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

H22023H143.15.8128.3%20235月收购江苏长风，待未来海工产能进一步2023H110.41.429.1%2023H124.0亿17.5%2.9184.6%，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+2023H18.024.4%2.070.1%。Q22023H112.21.058.5%2023H14316.9%，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-149.621.7%。2023Q217.9亿元，同/环比-66.2%/+110.7%。7）2023Q2应2023Q21167.412.2%307.1亿元，4.8%750.612.4%。◼核电板块：2023H11、2023H1大幅增长。2023H11244.826.35%92.2036.28%。2023Q2营收682.6316.05%45.5570.88%2023H12023H1293.4610.43%9.8315.93%2023Q2149.1310.43%9.8315.93%2023H12023H1528.605.70%，归母净5.90159.55%。2023Q2317.1326.02%2.24122.26%。22023H1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。2023H19家公司毛利率26.98%0.09pct7.41%1.63pct。2023Q226.05%0.86pct；归母净利率为6.67%2.14pct。2023H1现金流入增长，2023Q1现金流入增长。2023H1145.8315.48%。2023Q2174.8112.58%。◼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H2370GW50，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（（TCL等23，22-25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&（（（◼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。内容目录前言 5光伏板块：光伏分化明显，龙头恒强 92023H1、2023Q2龙头企业保持增长，各环节景气度明显分化 92023H1盈利能力稳定，2023Q2盈利小幅回落 132023二季度应收账款、合同负债、存货增长 19风电板块：整机盈利承压、零部件分化明显 232023H1风电板块营收同比上升、盈利同比下降 232023H1、2023Q2风电板块毛利率及净利率小幅下滑 262023Q2应收账款增加、合同负债增多、存货增加 29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 312023H1核电板块收入增长、归母净利润大幅上升 312023H1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投资建议 33风险提示 33图表目录表1：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） 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前言营收增长26.75%1152023H18,860.68976.7026.75%2023Q2收4,912.7221.97%496.4218.50%。2023H1260-30%4330%462023H1340-30%19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TCL中环京运通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公司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南玻A福斯特广大特材宏德股份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科士达固德威中信博太阳能京运通奥特维海目星节能风电数据来源：Wind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115Wind新能源板块2023二季度营收增长18.50%1152023Q24,912.72496.4218.50%。2023280-30%4530%422023480-30%830%597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%Wind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扭亏 - 4合计 数据来源：Wind20231023202H1，全行业1522990.pc202Q22.0，0.48pct。2023H111.02%0.43pct。2023Q2，归母10.10%0.30pct。2023H12023Q22023H1582.48782.058.33%。表6：新能源板块2023H1及2023Q2毛利率情况光伏21.92%21.83%23.39%光伏21.92%21.83%23.39%20.35%23.79%21.82%比-0.01pct22.72%同比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

2023Q2同

2023H1

2023H1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%Wind表9：新能源板块2023H1及2023Q2费用率情况期间费用率 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1

2023Q2同比

2023H1

2023H1同比光伏 7.96% 6.47% 6.85% 7.36% 7.92% 5.32% -1.16pct 6.50% -0.60pct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%-1.05pctWind应收账款2022Q12022Q22022Q32022Q42023Q12023Q2比应收账款2022Q12022Q22022Q32022Q42023Q12023Q2比光伏1,125.251,345.881,392.151,502.991,664.231,867.78 12.23%风电966.391,000.541,054.831,001.711,050.381,179.35 12.28%核电673.08703.88721.50693.64742.03795.95 15.58%2023Q2环Wind预收账款2022Q12022Q22022Q32022Q42023Q12023Q2比预收账款2022Q12022Q22022Q32022Q42023Q12023Q2比光伏596.78755.22990.40890.58977.091,029.25 5.34%风电261.18274.49266.61255.58293.22307.21 4.77%核电680.59687.48733.26727.21725.70772.72 6.48%Wind表12：新能源板块2023H1及2023Q2末存货情况（亿元）存货2022Q12022Q22022Q32022Q42023Q12023Q22023Q2环比2023Q2环光伏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%Wind光伏板块：光伏分化明显，龙头恒强2023H1、2023Q2龙头企业保持增长，各环节景气度明显分化2023H129.21%、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>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。73家，2023H16386.20亿29.21%779.272023H1953.30194.792023H1收入20.28.10.05.710H1284.9224.83%23.10225.76%202H1收入689.5137.823936143.48；2023H1251.4621.75-7.69%；2023H1333.6515.37-29.56%；2023H1484.0582.862023H150.072.7231.54%；EPC2023H195.1020.74%17.32亿元，17.32%2023H1270.5152.56%43.7742.54%2023H182.2226.12%16.652023H193.70净利润5.737.152031收入8.982.4，28.39645.83%2023H179.8730.75%8.3518.87%。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3474.7222.79%392.2618.78%203255.012.069.349.；硅片02Q2收入36310433750168；2023Q2155.3529.76%12.222023Q21493.9929.69%128.842023Q2122.5312.2912.29%2023Q2170.383.14%37.06%2023Q2268.8049.022023Q228.9313.71%，1.6757.2222.00%，10.8810.69%2023Q2150.5822.752023Q244.439.732023Q253.072.942023Q218.5918.462023Q245.1943.14%5.1345.01%。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龙（2023Q246.734%）Q25/N（02Q2236389.04（03Q2归母16.10700.36%）硅片：Q2TCL（2023Q222.8342.13%）1（2023Q23.4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（2022.64998N型盈利22Q26.74.662022随BC（2023Q26.02P6分/W，N1.2毛/W，N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。（2023Q222.312023Q242.8375.20%（2023Q2利润21.8533.2（02Q2归母净利润17.72144.05）1.1-1.2+NQ2（2023Q228.46+IGBT++22Q275（2023Q2归4.04794.45%）（2023Q23.03（202Q21.20.2822Q20.17亿83.12%）30%+成H2（2023Q25.732.50.4+20332（02Q25.2027.53%）2023Q2（2023Q2-0.57143.5%）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（2023Q21.24+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13527。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2023Q22023Q22023Q22023H12023H12023Q22023Q2同比2023Q2环比同比环比同比硅料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%601012.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%300316.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：Wind2.2 2023H1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0.01pct2023H112.20%0.62pct，2023Q20.38pct。2023H1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>逆变器电池组件金刚线支架>EPC>银浆>其他辅材设备胶膜玻璃硅料2023H1毛利率35.50%，6.96pct20.43%7.77pct2023H120.38%，1.00pct0.25pct2023H116.84%，8.46pct5.00pct2023H117.14%，3.71pct8.90%3.89pct2023H117.51%，3.64pct8.65%3.50pct2023H113.17%，2023H132.03%，3.89pct17.12%6.04pct2023H118.45%，2023H10.56pct16.18%1.14pct2023H135.59%，4.92pct20.25%3.10pct2023H111.50%，0.3pc560.0pc203172.35，27.48pct58.08%28.30pct2023H12.06pct10.46%1.04pct2023H122.72%，同比上升0.85pct，归母净利率12.20%，同比上升0.62pct。2023Q2电池金刚线逆变器组件支架银浆设备片>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>>玻璃设备2023年Q2毛13.69pct2023年Q22023Q22023Q2117.31%4.40pct8.62%3.60pctQ217.93%4.40pct10.03%3.09pct；胶膜023年Q21.438pc52.75pc；2023Q231.99%5.00pct18.24%2023年Q218.53%2.26pct年Q21.94pct2023Q231.29%0.23pct3.99pct2023Q237.20%6.43pct4.30pct2023Q212.17%0.10pct2023Q227.88pct，2023年Q219.04%2023年Q20.01pct0.38pct。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-0.10pct600481.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%-0.02pct0.02pct601222.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-0.02pctWind2023H1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，2022445.3332.07%。2023589.8625.02%2023-1.732023H1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：石英坩埚支架>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%300274.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-1.05762.9640-1.7592-1.30853.2081