电力设备行业深度报告

前言新能源板块，222年营增长3955，归母净利同比增长7.7。们新源板共了106家市公进了计全业202实收入5,941.8亿元增3.55，归母润1554.4亿，增7.74。业02Q4收入493367元增44.31，现母利润327.30亿，增09.7。2022年入比降司有16家增为030的有30家增为30上的有60家022年母润同下的有36增为00有15增幅为0上有55家亏损有4家扭有7家。表1：106家上市公司分类行业光伏风电核电合盛业金风技东方气通威份三一能上海气大全源明阳能中核技隆基能TL弘元能运达电气中材技南风江苏佳电份双良能时代材应流份钧达份大金工东方业爱旭份天顺能中国电爱康技天能工晶澳技泰胜能东方升海力电晶科源日月份天合能金雷电横店磁通裕工公司亿晶电吉鑫技海泰能恒润份福莱特振江份亚玛顿中环陆凯盛能海锅份安彩南玻A福斯特双一技广大宏德海优材新强联赛伍术禾望气鹿山材东方缆天洋材中天技明冠材银星源深圳气节能电阳光源五洲春昱能技锦浪锦浪固德威禾迈上能德业中信博意华清源林洋晶科太阳能晶盛迈为京运通捷佳连城奥特维海目星美畅恒星高测三超岱勒东尼聚和帝科苏州石英欧晶天宜金博通灵快可宇邦同享鑫铂数据来源：表2：新能源板块222年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10,7367975.64%1,241.192.93%风电2,670.84.81%216.993.45%核电2,533.11.15%95.741442.8%数据来源：表3：新能源板块222年整体情况公司数量收入同比归母净利润同比同比负增长1636同比增长幅度在0-30%3015同比增长超过30%6055亏损-4扭亏-7合计106新能源板块223一季度营收增长20.9归母净润上升33.2行业06公司02Q1实收计3,76.48亿比长20.9实归净润46707亿元同长33.5。2023季收同下的公有29家增幅为30的司有34家增幅为30上公共有43。归净润03一同比降公有30，增幅为030公有8家增为0上公司有8。损公有7家，亏公有5家。表4：新能源板块223一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2,708.437.81%374.5155.67%风电465.6615.06%45.9032.65%核电562.193.45%46.6513.79%表5：新能源板块223一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2930同比增长幅度在0-30%3418同比增长超过30%4358亏损-7扭亏-5合计106数据来源：2022年毛利率下降归净利率上升2031毛利率归母净利率上升22年，全行业06公的率为2201同减0.4pc202Q4全业利率为9.43，同减1.1pc。22Q1行业利为24.6增120pc202，业归母净为9.7同增209pc202Q归净率为663增207pc202年毛利率同比下降主要受光伏、风电板块的影响。02Q1，归母净利率为同增117pc。2022年行业现金净流入多20231行业现金净出增多202行业06家公司营动金量额为220988元同减10.41202Q行经营性现金入1,20.73亿同增48.420Q1全行经性金出195.95亿元增14.4。表6：新能源板块222及2231毛利率情况

毛利率 2022毛利率 20221 20222 20223 20224 2022 2022同比 20231同比同比光伏22.31%22.30%23.37%20.24%0.95pct21.96%0.54pct24.36%1.00pct风电23.03%21.60%19.50%16.10%3.58pct19.53%1.92pct21.88%1.15pct核电27.24%26.91%26.47%19.98%0.21pct24.81%1.84pct28.12%0.88pct数据来源：表7：新能源板块222及2231归母净利率情况归母净利率 2022120222202232022420224同比20222022同比2023120231同比光伏12.24%12.39%13.33%8.92%0.86pct1.56%1.04pct13.83%1.59pct风电12.43%10.26%7.80%4.36%0.92pct8.12%0.1ct9.86%2.57pct核电7.04%4.53%5.24%0.50%5.16pct3.78%3.53pct8.30%1.26pct数据来源：表8：新能源板块222203Q1经营活动现金流情况（亿元）经营活动现金流2022120222202232022420224同比20222022同比2023120231同比

20231光伏24.83460.63359.04586.3248.71%1,381.7138.84%0.54102.16%风电175.9650.9542.99353.0629.43%185.0621.64%167.514.80%核电27.44199.9719.9351.3473.69%643.66199.19%28.985.61%表9：新能源板块222及2231费用率情况期间费用率 2022120222202232022420224同比20222022同比2023120231同比光伏8.22%6.66%6.97%7.45%2.22pct7.27%2.46pct8.07%0.14pct风电1.96%12.13%1.80%1.62%0.30pct1.85%0.33pct15.02%3.06pct核电14.30%15.91%16.10%18.22%0.45pct16.27%0.76pct14.74%0.45pct表10：新能源板块222及2231末应收账款情况（亿元）光伏1,109.31,278.21,372.11,423.3比3.73%1,57853比光伏1,109.31,278.21,372.11,423.3比3.73%1,57853比10.87%风电959.54992.181,046.1993.695.06%1,040704.73%核电673.08703.88721.50693.643.86%742.036.98%表11：新能源板块222及2231末预收款情况（亿元）预收账款2022120222202232022420224环比2023120231环比

20224

20231

20231环光伏594.1737.4986.2855.213.29%941.910.00%风电261.6274.4266.5255.44.13%293114.75%核电680.9687.8733.6727.10.83%725.700.21%表12：新能源板块222及2231末存货情况（亿元）存货2022120222202232022420224环比2023120231环比光伏1,550161,822光伏1,550161,822802,078182,021512.73%2,3271215.12%风电567.8580.7639.2587.88.16%667.213.67%核电790.6776.18112786.33.03%823.524.70%2022、2023Q1龙头企业增长持续，各环节景气度明显分化2022年光伏板块收入母净利润同比增长6.79.6收入增速看电池>硅料>石英坩埚>硅片>组件>设备>逆变器>金刚线>胶膜>其他辅材>玻璃>银浆>支架>E归母净利润速看电池石英坩埚金刚线组件逆变器硅料支架银浆设备>硅片其他辅材玻璃>C胶膜。光板共企业67，2022年收入0736.79亿元比长7.76母净润241.2元比加93.0其料202年收入197020亿，增长105.5归净润49.9632亿，比长15.78；硅片022年入475.6亿元同长8819归母润15.43亿同比长32.79；池02入53.1元同长155.74，母润2.1元同比长41.37；件202入400.0元比长7.99，母润25.09亿元同增长15853玻璃022年入40.02亿元同增长37.1归母利润47.30亿比长132膜222收入64.47元同增长4.3归净利润1.45亿同少27.7变器2022收入20.6元同长68.3，归母利润77.95亿同比长17.77；架2022收入101.5，同增长28.18归净润394亿元同增长8.74PC222年入17.77元比增长8.69，母利润452亿，比少0.8；设备2022年收入4448亿，同比长7279归净润6801亿，比长43.91；刚线202收入45.4亿元同长6824归母润2661亿同比长178.6浆022年入135.39亿同增长3051归净润745元同增长97.2英埚202年入34.8增长0.04归净润12.91亿同增长4684其他辅材202收入12.65元比增长44.3净利润3.03亿元同长21.45。20231光伏板块收入、母净利润同比增长3.8、5.6，收入增速看石英坩埚>逆变器>设备>组件>玻璃>金刚线>银浆>硅片EC>电池>其他辅材>胶膜>支架>硅料归母净利润增速看石英坩埚电池逆变器组件支架设备>EC金刚线硅片>银浆硅料玻璃其他材胶膜。伏块选企业67家，02Q1收入2708.64亿元，比长3781母净润37.51元比增加5.67。中料202Q1收入43830亿，比长1.80，母润25.5元同增长8.9；片202Q1收入360.8元同比长3.73归利润2.85亿元同长39.9；电池2021入1296元同长1938，归净润10.8亿，同增长381.69；件22Q1入101.12亿，比长51.2归净润11.09元，同比长14.66；璃02Q1入18.93亿同比长4.76，母利润946亿元同低1.5胶膜2021入63.7亿元同长1499归母利润6.66元同降低16.5；变器02Q1收入96.75亿，比长15285母净润3088元增长26.86支架021收入2114元比长11.92，归母润105亿元同增长15026EC2031收入35.0元同长21.56，归母润6.0元增长0.32备22Q1收入19.3元比长60.34，归母利润1.02亿同比长8879金线202Q1入3779元，比长41.87，母利润.92亿元同增长57.6银浆22Q1收入0.63元，比增长7.39，母润2.33亿，比长287，英埚22Q1入1859亿元同增长251.0母净润993亿增长56.5其辅材4.68元，同比长7.49，母利润323亿，比低7.60。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持高增料2031价格坚挺程超预期预计续单吨利收缩龙头通股（22Q1归净润86.1元同增5.69受硅下速较慢盈利表超期延业至组端延业至件端加一化局石英坩埚石英砂供给较为紧张下盈利快速上行。欧晶科技（223Q1归母净利润.72亿元，同增292.13英03Q1归净润821同增839.2所石砂紧，价格幅涨瓜分收益我认高纯砂紧将续年年随外头产能利有下硅片硅价下坩埚供紧缺下盈利坚CL中（20Q1归母润2253亿同增71.0单净约1，本势石砂保下龙头地稳，基能销硅业经们算02Q1归净润550亿元同降43.31双节（2031归净润502元同增15.0弘（20Q1归母润6.7元增3.3电池硅片格坚挺1单瓦盈利环有所承压，同比高增股02Q1归净润7.2同增08.3钧股（22Q1归母润3.4亿，增135.9，2032随硅降及N型货比提，盈利有望持续修复。组件：需求旺盛，硅价下行+美国高盈利，业绩表现亮眼。晶澳科技（2021母润252元同增24421瓦净约0.9，增1分，基绿能组件业务经我们测算，202Q1归母净利润087亿元，同增15089%，晶科能源（2021母润168元同增31336瓦净约0.3，增3分。合光能2021母润1768亿，增25.3）瓦约0.1环增2硅片能地逐提一体逆变器持续益储能高增模紧缺大机盈利上行阳电02Q1母净润5.08亿增26690T块缺光以及储大盈上业股（22Q1母润5.9元增35.6202Q1毛利坚表亮，年储出上至0台；德（22Q1归净润3.6亿元增347.722221利基能货同高用逐改善锦浪科（02Q1归净润3.24元同增97.27能同持高迈（202Q1归母润1.6元增10208能202Q1归净润1.8亿元同增282.9%）微逆同比持续高增，毛利率坚挺，但受德国规格调整影响全年出货略有下调长期渗率续玻璃2231玻璃价格位盈利承莱231净润5.1元同增1711盈承需旺下4价0.51元计2盈利有修下年旺需望续胶膜高价粒库存有影响价格未能顺利传导成本涨一季度盈利承压。斯特2021母润3.4元，同增746月价渐上盈逐修2H2随N放来OE类需高增出结优盈上银浆：N型技术动量利双升。材02Q1净利润124亿同增9.0科02Q1母净利润0.86元同增70.75苏州锝202Q1归利润023元同降1.5）益OCn产放量盈利结性善。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2022同比2022Q4同比2023Q1同比2022同比2022Q4同比2023Q1同比硅料1,970.20105.95%519.8395.82%438.301.80%499.96125.78%86.2628.31%125.158.29%603260.H合盛硅业236.5710.84%53.8225.55%57.2910.35%51.4837.30%5.9481.49%10.0351.1%600438.H通威股份1,424.23124.32%403.38140.23%332.4534.67%257.26213.43%39.9676.56%86.0165.59%688303.H大全能源309.40185.64%62.63147.84%48.5640.26%191.21234.06%40.36222.70%29.132.49%硅片1,475.5688.19%386.7467.81%360.2823.73%155.4332.79%25.0514.56%42.8539.79%601012.H隆基绿能319.6187.65%77.175.39%67.14.75%43.1210.65%7.7030.20%5.5043.31%002129.SZTCL中环670.1063.02%171.6542.86%176.1931.80%68.1969.21%18.1843.36%22.5371.90%601908.H京运通121.99120.78%36.45109.03%27.2340.60%4.2348.86%4.1439.46%3.033298.13%603185.H弘元绿能219.09100.72%44.2332.88%35.1338.09%30.3377.23%2.0333.84%6.773.36%600481.H双良节能144.76277.99%57.31266.82%54.63215.02%9.56208.27%1.265.48%5.02315.06%电池533.61155.74%157.80131.71%129.5619.38%22.141.37%6.83247.20%10.88381.69%002865.SZ钧达股份15.95304.95%41.67104.86%39.6794.84%7.17501.35%3.0741.71%3.541535.94%600732.H爱旭股份350.75126.72%92.4616.42%77.451.04%23.281954.33%9.381276.55%7.02208.78%002610.SZ爱康科技66.91164.34%23.67369.76%12.4425.65%8.34105.32%5.6196.28%0.33242.00%组件4,030.0074.99%1,341.173.19%1,010.1251.02%255.09158.53%86.33390.02%101.09154.66%601012.H隆基绿能970.3751.86%342.5368.48%216.0977.28%105.00246.47%30.66618.18%30.87150.89%002459.SZ晶澳科技729.8976.72%236.6655.65%204.8066.23%55.33171.40%22.43208.89%25.82244.21%300118.SZ东方日升293.8556.05%83.6343.13%67.7725.18%9.452332.31%1.97149.78%3.146.1%688223.H晶科能源826.76103.79%299.0483.51%231.5357.70%29.36157.24%12.60199.94%16.58313.36%688599.H天合光能850.5291.21%268.53103.19%213.1939.59%36.80103.97%12.7897.23%17.68225.43%002056.SZ横店东磁194.5154.28%53.2647.95%46.325.36%16.6948.98%4.6196.29%5.8359.33%600537.H亿晶光电100.23145.47%42.31207.78%21.1755.54%1.27121.09%0.7919.61%1.27187.36%835985.BJ海泰新能63.8741.05%15.153.71%9.2526.02%1.1819.36%0.4854.60%0.06146.06%玻璃430.0237.31%125.3756.61%128.9346.76%47.3013.22%1.52205.59%9.461.75%601865.H福莱特154.6177.44%42.4678.71%53.6552.90%21.230.13%6.1853.44%5.117.1%002623.SZ亚玛顿31.6855.92%8.8342.81%8.0914.62%0.8454.81%0.2480.57%0.1641.68%600876.H凯盛新能50.3039.51%16.57107.86%14.2641.75%4.0954.59%1.48337.43%0.1288.89%600207.H安彩高科41.4424.14%13.5663.07%12.2257.02%0.7863.06%0.26913.44%0.1047.86%000012.SZ南玻A151.991.52%43.9529.94%40.7146.13%20.3733.21%3.871883.10%3.963.32%胶膜641.4744.33%162.8116.48%163.2714.99%31.4527.17%1.3689.50%6.6616.56%603806.H福斯特188.7746.82%53.3135.71%49.1326.48%15.7928.13%0.4594.75%3.647.46%688680.H海优新材53.0770.90%1.746.45%13.519.98%0.5080.14%0.83163.22%0.2370.56%603212.H赛伍技术41.1536.39%8.943.35%10.415.18%1.710.68%0.57218.44%0.3362.54%603051.H鹿山新材26.1854.63%6.3621.78%7.0741.17%0.7533.74%0.16138.67%0.35206.99%603330.H天洋新材14.2633.55%3.527.04%3.375.63%0.57151.37%0.83442.34%0.03237.57%688560.H明冠新材17.4235.10%3.7614.80%4.014.65%1.0514.66%0.30183.90%0.1941.84%601139.H深圳燃气300.6240.38%75.179.87%75.781.67%12.229.72%3.60140.00%2.5814.00%逆变器620.2668.33%257.16100.19%196.75152.85%77.95137.77%31.68455.13%30.88262.86%300274.SZ阳光电源402.5766.79%180.33105.79%125.80175.42%35.93127.04%15.331866.88%15.08266.90%688348.H昱能科技13.38101.27%4.168.53%4.36151.05%3.61250.30%1.08138.66%1.18282.91%300763.SZ锦浪科技58.9077.80%17.2370.82%16.5450.09%10.60123.70%3.57221.80%3.2497.27%688390.H固德威47.1075.88%17.9587.06%17.19164.59%6.49132.27%3.74480.89%3.363473.72%688032.H禾迈股份15.3793.23%6.00108.27%5.80153.48%5.33163.98%1.7012.68%1.76102.08%300827.SZ上能电气23.3914.08%12.73186.36%6.20184.39%0.8238.46%0.36152.04%0.37126.59%605117.H德业股份59.5642.89%18.8265.23%20.85147.88%15.17162.28%5.90231.70%5.89345.64%支架101.5528.18%29.4622.72%21.141.92%3.9498.74%1.081238.1%1.05150.26%688408.H中信博37.0353.29%14.44106.64%8.1541.55%0.44195.57%0.57252.79%0.39534.07%002897.SZ意华股份50.11.61%10.7924.07%9.3710.42%2.4076.78%0.1063.70%0.1665.30%603628.H清源股份14.4241.65%4.2350.61%3.6235.46%1.09130.91%0.4143915.9%0.51750.60%EC173.778.69%53.7638.06%35.9021.56%24.520.83%2.55201.1%6.1060.32%601222.H林洋能源49.446.66%13.4114.41%10.658.22%8.568.00%1.2243.90%1.9710.03%601778.H晶科科技31.9613.02%6.8824.46%8.1842.72%2.0942.04%0.891418.75%0.24140.52%000591.SZ太阳能92.3631.65%33.4784.82%17.0722.27%13.8717.42%2.223272.96%3.8948.73%设备444.0872.79%142.2469.10%19.9360.34%68.0143.91%14.996.13%21.0288.79%300316.SZ晶盛机电106.3878.45%31.7661.21%36.0084.37%29.2470.80%9.1552.13%8.87100.43%300751.SZ迈为股份41.4834.01%1.3324.43%1.5738.64%8.6234.09%1.756.30%2.2122.80%601908.H京运通121.99120.78%36.45109.03%27.2340.60%4.2348.86%4.1439.46%3.033298.13%300724.SZ捷佳伟创60.0518.98%17.4934.29%19.3141.73%10.4745.93%2.2691.75%3.3623.16%835368.BJ连城数控37.7284.90%16.4681.21%6.48101.14%4.5230.66%1.9615.81%1.021.81%688516.H奥特维35.4072.94%1.4184.30%10.3966.27%7.1392.25%2.3866.82%2.21107.42%688559.H海目星41.05106.89%17.3581.15%8.95100.45%3.80248.45%1.6019.37%0.32184.17%金刚线145.8468.24%43.2665.63%37.7941.87%26.61178.16%8.94393.12%6.9257.56%300861.SZ美畅股份36.5897.99%1.97107.66%9.9449.30%14.7393.00%4.45109.78%3.7933.25%002132.SZ恒星科技44.1730.07%9.721.44%9.338.97%1.8733.50%0.6021.32%0.0514.79%688556.H高测股份35.71127.92%13.80132.41%12.59126.45%7.89356.66%3.60489.34%3.34245.40%300554.SZ三超新材4.0763.63%1.2096.46%1.0535.26%0.1317.1%0.0910.45%0.0117.41%300700.SZ岱勒新材6.43137.42%2.01128.05%1.5324.90%0.91216.43%0.19130.50%0.2156.82%603595.H东尼电子18.8941.04%4.578.62%3.3513.17%1.08223.36%0.0273.62%0.40314.52%银浆135.3930.51%36.2043.64%40.6327.39%7.4597.25%2.30128.58%2.3328.73%688503.H聚和材料65.0427.94%16.2515.60%17.845.31%3.91493.55%0.8934.49%1.2419.70%300842.SZ帝科股份37.6733.83%1.5696.26%15.48121.72%0.1718.44%0.311756.68%0.86370.75%002079.SZ苏州固锝32.6832.01%8.4059.63%7.318.31%3.7170.34%1.73425.96%0.2361.35%石英坩埚34.3890.04%12.66158.21%18.59251.80%12.91246.84%5.66356.51%9.93656.55%603688.H石英股份20.04108.62%7.71174.08%12.23370.52%10.52274.48%4.82356.61%8.21839.62%001269.SZ欧晶科技14.3469.01%4.95136.85%6.36136.89%2.38161.62%0.84355.89%1.72292.13%其他辅材122.6544.03%31.8125.36%34.6817.49%13.0321.45%2.5724.70%3.237.60%688033.H天宜上佳9.8747.05%3.311.83%3.179.45%1.792.40%0.5526.04%0.4532.16%688598.H金博股份14.508.39%3.0332.55%3.0232.93%5.519.99%0.5467.35%1.1841.76%301168.SZ通灵股份12.4910.28%2.6528.67%3.294.45%1.1645.08%0.2130.48%0.37145.50%301278.SZ快可电子1.0049.43%2.7745.49%3.0422.49%1.1882.57%0.3190.71%0.3984.59%301266.SZ宇邦新材20.162.29%5.6958.78%5.5418.70%1.0029.95%0.2550.62%0.3679.49%839167.BJ同享科技12.4755.37%2.9861.43%4.2328.85%0.507.00%0.127.14%0.2110.95%003038.SZ鑫铂股份42.2162.58%1.3833.46%12.4428.37%1.8855.38%0.5846.71%0.2642.95%合计10,736.7976.76%3,263.7771.97%2,708.6437.81%1,241.5293.60%291.2390.28%374.5155.67%数据来源2.2 2022年盈利能力稳定，2023Q1盈利开始上行光伏行业202年盈利能力稳定20231盈利开始上行022年行毛率1.96，同比降054pc2021毛率24.1同上升1.70pc2022年行母净率11.56同升1.0pc202Q1归净率3.3比升1.9pc222年毛利率增幅看：石英坩埚硅料电池金刚线逆变器支架银浆组件EC设备>硅片其他辅材胶膜玻璃归净利率增幅看石英坩埚电池金刚线逆变器硅料支架组件银浆硅片EC其辅材玻璃设备胶膜料202毛率4347同比升5.87pc归净率5.3，比升2.3pc片202毛率6.69，同下降4.65pc归净率0.6，比降0.7pc池202毛率1.43，同上升5.34pc归净率4.1，比升755pc；件222年率1.38，同下降2pc母利率6.85比升092pc璃202年毛率20.4比降925pc，归母利率10.9同下降234pc胶膜022年毛率1.20，比降6.3pc，归母利率4.9，比降4.8pc；变器022年毛率2.84，比升3.4pc，归母利率12.5同上升367pc支架022年毛率1.39，比降0.0pc，归母率3.8同上升138pcEC022毛率36.3同下降2.94pc母净率1.1同降1.3pc；备202毛利率29.0同降4.4pc，归母净率1.31，比降3.0pc；刚线022年毛率3.46，比升5.1pc，归母利率18.2同上升721pc银浆022年毛率1.15，比降0.2pc，归母率5.5比升0.2pc英埚022年毛率1.48比升1494pc，归母率3.53同上升14.3pc他材222毛率19.1下降4.8pc，归母利率10.6同下降198pc光伏022年毛率2.96，比降0.5pc，归母率11.6同上升104pc。20231毛利率增幅看石英坩埚电池金刚线组件硅料逆变器支架设备硅片银浆>C其他辅材胶膜玻璃归母利率幅看石英坩埚电池逆变器P>组件支架设备金刚线硅片银浆硅料胶膜其他辅材玻璃。硅料2023年Q1率4478，同升2.pc，母利率28.5同比降0.93c；片23年毛率19.6同升0.13pc母利率2.7比升1.7pc池203年Q1毛率1645，上升.28pc，母利率8.40同升6.3pc；件203年1利率17.4比升2.3pc归净率9.9同升3.1p璃203年1利率17.1比降3.0pc归净率7.3同降3.6p膜203年1利率11.5比降3.0pc归净率4.8同下降.54c；逆器2023年Q1毛率1.86，同升2.0pc归净率1569同升4.76pc；支架023年Q1毛率1.34同上升213pc母净率496同上升2.74pc；EC203年Q1毛率911同下降0.9pc母净率6.99同升4.1pc；设备023年Q1率3082比升166pc母净率7.53比升2.6pc；金线203年1率3370同上升3.7pc，母利率18.0，同上升1.82pc浆023年Q1毛率10.3比降0.91pc母率5.7同上升0.0pc英埚223年1利率67.9上升6.24c母利率53.42，同比升8.58c辅材023年Q1毛率1.12同下降.94c归母利率9.30比降253pc光伏023年Q1毛率24.01同上升1.70c归母利率13.3同上升1.5pc。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22同比224同比231同比22同比224同比231同比硅料43.47%5.87ct39.74%3.65ct44.78%2.28ct25.38%2.23ct16.59%8.73ct28.55%0.93ct603260.H合盛硅业34.39%18.49pct14.69%45.64pct31.03%16.47pct21.76%16.71pct11.04%33.36pct17.50%14.6pct600438.H通威股份38.17%10.49pct37.12%3.57pct43.15%9.03pct18.06%5.14pct9.91%3.57pct25.87%4.83pct688303.H大全能源74.83%9.17pct78.15%17.83pct72.17%8.13pct61.80%8.96pct64.44%14.95pct59.94%6.9pct硅片16.69%4.65ct14.02%5.62ct19.26%0.13ct10.65%0.57ct7.64%0.1ct12.79%1.27ct601012.H隆基绿能15.38%4.82pct13.86%3.81pct17.91%3.38pct11.48%0.26pct9.14%2.95pct12.84%1.48pct002129.SZTCL中17.82%3.86pct17.53%8.19pct23.01%4.22pct10.18%0.37pct10.59%0.04pct12.79%2.98pct环601908.H京运通16.18%18.26pct6.76%15.75pct21.46%10.75pct3.47%11.52pct11.29%18.24pct11.14%10.68pct603185.H弘元绿能21.43%1.68pct12.32%3.86pct16.79%0.87pct13.84%1.83pct4.58%4.62pct19.27%7.73pct600481.H双良节能16.51%11.33pct10.62%14.08pct14.66%3.88pct6.60%1.49pct2.19%6.32pct9.18%2.21pct电池11.43%5.34ct15.45%9.19ct16.45%9.28ct4.14%7.55ct4.33%11.14ct8.40%6.32ct002865.SZ钧达股份11.60%0.37pct13.15%4.07pct14.14%3.96pct6.18%12.42pct7.36%12.19pct8.92%7.86pct600732.H爱旭股份13.73%8.14pct20.79%14.94pct18.11%10.67pct6.64%7.45pct10.15%12.01pct9.06%6.16pct002610.SZ爱康科技0.94%3.37pct1.37%0.32pct13.54%14.61pct12.46%3.58pct23.72%33.05pct2.62%4.94pct组件13.38%2ct13.27%0.94ct17.04%2.31ct6.86%0.92ct6.63%3.13ct9.90%3.16ct601012.H隆基绿能15.38%4.82pct13.86%3.81pct17.91%3.38pct11.48%0.26pct9.14%2.95pct12.84%1.48pct002459.SZ晶澳科技14.78%0.15pct17.57%1.82pct19.11%4.32pct7.58%2.64pct9.48%4.7pct12.61%6.52pct300118.SZ东方日升10.69%4.09pct8.49%4.83pct12.39%1.11pct3.21%3.44pct2.36%9.14pct4.59%0.66pct688223.H晶科能源10.45%2.95pct10.82%1.19pct13.79%4.75pct3.55%0.74pct4.21%1.64pct7.16%4.43pct688599.H天合光能13.43%0.71pct13.37%2.11pct17.95%4.37pct4.33%0.27pct4.76%0.14pct8.29%4.74pct002056.SZ横店东磁17.48%0.69pct18.68%3.58pct24.61%8.11pct8.58%0.31pct8.66%2.13pct12.58%4.26pct600537.H亿晶光电5.89%5.04pct4.61%6.73pct14.81%8.27pct1.27%16.03pct1.87%31.21pct5.98%6.83pct835985.BJ海泰新能5.92%1.99pct7.49%0.9pct6.16%0.65pct1.85%1.39pct3.15%3.53pct0.70%1.83pct玻璃20.84%9.25ct19.86%0.07ct17.11%3.08ct11.00%2.34ct9.19%4.48ct7.34%3.62ct601865.H福莱特22.07%13.42pct22.04%4.13pct18.47%3pct13.73%10.6pct14.57%2.4pct9.53%2.91pct002623.SZ亚玛顿8.14%0.17pct9.62%2.02pct6.88%1.89pct2.64%0.02pct2.76%0.58pct1.93%0.37pct600876.H凯盛新能11.85%12.23pct14.05%5.52pct9.81%1.49pct8.13%0.79pct8.93%16.76pct0.87%10.26pct600207.H安彩高科12.13%3.25pct11.35%1.18pct9.37%1.17pct1.87%4.41pct1.91%2.29pct0.83%1.66pct000012.SZ南玻A27.58%7.49pct24.61%2.99pct22.24%6.11pct13.40%2.18pct8.80%8.22pct9.74%4.04pct胶膜14.20%6.31ct9.81%11.27ct11.85%3.01ct4.90%4.81ct0.83%8.41ct4.08%1.54ct603806.H福斯特15.62%9.44pct5.90%24.04pct12.29%4.08pct8.36%8.72pct0.85%21.05pct7.42%1.31pct688680.H海优新材7.87%7.24pct2.95%17.25pct6.26%6.28pct0.94%7.18pct7.09%19.03pct1.68%4.61pct603212.H赛伍技术13.04%1.59pct7.05%10.96pct8.15%6.2pct4.16%1.48pct6.41%11.65pct3.19%4.88pct603051.H鹿山新材9.90%4.91pct5.48%9.96pct2.98%10.31pct2.86%3.81pct2.57%10.67pct4.96%11.5pct603330.H天洋新材14.90%10.74pct8.41%19.03pct14.95%1.51pct3.97%14.29pct23.53%30.89pct1.02%0.7pct688560.H明冠新材19.13%1.76pct12.30%7.28pct12.05%6.12pct6.02%3.51pct7.91%18.72pct4.84%3.87pct601139.H深圳燃气14.65%5.13pct14.29%2.46pct13.74%0.59pct4.07%2.26pct4.79%2.6pct3.41%0.07pct逆变器27.84%3.46ct27.14%9.06ct31.86%2.2ct12.57%3.67ct12.32%7.88ct15.69%4.76ct300274.SZ阳光电源24.55%2.29pct23.54%10.36pct28.00%1.48pct8.93%2.37pct8.50%7.61pct11.98%2.99pct688348.H昱能科技39.32%1.96pct38.91%1.75pct41.59%1.37pct26.94%11.46pct26.24%7.71pct27.00%9.3pct300763.SZ锦浪科技33.52%4.81pct33.33%4.03pct36.69%7.16pct18.00%3.69pct20.70%9.71pct19.60%4.69pct688390.H固德威32.46%0.79pct34.85%8.36pct39.05%8.92pct13.78%3.35pct20.85%14.13pct19.57%18.12pct688032.H禾迈股份44.98%2.23pct41.99%0.41pct46.41%1.79pct34.66%9.29pct28.39%0.59pct30.38%7.73pct300827.SZ上能电气17.29%7.32pct17.59%8.76pct19.14%6.22pct3.49%1.9pct2.84%0.39pct5.89%1.5pct605117.H德业股份38.03%15.08pct47.77%22.45pct43.05%18.72pct25.48%11.6pct31.36%15.74pct28.24%12.53pct支架16.39%0.03ct16.96%3.59ct18.34%2.13ct3.88%1.38ct3.67%4.07ct4.96%2.74ct688408.H中信博12.44%0.7pct13.19%5.02pct13.54%5.41pct1.20%0.58pct3.95%9.28pct4.75%6.3pct002897.SZ意华股份17.48%0.36pct19.23%4.48pct19.03%1.44pct4.79%1.76pct0.94%1.02pct1.66%2.63pct603628.H清源股份22.71%1.7pct24.05%4.72pct27.39%10.41pct7.59%2.93pct9.71%9.74pct13.97%11.74pctEC36.63%2.94ct26.04%8.02ct39.11%0.95ct14.11%1.35ct4.74%2.57ct16.99%4.11ct601222.H林洋能源36.29%0.94pct34.45%2.54pct36.15%2.43pct17.31%0.25pct9.11%1.87pct18.47%0.3pct601778.H晶科科技48.28%6.65pct42.10%4.96pct40.10%0.17pct6.55%3.28pct12.96%13.71pct2.96%13.41pct000591.SZ太阳能32.77%8.9pct19.36%14.53pct40.47%3.95pct15.01%1.82pct6.63%7.02pct22.78%4.05pct设备29.10%4.42ct25.64%4.64ct30.82%1.66ct15.32%3.07ct10.54%6.25ct17.53%2.64ct300316.SZ晶盛机电39.65%0.08pct38.62%4.24pct40.61%0.67pct27.48%1.23pct28.82%1.72pct24.63%1.97pct300751.SZ迈为股份38.31%0pct37.35%0.71pct34.03%6.52pct20.78%0.01pct15.45%5.07pct19.09%2.46pct601908.H京运通16.18%18.26pct6.76%15.75pct21.46%10.75pct3.47%11.52pct11.29%18.24pct11.14%10.68pct300724.SZ捷佳伟创25.44%0.84pct25.39%3.96pct22.78%4.35pct17.43%3.22pct12.93%3.87pct17.42%2.63pct835368.BJ连城数控26.04%5.78pct25.82%2.11pct24.64%4.59pct11.99%4.98pct11.90%6.72pct15.79%12.62pct688516.H奥特维38.92%1.26pct38.69%2.1pct36.60%2.02pct20.14%2.02pct20.90%2.19pct21.29%4.22pct688559.H海目星30.50%5.58pct25.43%4.02pct30.83%2.78pct9.27%3.76pct9.22%1.61pct3.53%1.04pct金刚线32.46%5.1ct36.58%8.4ct33.70%3.17ct18.24%7.21ct20.67%13.73ct18.30%1.82ct300861.SZ美畅股份53.00%2.16pct50.13%1.39pct51.91%2.32pct40.26%1.04pct37.15%0.38pct38.15%4.6pct002132.SZ恒星科技13.98%0.39pct17.84%3.88pct9.92%3.86pct4.24%0.11pct6.18%0.5pct0.49%4.13pct688556.H高测股份41.51%7.76pct44.22%9.52pct43.12%5.46pct22.09%11.06pct26.12%15.82pct26.56%9.15pct300554.SZ三超新材23.88%4.91pct26.01%5.22pct25.65%8.1pct3.16%33.35pct7.52%148.95pct0.94%8.24pct300700.SZ岱勒新材35.34%21.52pct37.98%26.74pct33.63%5.57pct14.15%43.01pct9.28%78.7pct13.83%2.81pct603595.H东尼电子19.67%0.71pct20.00%1.07pct12.97%6.9pct5.72%3.23pct0.35%1.09pct11.84%16.64pct银浆12.15%0.24ct13.37%1.91ct10.63%0.91ct5.50%0.12ct6.36%2.36ct5.73%0.06ct688503.H聚和材料11.55%1.07pct12.40%2.75pct8.72%2.4pct6.01%1.16pct5.46%0.77pct6.95%0.84pct300842.SZ帝科股份8.80%1.26pct11.30%3.96pct11.31%3.79pct0.46%3.8pct2.72%3.05pct5.57%2.95pct002079.SZ苏州固锝17.21%1.75pct18.07%2.8pct13.81%2.13pct11.35%2.55pct20.60%14.35pct3.13%4.29pct石英坩埚51.48%14.94ct56.43%20.52ct67.19%26.24ct37.54%14.63ct44.73%19.43ct53.42%28.58ct603688.H石英股份68.37%22.74pct75.23%27.33pct84.29%29.64pct52.50%23.25pct62.60%25.02pct67.13%33.51pct001269.SZ欧晶科技27.88%1.62pct27.16%7.39pct34.33%6.62pct16.63%0.9pct16.92%8.13pct27.06%10.71pct其他辅材19.81%4.82ct19.01%6.2ct18.12%2.94ct10.62%1.98ct8.08%5.37ct9.30%2.53ct688033.H天宜上佳50.80%11.11pct43.35%14.06pct36.26%21.73pct18.15%7.92pct16.71%8.56pct14.56%5.21pct688598.H金博股份47.80%9.47pct39.11%16.44pct36.01%17.34pct38.01%0.55pct17.93%19.11pct39.09%5.93pct301168.SZ通灵股份15.72%0.32pct17.33%3.77pct21.55%10.72pct9.27%2.22pct8.07%0.11pct11.30%6.49pct301278.SZ快可电子18.68%0.32pct20.76%4.8pct20.68%4.48pct10.77%1.95pct11.23%2.66pct12.67%4.26pct301266.SZ宇邦新材11.21%2.35pct10.46%1.72pct13.06%2.02pct4.99%1.24pct4.37%0.24pct6.52%2.21pct839167.BJ同享科技9.68%2.45pct10.76%0.6pct12.67%1.85pct4.03%2.7pct4.03%2.04pct5.01%1.95pct003038.SZ鑫铂股份11.55%1.57pct12.96%1.32pct11.82%0.49pct4.45%0.21pct5.09%0.46pct2.11%2.63pct合计光伏21.96%0.54ct20.24%0.95ct24.01%1.7ct11.56%1.04ct8.92%0.86ct13.83%1.59ct20231光伏板块现金流比大幅上升202现流为入131.17亿元2021年同现流净入9.07亿，比升14.1。223一度，块金流流入0.54元同上升1216与022季净入586.32亿相比低99.91。2022年现金流增速看：逆变器石英坩埚硅料支架电池其他辅材组件EC>硅片银浆设备玻璃刚线胶膜，2031现金流增速看：石英坩埚设备>金刚线支架逆变器组件硅料胶膜其他辅材银浆>C硅片电池玻璃。表15：光伏板块201-0231经营净现金流情况亿元)代码公司名称2021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q1同2022Q4同202120222022同比比比硅料22.841.0530.7445.1251.41156.72181.4619663.5623.64%334.41%139.71585.59319.15%603260.H合盛硅业3.0214.196.8613.025.760.221.3713.1712.65319.67%201.11%37.096.26116.88%600438.H通威股份16.8513.954.8240.5632.49101.87154.46149.3522.4530.89%268.18%76.18438.18475.17%688303.H大全能源2.9312.9119.068.4713.1655.0725.6259.8153.76308.48%806.29%26.44153.67481.23%硅片7.936.1954.7100.079.25142.8390.6145.0527.85401.01%54.98%183.07287.7457.18%601012.H隆基绿能16.1524.6238.3176.443.09110.0898.0338.6933.26975.64%49.39%123.23243.797.77%002129.SZTCL中8.9812.2712.918.659.5718.5314.328.1510.398.60%5.82%42.8250.5718.11%环601908.H京运通1.530.513.111.80.581.294.92.410.0197.64%34.01%6.941.78125.71%603185.H弘元绿能0.311.581.1512.216.5315.784.72.551.0683.82%79.12%9.1629.55222.48%600481.H双良节能1.960.371.530.973.172.8421.546.746.0289.86%795.44%0.9234.33835.14%电池8.5312.570.9712.691.8123.585.6624.646.84478.12%94.16%15.7655.69253.39%002865.SZ 钧达股份 0.34 0.07 1.88 4电池8.5312.570.9712.691.8123.585.6624.646.84478.12%94.16%15.7655.69253.39%600732.H 爱旭股份 8.72 11.78 1.85 3.38 3.27 20 8.74 20.28 5.47 267.14% 500.61% 4.59 52.29 1039.86%组件38.9360.6512.44189.5732.47215.54149.72189.6618.2943.66%0.05%223.73522.44133.51%002610.SZ 爱康科技 0.52 0.72 1 5.12组件38.9360.6512.44189.5732.47215.54149.72189.6618.2943.66%0.05%223.73522.44133.51%601012.H 隆基绿能 16.15 24.62 38.31 76.44 3.09 110.08 98.03 38.69 33.26 975.64% 49.39% 123.23 243.7 97.77%002459.SZ 晶澳科技 10.68 14.98 19.08 52.28 19.08 24.06 20.27 56.62 18.97 199.41% 8.31% 37.5 81.86 118.29%300118.SZ 东方日升 2.31 0.34 1.95 2.09 6.92 15.92 5.22 2.3 1.62 76.61% 10.22% 6.01 30.36 405.12%688223.H 晶科能源 2.22 1.62 11.01 39.46 2.95 19.35 0.31 18.23 2.9 198.04% 53.81% 32.29 40.84 26.49%688599.H 天合光能 14.74 15.99 4.29 14.03 19.08 34.53 24.1 52.82 8.93 53.17% 276.59% 10.98 92.37 741.19%002056.SZ 横店东磁 3.24 2.62 4.99 1.99 1.77 9.08 4.27 13.74 4.99 182.00% 589.65% 12.85 28.87 124.55%600537.H 亿晶光电 4.68 1.11 0.23 4.62 3.53 1.28 1.67 7.65 1.47 141.59% 65.62% 0.94 3.73 497.59%玻璃5.3217.564.5523.993.1712.645.33.6514.53557.93%115.22%42.3117.4658.73%835985.BJ 海泰新能 0.46 2.27 1.34 玻璃5.3217.564.5523.993.1712.645.33.6514.53557.93%115.22%42.3117.4658.73%601865.H 福莱特 1.39 2.58 12.98 14.8 5.61 3.45 1.66 8.95 4.81 185.70% 160.50% 5.8 1.77 69.49%002623.SZ 亚玛顿 0.21 1.56 0.6 2.61 1.3 0.76 0.13 1.69 1.32 1.18% 164.82% 1.43 1.01 170.59%600876.H 凯盛新能 0.37 0.31 2.09 1.41 2.3 0.38 0.78 1.28 2.05 10.99% 9.17% 1.36 3.98 392.01%600207.H 安彩高科 0.07 0.46 2.44 0.54 0.15 0.04 2.6 1.5 3.51 2518.19% 180.33% 2.43 0.91 62.58%胶膜17.333.020.299.5419.329.463.4330.2421.089.21%217.14%5.0721.95333.05%000012.SZ 南玻A 3.41 13.57胶膜17.333.020.299.5419.329.463.4330.2421.089.21%217.14%5.0721.95333.05%603806.H 福斯特 7.71 1.39 1.04 5.88 1.51 11.05 0.8 12.02 9.84 550.04% 104.50% 1.48 0.26 117.65%688680.H 海优新材 5.83 2.96 3.27 1.95 6.9 11.6 8.71 1.95 7.21 4.50% 0.17% 14.02 29.15 107.92%603212.H 赛伍技术 2.44 1.09 2.28 0.51 0.78 0.65 0.82 1.46 3.19 309.07% 383.97% 1.77 0.8 55.03%603051.H 鹿山新材 0.56 0.02 0.42 1.12 1.65 3.71 2.29 0.75 1.95 17.81% 33.38% 0.12 6.91 5936.92%603330.H 天洋新材 0.43 0.12 0.24 0.19 0.76 0.26 2.65 0.61 1 30.82% 225.30% 0.36 2.55 603.27%688560.H 明冠新材 1.41 0.8 0.62 1.9 0.18 0.35 0.73 0.62 0.74 314.51% 67.24% 0.93 0.83 188.99%逆变器26.341.762.4534.5522.3915.321.9560.168.3662.69%74.13%455.041276.49%601139.H 深圳燃气 1.05 6.38 3.03 逆变器26.341.762.4534.5522.3915.321.9560.168.3662.69%74.13%455.041276.49%300274.SZ 阳光电源 24.83 6.47 7.25 22.16 16.83 4.23 16.38 41.07 7.94 52.81% 85.33% 16.39 12.1 173.87%688348.H 昱能科技 0.07 0.05 0.31 0.09 0.43 0.18 0.69 3.15 4.3 1094.63% 3800.95% 0.51 3.23 730.36%300763.SZ 锦浪科技 0.26 2.21 1.03 2.83 0.57 2.41 2.96 3.67 1.17 102.94% 29.72% 6.33 9.62 52.04%688390.H 固德威 0.32 0.76 0.25 2.26 1.79 1.44 4 5.09 1.07 160.06% 125.04% 2.96 8.74 195.38%688032.H 禾迈股份 0.01 0.44 0.35 0.7 0.29 1.37 1.6 0.99 0.92 415.37% 43.05% 1.5 4.26 184.06%300827.SZ 上能电气 2.05 0.22 0.23 3.61 4.03 0.3 0.27 4.96 4.88 21.24% 37.47% 1.12 1.51 34.42%支架0.614.431.843.344.153.582.798.730.2693.86%161.65%2.323.78263.30%605117.H 德业股份 0.51 1.47 支架0.614.431.843.344.153.582.798.730.2693.86%161.65%2.323.78263.30%688408.H 中信博 2.04 1.55 2.16 2.89 4.5 2.41 0.48 4.91 0.26 94.32% 69.69% 1.23 2.48 300.57%002897.SZ 意华股份 1.08 2.66 0.67 0.21 0.4 0.42 3.14 1.92 0.33 181.27% 794.54% 4.2 5.04 220.21%EC0.6912.3715.2217.80.9714.7612.8350.441.77282.00%183.41%44.697976.76%603628.H 清源股份 0.35 0.23 0.99 EC0.6912.3715.2217.80.9714.7612.8350.441.77282.00%183.41%44.697976.76%601222.H 林洋能源 1.99 2.86 3.01 6.67 0.3 1.29 3.69 5.42 0.75 150.97% 18.81% 10.55 10.1 4.27%601778.H 晶科科技 0.26 4.18 4.33 5.39 0.66 8.37 3.08 7.13 10.44 1471.75% 32.22% 13.65 17.91 31.24%设备4.9810.5310.428.039.1921.666.7622.3212.96240.92%20.35%53.9341.5522.96%000591.SZ 太阳能 1.55 5.32 7.设备4.9810.5310.428.039.1921.666.7622.3212.96240.92%20.35%53.9341.5522.96%300316.SZ 晶盛机电 0.38 4.94 3.22 8.84 7.45 6.92 8.16 5.5 4.31 157.91% 37.75% 17.37 13.14 24.38%300751.SZ 迈为股份 1.1 1.93 1.07 2.46 0.29 3.93 2.04 2.29 2.9 886.41% 6.95% 6.57 8.55 30.17%601908.H 京运通 1.53 0.51 3.11 1.8 0.58 1.29 4.9 2.41 0.01 97.64% 34.01% 6.94 1.78 125.71%300724.SZ 捷佳伟创 2.98 2.48 0.09 7.94 3.39 5.56 0.5 6.07 11.32 234.38% 23.60% 13.49 14.51 7.54%835368.BJ 连城数控 0.18 0.36 0.97 0 1.22 0.85 2.8 0.36 2.22 81.32% 8468.13% 1.51 3.53 333.26%688516.H 奥特维 0.15 0.24 1.23 1.54 0.46 1.6 1.41 2.31 0.75 63.30% 49.25% 3.17 5.78 82.36%金刚线5.463.340.822.330.412.713.984.020.98137.24%72.32% 11.963.1673.56%688559.H 海目星 1.35 0.06 0.72 5.金刚线5.463.340.822.330.412.713.984.020.98137.24%72.32% 11.963.1673.56%300861.SZ 美畅股份 1.21 0.45 0.52 1.25 2.79 0.31 0.5 2.28 1.36 148.74% 82.47% 3.43 4.88 42.22%002132.SZ 恒星科技 3.46 1.15 1.27 0.27 1.06 2.96 1.76 1.31 3.21 403.33% 576.37% 6.16 1.16 118.86%688556.H 高测股份 0.21 0.68 0.42 0.72 1.44 0.68 0.26 2.74 1.87 29.69% 281.87% 0.76 2.24 192.82%300554.SZ 三超新材 0.34 0.59 0.18 0.07 0.18 0.27 0.33 0.5 0.34 82.87% 573.09% 1.03 1.29 224.47%300700.SZ 岱勒新材 0.15 0.05 0.22 0.17 0.23 0.09 0.01 0.31 0.06 125.34% 81.71% 0.3 0.1