浆>其他辅材>胶膜>玻璃>EPC>硅料，归母净利率增幅看：石英坩埚>逆变器>电池>组件>金刚线>支架>EPC>银浆>硅片>其他辅材>设备>胶膜>玻璃>硅料。硅料2023H1毛利率35.50%，同比下降6.96pct，归母净利率20.43%，同比下降7.77pct；硅片2023H1毛利率20.38%，同比上升1.00pct，归母净利率11.12%，同比下降0.25pct；电池2023H1毛利率16.84%，同比上升8.46pct，归母净利率8.11%，同比上升5.00pct；组件2023H1毛利率17.14%，同比上升3.71pct，归母净利率8.90%，同比上升3.89pct；玻璃2023H1毛利率17.51%，请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告14/34同比下降3.64pct，归母净利率8.65%，同比下降3.50pct；胶膜2023H1毛利率13.17%，同比下降3.56pct，归母净利率4.61%，同比下降2.26pct；逆变器2023H1毛利率32.03%，同比上升3.89pct，归母净利率17.12%，同比上升6.04pct；支架2023H1毛利率18.45%，同比下降2.20pct，归母净利率5.43%，同比上升0.77pct；EPC2023H1毛利率39.17%，同比下降3.82pct，归母净利率18.21%，同比上升0.62pct；设备2023H1毛利率31.09%，同比上升0.56pct，归母净利率16.18%，同比下降1.14pct；金刚线2023H1毛利率35.59%，同比上升4.92pct，归母净利率20.25%，同比上升3.10pct；银浆2023H1毛利率11.50%，同比下降0.32pct，归母净利率5.63%，同比下降0.09pct；石英坩埚2023H1毛利率72.35%，同比上升27.48pct，归母净利率58.08%，同比上升28.30pct；其他辅材2023H1毛利率18.64%，同比下降2.06pct，归母净利率10.46%，同比下降1.04pct；光伏2023H1毛利率22.72%，同比上升0.85pct，归母净利率12.20%，同比上升0.62pct。2023Q2毛利率增幅看：石英坩埚>电池>金刚线>逆变器>组件>支架>银浆>设备>硅片>其他辅材>胶膜>玻璃>EPC>硅料，归母净利率增幅看：石英坩埚>逆变器>金刚线>电池>组件>其他辅材>银浆>支架>硅片>EPC>胶膜>玻璃>设备>硅料。硅料2023年Q2毛利率27.61%，同比下降14.83pct，归母净利率13.52%，同比下降13.69pct；硅片2023年Q2毛利率19.35%，同比下降0.51pct，归母净利率10.33%，同比下降1.56pct；电池2023年Q2毛利率17.16%，同比上升7.69pct，归母净利率7.87%，同比上升3.93pct；组件2023年Q21毛利率17.31%，同比上升4.40pct，归母净利率8.62%，同比上升3.60pct；玻璃2023年Q2毛利率17.93%，同比上升4.40pct，归母净利率10.03%，同比下降3.09pct；胶膜2023年Q2毛利率14.45%，同比下降3.80pct，归母净利率5.11%，同比下降2.75pct；逆变器2023年Q2毛利率31.99%，同比上升5.00pct，归母净利率18.24%，同比上升6.99pct；支架2023年Q2毛利率18.53%，同比上升2.26pct，归母净利率5.77%，同比下降0.70pct；EPC2023年Q2毛利率39.03%，同比下降6.26pct，归母净利率19.02%，同比下降1.94pct；设备2023年Q2毛利率31.29%，同比下降0.23pct，归母净利率15.11%，同比下降3.99pct；金刚线2023年Q2毛利率37.20%，同比上升6.43pct，归母净利率21.91%，同比上升4.30pct；银浆2023年Q2毛利率12.17%，同比下降0.10pct，归母净利率5.55%，同比下降0.21pct；石英坩埚2023年Q2毛利率75.52%，同比上升27.88pct，归母净利率60.94%，同比上升27.68pct；其他辅材2023年Q2毛利率19.04%，同比下降1.33pct，归母净利率11.34%，同比上升0.15pct；光伏2023年Q2毛利率21.82%，同比下降0.01pct，归母净利率11.29%，同比下降0.38pct。表14：光伏公司毛利率和归母净利率变动情况分析表毛利率归母净利率代码公司名称2023H12023H1同比2023Q22023Q2同比2023Q2环比2023H12023H1同比2023Q22023Q2同比2023Q2环比硅料35.50%-0.07pct27.61%-0.15pct-0.17pct28.20%-0.08pct13.52%-0.14pct-0.15pct603260.SH合盛硅业26.65%-0.15pct22.60%-0.13pct-0.08pct27.27%-0.12pct12.56%-0.10pct-0.05pct600438.SH通威股份34.14%-0.01pct26.81%-0.09pct-0.16pct20.26%-0.02pct11.44%-0.08pct-0.14pct688303.SH大全能源57.67%-0.13pct41.90%-0.35pct-0.30pct58.29%-0.11pct33.91%-0.30pct-0.26pct硅片20.38%0.01pct19.35%-0.01pct-0.02pct11.37%0.00pct10.33%-0.02pct-0.02pct601012.SH隆基绿能20.38%-0.02pct20.76%0.00pct0.01pct16.51%-0.02pct20.00%0.03pct0.12pct002129.SZTCL中环23.21%0.06pct23.41%0.07pct0.00pct9.20%0.04pct13.21%0.04pct0.00pct601908.SH京运通14.54%-0.05pct6.74%-0.18pct-0.15pct7.77%-0.07pct-10.26%-0.23pct-0.21pct603185.SH弘元绿能21.97%0.02pct17.61%-0.07pct-0.09pct13.76%0.00pct9.30%-0.07pct-0.10pct请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告15/34600481.SH双良节能13.75%-0.06pct13.01%-0.08pct-0.02pct8.22%-0.03pct1.74%-0.07pct-0.07pct电池16.84%0.08pct17.16%0.08pct0.01pct3.11%0.05pct7.87%0.04pct-0.01pct002865.SZ钧达股份16.84%0.07pct18.80%0.09pct0.05pct6.16%0.04pct11.03%0.01pct0.02pct600732.SH爱旭股份17.92%0.09pct17.74%0.07pct0.00pct3.73%0.04pct7.14%0.03pct-0.02pct002610.SZ爱康科技10.63%0.12pct8.34%0.09pct-0.05pct-6.61%0.08pct0.86%0.10pct-0.02pct组件17.14%0.04pct17.31%0.04pct0.00pct5.01%0.04pct8.62%0.04pct-0.01pct601012.SH隆基绿能19.08%0.01pct20.00%0.05pct0.02pct8.21%0.03pct11.79%0.04pct0.01pct688472.SH阿特斯14.53%0.05pct13.38%0.03pct-0.03pct2.30%0.05pct7.04%0.04pct-0.01pct002459.SZ晶澳科技19.35%0.06pct19.59%0.08pct0.00pct5.98%0.06pct10.96%0.05pct-0.02pct300118.SZ东方日升13.45%0.01pct14.12%0.03pct0.02pct4.00%0.01pct5.08%0.01pct0.00pct688223.SH晶科能源15.18%0.05pct16.23%0.05pct0.02pct2.71%0.04pct7.17%0.04pct0.00pct688599.SH天合光能16.92%0.03pct16.14%0.03pct-0.02pct3.55%0.04pct6.31%0.03pct-0.02pct002056.SZ横店东磁22.98%0.06pct21.64%0.05pct-0.03pct8.51%0.03pct11.21%0.03pct-0.01pct600537.SH亿晶光电14.45%0.08pct14.12%0.07pct-0.01pct0.68%0.06pct7.04%0.05pct0.01pct835985.BJ海泰新能10.59%0.05pct14.01%0.09pct0.08pct1.19%0.02pct5.86%0.05pct0.07pct玻璃17.51%-0.04pct17.93%-0.04pct0.01pct12.14%-0.04pct10.03%-0.03pct0.03pct601865.SH福莱特19.12%-0.04pct19.93%-0.04pct0.01pct13.73%-0.03pct13.29%-0.02pct0.04pct002623.SZ亚玛顿7.29%0.00pct7.66%-0.02pct0.01pct2.93%-0.01pct2.66%-0.02pct0.01pct600876.SH凯盛新能10.65%0.00pct11.54%0.01pct0.02pct10.52%-0.06pct8.60%-0.01pct0.08pct600207.SH安彩高科9.19%-0.03pct9.03%-0.04pct0.00pct3.49%-0.02pct1.62%-0.03pct0.01pct000012.SZ南玻A22.58%-0.06pct22.90%-0.06pct0.01pct15.36%-0.05pct11.42%-0.05pct0.02pct胶膜13.17%-0.04pct14.45%-0.04pct0.03pct6.87%-0.02pct5.11%-0.03pct0.01pct603806.SH福斯特14.61%-0.05pct16.62%-0.06pct0.04pct11.72%-0.03pct9.12%-0.05pct0.02pct688680.SH海优新材3.91%-0.10pct0.89%-0.15pct-0.05pct7.39%-0.09pct-5.42%-0.14pct-0.07pct603212.SH赛伍技术10.21%-0.05pct12.02%-0.05pct0.04pct7.76%-0.05pct1.45%-0.06pct-0.02pct603051.SH鹿山新材3.01%-0.10pct3.03%-0.10pct0.00pct5.89%-0.10pct-4.25%-0.10pct0.01pct603330.SH天洋新材17.34%-0.02pct20.29%-0.01pct0.05pct4.75%-0.05pct-0.85%-0.10pct-0.02pct688560.SH明冠新材12.99%-0.09pct13.86%-0.10pct0.02pct10.28%-0.04pct7.70%-0.04pct0.03pct601139.SH深圳燃气14.88%0.00pct16.01%0.00pct0.02pct3.64%0.01pct5.12%0.01pct0.02pct逆变器32.03%0.04pct31.99%0.05pct0.00pct11.08%0.06pct18.24%0.07pct0.03pct300274.SZ阳光电源29.42%0.04pct30.53%0.07pct0.03pct7.33%0.08pct17.74%0.11pct0.06pct300693.SZ盛弘股份41.54%-0.01pct40.86%-0.03pct-0.02pct12.43%0.04pct18.17%0.04pct0.04pct002518.SZ科士达32.87%0.02pct33.70%0.03pct0.02pct14.33%0.03pct18.83%0.02pct0.02pct688348.SH昱能科技41.42%0.01pct41.10%0.01pct0.00pct25.89%-0.06pct7.45%-0.23pct-0.20pct300763.SZ锦浪科技36.73%0.05pct36.77%0.04pct0.00pct16.31%0.03pct18.97%0.02pct-0.01pct688390.SH固德威35.55%0.06pct32.68%0.04pct-0.06pct3.76%0.16pct19.30%0.14pct0.00pct688032.SH禾迈股份42.78%-0.03pct38.43%-0.06pct-0.08pct39.28%-0.07pct35.53%-0.05pct0.05pct300827.SZ上能电气17.36%-0.06pct16.65%-0.04pct-0.03pct5.45%0.01pct6.34%0.03pct0.00pct605117.SH德业股份41.76%0.14pct40.79%0.12pct-0.02pct18.98%0.07pct24.02%0.03pct-0.04pct支架18.45%0.02pct18.53%0.02pct0.00pct4.66%0.01pct5.77%-0.01pct0.01pct688408.SH中信博15.87%0.04pct17.59%0.04pct0.04pct-0.08%0.05pct5.36%0.04pct0.01pct002897.SZ意华股份17.28%-0.01pct16.01%0.00pct-0.03pct7.51%-0.05pct3.93%-0.06pct0.02pct603628.SH清源股份27.21%0.07pct27.08%0.05pct0.00pct4.70%0.08pct11.42%0.05pct-0.03pctEPC39.17%-0.04pct39.03%-0.06pct0.00pct17.59%0.01pct19.02%-0.02pct0.02pct请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告16/34601222.SH林洋能源30.71%-0.07pct28.00%-0.12pct-0.08pct17.65%0.00pct17.91%0.01pct-0.01pct603105.SH芯能科技57.14%0.02pct59.71%-0.04pct0.07pct27.27%0.06pct38.70%0.00pct0.15pct301046.SZ能辉科技27.61%0.02pct26.80%0.00pct-0.02pct7.67%-0.05pct1.40%-0.03pct-0.05pct601778.SH晶科科技49.34%0.01pct57.45%0.04pct0.17pct6.66%0.01pct12.16%-0.05pct0.09pct000591.SZ太阳能40.55%-0.04pct40.61%-0.03pct0.00pct22.02%0.00pct21.92%-0.02pct-0.01pct设备31.08%0.01pct31.29%0.00pct0.00pct17.32%-0.01pct15.11%-0.04pct-0.02pct300316.SZ晶盛机电42.65%0.03pct44.19%0.04pct0.04pct27.62%-0.01pct27.45%-0.04pct0.03pct300751.SZ迈为股份32.71%-0.07pct31.82%-0.08pct-0.02pct22.51%-0.08pct11.90%-0.11pct-0.07pct601908.SH京运通14.54%-0.05pct6.74%-0.18pct-0.15pct7.77%-0.07pct-10.26%-0.23pct-0.21pct300724.SZ捷佳伟创26.45%0.01pct29.75%0.06pct0.07pct18.95%-0.01pct19.29%0.01pct0.02pct835368.BJ连城数控25.34%0.00pct25.70%0.01pct0.01pct14.64%-0.02pct10.48%0.01pct-0.05pct688516.SH奥特维36.64%-0.02pct36.67%-0.03pct0.00pct19.76%0.01pct20.38%-0.01pct-0.01pct688559.SH海目星30.48%-0.04pct30.22%-0.04pct-0.01pct7.89%0.01pct12.25%0.01pct0.09pct金刚线35.59%0.05pct37.20%0.06pct0.04pct17.15%0.03pct21.91%0.04pct0.04pct300861.SZ美畅股份56.49%0.01pct60.38%0.04pct0.08pct43.31%-0.02pct43.73%0.00pct0.06pct002132.SZ恒星科技9.90%-0.04pct9.89%-0.05pct0.00pct4.64%-0.03pct3.35%-0.02pct0.04pct688556.SH高测股份46.76%0.08pct50.40%0.11pct0.07pct17.74%0.11pct30.07%0.12pct0.04pct300554.SZ三超新材27.38%0.05pct28.96%0.03pct0.03pct0.66%0.01pct3.12%-0.03pct0.02pct300700.SZ岱勒新材38.27%0.06pct40.84%0.06pct0.07pct14.98%0.05pct23.87%0.06pct0.10pct603595.SH东尼电子11.49%-0.08pct10.37%-0.08pct-0.03pct7.57%-0.16pct-6.45%-0.16pct0.05pct银浆11.50%0.00pct12.17%0.00pct0.02pct5.72%0.00pct5.55%0.00pct0.00pct688503.SH聚和材料10.18%-0.01pct11.26%0.00pct0.03pct6.38%0.00pct6.06%-0.01pct-0.01pct300842.SZ帝科股份11.59%0.04pct11.81%0.04pct0.01pct1.66%0.04pct6.04%0.05pct0.00pct002079.SZ苏州固锝14.54%-0.02pct15.09%-0.03pct0.01pct8.43%-0.05pct3.32%-0.06pct0.00pct石英坩埚72.35%0.27pct75.52%0.28pct0.08pct29.78%0.28pct60.94%0.28pct0.08pct603688.SH石英股份87.75%0.27pct89.66%0.26pct0.05pct41.41%0.29pct72.84%0.27pct0.06pct001269.SZ欧晶科技36.00%0.10pct37.31%0.12pct0.03pct15.84%0.12pct28.80%0.13pct0.02pct其他辅材18.64%-0.02pct19.04%-0.01pct0.01pct11.50%-0.01pct11.34%0.00pct0.02pct688033.SH天宜上佳36.32%-0.19pct36.35%-0.17pct0.00pct17.94%-0.04pct13.08%-0.03pct-0.01pct688598.SH金博股份36.53%-0.16pct37.04%-0.14pct0.01pct43.47%0.03pct54.18%0.12pct0.15pct301168.SZ通灵股份21.70%0.08pct21.82%0.06pct0.00pct7.55%0.04pct12.32%0.02pct0.01pct301278.SZ快可电子21.19%0.06pct21.65%0.06pct0.01pct8.70%0.05pct14.22%0.05pct0.02pct301266.SZ宇邦新材12.29%0.00pct11.70%-0.02pct-0.01pct5.03%0.01pct4.99%-0.01pct-0.02pct839167.BJ同享科技11.57%0.01pct10.66%0.00pct-0.02pct4.24%0.01pct5.14%0.00pct0.00pct003038.SZ鑫铂股份12.60%0.01pct13.21%0.02pct0.01pct4.43%0.00pct6.45%0.02pct0.04pct合计光伏22.72%0.01pct21.82%0.00pct-0.02pct11.58%0.01pct11.29%0.00pct-0.02pct数据来源：Wind，东吴证券研究所2023H1光伏板块现金流同比大幅上升。2023年H1现金流为净流入588.13亿元，2022年同期现金流为净流入445.33亿元，同比上升32.07%。2023二季度，板块现金流净流入589.86亿元，同比上升25.02%，与2023一季度净流入-1.73亿元相比，环比升高34177.76%。2023H1现金流增速看：石英坩埚>逆变器>设备>支架>金刚线>胶膜>硅料>组件>电池>硅片>其他辅材>EPC>银浆>玻璃，2023Q2现金流增速看：石英坩埚>逆变器>支架>请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告17/34胶膜>金刚线>电池>硅料>设备>组件>硅片>玻璃>其他辅材>EPC>银浆。表15：光伏板块2022-2023Q2经营净现金流情况(亿元)代码公司名称2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比22H123H123H1同比硅料51.41156.72181.46196.0063.56184.2017.53%189.81%208.13247.7619.04%603260.SH合盛硅业5.7598-0.22211.3690-13.1670-12.6526-5.2299-2255.02%58.67%5.54-17.88-422.92%600438.SH通威股份32.4892101.8738154.4630149.353222.4547189.106685.63%742.17%134.36211.5657.46%688303.SH大全能源13.160555.070125.623859.814953.75810.3261-99.41%-99.39%68.2354.08-20.73%硅片9.25142.8390.6145.05-27.85106.93-25.13%483.99%152.0879.09-48.00%601012.SH隆基绿能-3.0918110.075698.030738.6869-33.256185.2258-22.58%356.27%106.9851.97-51.42%002129.SZTCL中环9.565818.533214.31848.151010.388118.2131-1.73%75.33%28.1028.601.79%601908.SH京运通-0.57601.2883-4.90322.4060-0.01364.9484284.11%36506.49%0.714.93592.85%603185.SH弘元绿能6.525615.77544.70292.54961.05610.2466-98.44%-76.65%22.301.30-94.16%600481.SH双良节能-3.1720-2.8425-21.5412-6.7408-6.0224-1.699940.20%71.77%-6.01-7.72-28.39%电池1.8123.585.6624.64-6.8432.6738.58%577.74%25.3825.831.77%002865.SZ钧达股份0.4918-0.8240-1.71113.60090.5621-3.0302-267.74%-639.11%-0.33-2.47-642.92%600732.SH爱旭股份3.272820.00098.741820.2758-5.470232.065860.32%686.19%23.2726.6014.27%002610.SZ爱康科技-1.95604.3990-1.37160.7673-1.93073.6365-17.33%288.35%2.441.71-30.18%组件-31.51222.10149.72189.66-27.61247.1111.26%995.10%190.59219.5015.17%601012.SH隆基绿能-3.0918110.075698.030738.6869-33.256185.2258-22.58%356.27%106.9851.97-51.42%688472.SH阿特斯0.96496.55730.00000.0000-9.312114.7226124.52%258.10%7.525.41-28.07%002459.SZ晶澳科技-19.081424.056420.265756.624218.968129.352522.02%54.75%4.9848.32871.26%300118.SZ东方日升6.922115.91965.21752.30061.61906.0944-61.72%276.42%22.847.71-66.23%688223.SH晶科能源2.954619.34900.310218.2282-2.896958.6140202.93%2123.36%22.3055.72149.81%688599.SH天合光能-19.078834.527724.101452.8206-8.933736.98107.11%513.95%15.4528.0581.55%002056.SZ横店东磁1.76809.08214.274013.74134.985716.487581.54%230.69%10.8521.4797.91%600537.SH亿晶光电-3.52521.2779-1.67197.65371.4661-1.9662-253.86%-234.12%-2.25-0.5077.74%835985.BJ海泰新能0.65941.2495-0.8089-0.3966-0.24691.596427.76%746.66%1.911.35-29.30%玻璃3.1712.645.30-3.65-14.535.78-54.27%139.79%15.81-8.75-155.32%601865.SH福莱特5.61183.45081.6612-8.9549-4.8091-3.6444-205.61%24.22%9.06-8.45-193.28%002623.SZ亚玛顿-1.30460.7606-0.13411.6909-1.31992.0896174.73%258.31%-0.540.77241.50%600876.SH凯盛新能-2.30030.3786-0.7812-1.2775-2.0476-1.7998-575.43%12.10%-1.92-3.85-100.20%600207.SH安彩高科0.14500.0419-2.60181.5043-3.50731.10632537.32%131.54%0.19-2.40-1384.01%000012.SZ南玻A1.02068.00757.15813.3851-2.84418.02830.26%382.28%9.035.18-42.58%胶膜-19.30-29.46-3.4330.24-21.08-1.2595.76%94.07%-48.76-22.3354.21%603806.SH福斯特-1.5143-11.05070.802112.0232-9.8434-9.055718.05%8.00%-12.56-18.90-50.41%688680.SH海优新材-6.8955-11.5994-8.7058-1.9492-7.2060-1.085190.65%84.94%-18.49-8.2955.17%603212.SH赛伍技术-0.7803-0.6538-0.82341.4610-3.19210.6945206.22%121.76%-1.43-2.50-74.15%603051.SH鹿山新材-1.6516-3.7133-2.29450.7457-1.9456-1.224567.02%37.06%-5.36-3.1740.91%603330.SH天洋新材-0.76270.2564-2.64710.6060-0.99771.1986367.37%220.13%-0.510.20139.67%688560.SH明冠新材-0.1797-0.34700.73410.6224-0.74480.3108189.57%141.74%-0.53-0.4317.61%601139.SH深圳燃气-7.5172-2.35439.509616.73132.85007.9117436.06%177.61%-9.8710.76209.02%逆变器-24.7617.747.1765.51-1.2973.63315.12%5821.77%-7.0272.341129.99%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告18/34300274.SZ阳光电源-16.82584.2350-16.375941.0717-7.939355.63441213.70%800.75%-12.5947.70478.81%300693.SZ盛弘股份-0.48550.99470.81350.70020.90290.4796-51.78%-46.88%0.511.38171.49%002518.SZ科士达-1.88021.42554.40124.64486.16693.3623135.88%-45.48%-0.459.532195.68%688348.SH昱能科技0.43240.1794-0.6946-3.1496-4.3009-3.2797-1928.59%23.75%0.61-7.58-1339.13%300763.SZ锦浪科技0.57462.41422.96113.66651.1661-2.2080-191.46%-289.35%2.99-1.04-134.86%688390.SH固德威-1.78971.44273.99995.09211.07485.9853314.86%456.88%-0.357.062134.92%688032.SH禾迈股份0.29311.37341.59930.9949-0.92450.7799-43.21%184.36%1.67-0.14-108.68%300827.SZ上能电气-4.02560.29940.26964.9622-4.88062.8652856.84%158.71%-3.73-2.0245.91%605117.SH德业股份-1.05415.372710.19427.52367.447810.010386.32%34.40%4.3217.46304.25%支架-4.15-3.582.798.73-0.260.23106.38%189.62%-7.73-0.0399.66%688408.SH中信博-4.5001-2.4096-0.47544.9081-0.25581.0843145.00%523.91%-6.910.83111.99%002897.SZ意华股份0.4022-0.41983.13871.9222-0.3269-0.6100-45.30%-86.62%-0.02-0.94-5222.43%603628.SH清源股份-0.0532-0.75250.12241.90120.3276-0.245767.34%-175.00%-0.810.08110.16%EPC0.7216.9613.9651.94-1.79-5.21-130.73%-191.00%17.68-7.00-139.59%601222.SH林洋能源-0.29971.29433.69255.4158-0.7522-1.3107-201.27%-74.26%0.99-2.06-307.40%603105.SH芯能科技0.13012.55101.51421.53350.37940.8996-64.73%137.12%2.681.28-52.29%301046.SZ能辉科技-0.3755-0.3526-0.3851-0.0300-0.4037-0.3539-0.38%12.34%-0.73-0.76-4.06%601778.SH晶科科技-0.66408.36653.08007.1306-10.4368-3.0558-136.52%70.72%7.70-13.49-275.17%000591.SZ太阳能1.93415.09736.062037.89189.4229-1.3896-127.26%-114.75%7.038.0314.25%设备-9.1921.666.7622.3212.9624.5813.49%89.75%12.4737.54201.10%300316.SZ晶盛机电-7.44736.92098.16155.50004.31275.8645-15.26%35.98%-0.5310.182033.16%300751.SZ迈为股份0.29433.92712.04072.29272.90322.2188-43.50%-23.57%4.225.1221.33%601908.SH京运通-0.57601.2883-4.90322.4060-0.01364.9484284.11%36506.49%0.714.93592.85%300724.SZ捷佳伟创3.38585.5603-0.50216.068911.32129.843277.03%-13.06%8.9521.16136.58%835368.BJ连城数控-1.22420.8505-2.7977-0.3610-2.21970.7109-16.41%132.03%-0.37-1.51-303.71%688516.SH奥特维0.45791.60011.41312.30570.74781.941121.32%159.56%2.062.6930.66%688559.SH海目星-4.08391.51343.34524.1106-4.0965-0.9440-162.38%76.96%-2.57-5.04-96.09%金刚线0.412.71-3.984.020.984.2657.08%336.19%3.125.2367.64%300861.SZ美畅股份2.79140.3096-0.50372.2794-1.3607-0.1628-152.59%88.03%3.10-1.52-149.13%002132.SZ恒星科技-1.05762.9640-1.7592-1.30853.20810.3734-87.40%-88.36%1.913.5887.87%688556.SH高测股份-1.44310.68280.26052.7398-1.87156.6430872.98%454.95%-0.764.77727.57%300554.SZ三超新材-0.1842-0.2651-0.3330-0.5031-0.3368-0.048881.60%85.52%-0.45-0.3914.18%300700.SZ岱勒新材-0.23020.0906-0.01110.30750.05830.1908110.58%226.96%-0.140.25278.43%603595.SH东尼电子0.5349-1.0728-1.63020.50381.2781-2.7402-155.42%-314.40%-0.54-1.46-171.81%银浆-4.72-1.43-1.51-4.94-11.37-4.28-200.26%62.34%-6.14-15.65-154.70%688503.SH聚和材料-7.0922-1.22040.1081-3.9437-5.7815-5.4360-345.42%5.98%-8.31-11.22-34.95%300842.SZ帝科股份3.1967-0.7019-2.6213-1.8424-4.96410.0327104.66%100.66%2.49-4.93-297.66%002079.SZ苏州固锝-0.82250.49650.99940.8415-0.62151.1221126.01%280.56%-0.330.50253.56%石英坩埚0.420.461.352.655.4311.292360.17%107.71%0.8816.721801.89%603688.SH石英股份-0.19010.73231.42702.87746.56528.94001120.87%36.17%0.5415.512759.97%001269.SZ欧晶科技0.6105-0.2735-0.0767-0.2300-1.13192.3454957.40%307.20%0.341.21260.18%其他辅材-3.710.262.662.10-5.320.10-60.86%101.89%-3.45-5.22-51.37%688033.SH天宜上佳0.1048-0.3602-1.10591.01100.2297-0.118867.03%-151.71%-0.260.11143.42%688598.SH金博股份1.61641.98910.34420.99710.53741.7689-11.07%229.16%3.612.31-36.03%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告19/34301168.SZ通灵股份0.00880.45991.84160.4152-0.57050.0944-79.48%116.54%0.47-0.48-201.58%301278.SZ快可电子-0.32140.13540.14020.7902-0.26760.9402594.19%451.37%-0.190.67461.60%301266.SZ宇邦新材-1.1867-2.35980.2756-0.1203-0.8805-1.512435.91%-71.77%-3.55-2.3932.53%839167.BJ同享科技-1.4267-0.35591.62120.1707-1.2748-0.5343-50.14%58.09%-1.78-1.81-1.49%003038.SZ鑫铂股份-2.50290.7481-0.4559-1.1674-3.0980-0.5375-171.85%82.65%-1.75-3.64-107.18%合计光伏-26.47471.81365.39593.17-1.73589.8625.02%34177.76%445.33588.1332.07%数据来源：Wind，东吴证券研究所2.32023二季度应收账款、合同负债、存货增长2023二季度应收账款、合同负债环比增长。2023年二季度末光伏板块应收账款为1867.78亿元，环比上升12.23%；合同负债1029.25亿元，环比上升5.34%。其中，隆基绿能2023Q2应收账款125.09亿元，环比上升15.23%，合同负债129.64亿元，环比降低16.92%。晶科能源2023Q2应收账款214.61亿元，环比上涨18.36%，合同负债72.31亿元，环比降低14.52%。阳光电源2023Q2应收账款144.80亿元，环比下降1.45%。晶盛机电2023Q2合同负债103.86亿元，环比上升1.74%。表16：光伏公司应收账款、合同负债变动情况分析表（亿元）应收账款合同负债代码公司名称2022Q32022Q42023Q12023Q22023Q2环比2022Q32022Q42023Q12023Q22023Q2环比硅料39.4748.4056.2861.829.84%117.9165.9268.5086.3926.10%603260.SH合盛硅业3.763.395.095.365.23%4.913.082.173.7271.59%600438.SH通威股份35.7145.0151.1956.4610.30%83.1054.4253.6268.2027.20%688303.SH大全能源29.898.4112.7214.4613.72%硅片175.88168.89202.46229.2713.24%291.00190.32202.31165.74-18.08%601012.SH隆基绿能91.4590.76108.56125.0915.23%215.63146.91156.04129.64-16.92%002129.SZTCL中环36.0138.1248.5953.389.85%39.8018.1818.4913.10-29.11%601908.SH京运通31.8930.0532.1633.754.94%2.801.361.583.17100.56%603185.SH弘元绿能2.420.824.292.63-38.82%9.706.018.415.80-31.08%600481.SH双良节能14.129.158.8614.4262.74%23.0717.8617.7914.04-21.12%电池11.3111.6512.7115.5021.98%32.2212.2117.3913.70-21.21%002865.SZ钧达股份0.360.460.751.3581.34%4.793.174.334.9213.65%600732.SH爱旭股份3.262.023.340.90-73.01%19.544.1210.295.77-43.96%002610.SZ爱康科技7.699.178.6213.2553.70%7.894.912.773.018.76%组件490.63602.64667.22798.3219.65%452.27419.31434.12400.74-7.69%601012.SH隆基绿能91.4590.76108.56125.0915.23%215.63146.91156.04129.64-16.92%688472.SH阿特斯0.0057.1864.1385.6633.57%0.0030.9531.2938.7123.70%002459.SZ晶澳科技94.3083.4793.12103.7911.46%57.2053.8845.4945.610.25%300118.SZ东方日升34.5431.2935.4247.5034.12%28.8634.4540.0838.58-3.73%688223.SH晶科能源114.19165.94181.31214.6118.36%82.3287.4085.7673.31-14.52%688599.SH天合光能119.47132.10144.45171.2418.54%44.5249.6761.2961.340.09%002056.SZ横店东磁22.1922.5124.1526.569.96%2.444.854.554.958.79%600537.SH亿晶光电11.3116.1613.2719.7548.84%16.939.285.926.448.71%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告20/34835985.BJ海泰新能3.173.242.814.1346.73%4.381.923.702.17-41.42%玻璃59.1462.7579.8471.17-10.86%7.986.246.875.57-18.88%601865.SH福莱特27.3628.1139.1730.41-22.37%0.981.150.991.033.88%002623.SZ亚玛顿6.946.527.097.475.39%0.210.180.470.38-18.66%600876.SH凯盛新能8.799.8111.079.84-11.13%0.440.190.830.26-68.31%600207.SH安彩高科5.006.515.557.2731.03%0.620.551.000.47-52.86%000012.SZ南玻A11.0411.8016.9616.18-4.62%5.734.183.583.43-4.24%胶膜120.24101.51124.54121.57-2.38%27.7023.6624.9326.195.04%603806.SH福斯特39.5137.7643.3047.239.07%0.650.650.570.34-40.81%688680.SH海优新材15.0814.8617.2011.58-32.69%0.180.090.210.09-56.30%603212.SH赛伍技术14.6913.1314.1817.5123.48%0.070.080.040.0770.26%603051.SH鹿山新材5.144.516.256.422.64%0.350.210.230.19-14.35%603330.SH天洋新材4.463.574.043.35-17.12%0.070.080.100.07-28.34%688560.SH明冠新材5.654.235.005.9318.54%0.030.070.000.081654.00%601139.SH深圳燃气35.7223.4534.5529.55-14.47%26.3322.4923.7925.356.56%逆变器155.87194.03209.71213.381.75%44.7751.7357.3571.1924.14%300274.SZ阳光电源104.97138.04146.93144.80-1.45%30.6937.8839.1456.6544.73%300693.SZ盛弘股份4.075.515.987.0417.68%1.331.552.022.156.65%002518.SZ科士达11.7612.9711.5511.913.09%1.812.042.172.6321.22%688348.SH昱能科技3.313.674.073.27-19.55%0.100.220.260.19-26.07%300763.SZ锦浪科技11.8810.5311.5011.782.43%1.290.811.050.88-16.70%688390.SH固德威5.156.398.479.4511.58%2.663.213.813.50-8.35%688032.SH禾迈股份3.073.033.453.35-2.89%1.041.471.441.14-20.59%300827.SZ上能电气6.898.319.2615.2364.37%2.972.633.001.54-48.80%605117.SH德业股份4.785.578.506.55-22.90%2.871.924.462.52-43.47%支架17.2218.5618.2725.1137.45%3.104.783.896.6270.02%688408.SH中信博4.474.934.348.69100.54%1.882.842.496.15146.78%002897.SZ意华股份6.627.587.989.4518.49%1.081.771.150.33-71.39%603628.SH清源股份6.136.055.966.9616.94%0.140.170.250.14-43.52%EPC221.73184.02186.15208.9312.24%8.394.477.055.90-16.29%601222.SH林洋能源42.2031.0430.9838.3923.93%1.661.073.222.23-30.53%603105.SH芯能科技1.300.670.921.7084.25%0.090.010.090.07-22.52%301046.SZ能辉科技2.512.933.113.6015.86%0.350.300.240.12-48.01%601778.SH晶科科技56.6147.8052.6356.567.48%0.621.892.001.45-27.42%000591.SZ太阳能119.11101.5898.51108.6710.31%5.661.201.512.0234.13%设备115.41115.66121.59133.619.88%215.98253.97304.18370.0521.65%300316.SZ晶盛机电25.1725.3824.9627.5710.45%78.5994.65102.09103.861.74%300751.SZ迈为股份12.1913.7612.9016.2926.31%34.7043.0653.3566.6124.86%601908.SH京运通31.8930.0532.1633.754.94%2.801.361.583.17100.56%300724.SZ捷佳伟创17.0318.5820.2421.707.21%46.1658.1277.86118.3351.98%835368.BJ连城数控11.609.2210.5711.6910.52%11.6311.8015.3620.8435.73%688516.SH奥特维7.208.109.0510.8820.23%18.3919.8024.6026.437.44%688559.SH海目星10.3310.5811.7111.740.19%23.7225.1729.3530.804.95%金刚线36.5841.1939.6243.309.27%5.854.646.517.6818.06%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告21/34300861.SZ美畅股份5.378.246.037.6326.62%0.030.020.040.25523.77%002132.SZ恒星科技10.5910.7911.1710.89-2.47%0.540.360.770.45-41.64%688556.SH高测股份9.5310.9213.6014.516.68%4.863.444.996.5631.65%300554.SZ三超新材1.301.621.511.648.98%0.010.010.010.00-50.19%300700.SZ岱勒新材2.112.412.293.2943.35%0.000.010.000.01117.80%603595.SH东尼电子7.687.225.045.346.09%0.410.810.700.41-41.53%银浆25.2626.3529.5538.2429.42%0.590.230.280.22-21.02%688503.SH聚和材料10.5210.6611.5115.7236.63%0.110.050.050.0743.57%300842.SZ帝科股份8.238.9411.5914.5925.88%0.050.030.060.06-8.95%002079.SZ苏州固锝6.506.756.457.9322.92%0.430.150.170.10-43.27%石英坩埚6.398.0510.2315.6753.07%0.671.111.041.7366.53%603688.SH石英股份2.602.693.678.31126.56%0.651.101.011.7269.18%001269.SZ欧晶科技3.795.356.567.3511.98%0.020.010.020.01-55.54%其他辅材40.3740.0946.7650.738.50%0.410.260.300.3620.12%688033.SH天宜上佳9.479.509.379.703.50%0.000.020.010.02101.15%688598.SH金博股份4.304.305.404.83-10.51%0.070.070.080.07-10.46%301168.SZ通灵股份5.144.525.075.426.86%0.070.010.010.0297.86%301278.SZ快可电子3.523.053.283.7514.21%0.100.050.080.1250.88%301266.SZ宇邦新材4.895.495.907.0619.71%0.020.040.010.03136.56%839167.BJ同享科技3.443.375.156.3924.06%0.000.000.000.00#DIV/0!003038.SZ鑫铂股份9.599.8612.5913.597.92%0.160.060.100.09-13.61%合计光伏1,392.151,502.991,664.231,867.7812.23%990.40890.58977.091,029.255.34%数据来源：Wind，东吴证券研究所光伏板块2023年二季度存货有所增长。整体板块2023Q2末存货2602.22亿元，环比增加6.29%。隆基绿能2023Q2末存货222.37亿元，环比降低1.35%。通威股份2023Q2末存货102.95亿元，环比降低27.56%，晶澳科技2023Q2末存货141.42亿元，环比增长20.68%，锦浪科技2023Q2末存货25.95亿元，环比增长7.85%。表17：光伏板块2022Q3-2023Q2存货变动情况(亿元)代码公司名称2022Q32022Q42023Q12023Q22023Q2环比硅料170.40198.43246.67211.80-14.13%603260.SH合盛硅业65.8176.1090.7796.656.47%600438.SH通威股份98.85110.03142.11102.95-27.56%688303.SH大全能源5.7312.3013.7812.21-11.44%硅片381.29317.41372.46357.13-4.12%601012.SH隆基绿能258.04193.18225.41222.37-1.35%002129.SZTCL中环50.2064.3078.8269.89-11.33%601908.SH京运通24.8316.7819.1120.808.81%603185.SH弘元绿能15.8014.7415.0212.94-13.83%600481.SH双良节能32.4228.4134.1131.13-8.72%电池28.8424.7729.9330.672.47%002865.SZ钧达股份4.803.396.746.51-3.48%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告22/34600732.SH爱旭股份17.5015.2716.7319.5716.99%002610.SZ爱康科技6.546.116.464.59-28.92%组件923.61871.061,022.371,044.832.20%601012.SH隆基绿能258.04193.18225.41222.37-1.35%688472.SH阿特斯0.0091.37100.9397.59-3.31%002459.SZ晶澳科技152.25119.09117.18141.4220.69%300118.SZ东方日升56.6964.0276.7977.400.80%688223.SH晶科能源214.33174.50214.41200.86-6.32%688599.SH天合光能196.08187.15239.80263.8410.03%002056.SZ横店东磁25.9820.3625.8721.55-16.68%600537.SH亿晶光电10.9413.8013.4213.702.11%835985.BJ海泰新能9.307.588.566.09-28.83%玻璃46.8654.5455.4463.9615.38%601865.SH福莱特17.4023.9620.4726.5629.72%002623.SZ亚玛顿1.641.851.541.9124.11%600876.SH凯盛新能6.666.968.0410.1926.79%600207.SH安彩高科3.573.924.964.12-17.02%000012.SZ南玻A17.5917.8420.4221.183.73%胶膜92.3790.8278.8378.60-0.29%603806.SH福斯特39.9035.1630.6231.071.46%688680.SH海优新材13.6313.2513.5211.41-15.59%603212.SH赛伍技术6.676.787.177.190.25%603051.SH鹿山新材5.436.276.404.66-27.20%603330.SH天洋新材4.634.123.713.30-11.10%688560.SH明冠新材2.542.603.252.51-22.80%601139.SH深圳燃气19.5522.6514.1718.4730.39%逆变器286.46282.90298.67344.0215.18%300274.SZ阳光电源207.70190.60187.30231.8823.80%300693.SZ盛弘股份4.844.836.026.508.01%002518.SZ科士达8.559.5813.1412.32-6.21%688348.SH昱能科技6.4113.0416.7416.991.48%300763.SZ锦浪科技19.3120.6424.0625.957.85%688390.SH固德威15.4615.7918.5217.70-4.43%688032.SH禾迈股份3.926.427.838.184.37%300827.SZ上能电气12.5413.3715.3215.440.79%605117.SH德业股份7.728.659.739.05-6.98%支架25.5424.0925.1331.2424.31%688408.SH中信博7.927.588.6015.1175.74%002897.SZ意华股份15.7514.4614.1414.280.99%603628.SH清源股份1.872.042.401.86-22.50%EPC20.4632.9047.3257.7322.00%601222.SH林洋能源10.9615.0817.6218.354.16%603105.SH芯能科技0.340.150.270.17-37.19%301046.SZ能辉科技0.540.690.760.8512.47%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告23/34601778.SH晶科科技4.0214.0820.1130.9453.89%000591.SZ太阳能4.592.898.577.41-13.47%设备333.63369.95439.06537.1822.35%300316.SZ晶盛机电114.31123.91139.60150.117.53%300751.SZ迈为股份41.1453.3067.8491.6435.07%601908.SH京运通24.8316.7819.1120.808.81%300724.SZ捷佳伟创55.6770.6887.84124.2441.44%835368.BJ连城数控31.8632.0636.5642.4616.15%688516.SH奥特维32.0938.8846.4859.9128.89%688559.SH海目星33.7334.3441.6348.0215.35%金刚线33.8537.0638.3745.5418.68%300861.SZ美畅股份6.627.908.7010.8324.52%002132.SZ恒星科技8.759.369.728.21-15.53%688556.SH高测股份10.0610.5010.2815.7052.64%300554.SZ三超新材1.661.922.031.89-6.93%300700.SZ岱勒新材1.461.671.841.64-10.86%603595.SH东尼电子5.315.705.807.2725.37%银浆13.7913.5215.5217.1210.32%688503.SH聚和材料5.386.056.938.8928.32%300842.SZ帝科股份3.483.624.264.403.42%002079.SZ苏州固锝4.933.854.343.83-11.67%石英坩埚4.465.536.057.5324.49%603688.SH石英股份3.834.475.015.315.97%001269.SZ欧晶科技0.621.061.042.22114.11%其他辅材13.7615.1116.9418.046.45%688033.SH天宜上佳2.892.943.204.4839.80%688598.SH金博股份1.751.911.801.67-7.34%301168.SZ通灵股份2.903.223.483.43-1.66%301278.SZ快可电子1.371.271.391.19-14.26%301266.SZ宇邦新材1.331.291.851.68-9.50%839167.BJ同享科技0.540.840.590.9052.78%003038.SZ鑫铂股份2.983.654.624.691.52%合计光伏2,092.452,128.132,448.242,602.226.29%数据来源：Wind，东吴证券研究所3.风电板块：整机盈利承压、零部件分化明显3.12023H1风电板块营收同比上升、盈利同比下降2023H1，风电板块营收同比上升、盈利同比下降。风电板块共选取企业31家，2023H1风电板块收入1209.12亿元，同增5.25%，归母净利润104.38亿元，同降19.58%。请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告24/342023H1收入同比增长增幅为负的公司有12家，增幅为0-30%的公司共有12家，增幅为30%以上的公司共有7家。归母净利润2023H1同比增长增幅为负的公司共有10家，增幅为0-30%的公司共有8家，增幅为30%以上的公司共有13家，亏损1家，扭亏0家。2023Q2，风电板块营收同比上升、盈利同比下降。风电板块31家公司2023Q2收入743.47亿元，同升23.79%，归母净利润58.48亿元，同降5.12%。整机营收同比略降，盈利承压，风场转让贡献投资收益。龙头金风科技23H1风机制造盈利承压，大型化价格竞争、机型切换等因素导致毛利率下滑，23H1营收190.01亿元，同升14.03%，归母净利润12.51亿元，同降34.82%，毛利率17.27%，同降7.87pct。其中23Q2归母净利润0.17亿元，同/环比-97.46%/-98.66%。毛利率13.97%，同/环比-10.32pct/-11.27pct，23H1投资收益为19.98亿元（其中转让风场16.70亿元），同增33.39%。明阳智能2023H1营收105.59亿元，同比-25.84%；归母净利6.54亿元，同比-73.28%，毛利率18.36%，同降7.29pct。其中23Q2营收78.4亿元，同/环比+10.23%/+188.26%，归母净利8.80亿元，同/环比-15.30%/489.10%，毛利率20.09%，同环比-4.72%/+6.72%，23Q2盈利水平明显提升，主要系海风出货量恢复、陆风成本错配改善，23H1投资收益2.88亿元，同降54.97%。三一重能2023H1营收39.15亿元，同减4.12%；归母净利8.17亿元，同增2.38%；毛利率24.03%，同降3.0pct。其中23Q2营收23.51亿元，同/环比15.57%/50.36%；归母净利3.34亿元，同/环比66.28%/-30.70%，毛利率20.72%，同环比-7.41%/-8.27，23H1投资收益7.96亿元，同增28.46%。海缆环节营收保持稳定、盈利同比上升。龙头东方电缆2023H1海缆收入同比下滑，系H1海上项目延缓，开工量少，但产品结构较好盈利能力维持高位。2023H1营收36.88亿元，同降4.44%；归母净利润6.17亿元，同升18.08%；毛利率28.62%，同升4.96pct，其中海缆业务毛利率51%，同升11.0pct。23Q2实现营收22.50亿元，同升10.12%，环升56.49%；归母净利润3.61亿元，同升47.95%，环升41.03%；毛利率27.13%，同升6.56pct，环降3.83pct。中天科技2023H1营收201.43亿元，同升0.51%，23Q2营收118.68亿元，同升10.38%。塔筒海桩环节2023H1收入、利润均同比增高。泰胜风能23H1营收16.70亿元，同升30.64%，归母净利1.18亿元，同增17.93%；其中23Q2，营收8.65亿元，同/环比+20%/+7.45%，归母净利0.28亿元，同/环比-26.87%/-69.40%；23Q2毛利率16.07%，同比-1.05pct，环比-6.06pct。公司业绩低于预期，主要系原材料成本高、海上出货不及预期，而公司在手订单充足，产能持续释放，预计H2盈利将有所修复。天顺风能2023H1营收43.08亿元，同升111.01%，归母净利5.80亿元，同升128.27%；其中23Q2，营收29.46亿元，同/环比+124.22%/+116.18%，归母净利3.82亿元，同/环比+72.66%/+93.72%。公司业绩位于预告中值偏上，公司于2023年5月收购江苏长风，待未来海工产能进一步释放、规模化优势凸显，盈利能力将进一步提升。海力风电23H1营收10.38亿元，同升59.67%，请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告25/34归母净利1.35亿元，同降29.14%；其中23Q2，营收5.37亿元，同/环比+8.08%/+7.19%；归母净利0.53亿元，同/环比-58.85%/-35.66%。大金重工23H1营收20.61亿元，同减9.58%，归母净利润2.73亿元，同升55.06%，毛利率23.96%，同升11.32pct；其中23Q2营收12.06亿元，同/环比-10.37%/41.14%，归母净利润1.98亿元，同/环比74.31%/164.77%，毛利率27.47%，同/环比+15.43pct/+8.47pct。零部件板块分化明显：1）铸锻件盈利能力逐季改善。铸件龙头日月股份产品结构优化、精加工产能占比提升，23H1年业绩略超预期。23H1营收23.97亿元，同增17.46%，归母净利润2.91亿元，同增184.57%，毛利率21.57%，同升12.10pct。其中23Q2营收13.24亿元，同/环比+25.01%/+23.44%，归母净利润1.60亿元，同/环比+273.19%/+21.55%。毛利率22.52%，同环比12.37pct/2.12pct。锻造主轴龙头金雷风电受益原材料价格下降+产品结构优化，风电主轴毛利率持续改善，23H1业绩符合预期。23H1营收7.98亿元，同增24.44%，归母净利润2.01亿元，同增70.09%，毛利率35.49%，同增8.27pct。其中23Q2营收3.61亿元，同/环比+2.70%/-17.46%，归母净利润1.01亿元，同/环比+39.77%/+0.37%。毛利率36.74%，同环比9.3pct/2.28pct。2）轴承盈利下滑，叶片Q2盈利环比改善，变流器、电机环节营收、盈利增长。轴承国产化龙头新强联23H1营收12.15亿元，同减3.79%，归母净利润1.01亿元，同减58.47%，毛利率25.93%，同减5.38pct。其中23Q2营收7.08亿元，同/环比+14.55%/+40.01%，归母净利润0.56亿元，同/环比-61.06%/27.17%毛利率25.16%，同环比-2.91pct/-1.85pct。叶片龙头中材科技23H1营收123.79亿元，同增24.79%，归母净利润13.92亿元，同减25.62%，毛利率25.35%，同减3.15pct。其中23Q2营收81.24亿元，同/环比+54.50%/+90.93%，归母净利润9.73亿元，同/环比-14.40%/+132.58%。毛利率23.91%，同环比-3.42pct/4.17pct。风电叶片业务23H1营收43亿元，同增16.92%，受益于原材料降价+大叶片占比提升，叶片毛利率持续修复，23H1毛利率17.19%，同增9.74pct。表18：风电公司收入和归母净利润变动情况分析表营业收入（亿元）归母净利润（亿元）代码公司名称2023H1同比2023Q22023Q22023Q22023H1同比2023Q22023Q22023Q2同比环比同比环比风电-整机447.51-4.66%300.3628.21%104.11%25.00-55.38%11.01-47.24%-21.23%002202.SZ金风科技190.0114.03%134.3630.70%141.46%12.51-34.82%0.17-97.46%-98.66%688349.SH三一重能39.15-4.12%23.5115.57%50.36%8.172.38%3.3466.28%-30.70%601615.SH明阳智能105.59-25.84%78.4010.23%188.26%6.54-73.28%8.80-15.30%489.10%300772.SZ运达股份70.353.82%35.535.67%2.04%1.48-49.75%0.75-59.33%1.03%688660.SH电气风电42.42-18.07%28.56346.84%106.04%-3.71-363.63%-2.04-2324.70%-22.75%风电-叶片209.1619.85%125.2641.90%49.28%16.39-19.41%11.05-8.76%107.09%002080.SZ中材科技123.7924.79%81.2454.50%90.93%13.92-25.62%9.73-14.40%132.58%300690.SZ双一科技3.18-20.11%1.96-16.36%61.95%0.45109.84%0.38266.07%447.36%600458.SH时代新材82.1915.21%42.0526.15%4.75%2.0343.41%0.9446.95%-13.00%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告26/34风电-塔筒104.1639.49%63.8537.01%58.35%12.2946.48%7.3023.07%46.37%002487.SZ大金重工20.61-9.58%12.06-10.37%41.14%2.7355.06%1.9874.31%164.77%002531.SZ天顺风能43.08111.01%29.46124.22%116.18%5.80128.27%3.8272.66%93.72%300569.SZ天能重工13.399.95%8.306.12%63.30%1.234.10%0.69-24.68%28.38%300129.SZ泰胜风能16.7030.64%8.6520.00%7.45%1.1817.93%0.28-26.87%-69.40%301155.SZ海力风电10.3859.67%5.378.08%7.19%1.35-29.14%0.53-58.85%-35.66%风电-铸锻件131.0911.08%68.966.28%10.99%10.6968.94%5.5259.52%6.61%603218.SH日月股份23.9717.46%13.2425.01%23.44%2.91184.57%1.60273.19%21.55%688186.SH金雷风电7.9824.44%3.612.70%-17.46%2.0170.09%1.0139.77%0.37%300443.SZ通裕重工28.60-0.61%14.33-6.40%0.38%1.8365.08%0.9764.91%12.80%300185.SZ吉鑫科技5.67-22.54%3.31-16.45%40.37%0.53-22.71%0.43-1.23%322.94%601218.SH恒润股份8.464.32%4.14-5.87%-4.42%0.5530.10%0.26-12.83%-11.01%603985.SH振江股份18.5544.27%9.017.65%-5.58%0.7897.83%0.3146.71%-34.37%603507.SH中环海陆3.48-28.34%1.83-15.82%10.55%0.1025.11%0.05157.94%32.10%301040.SZ海锅股份6.7614.64%3.7213.41%22.41%0.399.14%0.26-4.10%100.30%301063.SZ双一科技3.18-20.11%1.96-16.36%61.95%0.45109.84%0.38266.07%447.36%300690.SZ广大特材20.5330.13%11.9030.05%37.96%0.8648.63%0.13-64.20%-81.84%301163.SZ宏德股份3.927.91%1.926.51%-4.23%0.290.77%0.12-7.67%-28.63%风电-轴承29.49-1.23%16.3311.88%24.07%1.84-45.06%0.99-49.53%17.46%300850.SZ新强联12.15-3.79%7.0814.55%40.01%1.01-58.47%0.56-61.06%27.17%603667.SH五洲新春17.350.64%9.249.92%14.12%0.83-9.72%0.43-17.40%6.75%风电-变流器、电机15.4139.99%9.3145.36%52.73%2.0379.60%1.24170.73%58.31%603063.SH禾望电气15.4139.99%9.3145.36%52.73%2.0379.60%1.24170.73%58.31%风电-海缆238.31-0.29%141.1810.34%45.35%25.719.58%15.4747.01%51.09%603606.SH东方电缆36.88-4.44%22.5010.12%56.49%6.1718.08%3.6147.95%41.03%600522.SH中天科技201.430.51%118.6810.38%43.42%19.547.15%11.8646.73%54.44%风电-运营33.985.07%18.223.54%15.66%10.43-3.22%5.89-6.64%29.50%000862.SZ银星能源7.2831.15%4.2456.53%39.74%1.55118.45%1.02123.84%91.80%601016.SH节能风电26.70-0.34%13.98-6.11%9.91%8.88-11.78%4.87-16.77%21.27%合计风电1209.125.25%743.4723.79%59.66%104.38-19.58%58.48-5.12%27.41%数据来源：Wind，东吴证券研究所3.22023H1、2023Q2风电板块毛利率及净利率小幅下滑2023H1、2023Q2风电板块毛利率及净利率小幅下滑。2023H1年风电板块毛利率为20.44%，同降1.84pct，归母净利率为8.63%，同降2.67pct。2023Q2毛利率19.54%，同降2.06pct，归母净利率为7.87%，同降2.40pct。表19：风电公司毛利率和归母净利率变动情况分析表毛利率归母净利润率代码公司名称2023H1同比2023Q22023Q2同比23Q2环比2023H1同比2023Q22023Q2同比23Q2环比风电-整机17.48%-6.32pct16.08%-8.10pct-4.28pct5.59%-6.35pct3.67%-5.24pct-5.83pct请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告27/34002202.SZ金风科技17.27%-7.87pct13.97%-10.32pct-11.27pct6.59%-4.94pct0.12%-6.24pct-22.07pct688349.SH三一重能24.03%-3.00pct20.72%-7.41pct-8.27pct20.86%1.32pct14.22%4.34pct-16.64pct601615.SH明阳智能18.36%-7.29pct20.09%-4.72pct6.72pct6.19%-11.00pct11.23%-3.39pct19.55pct300772.SZ运达股份16.91%-2.10pct17.13%-2.53pct0.46pct2.11%-2.25pct2.10%-3.35pct-0.02pct688660.SH电气风电11.19%-6.93pct9.85%-16.65pct-4.13pct-8.75%-11.47pct-7.16%-8.60pct4.86pct风电-叶片21.46%0.26pct21.46%1.08pct0.01pct7.84%-3.82pct8.82%-4.90pct2.46pct002080.SZ中材科技25.35%-3.15pct23.91%-3.42pct-4.17pct11.24%-7.62pct11.98%-9.64pct2.15pct300690.SZ双一科技29.19%9.37pct32.32%13.77pct8.22pct14.04%8.70pct19.21%14.82pct13.52pct600458.SH时代新材15.29%4.17pct16.21%6.66pct1.88pct2.47%0.48pct2.24%0.32pct-0.46pct风电-塔筒22.47%3.90pct22.11%3.00pct-0.93pct11.80%0.56pct11.44%-1.30pct-0.94pct002487.SZ大金重工23.96%11.32pct27.47%15.43pct8.47pct13.23%5.51pct16.40%7.97pct7.66pct002531.SZ天顺风能22.92%-0.96pct21.39%-2.83pct-4.84pct13.46%1.02pct12.98%-3.88pct-1.50pct300569.SZ天能重工28.62%1.77pct27.65%-0.44pct-2.57pct9.21%-0.52pct8.35%-3.41pct-2.27pct300129.SZ泰胜风能18.99%2.78pct16.07%-1.05pct-6.06pct7.09%-0.76pct3.21%-2.05pct-8.05pct301155.SZ海力风电15.33%3.48pct15.20%1.74pct-0.28pct12.99%-16.29pct9.83%-16.00pct-6.55pct风电-铸锻件20.20%5.63pct20.53%5.95pct0.69pct8.16%2.79pct8.00%2.67pct-0.33pct603218.SH日月股份21.57%12.10pct22.52%12.37pct2.12pct12.15%7.14pct12.07%8.03pct-0.19pct300443.SZ金雷风电35.49%8.27pct36.74%9.30pct2.28pct25.15%6.75pct27.86%7.39pct4.95pct300185.SZ通裕重工20.16%6.18pct21.26%7.33pct2.20pct6.40%2.55pct6.77%2.93pct0.75pct601218.SH吉鑫科技24.73%3.70pct26.44%3.19pct4.10pct9.43%-0.02pct13.06%2.01pct8.73pct603985.SH恒润股份14.20%2.54pct14.15%2.28pct-0.09pct6.53%1.29pct6.30%-0.50pct-0.47pct603507.SH振江股份20.77%6.98pct22.63%11.12pct3.61pct4.21%1.14pct3.44%0.92pct-1.51pct301040.SZ中环海陆8.35%-0.33pct4.40%1.15pct-8.31pct2.75%1.18pct2.99%7.32pct0.49pct301063.SZ海锅股份13.01%0.18pct13.82%0.10pct1.81pct5.71%-0.29pct6.92%-1.26pct2.69pct300690.SZ双一科技29.19%9.37pct32.32%13.77pct8.22pct14.04%8.70pct19.21%14.82pct13.52pct688186.SH广大特材16.99%0.56pct14.40%-3.12pct-6.17pct4.17%0.52pct1.11%-2.91pct-7.30pct301163.SZ宏德股份17.17%-1.50pct18.89%1.09pct3.35pct7.31%-0.52pct6.23%-0.96pct-2.13pct风电-轴承19.71%-3.53pct19.18%-2.75pct-1.20pct6.23%-4.97pct6.08%-7.40pct-0.34pct300850.SZ新强联25.93%-5.38pct25.16%-2.91pct-1.85pct8.29%-10.91pct7.96%-15.45pct-0.80pct603667.SH五洲新春15.36%-1.97pct14.59%-2.83pct-1.64pct4.79%-0.55pct4.64%-1.53pct-0.32pct风电-变流器、电机33.33%4.04pct33.73%8.83pct1.01pct13.15%2.90pct13.34%6.18pct0.47pct603063.SH禾望电气33.33%4.04pct33.73%8.83pct1.01pct13.15%2.90pct13.34%6.18pct0.47pct风电-海缆18.99%-0.88pct18.13%1.50pct-2.11pct10.79%0.97pct10.96%2.73pct0.42pct603606.SH东方电缆28.62%4.96pct27.13%6.56pct-3.83pct16.72%3.19pct16.03%4.10pct-1.76pct600522.SH中天科技17.22%-1.91pct16.42%0.55pct-1.95pct9.70%0.60pct10.00%2.48pct0.71pct风电-运营52.80%-4.54pct54.69%-5.91pct4.08pct30.70%-2.63pct32.30%-3.52pct3.45pct000862.SZ银星能源38.72%8.02pct43.08%8.26pct10.47pct21.26%8.50pct23.98%7.21pct6.51pct601016.SH节能风电56.64%-6.23pct58.21%-7.07pct3.30pct33.27%-4.31pct34.83%-4.46pct3.26pct合计风电20.44%-1.84pct19.54%-2.06pct-2.34pct8.63%-2.67pct7.87%-2.40pct-1.99pct数据来源：Wind，东吴证券研究所2023H1风电板块现金净流入同比下降，2023Q2净流入环比增加。2023H1经营性现金流量净流入-149.60亿元，同降21.66%。2023Q2经营性现金流量净流入17.90亿元，同降66.22%，环增110.69%。请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告28/34表20：风电板块2022-2023Q2经营净现金流情况(亿元)代码公司名称2022Q12022Q22022Q32022Q42023Q12023Q22023Q2同比2023Q2环比2022H12023H12023H1同比风电-整机-124.44-3.51-52.01233.15-126.89-23.81-579.10%81.23%-127.95-150.70-17.78%002202.SZ金风科技-37.47-0.80-11.92109.01-75.37-5.34-568.59%92.91%-38.27-80.71-110.89%688349.SH三一重能-9.56-0.5610.247.47-3.811.39347.51%136.47%-10.12-2.4276.06%601615.SH明阳智能-40.6116.46-28.0544.24-17.64-15.75-195.69%10.71%-24.15-33.38-38.24%300772.SZ运达股份-10.91-9.58-11.2133.63-18.020.22102.31%101.23%-20.48-17.8013.10%688660.SH电气风电-25.89-9.03-11.0638.80-12.04-4.3351.99%64.02%-34.92-16.3853.10%风电-叶片-19.3213.010.3431.35-17.2517.8136.93%203.28%-6.320.57108.96%002080.SZ中材科技-14.3818.654.8422.49-11.2914.92-19.98%232.15%4.273.63-14.89%300690.SZ双一科技0.34-0.17-0.540.710.740.37321.48%-50.67%0.171.11549.90%600458.SH时代新材-5.28-5.47-3.968.15-6.702.52146.13%137.69%-10.75-4.1761.19%风电-塔筒-13.281.76-2.3917.21-16.3913.03641.50%179.46%-11.52-3.3770.77%002487.SZ大金重工-5.121.523.161.56-8.696.21308.45%171.47%-3.60-2.4831.09%002531.SZ天顺风能-0.291.98-1.187.030.117.08257.20%6448.23%1.697.19325.70%300569.SZ天能重工-3.29-0.62-1.183.99-3.11-0.595.23%81.04%-3.92-3.705.47%300129.SZ泰胜风能-3.111.52-4.212.85-3.801.605.25%142.02%-1.60-2.20-37.66%301155.SZ海力风电-1.46-2.641.021.78-0.90-1.2751.84%-40.88%-4.10-2.1746.95%风电-铸锻件2.583.95-4.21-7.38-7.042.43-38.48%134.52%6.52-4.61-170.62%603218.SH日月股份2.032.53-0.20-2.53-4.66-1.10-143.57%76.36%4.56-5.76-226.36%300443.SZ金雷风电-0.110.58-1.35-0.58-0.771.82215.42%338.08%0.471.06123.81%300185.SZ通裕重工0.280.560.42-1.920.340.21-62.22%-37.51%0.840.55-34.41%601218.SH吉鑫科技1.271.180.092.001.201.12-4.72%-6.69%2.452.33-5.03%603985.SH恒润股份-0.13-0.18-0.77-0.50-1.19-0.26-42.74%77.99%-0.32-1.45-359.14%603507.SH振江股份0.59-0.06-1.651.63-0.370.851425.16%330.53%0.530.48-8.48%301040.SZ中环海陆-0.210.750.21-2.09-0.550.43-42.90%178.62%0.55-0.12-121.49%301063.SZ海锅股份-0.44-0.580.370.17-0.110.01101.21%106.22%-1.02-0.1189.67%300690.SZ双一科技0.34-0.17-0.540.710.740.37321.48%-50.67%0.171.11549.90%688186.SH广大特材-1.06-0.79-0.33-4.23-1.35-0.87-9.98%35.45%-1.85-2.22-20.13%301163.SZ宏德股份0.020.13-0.47-0.03-0.33-0.15-213.73%54.57%0.15-0.48-425.53%风电-轴承0.742.473.13-3.61-0.29-2.07-183.75%-602.71%3.21-2.36-173.55%300850.SZ新强联0.382.222.87-4.45-0.72-2.51-212.95%-249.68%2.60-3.23-223.85%603667.SH五洲新春0.360.250.260.840.420.4476.83%4.04%0.610.8642.07%风电-变流器、电机2.052.782.374.09-0.350.81-71.01%333.13%4.830.46-90.46%603063.SH禾望电气2.050.73-0.411.72-0.351.1557.04%433.13%2.780.81-71.01%风电-海缆-31.0323.431.4858.24-8.490.32-98.65%103.74%-7.60-8.17-7.50%603606.SH东方电缆-8.443.43-3.0214.50-3.274.3225.95%232.02%-5.011.05120.93%600522.SH中天科技-22.5920.004.5043.74-5.21-4.01-120.03%23.16%-2.59-9.22-255.61%风电-运营6.759.1011.0722.399.199.393.19%2.21%15.8518.5817.19%000862.SZ银星能源0.800.931.160.981.301.7689.54%35.83%1.733.0676.58%601016.SH节能风电5.958.179.9121.417.897.63-6.65%-3.32%14.1215.529.90%合计风电-175.9653.00-40.21355.44-167.5117.90-66.22%110.69%-122.97-149.60-21.66%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告29/34数据来源：Wind，东吴证券研究所3.32023Q2应收账款增加、合同负债增多、存货增加2023Q2应收账款增长、合同负债增多，存货增加。2023Q2末应收账款为1167.4亿元，环比增长12.17%；合同负债307.07亿元，环比增长4.76%。存货750.57亿元，环比增加12.37%。表21：风电板块应收账款、合同负债变动情况分析表（亿元）应收账款合同负债代码公司名称2022Q32022Q42023Q12023Q22023Q2环比2022Q32022Q42023Q12023Q22023Q2环比风电-整机485.01471.93469.13517.1010.22%205.72208.52249.05261.354.94%002202.SZ金风科技249.56242.86237.83267.2110.03%61.9462.9697.6696.4853.23%688349.SH三一重能11.6023.0418.9118.03-21.73%38.3223.5926.7037.4658.75%601615.SH明阳智能109.13107.74102.91118.5310.01%56.2975.6684.7679.064.50%300772.SZ运达股份81.5267.5471.7974.149.77%29.2728.2526.3734.1120.74%688660.SH电气风电33.2130.7537.6939.1927.44%19.9018.0513.5514.24-21.12%风电-叶片85.8990.01104.40135.7230.00%6.344.953.685.5851.72%002080.SZ中材科技45.9355.3653.8583.4750.77%4.513.392.643.523.85%300690.SZ双一科技3.603.633.493.640.18%0.360.130.120.06-54.65%600458.SH时代新材36.3631.0247.0648.6156.72%1.471.430.912.0039.68%风电-塔筒120.77119.74124.22134.968.64%18.4014.3716.0816.291.29%002487.SZ大金重工17.0717.7019.7518.685.56%6.836.946.374.52-34.87%002531.SZ天顺风能38.6840.9043.4754.5433.36%3.981.292.432.3581.61%300569.SZ天能重工27.5427.1326.0527.200.27%3.943.142.554.1331.55%300129.SZ泰胜风能21.0620.0319.9818.89-5.71%3.222.843.854.8169.23%301155.SZ海力风电16.4313.9914.9715.6511.86%0.430.150.880.47212.64%风电-铸锻件81.1285.7483.8789.186.33%8.007.317.3610.7746.31%603218.SH日月股份13.9217.1014.2615.72-8.08%0.070.070.082.423504.58%300443.SZ金雷风电7.318.227.496.57-20.05%0.070.120.080.2178.29%300185.SZ通裕重工20.9021.3122.2323.9412.32%1.961.671.821.9919.38%601218.SH吉鑫科技7.696.785.285.56-17.92%0.600.560.911.0588.19%603985.SH恒润股份4.065.385.294.55-15.46%0.080.070.070.0924.79%603507.SH振江股份3.533.955.586.3059.51%4.684.543.694.32-4.90%301040.SZ中环海陆4.954.844.124.13-14.65%0.010.010.010.01-11.69%301063.SZ海锅股份4.914.694.705.1610.12%0.010.010.020.03198.76%300690.SZ双一科技3.603.633.493.640.18%0.360.130.120.06-54.65%688186.SH广大特材8.228.039.6911.9548.91%0.160.140.110.140.61%301163.SZ宏德股份2.031.821.741.66-8.41%0.000.000.440.46338718.75%风电-轴承18.1316.8718.7618.29-2.54%0.150.200.130.2696.52%300850.SZ新强联10.0310.0010.8210.828.19%0.110.170.100.2332.95%603667.SH五洲新春8.096.887.947.478.60%0.030.020.030.02-0.27%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告30/34风电-变流器、电机12.7314.3814.9916.218.13%1.481.171.091.100.75%603063.SH禾望电气12.7314.3814.9916.2112.72%1.481.171.091.10-5.51%风电-海缆169.43130.21155.78175.5712.71%26.3218.8915.6911.71-25.38%603606.SH东方电缆30.9823.3629.9330.5430.76%3.055.105.572.43-52.24%600522.SH中天科技138.44106.85125.85145.0335.73%23.2713.8010.129.28-32.76%风电-运营73.5464.8069.5480.3815.58%0.050.020.030.01-60.03%000862.SZ银星能源13.7813.8414.7420.2546.32%0.000.000.000.00-67.74%601016.SH节能风电59.7650.9654.8160.1317.99%0.050.020.030.01-27.48%合计风电1046.61993.691040.701167.4012.17%266.45255.44293.11307.074.76%数据来源：Wind，东吴证券研究所表22：风电板块2022-2023Q2存货变动情况(亿元)代码公司名称2022Q22022Q32022Q42023Q12023Q22023Q2同比2023Q2环比风电-整机261.28296.09272.19318.61380.2845.55%19.36%002202.SZ金风科技78.74113.5698.48116.30147.7987.70%50.08%688349.SH三一重能19.6924.9216.3619.2432.1263.12%96.32%601615.SH明阳智能92.8475.1880.24101.40121.9631.37%51.99%300772.SZ运达股份50.8852.4259.1651.5351.120.47%-13.59%688660.SH电气风电19.1330.0117.9530.1427.3042.68%52.03%风电-叶片60.1169.5459.3973.1680.3133.61%9.78%002080.SZ中材科技34.2440.4931.7844.7347.4238.48%49.22%300690.SZ双一科技2.912.651.501.891.79-38.47%19.74%600458.SH时代新材22.9626.4026.1226.5431.1035.48%19.09%风电-塔筒65.2972.7962.9669.2880.7623.68%16.56%002487.SZ大金重工13.2718.6017.3719.8017.8834.74%2.96%002531.SZ天顺风能16.3117.9312.4413.8818.5313.62%48.96%300569.SZ天能重工15.7812.958.7610.9717.108.37%95.10%300129.SZ泰胜风能15.8817.7418.0317.2021.6136.09%19.85%301155.SZ海力风电4.065.576.367.445.6438.99%-11.41%风电-铸锻件96.2395.9095.60103.23106.9511.14%3.60%603218.SH日月股份9.118.488.5910.9611.3624.63%32.25%300443.SZ金雷风电6.166.035.746.117.9328.74%38.23%300185.SZ通裕重工29.7831.4631.3333.5535.5819.48%13.58%601218.SH吉鑫科技4.803.372.943.863.53-26.35%20.40%603985.SH恒润股份5.895.636.197.177.7231.07%24.70%603507.SH振江股份11.2511.5411.5010.8010.42-7.36%-9.42%301040.SZ中环海陆1.672.111.921.901.60-4.29%-16.87%301063.SZ海锅股份4.273.433.834.193.96-7.30%3.47%300690.SZ双一科技2.912.651.501.891.79-38.47%19.74%688186.SH广大特材18.4719.1319.7620.4220.7812.51%5.14%301163.SZ宏德股份1.922.072.322.392.2818.85%-1.50%风电-轴承14.4015.8116.6421.8421.8151.50%-0.11%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告31/34300850.SZ新强联5.056.937.6413.0513.58168.88%77.82%603667.SH五洲新春9.358.889.008.798.23-11.96%-8.62%风电-变流器、电机12.0612.2411.0111.9511.46-4.97%-4.16%603063.SH禾望电气12.0612.2411.0111.9511.46-4.97%4.04%风电-海缆68.7175.1167.5967.5066.84-2.73%-0.99%603606.SH东方电缆12.3310.9413.2116.2416.4733.57%24.69%600522.SH中天科技56.3864.1754.3851.2750.37-10.67%-7.39%风电-运营2.292.342.192.342.17-5.31%-7.32%000862.SZ银星能源0.530.510.530.600.43-19.83%-18.84%601016.SH节能风电1.761.841.661.741.74-0.91%4.85%合计风电580.37639.82587.58667.92750.5729.33%12.37%数据来源：Wind，东吴证券研究所4.核电板块2023H1收入提升、归母净利润大幅上升，双龙头盈利增长4.12023H1核电板块收入增长、归母净利润大幅上升2023H1核电板块收入增长，归母净利润大幅上升。核电板块2023H1营收1,244.82亿元，同增6.35%；归母净利润92.20亿元，同增36.28%。2023Q2营收682.63亿元，同减16.05%，归母净利润45.55亿元，同增70.88%。板块双龙头2023H1盈利增长，东方电气盈利持续增长，上海电气盈利能力23H1有所好转。核电板块龙头企业为东方电气、上海电气。东方电气2023H1收入293.46亿元，同增7.40%，归母净利润20.02亿元，同增12.85%。2023Q2收入149.13亿元，同增10.43%，归母净利润9.83亿元，同增15.93%%。上海电气2022年出现较大亏损，2023H1盈利有所好转。上海电气2023H1收入528.60亿元，同增5.70%，归母净利润5.90亿元，同增159.55%。2023Q2收入317.13亿元，同增26.02%，归母净利润2.24亿元，同增122.26%。表23：核电公司收入和归母净利润变动情况分析表营业收入（亿元）归母净利润（亿元）代码公司名称2022H12023H12023H1同比2023Q22023Q2同比2023Q2环比2022H12023H12023H1同比2023Q22023Q2同比2023Q2环比600875.SH东方电气273.23293.467.40%149.1310.43%3.33%17.7420.0212.85%9.8315.93%-3.53%601727.SH上海电气500.11528.605.70%317.1326.02%49.96%-9.915.90159.55%2.24122.26%-39.07%000777.SZ中核科技5.567.9342.60%5.4752.65%122.86%0.160.69330.95%0.77152.03%1010.48%300004.SZ南风股份1.291.5419.75%1.0364.75%103.81%0.070.04-44.62%0.05149.89%534.21%002438.SZ江苏神通9.239.998.28%5.0222.03%1.07%1.041.2520.37%0.4962.72%-34.94%请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告32/34000922.SZ佳电股份17.1421.0322.65%11.0219.78%10.13%1.522.0031.09%1.0131.24%2.22%603308.SH应流股份11.0011.847.62%5.76-0.09%-5.09%1.471.6210.21%0.80-0.35%-1.75%002167.SZ东方锆业7.207.463.55%4.0114.15%16.57%1.200.27-77.83%0.17-72.01%70.22%601985.SH中国核电345.72362.984.99%184.045.33%2.85%54.3760.4211.13%30.1918.25%-0.13%合计核电1170.491,244.826.35%682.6316.05%21.42%67.6692.2036.28%45.5570.88%-2.37%数据来源：Wind，东吴证券研究所4.22023H1毛利率下降、归母净利率上升，2023Q2毛利率下降、归母净利率上升2023H1核电板块毛利率下降、归母净利率上升，2023Q2毛利率下降、归母净利率上升。2023H1核电板块9家公司毛利率为26.98%，同减0.09pct；归母净利率7.41%，同增1.63pct。2023Q2毛利率为26.05%，同减0.86pct；归母净利率为6.67%，同增2.14pct。2023H1现金流入增长、2023Q2现金流入增长。2023H1核电设备板块现金流净流入145.83亿元，同减15.48%。2023Q2现金流净流入174.81亿元，同减12.58%。表24：核电等发电设备公司毛利率和归母净利润率变动情况分析表毛利率归母净利润率代码公司名称2022H12023H12023H1同比2023Q22023Q2同比2023Q2环比2022H12023H12023H1同比2023Q22023Q2同比2023Q2环比600875.SH东方电气16.42%17.43%1.01pct17.05%0.86pct-0.78pct6.49%6.82%0.33pct6.59%0.31pct-0.47pct601727.SH上海电气16.57%17.57%1.00pct17.87%1.23pct0.73pct-1.98%1.12%3.10pct0.70%4.69pct-1.03pct000777.SZ中核科技17.38%21.82%4.44pct24.96%7.25pct10.13pct2.86%8.65%5.79pct14.08%5.55pct17.53pct300004.SZ南风股份15.78%23.53%7.75pct23.35%8.54pct-0.54pct5.24%2.43%-2.82pct4.70%20.21pct6.90pct002438.SZ江苏神通28.33%30.48%2.15pct30.50%2.42pct0.05pct11.29%12.55%1.26pct9.84%2.46pct-5.44pct000922.SZ佳电股份23.94%22.74%-1.20pct25.38%-1.27pct5.55pct8.88%9.49%0.61pct9.16%0.80pct0.71pct603308.SH应流股份37.66%36.55%-1.12pct35.82%-3.30pct-1.41pct13.33%13.65%0.32pct13.89%-0.04pct0.47pct002167.SZ东方锆业30.00%18.58%-11.42pct18.18%-10.58pct-0.86pct16.65%3.56%-13.08pct4.17%-12.84pct1.32pct601985.SH中国核电50.61%48.54%-2.06pct47.27%-2.51pct-2.58pct15.73%16.65%0.92pct16.40%1.79pct-0.49pct合计核电27.07%26.98%-0.09pct26.05%-0.86pct-2.07pct5.78%7.41%1.63pct6.67%2.17pct-1.63pct数据来源：Wind，东吴证券研究所表25：核电板块2022-2023Q2经营净现金流情况统计（亿元）请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告33/34代码公司名称2022Q12022Q22022Q32022Q42023Q12023Q22023Q2同比2023Q2环比2023H12022H12023H1同比600875.SH东方电气-35.9659.9613.0747.04-25.503.38-94.37%113.25%-22.1223.99-192.19%601727.SH上海电气-92.0525.82-18.94170.00-92.3149.0189.85%153.10%-43.30-66.2334.63%000777.SZ中核科技-2.29-0.38-0.102.65-1.09-1.13-196.20%-3.52%-2.22-2.6716.90%300004.SZ南风股份-0.46-0.160.83-0.13-0.290.07144.69%124.02%-0.22-0.6263.75%002438.SZ江苏神通-0.060.060.671.79-0.950.57822.64%160.46%-0.380.00-14493.69%000922.SZ佳电股份-1.30-0.402.634.17-4.39-0.66-63.70%85.02%-5.05-1.70-196.92%603308.SH应流股份1.040.79-0.44-1.620.251.2456.03%399.44%1.491.84-19.01%002167.SZ东方锆业1.180.02-0.26-0.49-0.54-1.27-8068.83%-134.20%-1.811.19-252.02%601985.SH中国核电102.46114.26122.33127.9395.85123.598.16%28.94%219.44216.721.25%合计核电-27.44199.97119.79351.34-28.98174.81-12.58%703.29%145.83172.53-15.48%数据来源：Wind，东吴证券研究所5.投资建议硅料价格见底，组件排产逐月提升带动产业链价格小幅反弹，同时组件价格下跌逐步趋稳，1-7月国内装机超97GW，持续超预期，光储平价充分刺激需求起量，H2需求旺季到来，预计全球光伏装机超370GW，同增50%，继续看好光伏板块成长。看好：逆变器（阳光电源、盛弘股份、固德威、德业股份、锦浪科技、禾迈股份、科士达、昱能科技），组件（晶科能源、晶澳科技、阿特斯、隆基绿能、天合光能、通威股份，关注东方日升、横店东磁、亿晶光电），新技术龙头（晶科能源、钧达股份、爱旭股份），和格局稳定的各环节龙头（福斯特、TCL中环、福莱特、聚和材料、美畅股份、宇邦新材、海优新材，关注通灵股份、快可电子等）。陆风平价新周期，前期大量招标将带动23年装机高增；海上风电成长赛道，22-25年CAGR达50%，新一轮竞配和招标开启行业高景气。重点推荐：海缆（东方电缆），塔筒&管桩（泰胜风能、天顺风能、海力风电、大金重工）、铸锻件（日月股份、金雷股份），整机（三一重能、明阳智能、金风科技）。6.风险提示竞争加剧、电网消纳问题限制、新技术拓展不及预期。免责及评级说明部分免责声明东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。本研究报告仅供东吴证券股份有限公司（以下简称“本公司”）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后果负任何责任。任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效。在法律许可的情况下，东吴证券及其所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。市场有风险，投资需谨慎。本报告是基于本公司分析师认为可靠且已公开的信息，本公司力求但不保证这些信息的准确性和完整性，也不保证文中观点或陈述不会发生任何变更，在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本报告的版权归本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。经授权刊载、转发本报告或者摘要的，应当注明出处为东吴证券研究所，并注明本报告发布人和发布日期，提示使用本报告的风险，且不得对本报告进行有悖原意的引用、删节和修改。未经授权或未按要求刊载、转发本报告的，应当承担相应的法律责任。本公司将保留向其追究法律责任的权利。东吴证券投资评级标准投资评级基于分析师对报告发布日后6至12个月内行业或公司回报潜力相对基准表现的预期（A股市场基准为沪深300指数，香港市场基准为恒生指数，美国市场基准为标普500指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做市转让标的）），具体如下：公司投资评级：买入：预期未来6个月个股涨跌幅相对基准在15%以上；增持：预期未来6个月个股涨跌幅相对基准介于5%与15%之间；中性：预期未来6个月个股涨跌幅相对基准介于-5%与5%之间；减持：预期未来6个月个股涨跌幅相对基准介于-15%与-5%之间；卖出：预期未来6个月个股涨跌幅相对基准在-15%以下。行业投资评级：增持：预期未来6个月内，行业指数相对强于基准5%以上；中性：预期未来6个月内，行业指数相对基准-5%与5%；减持：预期未来6个月内，行业指数相对弱于基准5%以上。我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议。投资者买入或者卖出证券的决定应当充分考虑自身特定状况，如具体投资目的、财务状况以及特定需求等，并完整理解和使用本报告内容，不应视本报告为做出投资决策的唯一因素。东吴证券研究所苏州工业园区星阳街5号邮政编码：215021传真：（0512）62938527公司网址：http://www.dwzq.com.cn

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