光伏企业上半年业绩分化，海外市场与BC技术成二季度扭亏“法宝”

第一财经2025-07-15

少数企业预增，多数企业续亏、首亏，半年报预披露持续进行，光伏企业上半年的业绩仍在分化。截至7月14日晚间，包括隆基绿能（601012.SH）、钧达股份（002865.SZ）、晶澳科技（002459.SZ）、弘元绿能（603185.SH）等在内，共计38家光伏上市公司预告了上半年业绩，其中17家续亏、6家首亏，亏损公司数量占比六成，仅5家实现预增。尽管光伏制造商尚未走出经营困境，但经过数月减产以及...

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2.0组件产品逐步投入市场，签单量及出货量快速增长，实现同比大幅减亏。爱旭股份预计，上半年最多亏损2.8亿元，按照一季度亏损3亿元计算，公司实现单季度扭亏为盈。该公司解释称，上半年ABC组件产销两旺，通过深耕欧澳日等高价值市场、高价值场景，海外销售占比显著提升，同时产品成本、期间费用持续下降、存货跌价损失大幅改善，是业绩同比大幅改善的主要原因。电池制造商钧达股份也在公告中提到，海外市场销售对业绩改善的影响，该公司上半年预亏2亿元-3亿元，其中一季度亏损1.05亿元，有望实现单季度减亏。钧达股份称，海外销售占比从2024年度同期的23.85%，提升到2025上半年约51.9%，公司计划通过海外先进电池产能建设方式，融入海外本土产业链，面向高附加值海外市场。另外，组件商晶澳科技在一季度净利润亏损16.38亿元的情况下，上半年预亏不超过30亿元，也实现了减亏。并不是每家光伏制造商都能实现减亏。硅片龙头TCL中环（002129.SZ）的亏损还在加剧。公司上半年净利润预亏40亿元-45亿元，去年同期亏损30.64亿元。按上述数据测算，TCL中环今年第二季度净利润亏损约21亿元-26亿元，同比、环比均亏损加剧。而这也是TCL中环上市以来最差的半年度业绩。该公司解释称，产品价格下跌及存货减值是导致业绩亏损的主要原因。光伏主材以外，辅材环节业绩同样集体承压。以光伏玻璃为例，福莱特（601865.SH）预计上半年净利润为2.3亿元到2.8亿元，同比减少81.32%-84.66%；南玻A（000012.SZ）也预计净利润至少下降88.15%；亚玛顿（002623.SZ）上半年净利润首亏，预亏1500万元-2000万元。上述三家企业均称，受产品价格下跌及存货减值影响，导致经营业绩大幅下滑。下半年是产能出清关键阶段二季度光伏产业链经历“政策刺激上涨、需求退坡回落、政策托底企稳”的波动情况，产业链价格触底后初现复苏信号。从已披露的半年报业绩预告来看，光伏企业经营呈现“全行业承压、部分企业单季度改善”的分化格局，技术迭代、需求演绎与政策落地，将成为光伏板块中长期价值重估以及企业经营业绩改善的关键。近期，“反内卷”反复强调的背景下，光伏产能阶段性过剩、低价竞争尤其受到市场关注。政策呵护下市场情绪发酵，多晶硅期货与现货价格、硅片价格持续回暖，光伏板块估值亦有所反弹。随着最近一周硅料价格大幅上涨，硅片、电池片价格止跌企稳，市场关注度聚焦于光伏企业三季度表现。在一位电新行业分析师看来，当前整体市场处于博弈阶段，主要交易逻辑是政策预期增强，但光伏终端需求恢复偏弱，价格持续上行动能仍待验证。“下半年重点观察政策对光伏减产的推动力度，包括头部硅料企业联合收储尾部产能的进展。硅料作为最上游，产能供需与价格走势，对其他主材环节影响巨大，6月底以来的硅料涨价本质是政策引导的成本线修复，但实际成交仍待观察下游对价格的接受程度。”上述分析师说。“需求端来看，预计下半年国内装机需求不会出现大幅波动，需求变化也很难刺激光伏产能出清，海外部分新兴市场需求增长也只是结构性变化，不足以刺激消化国内过剩的产能。因此三季度是光伏行业减产的关键节点，若减产持续推进，预计光伏板块全年业绩会出现大幅分化。”前述分析师说。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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