2022Q3新能源行業(yè)板塊總結

前言新能源板塊，2213營收增長3.1，歸母凈利潤同比增長78.9。我在能源塊選取了86家市公進了計析行業(yè)20213實收入926.03億元同長33.9實現(xiàn)母潤107.11億元同長78.9全行業(yè)202Q3入363.9元同增32.5現(xiàn)母利潤401.6元增64.。202Q13收同下公有21家增為03的有3，為30以的有42家02Q13歸凈利同下的司有33家增為030的有4家，增為30以的有39，虧有2，虧有4表2：86家上市公司分類行業(yè)光伏風電核電通威股份金風科技東方電氣大全能源三一重能上海電氣隆基股份明陽智能中核科技中環(huán)股份運達股份南風股份京運通電氣風電江蘇神通上機數(shù)控中材科技佳電股份鈞達股份雙一科技應流股份愛旭股份時代新材東方鋯業(yè)晶澳科技大金重工中國核電東方日升天順風能晶科能源天能重工天合光能泰勝風能福萊特海力風電亞瑪頓日月股份福斯特廣大特材公司海優(yōu)新材金雷股份賽伍技術通裕重工陽光電源吉鑫科技昱能科技恒潤股份錦浪科技振江股份固德威中環(huán)海陸禾邁股份海鍋股份上能電氣宏德股份德業(yè)股份新強聯(lián)中信博五洲新春林洋能源力星股份晶科科技禾望電氣太陽能東方電纜晶盛機電中天科技邁為股份亨通光電捷佳偉創(chuàng)寶勝股份連城數(shù)美暢股恒星科高測股三超新岱勒新東尼電歐晶科天宜上金博股快可電宇邦新明冠新石英股份漢纜股份數(shù)據(jù)來源：表3：新能源板塊2221-3收入和歸母凈利潤情況分項營業(yè)收入（億元）同比（%）歸母凈利潤（億元）同比（%）光伏5608.390.00%763.87122.52%風電2439.77.36%183.766.34%核電1,778.21.%99.4915.%d表4：新能源板塊2221-3整體情況公司數(shù)量收入同比歸母凈利潤同比同比負增長2133同比增長幅度在0-30%2314同比增長超過30%4239虧損-2扭虧-4合計86d?新能源板塊223營收增長32.5利增加.6行業(yè)6公司實現(xiàn)入計323.39元，比長325，現(xiàn)歸凈潤41.26億，同比增加4.64。? 202Q3收同下的司有0增為030的公有21，為30%以上公共有45。母凈潤2Q3比降的司有33家增為0-30公共有2幅為0上公共有41損公有4虧的公有3家。表5：新能源板塊2223收入和歸母凈利潤情況分項營業(yè)收入（億元）同比（%）歸母凈利潤（億元）同比（%）光伏2165.591.05%318.14128.73%風電850.8214.41%51.2827.90%核電607.530.29%31.834.97%d表6：新能源板塊2221-3整體情況公司數(shù)量收入同比歸母凈利潤同比同比負增長2033同比增長幅度在0-30%2112同比增長超過30%4541虧損-4扭虧合計-863d202213及20223毛利率下降歸母凈利率有上升202Q1行業(yè)6家司的利為3.20，減1.2pc。022Q，行業(yè)利為3.79，減2.30pc22Q1行母凈為10.6增2.72pc22Q母利率為11.07，增2.6pc。20221、20223行業(yè)經(jīng)營性現(xiàn)金流凈額幅加。202Q1，業(yè)6家經(jīng)營動金量凈額93.62億，同增98135，2023全業(yè)經(jīng)現(xiàn)金流量額44517億，增150.80。表7：新能源板塊2221-3及222Q3毛利率情況毛利率20112012201320142021202220232023同比2021320213同比光伏2240%2365%2302%2061%2277%2400%2588%7.0pt2440%3.5pt風電1993%1960%1855%1722%1893%1800%1656%-1.8pt1778%-1.1pt核電2538%2403%2348%1976%2724%2691%2647%2.9pt2687%2.3ptd表8：新能源板塊2221-3及222Q3歸母凈利率情況歸母凈利率20112012201320142021202220232023同比2021320213同比光伏1059%172%1227%7.4%1255%1324%1469%2.2pt1362%1.9pt風電8.0%7.1%7.0%3.6%9.5%7.4%6.3%-1.3pt7.3%0.8pt核電6.8%-2.8%5.3%-5.5%7.4%4.3%5.4%-0.9pt5.0%3.3ptd表9：新能源板塊2221-3及222Q3經(jīng)營活動現(xiàn)金流凈額情況（億元）經(jīng)營活動現(xiàn)金流凈額20112012201320142021202220232023同比2021320213同比光伏-452612.2430133.3-1.944.036.473.1%80.552.6%風電-19.21687555927.2-19.74328-3556-13.6%-11.5-25.4%核電-19.34538767920.8-274419.71.95599%29.221553%d表10：新能源板塊2221-3及222Q3費用率情況期間費用率20112012201320142021202220232023環(huán)比2021320213同比光伏133%120%1059%1094%8.7%6.6%7.6%0.0pt7.0%-3.0pt風電1093%1037%9.3%1086%1066%1077%1043%0.0pt1062%0.7pt核電1518%1328%1566%1777%1430%1591%1610%0.0pt1545%0.1ptd表11：新能源板塊2211-0223末應收賬款情況（億元）應收賬款20112012201320142021202220232023較年初增長光伏65.673.778.686.694.71,73711,66403480%風電84.894.599.01,14461,33551,76501,33982164%核電56.962.865.259.267.870.872.02035%d表12：新能源板塊2211-0223末合同負債情況（億元）合同負債20112012201320142021202220232023較年初增長光伏26.634.042.642.050.362.384.09913%風電38.239.035.332.229.230.130.8-7.4%核電77.872.573.971.268.968.873.63.4%d表13：新能源板塊2211-0223末存貨情況（億元）存貨20112012201320142021202220232023較年初增長光伏67.486.61,73561,71951,1251,44221,6616476%風電63.171.970.163.866.367.473.21537%核電76.077.283.778.879.677.18.22.2%d光伏板塊：光伏各環(huán)節(jié)分化明顯，龍頭加速集中2022Q13、20223龍頭企業(yè)增長持續(xù)，各環(huán)節(jié)景氣度明顯分化202213光伏板塊收入歸母凈利潤同比增長0.%22.2收入增速看電池硅料硅片組件玻設備金剛線膠膜其輔材逆變器熱場坩堝支架運營，歸母凈利潤增速看：電池硅料其他輔材金剛線組件逆變器硅片設備熱場坩堝>膠膜運營玻璃支架光伏塊選業(yè)46，2023入608.3億元同比增長90.歸凈利潤763.87元同增加2.52其：料20Q131267.71億，比長30.46，母利潤3815億，比增長2533；片202Q13入101.7元比長8.61凈潤12.8元比長5.87；電池02Q13入3327億，比長16.51，歸凈潤8.01億較年同期1.26億大由轉組件202Q13入24.00元比長6.64歸凈利潤15.09元同長94.80；璃2023收入135億，比長74.17，歸母利潤15.63億同少1103；膠膜02Q13入20.00，同增長60.47歸凈潤8.95億元同增長20.0逆器20213入3310元，同比長1.28，利潤6.27億，比長70.8架2023收入22.9億元同增加31.58歸母利潤0.13億元正轉；營22Q13入120.1億元同減少0.76歸母利潤21.97億同少7.9設備223254.15億同增長71.2歸凈潤4608億比長5.08金線202-3收入10258元同增長9.3母利潤17.66億比長128場坩堝202Q13入24.3元同增長45.，歸凈潤7.1，同增長44.14其材2023收入48.3元比長58.歸凈潤8.7億，同比長33.0。20223光伏板塊收入母凈利潤同比增長1.01.7收入增速看電池>硅料組件設備硅片金剛線玻璃逆變器膠膜其他輔材熱場坩堝支架運營，歸母凈利潤增速看：電池其他輔材金剛線硅料逆變器硅片>組件設備熱場坩堝玻璃運營膠膜支架。伏板共取業(yè)7202Q3收入165.5，同增長91.05歸凈潤38.4億比加12873其中硅料2023入500.82億元比長19.28歸母潤15067億元同比長84.7片02Q3359.48億同增長8403歸凈潤4.81元同增長95.8池2023收入28.5元同長18136母潤.32比長148.0組件202Q3收入994.9元同比長9.06歸利潤0.34億元同長87.6；玻璃02Q3收入47.6元同長66.5凈潤5.8比長9.4；膠膜20Q3收入8.12元比增長40.3凈利潤.55元同少11.37；逆變器202Q3收入1639億，比長5791，歸凈潤2.69億，同增長106.53；支架202Q3入8.22億，比增長2.29歸凈潤0.11元年同由轉營22Q3入46.8元增長905歸凈潤908元，同比加548備22Q3入10392億比長88.0母潤19.0億元，比長73.0；剛線2023入7.38元，比長69.6，母凈潤6.48元同增長190.；場堝22Q3入9.11億，比長2.2母凈潤2.3元同增長13.7其材02Q3入1739億同比長36.94，母利潤3.89億元同長1984。各環(huán)節(jié)分化，龍頭強通威份隆股份0Q13入別是020.84億元、870.5元遠其他伏公，增18.、4.8歸凈潤增65.54、45.26，20Q3收分同增107.073.4歸母利同長29.、長75.40分環(huán)看景氣明分硅料硅價持高企需偏下單噸凈利再創(chuàng)新高至17萬元噸。龍頭通威股份（223歸母凈利潤9507億元，同增219.12全0Q3歸凈潤5.60元同增40.5價格挺，單噸利新。）硅硅跟硅，利續(xù)堅22Q3均盈利0.-0.14元W機202Q3歸凈潤1255同增12574自率升至0+規(guī)模應。電池電池節(jié)Q3平盈利0.0.07元W大寸溢價著。愛旭（2023母利潤794億增3987供需+尺占比升，盈利續(xù)善公快邁入N型代組件成本漲力件績普超預期，N型占比提升帶來結構性改善。晶澳科技（203歸母凈利潤1587億元，同增164.97，要一體率提N占提+南亞能釋對出貨利；基綠（2023母利潤5億元增75單盈利比平龍地穩(wěn)固天合光（2023母利潤11.33億增51.4單盈環(huán)提升12分至8分左右主系外貨比提海費降能2023母利潤7.71元，同增93.9單利環(huán)升2至7分右主系N占提+體率提升薄化速玻玻環(huán)節(jié)2023格壓龍毛率滑史點20%附近二盈平。萊特2023歸凈潤5.02億，增100），02Q3單平利3元平環(huán)行，要行價戰(zhàn)價格行）膠膜：膠環(huán)節(jié)A粒子及膠膜價格下行，盈利承壓，庫存波動影響下板塊分化明顯。龍頭福斯特（22Q3歸母潤4.6元增10.游產(chǎn)求減膠價下行利承海優(yōu)新（22Q3母0.75億，正負，下減高粒庫疊加膜價格3生損逆變器逆器節(jié)分受儲高含快速。陽光2023母利潤1.60億增5514公報下漲價導成本壓盈改明德業(yè)（20Q3母利潤477億增1112逆儲出環(huán)高增率因技與購本高毛儲占提帶盈利力大幅提德（02Q3歸母潤2.1元增25541出環(huán)倍模效應凸，用大下；錦科（22Q3歸凈潤3.5元同增44.37），儲能出貨量環(huán)比高增，海外占比提升+20Q3國漲價帶動毛利率有所提升；禾邁股份（2023母利潤.0億，增23.45，歐需旺，逆貨環(huán)高；昱能（02Q3歸利潤124億元同增7584求盛出貨速增長設備益技革及業(yè)頭產(chǎn)設廠邁股（203凈潤2.91億元同增2.5）盛機22Q3母潤8.02元同增7.21）業(yè)高增金剛剛格平成上影利率pc美股（22Q3歸凈利潤362億元同增7.母及剛微價格有上漲價比持導致毛利有下。表1：光伏公司收入和歸母凈利潤情況分析表（億元） 營業(yè)收入 歸母凈利潤代碼公司名稱2021Q1-32022Q1-32022Q1-3同比2022Q32022Q3同比2022Q3環(huán)比2021Q1-32022Q1-32022Q1-3同比2022Q32022Q3同比2022Q3環(huán)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隆基綠能1.62.199%8122.%-45%33838211%1961.%-24%02.SZ中環(huán)股份2.94.573%1.755%-1%26150180%28365%26%60.H京運通3828541.%3601.%14%778511%4772%17%68.H上機數(shù)控7861.61.%63057%4%1052311.%1551.%32%電池1.73.7176.51%1.51.%27%-16101-92180%52%06.SZ鈞達股份897287.%3021179.85%25%-0040-11%184.%-54%63.H愛旭股份1.82.81.%9431.%26%-06190-3133.57%7438%1.%組件11421076%9.980%14%7621.998%73480%44%61.H隆基綠能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東方日升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福萊特6371.579%31063%3%117104-28%5210%-19%02.SZ亞瑪頓11328566%8659%6%000942%06-5%-93%膠膜1.42.064%61243%-13.53%17819520%45-17%-14%60.H福斯特8301.657%43149%-19%13613317%4611%-35%68.H海優(yōu)新材2024321.%11863%-69%101317%-05-88%-157.09%61.H賽伍技術29232159%9315%-78%122989%0334%-85%逆變器2.13.052%1.959%38%20842778%2691.%80%37.SZ陽光電源1.42.445%94338%29%10526139%16051%1.%64.H昱能科技41981.%401.%39%08233.%144.%24%36.SZ錦浪科技20446788%1251.%28%337397%351.%35%69.H固德威11921666%1631.%83%252529%212.%3.%63.H禾邁股份579686%421.%43%12321.%102.%39%32.SZ上能電氣6816665%651.%216.94%05051%028%2.%61.H德業(yè)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%運營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太陽能50559011%25325%9%188165-1%362%-51%設備1.52.573%1.283%26%35040850%13070%17%31.SZ晶盛機電39176389%39385%29%11020989%8252%4%35.SZ邁為股份28531630%15536%36%466756%2145%33%60.H京運通3828541.%3601.%14%778511%4772%17%32.SZ捷佳偉創(chuàng)34545616%17746%17%598139%331.%33%86.J連城數(shù)控13222688%971.%1%172648%089.%-04%金剛線6571.863%33866%-34%751661.%681.%-40%36.SZ美暢股份17126196%931.%5%5112885%3292%-5%03.SZ恒星科技22434635%10136%-60%011741%092.%-54%65.H高測股份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東尼電子9813259%5342%30%07162.%032.%-4%熱場坩堝19627348%9122%-24%577141%2310%-32%06.SZ歐晶科技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%其他輔材36746355%13939%-79%32871.%391.%26%37.SZ快可電子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%合計光伏22658390%2165.0590%15%3.97.71.%3.41.%27%ind，2.2.2022Q1Q3及2022Q3盈利穩(wěn)定光伏行業(yè)2223及023盈利穩(wěn)定。2023全行毛率24.0比上升3.5pc。023率2588同升7.0pc。22Q1Q3全歸母利率13.62，比上升1.9pc。202Q3歸凈利率14.9，升2.4pc。222毛利率增幅看硅料其他輔材電池金剛線逆器運營支架組件膠膜硅片設備>熱場坩堝玻璃，歸母凈利率增幅看：硅料電池其他輔材金剛線逆變器組件熱場坩堝>運營>設備>硅片>膠膜>支架>玻璃。硅料202Q1Q3毛利率45.8%，同比增加13.61c，母率29.4，比長0.1pc硅片202Q13利率0.07比降4.9pc母率12.3同下降2.86c電池202Q1Q3毛率11.0，同比加467pc母利率541加64pc組件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歸凈率9.7比降.05p逆器22Q1Q3毛率2834，同比長.59pc歸凈率1274同上升1.4p支架02Q1Q3毛率1.97，同比降.23pc歸利0.6同下降.6pc營20213率4137，同比長.03pc歸凈率1831同下降1.4p設備02Q1Q3毛率9.61，同比降.65pc歸凈率1813同下降2.4p金線20213率307，同比長3.pc歸利率1722，比增長44pc熱坩堝22Q1Q3利率45.52比降62pc母利率29.57比降0.3pc其輔料202Q1Q3毛率28.1同增長6.25pc歸凈率7.8，比長5.pct20223毛利率增幅看硅料其他輔材電池金剛線支架逆變器硅片膠膜組件運營設備熱場坩堝玻璃歸母凈利率增幅硅料熱場坩堝其他材運營設備金剛線逆變器硅片玻璃電池組件膠膜支架硅料202Q3毛率9.88比加15.2pc歸利率0.08，比長797pc硅片02Q3毛率2131，同比加052pc，母利率3.85，加083pc電池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膠膜0Q3毛率137，同比降23pc母利率66比降39pc變器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；營0Q3毛率388，同比降35pc，母利率9.61，比降06pc設備0Q3毛率299，同比降49pc歸利率8.5比降1.pc剛線02Q3毛率30.，同比升5.8pc母率1.3同長7.p熱場堝2023率41.52，同比降6.8pc母率2.6同降2.p其他料2023率32.69，同比長0.56c，凈率22.5同增長10.77c。表14：光伏公司收入和歸母凈利潤情況分析表（億元）毛利率歸母凈利率代碼公司名稱2021Q1-32022Q1-32022Q1-32022Q32022Q32022Q32021Q1-32022Q1-32022Q1-32022Q32022Q32022Q3同比同比環(huán)比同比同比環(huán)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隆基綠能31%28%-10.28pct 21%-2pct05ct28%17%-07ct 15%-2pct02ct02.SZ中環(huán)股份20%19%-2.10pct 13%-0pct13ct9%10%04ct 14%08ct22ct60.H京運通39%21%-19.75pct 24%-12.79pct-3pct16%9%-8pct 15%-5pct04ct68.H上機數(shù)控27%27%-0pct 34%11.36pct66ct15%11%-2pct 28%61ct48ct電池63%11%47pct 16%75pct27pct-15%51%66pct 75%83pct18pct06.SZ鈞達股份10%17%-8pct 14%19ct18ct-9%5%12pt 4%20pt-5pct63.H愛旭股份5%12%51ct 13%83ct36ct-0%5%59ct 8%88ct35ct組件17%17%-19pct 11%-29pct-07pct56%65%09pct 77%-08pct16pct61.H隆基綠能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東方日升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福萊特40%20%-20.01pct 21.04%-10.66pct-2pct20%14%-38ct 18%-6pct-2pct02.SZ亞瑪頓6%7%01ct 8%36ct-1pct2%2%-0pct 1%-1pct-2pct膠膜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海優(yōu)新材13%9%-3pct -1%-11.86pct-16.72pct6%3%-2pct -5%-05ct-31ct61.H賽伍技術11%17%17ct 15%13ct-4pct5%7%18ct 5%06ct-1pct逆變器27%23%09pct 22%21pct34pct12%17%16pct 11%36pct41pct37.SZ陽光電源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錦浪科技24%36%54ct 37%97ct33ct17%18%12ct 16%30ct03ct69.H固德威35%39%-3pct 37%-1pct47ct15%9%-3pct 10%55ct94ct63.H禾邁股份49%49%34ct 49%69ct32ct29%36%16pt 39%12pt-2pct32.SZ上能電氣24%19%-6pct 18%-10.65pct-7pct6%4%-2pct 3%-4pct02ct61.H德業(yè)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運營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太陽能43%43%-3pct37%-11.19pct-9pct28%17%-3pct13%-3pct-7pct設備32%26%-55pct29%-40pct-03pct25%11%-23pct15%-13pct-05pct31.SZ晶盛機電31%40%11ct42%-0pct06ct28%29%-0pct29%-4pct-5pct35.SZ邁為股份34%36%06ct37%-1pct-2pct28%27%11ct21%10ct-0pct60.H京運通39%21%-19.75pct21.45%-12.79pct-3pct16%9%-8pct15%-5pct04ct32.SZ捷佳偉創(chuàng)27%24%-0pct24%01ct18ct10%12%38ct18%72ct23ct86.J連城數(shù)控39%22%-8pct27%-5pct22ct16%10%-3pct8%65ct-1pct金剛線20%37%31pct38%57pct04pct18%12%42pct13%70pct-07pct36.SZ美暢股份58%53%-2pct52%-4pct-4pct43%47%-1pct32%-2pct-4pct03.SZ恒星科技14%18%-0pct9%16ct-4pct3%3%00ct1%35ct-3pct65.H高測股份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東尼電子19%15%17ct20%20ct18ct2%7%46ct7%40ct-2pct熱場坩堝56%44%-65pct45%-63pct-15pct29%25%-05pct26%-29pct-03pct06.SZ歐晶科技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其他輔材25%26%62pct36%15pct38pct11%18%50pct23%17pct41pct37.SZ快可電子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合計光伏20%24%35pct28%70pct29pct16%16%19pct16%22pct15pctind，20223光伏板塊經(jīng)營性金流凈額同比大幅。202Q1Q伏塊性現(xiàn)金流入82.5元與22Q1Q3凈入2768元比同長28.66。202Q，伏塊經(jīng)現(xiàn)金凈入36.94，與22Q3流入4.01億元比，同比加39.1。202213經(jīng)營性現(xiàn)金凈額增速池熱場坩堝組件硅料玻璃硅片逆變器>其他輔材運營膠膜金剛線支架，2023經(jīng)營性現(xiàn)金流凈額增速：組件其他輔材>硅料電池逆變器玻璃硅片支架熱場坩堝運營設備膠膜金剛線。表15：光伏板塊201-0223經(jīng)營現(xiàn)金流凈額情況（億元）212221221代碼公司名稱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隆基綠能-65262331744-391.89031.%4782.13.%02.SZ中環(huán)股份88127191859715313219%31644221%60.H京運通13013110-0819-40-58%55-49-84%68.H上機數(shù)控-01-18-1512163178405.%-352009.%電池-82178-153836118734.%11297237%06.SZ鈞達股份-30207227810623525-64%72-24-27%63.H愛旭股份-82178-153837200845.%1130222%組件-73587581.0-182.31.3272%2713.8168%61.H隆基綠能-65262331744-391.89031.%4782.13.%05.SZ晶澳科技-08198-98528-982062272.%-482242.%31.SZ東方日升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福萊特1928-281805135161.%-901722.%02.SZ亞瑪頓0116-00-21-1006-0374%17-08-57%膠膜-58-26-2431-99-30-83-28%-08-12-94%60.H福斯特-7119-1458-11-15001.%-75-16-93%68.H海優(yōu)新材-53-26-37-15-60-10-81-60%-27-70-24%61.H賽伍技術-24-1928-01-08-05-02-31%-16-26-92%逆變器-40-14-22394-29132151.%-86-5287%37.SZ陽光電源-43-67-75216-6343-68-29%-85-8728%64.H昱能科技070501090308-09-21%03-08-13%36.SZ錦浪科技062113230721261.%305570%69.H固德威-02060526-19144019%00354.%63.H禾邁股份010405000917103.%00373.%32.SZ上能電氣-25-02-0331-430007-12%-20-3632%61.H德業(yè)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%運營-0913712218007176183-50%29025660%62.H林洋能源-19263167-00193926%384927%67.H晶科科技-06484359-068738-84%8617836%09.SZ太陽能15527953135066-33%176109-18%設備6812385204-5715520-64%285198-92%31.SZ晶盛機電08443284-7562861.%8374-03%35.SZ邁為股份1013172609332494%416654%60.H京運通13013110-0819-40-58%55-49-84%32.SZ捷佳偉創(chuàng)282809743956-00-66%558450%86.J連城數(shù)控08060700-1205-20-88%11-37-10%金剛線563402230121-38-83%93-06-09%36.SZ美暢股份110502152901-00-97%282011%03.SZ恒星科技36151707-1626-16-31%5805-70%65.H高測股份-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東尼電子0102-05-0003-17-13-16%08-27-63%熱場坩04-36%-0224-9.%06.SZ歐晶科技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.%其他輔材-26-01-0423-18-14288.%-31-1478%37.SZ快可電子-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.%合計光伏-561.24013.3-194.03.47.%1.88.55.%ind，2.3.2022Q3應收賬款、合同負債、存貨環(huán)比增長20223應收賬款、合同環(huán)比增長。22Q3板塊收款為116640億元，環(huán)比升8.63；同債89.0元，比長34.88。中隆股份202Q3應收款91.5增加1.22合負債25.63比加6.3威股份2023收款5.71億元環(huán)減少19.5同債8310元環(huán)加7863。晶澳技02Q3合債57.0元環(huán)增加9.23陽源2023應賬款104.97億，比加898。表16：光伏公司應收賬款、合同負債情況分析表（億元）應收賬款 合同負債公司名稱22122222323環(huán)比23比年初增長22122222323環(huán)比23比年初增長硅料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.%隆基綠能59682394512%14%9311.52.363%1.%中環(huán)股份302343301-8%17%32830338016%1.%京運通2323273895%10%45162059%66%上機數(shù)控282122-05%80%91849011%35%電池34273258%65%52842331.%4.%鈞達股份270906-68%-041008-85%-26%愛旭股份17183674%42%030901-92%-75%組件3.53.84.616%42%2.83.24.234%1.%隆基綠能59682394512%14%9311.52.363%1.%晶澳科技63274593038%63%3595375209%56%東方日升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%福萊特2022132360%1.%041008-85%-26%亞瑪頓52546429%31%030901-92%-75%膠膜577775628-7%28%12040043%58%福斯特336484351-9%24%08000561%18%海優(yōu)新材167197108-5%35%0308083%8.%賽伍技術174194169-1%25%01060718%1.%逆變器1.11.71.421%36%21132246219%1.%陽光電源8708231.719%19%2023533690%70%昱能科技14293142%1.%09080029%2.%錦浪科技678618843%1.%02001943%49%固德威30285584%68%18122648%1.%禾邁股份25243743%42%0500141.%2.%上能電氣60506934%-0115271.%9.%德業(yè)股份35474815%78%0313271.%4.%支架49214752%70%10111845%-35%中信博49214752%70%10111845%-35%運營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%太陽能1.81.31.11%22%1526561.%9.%設備72387898718%39%1.31.11.814%46%晶盛機電19027221724%51%56167575916%53%邁為股份808011938%31%20422337029%42%京運通2323273895%10%45162059%66%捷佳偉26%35533341626%21%連城數(shù)控6913216013%66%589416313%2.%金剛線29936935887%32%37455528%64%美暢股份3350577%86%050803-15%-81%恒星科技92110159-4%25%0700046%1.%高測股份81879311%33%21354630%60%三超新材141610-4%46%010101-63%-69%岱勒新材1018216%66%00000040%6.%東尼電子50587831%22%0201012%0%熱場坩55%080000-35%-75%歐晶科技00343925%1.%000002-60%天宜上佳63719717%62%030400--92%金博股份524740-37%2%0506077%1%其他輔材11115716604%30%06030029%4.%快可電子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，光伏板塊20223存貨所增長。體板塊2023末存貨76611元比增加14.37基份223末貨28.04億比長3.6通股份02Q3貨98.5比長2.11澳技22Q3存貨52.5比加0.9，錦浪技02Q3末貨9.31元環(huán)長10.。表17光伏公司存貨情況分析表（億元）代碼公司名稱22122222323環(huán)比23比年初增長硅料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隆基綠能2.22.62.43%80%02.SZ中環(huán)股份46238352022%64%60.H京運通19728528316%50%68.H上機數(shù)控290124180-8%-57%電池11416823037%16%06.SZ鈞達股份54294063%9%63.H愛旭股份11416815029%-00%組件6.58.68.961%77%61.H隆基綠能2.22.62.43%80%05.SZ晶澳科技1.61.81.50%93%31.SZ東方日升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福萊特16319714012%-38%02.SZ亞瑪頓171614-6%-42%膠膜34446862138%70%60.H福斯特25429239033%69%68.H海優(yōu)新材417016371%2.%61.H賽伍技術5967679%8%逆變器1.52.12.823%88%37.SZ陽光電源1.21.52.024%99%64.H昱能科技20326190%2.%36.SZ錦浪科46%69.H固德威196190146-2%88%63.H禾邁股份27313222%89%32.SZ上能電氣7311015422%77%61.H德業(yè)股份59637220%63%支架72737262%96%60.H中信博7273726%9%運1.%62.H林洋能源597719647%81%67.H晶科科技16204257%1.%09.SZ太陽能34314942%1.%設備1.02.22.217%73%31.SZ晶盛機電8259471.114%89%35.SZ邁為股份37135541415%45%60.H京運通19728528316%50%32.SZ捷佳偉創(chuàng)45540156714%30%86.J連城數(shù)控16328438648%3.%金剛線20326338521%71%36.SZ美暢股份31506232%96%03.SZ恒星科技73778515%61%65.H高測股份607810631%83%35.SZ三超新材08181630%87%30.SZ岱勒新材17181629%38%69.H東尼電子35425127%60%熱場坩堝40455615%63%06.SZ歐晶科技00030283%32%63.H天宜上佳23292914%61%69.H金博股份1713157%-54%其他輔材999499-20%65%37.SZ快可電子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%合計光伏11514216113%67%ind，風電板塊：風電整體承壓2022Q13風電板塊營收下降、盈利分化202213風電板塊營下降、盈利分化,收入速看：變流器>軸承>鑄>葉片>海纜>整機>塔筒凈利潤增速看海纜>整機變流器>葉片>軸承>塔筒鑄鍛件。風電塊選業(yè)32，20213電塊入2439.7元降7.3，歸母凈潤18376億降.34中整機202Q13收入71497降682，歸母潤74.4增5.3片2023收入59.1元降0.3母凈潤26.7元降8.筒2023收入134.1億，降2.5母凈潤12.9元降553；鍛件2023入82.6元增1.，歸母潤9.6元降55.承0Q13收入51.3元增1.1母凈潤516億降14.37變器20Q13收入7.55億同增36.3母凈潤170億降3.90纜2Q13入108.55億同降2.0歸母凈潤53.4元增4.422Q13收同為負公有5家增為030%的公有15家增為30上公共有2歸母潤2023為負的公司有25家增為030公共有3家幅為3上的司有4家虧損0，虧0家。20223風電板塊營利承壓收入增看變器鑄鍛件軸承葉片海纜>塔筒整機母凈利潤速看海纜葉片變流器鑄鍛件整機軸承塔筒風電塊32家司202Q3入850.82億，降14.5，母利潤1.28元，降27.29。中整機202Q3收入24559億，降312歸凈潤.42元，同降5.60片03收入85.9元同降11歸凈潤6.3元同降24.34塔筒0Q3收入59.33元同降16.9母凈潤4.40元同降3.49；鑄鍛件0Q3入6863億元同增0.77，凈利潤.84元同降3.84；軸承20Q3收入7.14元，增1734歸利潤1.52億，同減46.9；變流器02Q3收入6.54元同增4.70歸利潤057億減270纜202Q3收入368.8，降8.7歸凈潤16.0元同增6.61。風電整機表現(xiàn)分化金風技風價下海交結變情等影響母利同比出現(xiàn)滑金科技2023入26.63億降22.65；歸母潤23.5（資益17.6元降27.0602Q3收入95.0億，同降9.46降759母利潤.45億同降2.97降2.03陽智能202Q13收入216.4億元同增17.1歸凈利潤35.65億，增60.65。202Q3收入74.6億同增181增4.1歸母潤117億降1.0，環(huán)增748三重能223收入63.45億同增1275，母潤10.43億元降4.622Q3收入2.63億元增35.增121歸利潤245億降0.增2.03達份22Q13收入10622增9.40，歸母潤4.9元增29.602Q3收入3.46元增128環(huán)增14.40；歸母潤1.5元增8.5環(huán)降0.15。零部件盈利同比承壓，環(huán)比分化。）海纜環(huán)節(jié)受平價項目尚未起量及疫情影響，收入和歸母凈利潤同環(huán)下滑東纜2023歸母潤7.6元降2343，202Q3母利潤2.14億元同降4.04，降12.20。要去年3搶裝基數(shù)今年Q3海項交量較但毛率持較水中科技202Q13歸母凈潤4.70億元增4064602Q3歸凈潤6.6元增15.97降20.9要去期計大資減損和信減損2Q3洋業(yè)板塊受目認期影導致入盈環(huán)下2受疫情影響下工率低塔筒生產(chǎn)、出貨不及期頭部企業(yè)之間盈利現(xiàn)化。塔龍大重工223歸母凈潤.28億，降24.06，20Q3母潤1.3元同降32.0，環(huán)增34.43。順風能202Q3歸母利潤384元同降6275202Q3母凈潤1.30元降44.8環(huán)降1.24。能工2223母利潤1.59元，同降43.7202Q3歸利潤041億降675降5558泰風能202Q1-3歸母利潤.66元同降1891202Q3母凈潤0.66億，同增147.22，環(huán)增4.42海風電2223母利潤2.41元降73.5203歸凈利潤050億元同降84.5降6084件龍頭受高價庫存響3歸母凈利潤同比下滑，但貨增加帶動環(huán)比增加。龍頭月份02Q13歸母利潤1.70億，降7015202Q3歸凈潤068億元降3301增58.69。4）主軸龍頭鑄、鍛件出貨增加帶動歸母凈利潤環(huán)比改善，受庫存周期影響，原材料價尚未優(yōu)化成本盈利比下滑造軸頭雷份20213母潤2.5億元同降42.32023歸母潤1.7元降16.7增6299瓦法龍恒份22Q13母潤0.7，降8.20，2023歸母利潤0.4元同降4.96降5271龍頭材技02Q13母凈潤24.18億，降.67202Q3歸凈潤546億元降3173降51.95。7）受產(chǎn)品調(diào)價、出貨結構等因素影響，軸承國產(chǎn)化龍頭盈利同、環(huán)比下滑。軸承國化龍新聯(lián)22Q13母凈潤3.4元同減16.56，20Q3母潤0.91億元同減59.3降36.9五新春22Q13歸凈潤1.42億元同增21.45，20Q3母潤0.50億，增49.9，環(huán)降3.79。星份02Q1-3歸母利潤.40元同減5302202Q3母凈潤0.10億，同減55.13，環(huán)降41.4。）變流環(huán)節(jié)盈利同比下降環(huán)改善。禾氣22Q13母利潤1.0元減3902023母利潤.57億元同降27.0環(huán)增24.91。表18：風電公司收入和歸母凈利潤變動情況分析表營業(yè)收入億元） 歸母凈利（億元）代碼公司名稱211-221-同比223223同比223環(huán)比211-221-同比223223同比223環(huán)比風電-8.57.7-62%2.9-10%43%76374459%142-50%-15%00.SZ金風科技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明陽智能1.92.411%7261%4%26136569%117-1%7%37.SZ運達股份8961.214%3461%14%274025%158%-05%66.H電氣風電1.2602-53%125-86%1.%4301-75%-10-94%-5.%風電-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雙一科技7170-5%3362%31%1602-61%002%96%65.H時代新材1.81.0-1%3169%2%112835%062.%3%風電-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天順風能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泰勝風能244223-9%85-11%12%2516-81%061.%74%35.SZ海力風電473170-34%50-60%4%9721-35%00-45%-04%風電-鍛件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廣大特材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恒潤股份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中環(huán)海陸78720%2739%31%0700-71%02-87%2.%36.SZ海鍋股份729628%3763%19%06083%031.%24%36.SZ宏德股份52515%2711%21%0207-98%08-39%-52%風電-41757311%11413%09%6356-47%12-69%-96%35.SZ新強聯(lián)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%風電-流器18315537%6437%27%1710-30%07-70%29%66.H禾望電氣18315537%6437%2%1710-3%07-70%29%風電-114185-29%3.8-80%-52%35150444%12061%-34%60.H東方電纜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亨通光電2.23.212%1.76%-1%1161207%59-31%8%67.H寶勝股份3.53.5-1%1.1-1%5%2602-55%03-48%1.%09.SZ漢纜股份65675812%2733%-66%7067-4%17-20%-40%合計風電220297-76%8.2-41%07%1.01.6-64%528-70%-99%ind，2022Q132022Q3毛利率下降、歸母凈利率下降2022Q13年電塊率為7.78同降.51pc母利為7.3增0.08pc2023利率.56同降1.98pc，凈利為603，降1.3pc。毛利率歸母凈利率2022Q1-32022Q32022Q32022Q1-32022Q32022Q3表19：風電公司毛利率和歸毛利率歸母凈利率2022Q1-32022Q32022Q32022Q1-32022Q32022Q3代碼公司名稱2021Q1-32022Q1-3同比2022Q3同比環(huán)比2021Q1-32022Q1-3同比2022Q3同比環(huán)比風電-整機22.28%22.09%-0.1918.82%-1.98-5.35pct8.22%10.41%2.197.50%-0.51-1.41pct002202.金風科技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.明陽智能21.47%23.21%1.74pct18.54%-2.88pct-6.27pct12.00%16.46%4.45pct15.05%-0.43pct0.43pct300772.運達股份15.68%18.21%2.53pct16.81%9.24pct-2.85pct3.99%4.33%0.34pct4.28%0.29pct-1.17pct688660.電氣風電16.49%18.46%1.96pct19.59%2.99pct-6.91pct2.48%0.16%-2.32pct-8.52%-10.34pct-9.96pct風電-葉片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.雙一科技29.59%19.14%-10.45pct18.27%-6.47pct-0.28pct16.72%5.85%-10.87pct6.48%-3.97pct2.10pct600458.時代新材14.03%1.52%-2.51pct12.33%0.76pct2.78pct1.40%1.97%0.57pct1.95%1.41pct0.02pct風電-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.天順風能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.泰勝風能16.76%17.99%1.23pct20.67%6.65pct3.54pct8.76%7.84%-0.91pct7.83%5.01pct2.57pct30155.海力風電30.15%14.12%-16.04pct16.94%-14.94pct3.49pct20.97%20.57%-0.40pct9.67%-12.05pct-16.16pct風電-鑄鍛件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.廣大特材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.恒潤股份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.中環(huán)海陸16.88%8.79%-8.09pct8.98%-5.45pct5.73pct1.24%2.57%-8.67pct4.19%-9.25pct8.52pct301063.海鍋股份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風電-軸承25.78%21.77%-4.01pct19.40%-9.22pct-2.47pct13.64%9.97%-3.67pct8.84%-10.41pct-3.76pct300850.新強聯(lián)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風電-變流器38.23%29.47%-8.77pct29.78%-7.16pct4.88pct13.80%9.70%-4.10pct8.77%-7.45pct1.60pct603063.禾望電氣38.23%29.47%-8.77pct29.78%-7.16pct4.88pct13.80%9.70%-4.10pct8.77%-7.45pct1.60pct風電-海纜13.70%14.24%0.54pct13.83%-0.37pct-0.05pct3.41%4.92%1.51pct4.40%0.63pct-0.43pct603606.東方電纜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.亨通光電16.46%16.07%-0.39pct15.78%-0.53pct-1.39pct4.41%4.10%-0.32pct4.46%-1.02pct0.41pct600973.寶勝股份6.22%4.86%-1.36pct5.35%-0.26pct1.45pct0.91%0.04%-0.87pct0.31%-0.54pct0.88pct002498.漢纜股份25.18%20.15%-5.03pct18.01%-4.99pct-4.70pct1.37%9.31%-2.06pct6.75%-2.22pct-5.58pct合計風電19.29%17.78%-1.5116.56%-1.98-1.43pct7.45%7.53%0.086.03%-1.13-1.51pctind，20223風電板塊現(xiàn)金凈出大幅增加202Q13營性金量出1915億元與202Q1Q3凈出56.96億相同長235.9422Q3電塊經(jīng)性現(xiàn)金凈出5.56億，與02Q3凈入5559億元比同降1636。表20：風電板塊201-0223經(jīng)營凈現(xiàn)金流凈額情況(億元)212221221代碼公司名稱3同比11同比風電-整機8927.35.619314443.1521172%4381996338%022.Z金風科技3624.71.97.63770.0192141%229500151%639.H三一重能1081241.81.19.60.61.44.%1340.1106%665.H明陽智能1551.02.32.04011.6285282%2.8529356%372.Z運達股份7.62.01.91.51019.8121148%483310768%660.H電氣風電1914.21424.12599.31062.4%385458201%風電-葉片3.9113.03.21921.1034186%4335.8280%000.Z中材科技0.41452192.21481.5484114%1.09