光伏三季报披露收官，四大组件龙头谁在领跑

新京报10-31

光伏三季报披露已基本收官，10月31日作为公布财报后的A股首个交易日，四大组件龙头晶科能源(688223.SH)、天合光能(688599.SH)、隆基绿能（601012）(601012.SH)、晶澳科技（002459）(002459.SZ)表现各不相同。具体来看，晶澳科技涨停，晶科能源与隆基绿能分别涨3.16%、2.55%，天合光能跌1.61%，也部分体现了市场对于四家企业三季报的反应。在内卷不休...

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Who is leading the way among the four major component leaders?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601012":1,"688223":0.9,"688599":1,"002459":1},"content_text":"光伏三季报披露已基本收官，10月31日作为公布财报后的A股首个交易日，四大组件龙头晶科能源(688223.SH)、天合光能(688599.SH)、隆基绿能（601012）(601012.SH)、晶澳科技（002459）(002459.SZ)表现各不相同。具体来看，晶澳科技涨停，晶科能源与隆基绿能分别涨3.16%、2.55%，天合光能跌1.61%，也部分体现了市场对于四家企业三季报的反应。在内卷不休、暗潮涌动的当下，谁在领跑？前三季度仅一家企业保持盈利，价格战成利润“粉碎机”上市公司的三季度报告披露的信息相较年度报告与半年度报告更少，基本只覆盖了财务数据，以及企业简短的情况介绍。从基本的数据来看，四家企业前三季度均出现营收下滑，且都将之归因于产业链供需导致的降价，前三季度能够保持盈利的也仅剩晶科能源一家。制图/新京报贝壳财经记者朱玥怡也正是在行业持续乃至非理性降价的背景下，中国光伏行业协会近期连续发声，10月中旬举行了防止行业“内卷式”恶性竞争专题座谈会，并在数日后的10月18日再度发文称光伏组件低于成本投标中标涉嫌违法，同时公布最低成本价0.68元/W。在行业有望加强自律的背景下，光伏板块近期数个交日易迎来上涨，且有市场传闻称头部组件企业开始酝酿涨价。10月30日，多家企业均未否认涨价消息，隆基绿能称价格调整期随行就市，晶科能源方面回复贝壳财经记者表示，各企业正共同努力促进产业链价格逐步回归合理区间，公司积极响应，期待行业早日重回健康发展轨道。晶澳科技也向贝壳财经记者表示，市场上分销渠道价格略有调整，公司会密切关注市场动态和用户需求，基于对市场趋势、成本、订单情况等因素做全面考量，同时会根据市场环境的变化持续评估和动态调整定价策略。在10月30日召开的业绩说明会上，隆基绿能董事长钟宝申就近期的行业价格问题予以回应表示，过度竞争的本质还是经营主体过多，后者一直是行业自律最大的挑战，如果经营主体没有那么多，相对来讲企业会更理性，经营主体过多会导致协调的难度与自律的难度成倍增长，希望通过提高技术标准和质量标准进行行业整合，减少行业经营主体。部分企业现业绩改善信号，海外市场、新技术成抓手晶澳科技在三季度实现扭亏，且单季度盈利达到了3.90亿元，在四家企业中最为突出，多家券商研报均用“大超预期”形容公司表现。国金证券研报提出，2023年下半年晶澳科技大规模新建TOPCon电池产能集中投产导致2021年上半年公司生产成本略高，三季度公司电池产能爬坡营销结束、成本效率达到行业领先水平，在光伏产业链竞争加剧、组件价格持续下降的背景下，公司凭借显著的成本降幅实现盈利能力显著提升，今年三季度销售毛利率环比提升5.6个百分点至8.67%，带动销售净利率环比扭亏至2.07%，盈利能力改善幅度超预期。另一带动晶澳科技业绩改善的因素或为海外市场表现。公司披露前三季度组件海外出货量占比约52.40%。在这一轮技术迭代浪潮中充分享受到红利的晶科能源是目前四家组件企业中唯一保持住盈利的，前三季度N型组件占比已达约85%。但公司的盈利水平也在持续环比下降，第三季度单季仅不到1500万元。目前来看，晶科能源仍期待在未来几年内通过在N型赛道的规模优势获得收益。为了给公司大手笔规划的山西56GW一体化基地输血，晶科能源在7月终止定增募资后再度启动了发行GDR赴德交所上市的计划，募集资金近六成计划投入山西大基地的二期建设。晶科能源今年的海外布局则是公司的另一亮点，公司今年7月宣布将在沙特合资建设10GW组件产能。公司层面将赴沙特建厂视为打破当下盈利困境的途径之一，表示将加速从“全球销售”向“全球制造”转型。半年报创下A股亏损金额第二高的隆基绿能三季度实现亏损收窄。公司在三季报中首次具体披露了其BC组件销量数据，为13.77GW，占比达到近27%。隆基绿能依然寄望于通过更高溢价的BC产品实现差异化竞争，钟宝申在业绩说明会上表示公司对BC产品的毛利率要求是高于一般TOPCon产品10个百分点。而公司此前也已提出，到2026年底国内电池产能计划全部切换为BC产能。今日唯一收跌的天合光能，公司三季报则不甚乐观，第三季度单季出现了13.73亿元的亏损，抹平上半年5.26亿元的盈利，并导致公司转亏。此外天合光能同日公告，公司第三季度计提各类信用及资产减值准备共计7.43亿元。国金证券研报提出，三季度因光伏组件价格持续下降，天合光能销售毛利率环比下降3个百分点至9.48%。此外天合光能也是前四大组件龙头中业务线较为丰富的企业，除了自光伏领域延伸出的跟踪支架以及户用光伏(子品牌“天合富家”)等业务外，它还是在储能领域布局较早的光伏企业，公司介绍称自己是行业内最早实现5MWh储能系统量产出货的企业之一。而当下储能行业同样深陷价格战中，这或许对天合光能业绩也造成了一定影响。","kind":null,"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},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479702913"}