2022Q3新能源行业板块总结

前言新能源板块，2213营收增长3.1，归母净利润同比增长78.9。我在能源块选取了86家市公进了计析行业20213实收入926.03亿元同长33.9实现母润107.11亿元同长78.9全行业202Q3入363.9元同增32.5现母利润401.6元增64.。202Q13收同下公有21家增为03的有3，为30以的有42家02Q13归净利同下的司有33家增为030的有4家，增为30以的有39，亏有2，亏有4表2：86家上市公司分类行业光伏风电核电通威股份金风科技东方电气大全能源三一重能上海电气隆基股份明阳智能中核科技中环股份运达股份南风股份京运通电气风电江苏神通上机数控中材科技佳电股份钧达股份双一科技应流股份爱旭股份时代新材东方锆业晶澳科技大金重工中国核电东方日升天顺风能晶科能源天能重工天合光能泰胜风能福莱特海力风电亚玛顿日月股份福斯特广大特材公司海优新材金雷股份赛伍技术通裕重工阳光电源吉鑫科技昱能科技恒润股份锦浪科技振江股份固德威中环海陆禾迈股份海锅股份上能电气宏德股份德业股份新强联中信博五洲新春林洋能源力星股份晶科科技禾望电气太阳能东方电缆晶盛机电中天科技迈为股份亨通光电捷佳伟创宝胜股份连城数美畅股恒星科高测股三超新岱勒新东尼电欧晶科天宜上金博股快可电宇邦新明冠新石英股份汉缆股份数据来源：表3：新能源板块2221-3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5608.390.00%763.87122.52%风电2439.77.36%183.766.34%核电1,778.21.%99.4915.%d表4：新能源板块2221-3整体情况公司数量收入同比归母净利润同比同比负增长2133同比增长幅度在0-30%2314同比增长超过30%4239亏损-2扭亏-4合计86d◼新能源板块223营收增长32.5利增加.6行业6公司实现入计323.39元，比长325，现归净润41.26亿，同比增加4.64。◼ 202Q3收同下的司有0增为030的公有21，为30%以上公共有45。母净润2Q3比降的司有33家增为0-30公共有2幅为0上公共有41损公有4亏的公有3家。表5：新能源板块2223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2165.591.05%318.14128.73%风电850.8214.41%51.2827.90%核电607.530.29%31.834.97%d表6：新能源板块2221-3整体情况公司数量收入同比归母净利润同比同比负增长2033同比增长幅度在0-30%2112同比增长超过30%4541亏损-4扭亏合计-863d202213及20223毛利率下降归母净利率有上升202Q1行业6家司的利为3.20，减1.2pc。022Q，行业利为3.79，减2.30pc22Q1行母净为10.6增2.72pc22Q母利率为11.07，增2.6pc。20221、20223行业经营性现金流净额幅加。202Q1，业6家经营动金量净额93.62亿，同增98135，2023全业经现金流量额44517亿，增150.80。表7：新能源板块2221-3及222Q3毛利率情况毛利率20112012201320142021202220232023同比2021320213同比光伏2240%2365%2302%2061%2277%2400%2588%7.0pt2440%3.5pt风电1993%1960%1855%1722%1893%1800%1656%-1.8pt1778%-1.1pt核电2538%2403%2348%1976%2724%2691%2647%2.9pt2687%2.3ptd表8：新能源板块2221-3及222Q3归母净利率情况归母净利率20112012201320142021202220232023同比2021320213同比光伏1059%172%1227%7.4%1255%1324%1469%2.2pt1362%1.9pt风电8.0%7.1%7.0%3.6%9.5%7.4%6.3%-1.3pt7.3%0.8pt核电6.8%-2.8%5.3%-5.5%7.4%4.3%5.4%-0.9pt5.0%3.3ptd表9：新能源板块2221-3及222Q3经营活动现金流净额情况（亿元）经营活动现金流净额20112012201320142021202220232023同比2021320213同比光伏-452612.2430133.3-1.944.036.473.1%80.552.6%风电-19.21687555927.2-19.74328-3556-13.6%-11.5-25.4%核电-19.34538767920.8-274419.71.95599%29.221553%d表10：新能源板块2221-3及222Q3费用率情况期间费用率20112012201320142021202220232023环比2021320213同比光伏133%120%1059%1094%8.7%6.6%7.6%0.0pt7.0%-3.0pt风电1093%1037%9.3%1086%1066%1077%1043%0.0pt1062%0.7pt核电1518%1328%1566%1777%1430%1591%1610%0.0pt1545%0.1ptd表11：新能源板块2211-0223末应收账款情况（亿元）应收账款20112012201320142021202220232023较年初增长光伏65.673.778.686.694.71,73711,66403480%风电84.894.599.01,14461,33551,76501,33982164%核电56.962.865.259.267.870.872.02035%d表12：新能源板块2211-0223末合同负债情况（亿元）合同负债20112012201320142021202220232023较年初增长光伏26.634.042.642.050.362.384.09913%风电38.239.035.332.229.230.130.8-7.4%核电77.872.573.971.268.968.873.63.4%d表13：新能源板块2211-0223末存货情况（亿元）存货20112012201320142021202220232023较年初增长光伏67.486.61,73561,71951,1251,44221,6616476%风电63.171.970.163.866.367.473.21537%核电76.077.283.778.879.677.18.22.2%d光伏板块：光伏各环节分化明显，龙头加速集中2022Q13、20223龙头企业增长持续，各环节景气度明显分化202213光伏板块收入归母净利润同比增长0.%22.2收入增速看电池硅料硅片组件玻设备金刚线胶膜其辅材逆变器热场坩埚支架运营，归母净利润增速看：电池硅料其他辅材金刚线组件逆变器硅片设备热场坩埚>胶膜运营玻璃支架光伏块选业46，2023入608.3亿元同比增长90.归净利润763.87元同增加2.52其：料20Q131267.71亿，比长30.46，母利润3815亿，比增长2533；片202Q13入101.7元比长8.61净润12.8元比长5.87；电池02Q13入3327亿，比长16.51，归净润8.01亿较年同期1.26亿大由转组件202Q13入24.00元比长6.64归净利润15.09元同长94.80；璃2023收入135亿，比长74.17，归母利润15.63亿同少1103；胶膜02Q13入20.00，同增长60.47归净润8.95亿元同增长20.0逆器20213入3310元，同比长1.28，利润6.27亿，比长70.8架2023收入22.9亿元同增加31.58归母利润0.13亿元正转；营22Q13入120.1亿元同减少0.76归母利润21.97亿同少7.9设备223254.15亿同增长71.2归净润4608亿比长5.08金线202-3收入10258元同增长9.3母利润17.66亿比长128场坩埚202Q13入24.3元同增长45.，归净润7.1，同增长44.14其材2023收入48.3元比长58.归净润8.7亿，同比长33.0。20223光伏板块收入母净利润同比增长1.01.7收入增速看电池>硅料组件设备硅片金刚线玻璃逆变器胶膜其他辅材热场坩埚支架运营，归母净利润增速看：电池其他辅材金刚线硅料逆变器硅片>组件设备热场坩埚玻璃运营胶膜支架。伏板共取业7202Q3收入165.5，同增长91.05归净润38.4亿比加12873其中硅料2023入500.82亿元比长19.28归母润15067亿元同比长84.7片02Q3359.48亿同增长8403归净润4.81元同增长95.8池2023收入28.5元同长18136母润.32比长148.0组件202Q3收入994.9元同比长9.06归利润0.34亿元同长87.6；玻璃02Q3收入47.6元同长66.5净润5.8比长9.4；胶膜20Q3收入8.12元比增长40.3净利润.55元同少11.37；逆变器202Q3收入1639亿，比长5791，归净润2.69亿，同增长106.53；支架202Q3入8.22亿，比增长2.29归净润0.11元年同由转营22Q3入46.8元增长905归净润908元，同比加548备22Q3入10392亿比长88.0母润19.0亿元，比长73.0；刚线2023入7.38元，比长69.6，母净润6.48元同增长190.；场埚22Q3入9.11亿，比长2.2母净润2.3元同增长13.7其材02Q3入1739亿同比长36.94，母利润3.89亿元同长1984。各环节分化，龙头强通威份隆股份0Q13入别是020.84亿元、870.5元远其他伏公，增18.、4.8归净润增65.54、45.26，20Q3收分同增107.073.4归母利同长29.、长75.40分环看景气明分硅料硅价持高企需偏下单吨净利再创新高至17万元吨。龙头通威股份（223归母净利润9507亿元，同增219.12全0Q3归净润5.60元同增40.5价格挺，单吨利新。）硅硅跟硅，利续坚22Q3均盈利0.-0.14元W机202Q3归净润1255同增12574自率升至0+规模应。电池电池节Q3平盈利0.0.07元W大寸溢价著。爱旭（2023母利润794亿增3987供需+尺占比升，盈利续善公快迈入N型代组件成本涨力件绩普超预期，N型占比提升带来结构性改善。晶澳科技（203归母净利润1587亿元，同增164.97，要一体率提N占提+南亚能释对出货利；基绿（2023母利润5亿元增75单盈利比平龙地稳固天合光（2023母利润11.33亿增51.4单盈环提升12分至8分左右主系外货比提海费降能2023母利润7.71元，同增93.9单利环升2至7分右主系N占提+体率提升薄化速玻玻环节2023格压龙毛率滑史点20%附近二盈平。莱特2023归净润5.02亿，增100），02Q3单平利3元平环行，要行价战价格行）胶膜：胶环节A粒子及胶膜价格下行，盈利承压，库存波动影响下板块分化明显。龙头福斯特（22Q3归母润4.6元增10.游产求减胶价下行利承海优新（22Q3母0.75亿，正负，下减高粒库叠加膜价格3生损逆变器逆器节分受储高含快速。阳光2023母利润1.60亿增5514公报下涨价导成本压盈改明德业（20Q3母利润477亿增1112逆储出环高增率因技与购本高毛储占提带盈利力大幅提德（02Q3归母润2.1元增25541出环倍模效应凸，用大下；锦科（22Q3归净润3.5元同增44.37），储能出货量环比高增，海外占比提升+20Q3国涨价带动毛利率有所提升；禾迈股份（2023母利润.0亿，增23.45，欧需旺，逆货环高；昱能（02Q3归利润124亿元同增7584求盛出货速增长设备益技革及业头产设厂迈股（203净润2.91亿元同增2.5）盛机22Q3母润8.02元同增7.21）业高增金刚刚格平成上影利率pc美股（22Q3归净利润362亿元同增7.母及刚微价格有上涨价比持导致毛利有下。表1：光伏公司收入和归母净利润情况分析表（亿元） 营业收入 归母净利润代码公司名称2021Q1-32022Q1-32022Q1-3同比2022Q32022Q3同比2022Q3环比2021Q1-32022Q1-32022Q1-3同比2022Q32022Q3同比2022Q3环比硅料5.4171130.46%5.21.%11%1.83.52.%1.71.%20%63.H通威股份4.01041.%4.51.%10%5452.02.%9072.%32%60.H大全能源8052.71.%8371.%1%4731.52.%5601.%6%硅片5.311786%3.880%-22%8121.858%48198%13%61.H隆基绿能1.62.199%8122.%-45%33838211%1961.%-24%02.SZ中环股份2.94.573%1.755%-1%26150180%28365%26%60.H京运通3828541.%3601.%14%778511%4772%17%68.H上机数控7861.61.%63057%4%1052311.%1551.%32%电池1.73.7176.51%1.51.%27%-16101-92180%52%06.SZ钧达股份897287.%3021179.85%25%-0040-11%184.%-54%63.H爱旭股份1.82.81.%9431.%26%-06190-3133.57%7438%1.%组件11421076%9.980%14%7621.998%73480%44%61.H隆基绿能4.06.441%2.659%20%41879463%30047%33%05.SZ晶澳科技2.74.480%2.51.%21%1123901.%1871.%66%31.SZ东方日升1.82.268%80688%17%34771.%23-58%-63%62.H晶科能源2.45.21.%1.41.%3%711761.%713.%59%69.H天合光能3.55.881%2.81.%9%1562021.%1331.%50%玻璃7511.071%42660%36%157163-13%5895%-32%66.H福莱特6371.579%31063%3%117104-28%5210%-19%02.SZ亚玛顿11328566%8659%6%000942%06-5%-93%胶膜1.42.064%61243%-13.53%17819520%45-17%-14%60.H福斯特8301.657%43149%-19%13613317%4611%-35%68.H海优新材2024321.%11863%-69%101317%-05-88%-157.09%61.H赛伍技术29232159%9315%-78%122989%0334%-85%逆变器2.13.052%1.959%38%20842778%2691.%80%37.SZ阳光电源1.42.445%94338%29%10526139%16051%1.%64.H昱能科技41981.%401.%39%08233.%144.%24%36.SZ锦浪科技20446788%1251.%28%337397%351.%35%69.H固德威11921666%1631.%83%252529%212.%3.%63.H禾迈股份579686%421.%43%12321.%102.%39%32.SZ上能电气6816665%651.%216.94%05051%028%2.%61.H德业股份32947334%10050%19%41971.%471.%47%支架11725935%8222%-40%02-03--01-63%-246.79%60.H中信博11725935%8222%-4%02-03-29%-01-63%246.79%运营1.31.1-06%42895%42%288297-79%9858%-05%62.H林洋能源424302-25%182-9%-4%8674-31%347%44%67.H晶科科技264208-9%930%5%3428-55%187%28%09.SZ太阳能50559011%25325%9%188165-1%362%-51%设备1.52.573%1.283%26%35040850%13070%17%31.SZ晶盛机电39176389%39385%29%11020989%8252%4%35.SZ迈为股份28531630%15536%36%466756%2145%33%60.H京运通3828541.%3601.%14%778511%4772%17%32.SZ捷佳伟创34545616%17746%17%598139%331.%33%86.J连城数控13222688%971.%1%172648%089.%-04%金刚线6571.863%33866%-34%751661.%681.%-40%36.SZ美畅股份17126196%931.%5%5112885%3292%-5%03.SZ恒星科技22434635%10136%-60%011741%092.%-54%65.H高测股份932901.%851.%9%12482.%113.%34%35.SZ三超新材182759%1063%-8%0104-53%034.%-25%30.SZ岱勒新材13421.%161.%8%-0702-27%0126616.02%11%69.H东尼电子9813259%5342%30%07162.%032.%-4%热场坩埚19627348%9122%-24%577141%2310%-32%06.SZ欧晶科技426051%3763%12%031152%0351%27%63.H天宜上佳356678%2362%14%101426%0217%37%69.H金博股份8814721%30-05%-45%344745%19-1%-20%其他辅材36746355%13939%-79%32871.%391.%26%37.SZ快可电子558258%2123%-4%090778%0090%54%36.SZ宇邦新材8114267%4159%-6%010623%0786%-6%66.H明冠新材9216640%4034%-51%081558%0024%-34%68.H石英股份6013485%571.%27%15502.%213.%37%合计光伏22658390%2165.0590%15%3.97.71.%3.41.%27%ind，2.2.2022Q1Q3及2022Q3盈利稳定光伏行业2223及023盈利稳定。2023全行毛率24.0比上升3.5pc。023率2588同升7.0pc。22Q1Q3全归母利率13.62，比上升1.9pc。202Q3归净利率14.9，升2.4pc。222毛利率增幅看硅料其他辅材电池金刚线逆器运营支架组件胶膜硅片设备>热场坩埚玻璃，归母净利率增幅看：硅料电池其他辅材金刚线逆变器组件热场坩埚>运营>设备>硅片>胶膜>支架>玻璃。硅料202Q1Q3毛利率45.8%，同比增加13.61c，母率29.4，比长0.1pc硅片202Q13利率0.07比降4.9pc母率12.3同下降2.86c电池202Q1Q3毛率11.0，同比加467pc母利率541加64pc组件02Q1Q3毛率12.1，同比降199pc母利率635加05pc玻璃02Q1Q3毛率19.3，同比降6.0pc母利率1.58降1.9pc膜22Q1Q3毛率1670，同比降.01pc归净率9.7比降.05p逆器22Q1Q3毛率2834，同比长.59pc归净率1274同上升1.4p支架02Q1Q3毛率1.97，同比降.23pc归利0.6同下降.6pc营20213率4137，同比长.03pc归净率1831同下降1.4p设备02Q1Q3毛率9.61，同比降.65pc归净率1813同下降2.4p金线20213率307，同比长3.pc归利率1722，比增长44pc热坩埚22Q1Q3利率45.52比降62pc母利率29.57比降0.3pc其辅料202Q1Q3毛率28.1同增长6.25pc归净率7.8，比长5.pct20223毛利率增幅看硅料其他辅材电池金刚线支架逆变器硅片胶膜组件运营设备热场坩埚玻璃归母净利率增幅硅料热场坩埚其他材运营设备金刚线逆变器硅片玻璃电池组件胶膜支架硅料202Q3毛率9.88比加15.2pc归利率0.08，比长797pc硅片02Q3毛率2131，同比加052pc，母利率3.85，加083pc电池02Q3毛率1365，同比加745pc，母利率.25，加8.3pc；件22Q3毛率1216，同比降299pc，母率.07，降0.8pc；璃22Q3毛率1880，同比降772pc，母利率0.96，比降566pc胶膜0Q3毛率137，同比降23pc母利率66比降39pc变器2023率29.，同比升20pc，母利率5.12，比升356pc支架0Q3毛率126，同比升.9pc，母利1.同下降3.9；营0Q3毛率388，同比降35pc，母利率9.61，比降06pc设备0Q3毛率299，同比降49pc归利率8.5比降1.pc刚线02Q3毛率30.，同比升5.8pc母率1.3同长7.p热场埚2023率41.52，同比降6.8pc母率2.6同降2.p其他料2023率32.69，同比长0.56c，净率22.5同增长10.77c。表14：光伏公司收入和归母净利润情况分析表（亿元）毛利率归母净利率代码公司名称2021Q1-32022Q1-32022Q1-32022Q32022Q32022Q32021Q1-32022Q1-32022Q1-32022Q32022Q32022Q3同比同比环比同比同比环比硅料38%44%16pct 48%10pct66pct19%20%11pct 30%77pct28pct63.H通威股份25%35%10pt 46%13pt77ct17%22%86ct 27%78ct36ct60.H大全能源62%79%61ct 88%64ct45ct58%61%77ct 66%53ct30ct硅片29%20%-41pct 23%02pct11pct10%12%-26pct 18%03pct23pct61.H隆基绿能31%28%-10.28pct 21%-2pct05ct28%17%-07ct 15%-2pct02ct02.SZ中环股份20%19%-2.10pct 13%-0pct13ct9%10%04ct 14%08ct22ct60.H京运通39%21%-19.75pct 24%-12.79pct-3pct16%9%-8pct 15%-5pct04ct68.H上机数控27%27%-0pct 34%11.36pct66ct15%11%-2pct 28%61ct48ct电池63%11%47pct 16%75pct27pct-15%51%66pct 75%83pct18pct06.SZ钧达股份10%17%-8pct 14%19ct18ct-9%5%12pt 4%20pt-5pct63.H爱旭股份5%12%51ct 13%83ct36ct-0%5%59ct 8%88ct35ct组件17%17%-19pct 11%-29pct-07pct56%65%09pct 77%-08pct16pct61.H隆基绿能11%19%-4pct 19%-6pct-1pct11%17%14ct 9%-0pct14ct05.SZ晶澳科技19%14%-0pct 17%-1pct14ct5%6%14ct 7%16ct11ct31.SZ东方日升7%15%33ct 13%44ct-1pct2%3%03ct 2%-6pct-1pct62.H晶科能源13%12%-4pct 12%-4pct-0pct2%3%00ct 3%26ct19ct69.H天合光能15%14%-0pct 12%-0pct-0pct3%4%03ct 5%07ct19ct玻璃36%16%-16.04pct 18.80%-7.72pct-22pct26%15%-19pct 19%-56pct-26pct66.H福莱特40%20%-20.01pct 21.04%-10.66pct-2pct20%14%-38ct 18%-6pct-2pct02.SZ亚玛顿6%7%01ct 8%36ct-1pct2%2%-0pct 1%-1pct-2pct胶膜17%17%-31pct 17%-27pct-64pct11%97%-35pct 68%-30pct-59pct60.H福斯特29%14%-3pct 12%-0pct-4pct19%13%-3pct 15%-2pct-3pct68.H海优新材13%9%-3pct -1%-11.86pct-16.72pct6%3%-2pct -5%-05ct-31ct61.H赛伍技术11%17%17ct 15%13ct-4pct5%7%18ct 5%06ct-1pct逆变器27%23%09pct 22%21pct34pct12%17%16pct 11%36pct41pct37.SZ阳光电源24%23%-2pct 21%-1pct14ct9%9%-0pct 16%13ct52ct64.H昱能科技34%35%22ct 39%10ct-0pct17%22%15pt 28%15pt-1pct36.SZ锦浪科技24%36%54ct 37%97ct33ct17%18%12ct 16%30ct03ct69.H固德威35%39%-3pct 37%-1pct47ct15%9%-3pct 10%55ct94ct63.H禾迈股份49%49%34ct 49%69ct32ct29%36%16pt 39%12pt-2pct32.SZ上能电气24%19%-6pct 18%-10.65pct-7pct6%4%-2pct 3%-4pct02ct61.H德业股份20%35%14pt40%17pt19pt12%27%94ct20%11pt76ct支架12%19%-13pct16%27pct-10pct35%-06%-30pct-18%-39pct-28pct60.H中信博12%19%-1pct16%27ct-1pct3%-0%-3pct-1%-3pct-2pct运营43%43%03pct38%-33pct-65pct17%13%-14pct16%-07pct-06pct62.H林洋能源33%39%05ct38%08ct-4pct25%23%-0pct23%40ct83ct67.H晶科科技41%49%67ct52%66ct-1pct18%19%-0pct19%19ct24ct09.SZ太阳能43%43%-3pct37%-11.19pct-9pct28%17%-3pct13%-3pct-7pct设备32%26%-55pct29%-40pct-03pct25%11%-23pct15%-13pct-05pct31.SZ晶盛机电31%40%11ct42%-0pct06ct28%29%-0pct29%-4pct-5pct35.SZ迈为股份34%36%06ct37%-1pct-2pct28%27%11ct21%10ct-0pct60.H京运通39%21%-19.75pct21.45%-12.79pct-3pct16%9%-8pct15%-5pct04ct32.SZ捷佳伟创27%24%-0pct24%01ct18ct10%12%38ct18%72ct23ct86.J连城数控39%22%-8pct27%-5pct22ct16%10%-3pct8%65ct-1pct金刚线20%37%31pct38%57pct04pct18%12%42pct13%70pct-07pct36.SZ美畅股份58%53%-2pct52%-4pct-4pct43%47%-1pct32%-2pct-4pct03.SZ恒星科技14%18%-0pct9%16ct-4pct3%3%00ct1%35ct-3pct65.H高测股份31%38%63ct45%99ct25ct14%15%88ct23%11pt48ct35.SZ三超新材33%29%-8pct24%-5pct-1pct5%1%-4pct2%19ct-3pct30.SZ岱勒新材10%31%10pt30%10pt33ct-9%13%26pt16%18pt01ct69.H东尼电子19%15%17ct20%20ct18ct2%7%46ct7%40ct-2pct热场坩埚56%44%-65pct45%-63pct-15pct29%25%-05pct26%-29pct-03pct06.SZ欧晶科技23%24%20ct32%48ct50ct18%15%-0pct15%-1pct29ct63.H天宜上佳64%55%-10.90pct53.49%-7.61pct07ct26%18%-7pct23%-8pct30ct69.H金博股份51%51%-8.05pct43.68%-11.41pct-7pct36%43%56ct49%80ct18ct其他辅材25%26%62pct36%15pct38pct11%18%50pct23%17pct41pct37.SZ快可电子12%19%-1pct25%33ct73ct8%16%11ct13%56ct55ct36.SZ宇邦新材11%15%-2pct9%-1pct-4pct6%5%-1pct5%10ct-0pct66.H明冠新材16%20%49ct20%30ct-3pct9%9%06ct8%-0pct-2pct68.H石英股份46%60%14pt60%20pt52ct28%41%23pt54%20pt67ct合计光伏20%24%35pct28%70pct29pct16%16%19pct16%22pct15pctind，20223光伏板块经营性金流净额同比大幅。202Q1Q伏块性现金流入82.5元与22Q1Q3净入2768元比同长28.66。202Q，伏块经现金净入36.94，与22Q3流入4.01亿元比，同比加39.1。202213经营性现金净额增速池热场坩埚组件硅料玻璃硅片逆变器>其他辅材运营胶膜金刚线支架，2023经营性现金流净额增速：组件其他辅材>硅料电池逆变器玻璃硅片支架热场坩埚运营设备胶膜金刚线。表15：光伏板块201-0223经营现金流净额情况（亿元）212221221代码公司名称3同比11同比硅料1792862883104651.41.96.%7533.84.%63.H通威股份185195424563491.71.637%3622.37.%60.H大全能源23191106-8711650726234%3919851.%硅片-553825179101421.71.51.%8052.42.%61.H隆基绿能-65262331744-391.89031.%4782.13.%02.SZ中环股份88127191859715313219%31644221%60.H京运通13013110-0819-40-58%55-49-84%68.H上机数控-01-18-1512163178405.%-352009.%电池-82178-153836118734.%11297237%06.SZ钧达股份-30207227810623525-64%72-24-27%63.H爱旭股份-82178-153837200845.%1130222%组件-73587581.0-182.31.3272%2713.8168%61.H隆基绿能-65262331744-391.89031.%4782.13.%05.SZ晶澳科技-08198-98528-982062272.%-482242.%31.SZ东方日升21-04152962192521.%322066.%62.H晶科能源2212-1134625135011.%-782614.%69.H天合光能-44199-49103-983532106.%-3535518%玻璃1045-371194141131.%-731052.%66.H福莱特1928-281805135161.%-901722.%02.SZ亚玛顿0116-00-21-1006-0374%17-08-57%胶膜-58-26-2431-99-30-83-28%-08-12-94%60.H福斯特-7119-1458-11-15001.%-75-16-93%68.H海优新材-53-26-37-15-60-10-81-60%-27-70-24%61.H赛伍技术-24-1928-01-08-05-02-31%-16-26-92%逆变器-40-14-22394-29132151.%-86-5287%37.SZ阳光电源-43-67-75216-6343-68-29%-85-8728%64.H昱能科技070501090308-09-21%03-08-13%36.SZ锦浪科技062113230721261.%305570%69.H固德威-02060526-19144019%00354.%63.H禾迈股份010405000917103.%00373.%32.SZ上能电气-25-02-0331-430007-12%-20-3632%61.H德业股份01173821-15571192.%561511.%支架24-15-2629-40-21-0879%-16-79-45%60.H中信博24-15-2629-40-21-0879%-16-79-45%运营-0913712218007176183-50%29025660%62.H林洋能源-19263167-00193926%384927%67.H晶科科技-06484359-068738-84%8617836%09.SZ太阳能15527953135066-33%176109-18%设备6812385204-5715520-64%285198-92%31.SZ晶盛机电08443284-7562861.%8374-03%35.SZ迈为股份1013172609332494%416654%60.H京运通13013110-0819-40-58%55-49-84%32.SZ捷佳伟创282809743956-00-66%558450%86.J连城数控08060700-1205-20-88%11-37-10%金刚线563402230121-38-83%93-06-09%36.SZ美畅股份110502152901-00-97%282011%03.SZ恒星科技36151707-1626-16-31%5805-70%65.H高测股份-0108%05-00-1.%35.SZ三超新材040908-07-08-07-03-81%11-08-76%30.SZ岱勒新材-05050207-0309-01-09%03-05-19%69.H东尼电子0102-05-0003-17-13-16%08-27-63%热场坩04-36%-0224-9.%06.SZ欧晶科技0003040500-07-08-98%07-05-04%63.H天宜上佳00-07-06-0200-06-11-14%07-16-79%69.H金博股份-0003-09131219041.%-06357.%其他辅材-26-01-0423-18-14288.%-31-1478%37.SZ快可电子-0909%-04-0587%36.SZ宇邦新材-04-04-0706-19-26082.%-14-37-27%66.H明冠新材-11-00-0210-08-05032.%-23011.%68.H石英股份-020409-07-0903131.%01171.%合计光伏-561.24013.3-194.03.47.%1.88.55.%ind，2.3.2022Q3应收账款、合同负债、存货环比增长20223应收账款、合同环比增长。22Q3板块收款为116640亿元，环比升8.63；同债89.0元，比长34.88。中隆股份202Q3应收款91.5增加1.22合负债25.63比加6.3威股份2023收款5.71亿元环减少19.5同债8310元环加7863。晶澳技02Q3合债57.0元环增加9.23阳源2023应账款104.97亿，比加898。表16：光伏公司应收账款、合同负债情况分析表（亿元）应收账款 合同负债公司名称22122222323环比23比年初增长22122222323环比23比年初增长硅料311439371-95%24%8897671.056%1.%通威股份311439371-95%24%53445281076%1.%大全能源-----25521528918%1.%硅片1.71.51.740%10%1.51.92.357%1.%隆基绿能59682394512%14%9311.52.363%1.%中环股份302343301-8%17%32830338016%1.%京运通2323273895%10%45162059%66%上机数控282122-05%80%91849011%35%电池34273258%65%52842331.%4.%钧达股份270906-68%-041008-85%-26%爱旭股份17183674%42%030901-92%-75%组件3.53.84.616%42%2.83.24.234%1.%隆基绿能59682394512%14%9311.52.363%1.%晶澳科技63274593038%63%3595375209%56%东方日升30120635420%32%197326286-4%1.%晶科能源8411.81.96%57%56662583222%40%天合光能9751.51.718%42%22638945236%1.%玻璃2743873314%1.%071919-03%-89%福莱特2022132360%1.%041008-85%-26%亚玛顿52546429%31%030901-92%-75%胶膜577775628-7%28%12040043%58%福斯特336484351-9%24%08000561%18%海优新材167197108-5%35%0308083%8.%赛伍技术174194169-1%25%01060718%1.%逆变器1.11.71.421%36%21132246219%1.%阳光电源8708231.719%19%2023533690%70%昱能科技14293142%1.%09080029%2.%锦浪科技678618843%1.%02001943%49%固德威30285584%68%18122648%1.%禾迈股份25243743%42%0500141.%2.%上能电气60506934%-0115271.%9.%德业股份35474815%78%0313271.%4.%支架49214752%70%10111845%-35%中信博49214752%70%10111845%-35%运营1.02.62.210%10%33497566%2.%林洋能源4864804200%6%141916-20%53%晶科科技5765335610%18%030302-48%21%太阳能1.81.31.11%22%1526561.%9.%设备72387898718%39%1.31.11.814%46%晶盛机电19027221724%51%56167575916%53%迈为股份808011938%31%20422337029%42%京运通2323273895%10%45162059%66%捷佳伟26%35533341626%21%连城数控6913216013%66%589416313%2.%金刚线29936935887%32%37455528%64%美畅股份3350577%86%050803-15%-81%恒星科技92110159-4%25%0700046%1.%高测股份81879311%33%21354630%60%三超新材141610-4%46%010101-63%-69%岱勒新材1018216%66%00000040%6.%东尼电子50587831%22%0201012%0%热场坩55%080000-35%-75%欧晶科技00343925%1.%000002-60%天宜上佳63719717%62%030400--92%金博股份524740-37%2%0506077%1%其他辅材11115716604%30%06030029%4.%快可电子2121333.%40%06060068%2.%宇邦新材3244474.%42%030502-33%78%明冠新材4259675.%36%01020364%1.%石英股份2216202.%28%07000526%5.%光伏9.71311608%38%5.36.38.038%91%ind，光伏板块20223存货所增长。体板块2023末存货76611元比增加14.37基份223末货28.04亿比长3.6通股份02Q3货98.5比长2.11澳技22Q3存货52.5比加0.9，锦浪技02Q3末货9.31元环长10.。表17光伏公司存货情况分析表（亿元）代码公司名称22122222323环比23比年初增长硅料7518641.826%39%63.H通威股份67075698521%79%60.H大全能源62485345%-32%硅片3.13.73.760%68%61.H隆基绿能2.22.62.43%80%02.SZ中环股份46238352022%64%60.H京运通19728528316%50%68.H上机数控290124180-8%-57%电池11416823037%16%06.SZ钧达股份54294063%9%63.H爱旭股份11416815029%-00%组件6.58.68.961%77%61.H隆基绿能2.22.62.43%80%05.SZ晶澳科技1.61.81.50%93%31.SZ东方日升453528569-2%80%62.H晶科能源1.31.62.318%67%69.H天合光能1.01.81.89%57%玻璃16017310418%-48%66.H福莱特16319714012%-38%02.SZ亚玛顿171614-6%-42%胶膜34446862138%70%60.H福斯特25429239033%69%68.H海优新材417016371%2.%61.H赛伍技术5967679%8%逆变器1.52.12.823%88%37.SZ阳光电源1.21.52.024%99%64.H昱能科技20326190%2.%36.SZ锦浪科46%69.H固德威196190146-2%88%63.H禾迈股份27313222%89%32.SZ上能电气7311015422%77%61.H德业股份59637220%63%支架72737262%96%60.H中信博7273726%9%运1.%62.H林洋能源597719647%81%67.H晶科科技16204257%1.%09.SZ太阳能34314942%1.%设备1.02.22.217%73%31.SZ晶盛机电8259471.114%89%35.SZ迈为股份37135541415%45%60.H京运通19728528316%50%32.SZ捷佳伟创45540156714%30%86.J连城数控16328438648%3.%金刚线20326338521%71%36.SZ美畅股份31506232%96%03.SZ恒星科技73778515%61%65.H高测股份607810631%83%35.SZ三超新材08181630%87%30.SZ岱勒新材17181629%38%69.H东尼电子35425127%60%热场坩埚40455615%63%06.SZ欧晶科技00030283%32%63.H天宜上佳23292914%61%69.H金博股份1713157%-54%其他辅材999499-20%65%37.SZ快可电子1315173.%8%36.SZ宇邦新材1116134.%6%66.H明冠新材2022245.%4%68.H石英股份3531332.%6%合计光伏11514216113%67%ind，风电板块：风电整体承压2022Q13风电板块营收下降、盈利分化202213风电板块营下降、盈利分化,收入速看：变流器>轴承>铸>叶片>海缆>整机>塔筒净利润增速看海缆>整机变流器>叶片>轴承>塔筒铸锻件。风电块选业32，20213电块入2439.7元降7.3，归母净润18376亿降.34中整机202Q13收入71497降682，归母润74.4增5.3片2023收入59.1元降0.3母净润26.7元降8.筒2023收入134.1亿，降2.5母净润12.9元降553；锻件2023入82.6元增1.，归母润9.6元降55.承0Q13收入51.3元增1.1母净润516亿降14.37变器20Q13收入7.55亿同增36.3母净润170亿降3.90缆2Q13入108.55亿同降2.0归母净润53.4元增4.422Q13收同为负公有5家增为030%的公有15家增为30上公共有2归母润2023为负的公司有25家增为030公共有3家幅为3上的司有4家亏损0，亏0家。20223风电板块营利承压收入增看变器铸锻件轴承叶片海缆>塔筒整机母净利润速看海缆叶片变流器铸锻件整机轴承塔筒风电块32家司202Q3入850.82亿，降14.5，母利润1.28元，降27.29。中整机202Q3收入24559亿，降312归净润.42元，同降5.60片03收入85.9元同降11归净润6.3元同降24.34塔筒0Q3收入59.33元同降16.9母净润4.40元同降3.49；铸锻件0Q3入6863亿元同增0.77，净利润.84元同降3.84；轴承20Q3收入7.14元，增1734归利润1.52亿，同减46.9；变流器02Q3收入6.54元同增4.70归利润057亿减270缆202Q3收入368.8，降8.7归净润16.0元同增6.61。风电整机表现分化金风技风价下海交结变情等影响母利同比出现滑金科技2023入26.63亿降22.65；归母润23.5（资益17.6元降27.0602Q3收入95.0亿，同降9.46降759母利润.45亿同降2.97降2.03阳智能202Q13收入216.4亿元同增17.1归净利润35.65亿，增60.65。202Q3收入74.6亿同增181增4.1归母润117亿降1.0，环增748三重能223收入63.45亿同增1275，母润10.43亿元降4.622Q3收入2.63亿元增35.增121归利润245亿降0.增2.03达份22Q13收入10622增9.40，归母润4.9元增29.602Q3收入3.46元增128环增14.40；归母润1.5元增8.5环降0.15。零部件盈利同比承压，环比分化。）海缆环节受平价项目尚未起量及疫情影响，收入和归母净利润同环下滑东缆2023归母润7.6元降2343，202Q3母利润2.14亿元同降4.04，降12.20。要去年3抢装基数今年Q3海项交量较但毛率持较水中科技202Q13归母净润4.70亿元增4064602Q3归净润6.6元增15.97降20.9要去期计大资减损和信减损2Q3洋业板块受目认期影导致入盈环下2受疫情影响下工率低塔筒生产、出货不及期头部企业之间盈利现化。塔龙大重工223归母净润.28亿，降24.06，20Q3母润1.3元同降32.0，环增34.43。顺风能202Q3归母利润384元同降6275202Q3母净润1.30元降44.8环降1.24。能工2223母利润1.59元，同降43.7202Q3归利润041亿降675降5558泰风能202Q1-3归母利润.66元同降1891202Q3母净润0.66亿，同增147.22，环增4.42海风电2223母利润2.41元降73.5203归净利润050亿元同降84.5降6084件龙头受高价库存响3归母净利润同比下滑，但货增加带动环比增加。龙头月份02Q13归母利润1.70亿，降7015202Q3归净润068亿元降3301增58.69。4）主轴龙头铸、锻件出货增加带动归母净利润环比改善，受库存周期影响，原材料价尚未优化成本盈利比下滑造轴头雷份20213母润2.5亿元同降42.32023归母润1.7元降16.7增6299瓦法龙恒份22Q13母润0.7，降8.20，2023归母利润0.4元同降4.96降5271龙头材技02Q13母净润24.18亿，降.67202Q3归净润546亿元降3173降51.95。7）受产品调价、出货结构等因素影响，轴承国产化龙头盈利同、环比下滑。轴承国化龙新联22Q13母净润3.4元同减16.56，20Q3母润0.91亿元同减59.3降36.9五新春22Q13归净润1.42亿元同增21.45，20Q3母润0.50亿，增49.9，环降3.79。星份02Q1-3归母利润.40元同减5302202Q3母净润0.10亿，同减55.13，环降41.4。）变流环节盈利同比下降环改善。禾气22Q13母利润1.0元减3902023母利润.57亿元同降27.0环增24.91。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（亿元）代码公司名称211-221-同比223223同比223环比211-221-同比223223同比223环比风电-8.57.7-62%2.9-10%43%76374459%142-50%-15%00.SZ金风科技3.32.3-25%900-98%-7%313265-11%45-27%-23%64.H三一重能52864517%26336%12%189143-4%25-0%20%61.H明阳智能1.92.411%7261%4%26136569%117-1%7%37.SZ运达股份8961.214%3461%14%274025%158%-05%66.H电气风电1.2602-53%125-86%1.%4301-75%-10-94%-5.%风电-2.12.1-03%809-10%-30%224267-88%63-44%-74%08.SZ中材科技1.21.10%481-9%-9%247218-8%56-13%-15%39.SZ双一科技7170-5%3362%31%1602-61%002%96%65.H时代新材1.81.0-1%3169%2%112835%062.%3%风电-1.41.1-25%533-69%23%266179-58%40-39%-53%08.SZ大金重工38030715%128-5%6%4338-46%13-20%34%03.SZ天顺风能514391-70%149-9%31%13134-25%10-48%-14%36.SZ天能重工29221010%19218%79%2019-37%01-74%-58%32.SZ泰胜风能244223-9%85-11%12%2516-81%061.%74%35.SZ海力风电473170-34%50-60%4%9721-35%00-45%-04%风电-锻件1.71.613%66327%94%23796-59%34-44%14%61.H日月股份387326-4%18627%23%5110-05%08-31%56%68.H广大特材17520728%8978%-9%1100-71%03-49%-80%34.SZ金雷股份162112-3%5126%63%4825-23%17-67%69%38.SZ通裕重工4864611%1834%-3%2212-42%011%3%61.H吉鑫科技140153-6%52-3%36%1206-79%07-66%-88%68.H恒润股份130157-18%551%20%3707-30%04-46%-21%60.H振江股份1542017%7518%-42%1100-42%00-29%-2%34.SZ中环海陆78720%2739%31%0700-71%02-87%2.%36.SZ海锅股份729628%3763%19%06083%031.%24%36.SZ宏德股份52515%2711%21%0207-98%08-39%-52%风电-41757311%11413%09%6356-47%12-69%-96%35.SZ新强联1001532%618%16%4034-66%01-98%-66%66.H五洲新春16621242%7934%-6%171224%0044%-3%32.SZ力星股份7278-5%25-6%-2%0600-32%00-53%-14%风电-流器18315537%6437%27%1710-30%07-70%29%66.H禾望电气18315537%6437%2%1710-3%07-70%29%风电-114185-29%3.8-80%-52%35150444%12061%-34%60.H东方电缆573565-1%105-46%-16%9176-33%24-44%-20%62.H中天科技3.82.5-06%954-81%-47%482704.%661.%-09%68.H亨通光电2.23.212%1.76%-1%1161207%59-31%8%67.H宝胜股份3.53.5-1%1.1-1%5%2602-55%03-48%1.%09.SZ汉缆股份65675812%2733%-66%7067-4%17-20%-40%合计风电220297-76%8.2-41%07%1.01.6-64%528-70%-99%ind，2022Q132022Q3毛利率下降、归母净利率下降2022Q13年电块率为7.78同降.51pc母利为7.3增0.08pc2023利率.56同降1.98pc，净利为603，降1.3pc。毛利率归母净利率2022Q1-32022Q32022Q32022Q1-32022Q32022Q3表19：风电公司毛利率和归毛利率归母净利率2022Q1-32022Q32022Q32022Q1-32022Q32022Q3代码公司名称2021Q1-32022Q1-3同比2022Q3同比环比2021Q1-32022Q1-3同比2022Q3同比环比风电-整机22.28%22.09%-0.1918.82%-1.98-5.35pct8.22%10.41%2.197.50%-0.51-1.41pct002202.金风科技26.88%22.68%-4.19pct18.38%-6.19pct-5.91pct9.59%9.04%-0.55pct4.68%-2.97pct-1.68pct688349.三一重能33.01%26.14%-6.87pct24.53%-6.66pct-3.60pct19.34%16.44%-2.90pct10.85%-3.98pct0.96pct601615.明阳智能21.47%23.21%1.74pct18.54%-2.88pct-6.27pct12.00%16.46%4.45pct15.05%-0.43pct0.43pct300772.运达股份15.68%18.21%2.53pct16.81%9.24pct-2.85pct3.99%4.33%0.34pct4.28%0.29pct-1.17pct688660.电气风电16.49%18.46%1.96pct19.59%2.99pct-6.91pct2.48%0.16%-2.32pct-8.52%-10.34pct-9.96pct风电-叶片24.51%20.69%-3.83pct19.63%-3.35pct-0.75pct1.18%10.27%-0.91pct7.44%-2.29pct-6.28pct002080.中材科技31.96%27.34%-4.62pct24.94%-4.75pct-2.39pct18.08%16.45%-1.63pct1.43%-3.72pct-10.19pct300690.双一科技29.59%19.14%-10.45pct18.27%-6.47pct-0.28pct16.72%5.85%-10.87pct6.48%-3.97pct2.10pct600458.时代新材14.03%1.52%-2.51pct12.33%0.76pct2.78pct1.40%1.97%0.57pct1.95%1.41pct0.02pct风电-塔筒25.03%18.74%-6.29pct18.94%-3.68pct-0.17pct16.57%9.54%-7.02pct7.42%-5.89pct-5.32pct002487.大金重工23.92%16.69%-7.23pct23.15%-2.53pct1.1pct13.60%8.86%-4.74pct10.69%-4.36pct2.26pct002531.天顺风能23.80%21.37%-2.43pct18.44%0.74pct-5.79pct19.78%10.13%-9.65pct7.44%-4.64pct-9.42pct300569.天能重工28.21%20.51%-7.70pct14.96%-6.64pct-13.13pct12.79%6.10%-6.69pct2.94%-7.63pct-8.83pct300129.泰胜风能16.76%17.99%1.23pct20.67%6.65pct3.54pct8.76%7.84%-0.91pct7.83%5.01pct2.57pct30155.海力风电30.15%14.12%-16.04pct16.94%-14.94pct3.49pct20.97%20.57%-0.40pct9.67%-12.05pct-16.16pct风电-铸锻件23.15%14.74%-8.41pct15.32%-3.96pct0.89pct12.41%5.45%-6.96pct5.60%-4.77pct0.23pct603218.日月股份23.27%10.40%-12.87pct1.87%-2.67pct1.71pct16.37%5.12%-1.25pct5.29%-4.88pct1.24pct688186.广大特材21.35%16.87%-4.48pct17.70%-3.27pct0.19pct9.65%3.33%-6.32pct2.72%-5.96pct-1.30pct300443.金雷股份42.29%28.46%-13.82pct29.87%-8.78pct2.43pct32.33%19.41%-12.92pct20.54%-9.79pct0.08pct300185.通裕重工18.35%14.85%-3.50pct16.52%0.35pct2.59pct6.12%3.95%-2.18pct4.12%-0.12pct0.28pct601218.吉鑫科技22.44%17.44%-5.00pct12.40%-4.71pct-10.85pct9.86%7.66%-2.20pct5.14%-4.02pct-5.91pct603985.恒润股份29.04%9.93%-19.1pct7.36%-1.49pct-4.51pct19.49%4.18%-15.31pct2.59%-14.87pct-4.21pct603507.振江股份24.72%14.65%-10.08pct16.18%-8.85pct4.67pct7.05%3.00%-4.06pct2.86%-4.25pct0.34pct301040.中环海陆16.88%8.79%-8.09pct8.98%-5.45pct5.73pct1.24%2.57%-8.67pct4.19%-9.25pct8.52pct301063.海锅股份16.47%14.18%-2.29pct16.24%1.01pct2.51pct8.74%6.99%-1.75pct8.50%2.87pct0.31pct30163.宏德股份18.32%15.91%-2.42pct1.48%-4.42pct-6.31pct9.23%6.23%-3.00pct3.66%-5.01pct-3.52pct风电-轴承25.78%21.77%-4.01pct19.40%-9.22pct-2.47pct13.64%9.97%-3.67pct8.84%-10.41pct-3.76pct300850.新强联31.38%29.09%-2.30pct25.03%-12.07pct-3.03pct21.05%17.09%-3.96pct13.22%-21.93pct-10.19pct603667.五洲新春20.46%17.38%-3.08pct17.48%-3.15pct0.06pct6.62%5.65%-0.97pct6.33%0.47pct0.16pct300421.力星股份24.12%17.18%-6.94pct9.27%-15.90pct-12.19pct1.40%5.69%-5.71pct4.42%-4.77pct-2.88pct风电-变流器38.23%29.47%-8.77pct29.78%-7.16pct4.88pct13.80%9.70%-4.10pct8.77%-7.45pct1.60pct603063.禾望电气38.23%29.47%-8.77pct29.78%-7.16pct4.88pct13.80%9.70%-4.10pct8.77%-7.45pct1.60pct风电-海缆13.70%14.24%0.54pct13.83%-0.37pct-0.05pct3.41%4.92%1.51pct4.40%0.63pct-0.43pct603606.东方电缆27.91%23.61%-4.30pct23.50%-1.77pct2.93pct16.65%13.00%-3.66pct1.86%-1.74pct-0.07pct600522.中天科技13.75%18.84%5.09pct18.19%2.25pct2.32pct1.33%8.46%7.14pct7.06%5.16pct-0.46pct600487.亨通光电16.46%16.07%-0.39pct15.78%-0.53pct-1.39pct4.41%4.10%-0.32pct4.46%-1.02pct0.41pct600973.宝胜股份6.22%4.86%-1.36pct5.35%-0.26pct1.45pct0.91%0.04%-0.87pct0.31%-0.54pct0.88pct002498.汉缆股份25.18%20.15%-5.03pct18.01%-4.99pct-4.70pct1.37%9.31%-2.06pct6.75%-2.22pct-5.58pct合计风电19.29%17.78%-1.5116.56%-1.98-1.43pct7.45%7.53%0.086.03%-1.13-1.51pctind，20223风电板块现金净出大幅增加202Q13营性金量出1915亿元与202Q1Q3净出56.96亿相同长235.9422Q3电块经性现金净出5.56亿，与02Q3净入5559亿元比同降1636。表20：风电板块201-0223经营净现金流净额情况(亿元)212221221代码公司名称3同比11同比风电-整机8927.35.619314443.1521172%4381996338%022.Z金风科技3624.71.97.63770.0192141%229500151%639.H三一重能1081241.81.19.60.61.44.%1340.1106%665.H明阳智能1551.02.32.04011.6285282%2.8529356%372.Z运达股份7.62.01.91.51019.8121148%483310768%660.H电气风电1914.21424.12599.31062.4%385458201%风电-叶片3.9113.03.21921.1034186%4335.8280%000.Z中材科技0.41452192.21481.5484114%1.09