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8月底，上市公司公司中报批露完毕，我们将在国内外上市的光伏企业(在中国境内)中报进行了汇总，从中可以发现：
收入和净利润仍保持了较高增速(因为有扩产导致基数不同的原因，收入增速不能反应实际的行业整体情况)，但相比于一季度，增速仍有下降，而在去年下半年的高基数和今年下半年的不景气对比下，企业产能虽有扩张，但预计收入增速在三、四季度仍可能会下降。设备制造企业由于在手订单充足，今年收入增长无忧，但下半年新接订单可能会少于上半年。
毛利率表现不一。因为价格下降但各环节降幅不同步，硅片、电池片和组件生产企业毛利率下滑明显;耗材(主要是切割刃料和切割液)盈利能力也有下降;多晶硅料企业(主要是GCL和DAQO)由于规模效应和技术改进，毛利率同比有较大幅度上升;配件(如玻璃、边框、逆变器)和设备制造企业仍保持了较高的毛利率水平，由于去年上半年基数较低，在规模效应的拉动下毛利率也有一定幅度提升。我们认为，由于今年底之前光伏行业出现转折性爆发式增长的可能性不大，上游硅料虽因压力传导有所降价，但下游价格竞争更激烈，因此在明年上半年多晶硅料产能大幅释放可能使价格快速下降之前，各环节毛利率在第三、四季度仍有可能下滑。此外，通过对比可以看出，即使处于同一环节企业毛利率仍有较大差距，这也说明了企业同质性没有那么强，因为规模、原材料采购价格、生产过程成本控制等因素不同造成的盈利水平仍会有差距。
现金流普遍变差。从上半年情况来看，虽然收入、利润、毛利率和净利率等盈利指标尚可，但经营性现金流净额比去年同期相比变差很多，这是因为今年海外经济不景气，银根紧缩，导致项目业主的付款能力减弱，而这种压力逐级向上向旁传导，使全产业绝大多数企业(硅料厂较好)的现金流压力加大，我们预计这种现象在三、四季度可能会持续。此外，上半年清库存运动仍在持续，此时仍有大量库存积压的企业值得警惕。
| 公司 | 营业收入 | 净利润 | 毛利率 | 净利率 | 经营现金流净额 | |||||
| 2011H1 | 增长率 | 2011H1 | 增长率 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | |
| A股上市公司 | ||||||||||
| 向日葵 | 1,247.76 | 21.69% | 131.95 | 77.50% | 16.33% | 22.00% | 10.58% | 7.25% | -30.60 | 177.46 |
| 超日太阳 | 1,797.88 | 74.92% | 132.00 | 165.19% | 16.18% | 18.12% | 7.31% | 4.80% | -1,603.83 | 86.61 |
| 东方日升 | 1,202.08 | 21.83% | 80.29 | 2.74% | 15.29% | 22.11% | 6.68% | 7.92% | -282.67 | 182.32 |
| 航天机电（光伏业务） | 778.29 | 60.01% | -1.23% | 7.03% | -436.67 | -117.33 | ||||
| 大港股份（硅片及组件业务） | 211.57 | 12.38% | 3.01% | 9.66% | -281.05 | 54.27 | ||||
| 横店东磁（单晶电池片业务） | 776.48 | 828.03% | 3.65% | 18.62% | -58.96 | 159.52 | ||||
| 综艺股份（太阳能电站业务） | 300.28 | 13.06% | -704.48 | -153.30 | ||||||
| 拓日新能 | 257.16 | -1.34% | 8.22 | -77.40% | 20.38% | 31.84% | 3.20% | 13.95% | -236.10 | 139.14 |
| 精功科技 | 1,255.67 | 177.78% | 220.96 | 2011.36% | 32.68% | 18.21% | 17.43% | 2.28% | -14.53 | 23.72 |
| 天龙光电 | 417.53 | 124.73% | 61.32 | 71.08% | 41.35% | 33.74% | 19.32% | 19.21% | -82.72 | -2.99 |
| 京运通 | 1,021.30 | 184.05% | 348.36 | 255.38% | 50.27% | 39.09% | 34.16% | 27.50% | -6.96 | 29.48 |
| 天威保变（新能源业务） | 1,052.10 | 196.03% | 14.16% | 1.17% | -129.85 | -682.99 | ||||
| 乐山电力（多晶硅业务） | 450.97 | 182.14% | 21.05% | 17.63% | 212.05 | 41.81 | ||||
| 川投能源（新光硅业部分） | 299.34 | 117.77% | 15.29 | -144.06% | 5.11% | -25.24% | 300.34 | 289.84 | ||
| 中环股份（新能源材料业务） | 756.09 | 28.56% | -95.51 | 26.90 | ||||||
| 新大新材 | 1,050.66 | 116.70% | 114.23 | 59.61% | 20.24% | 25.13% | 10.87% | 14.76% | -406.93 | -45.79 |
| 奥克股份（切割液业务） | 793.48 | 70.84% | 13.82% | 14.27% | -314.82 | 58.71 | ||||
| 爱康科技 | 697.76 | 24.30% | 151.83 | 445.86% | 16.89% | 21.62% | 29.07 | 21.18 | ||
| 科士达（逆变器业务） | 4.07 | 38.77% | -116.57 | -41.89 | ||||||
| 南玻A（光伏业务） | 1,460.13 | 42.41% | 942.70 | 935.84 | ||||||
| 金刚玻璃（光伏玻璃业务） | 39.56 | 41.94% | 32.43 | 26.92 | ||||||
| 海外及香港上市的中概光伏股 | ||||||||||
| GCL | 15173.55 | 161.87% | 3550.11 | 350.73% | 38.60% | 26.23% | 23.40% | 13.59% | ||
| Solagiga | 1274.15 | 59.99% | 112.79 | 174.03% | 22.55% | 11.96% | 8.85% | 5.17% | ||
| JA Solar | 6312.47 | 47.29% | 241.29 | -47.35% | 8.84% | 23.10% | 3.82% | 10.69% | ||
| Yingli Green Energy | 7851.8 | 52.48% | 743.89 | 82.02% | 24.37% | 33.41% | 9.47% | 7.94% | ||
| Hanwha Solarone | 3986.01 | 23.46% | 80.47 | -80.46% | 12.46% | 19.86% | 2.02% | 12.75% | ||
| Jinko Solar | 4405.46 | 203.93% | 571.85 | 125.09% | 25.79% | 25.66% | 12.98% | 17.53% | ||
| Suntech Power | 10929.28 | 87.87% | -1456.64 | -841.37% | 12.67% | 19.16% | -13.33% | 3.38% | ||
| Trina Solar | 7233.984 | 59.74% | 380.224 | -28.64% | 22.08% | 31.54% | 5.26% | 11.77% | ||
| LDK | 8100.992 | 49.83% | 305.472 | -8.63% | 19.96% | 10.46% | 3.77% | 6.18% | ||
| Renesola | 3894.528 | 32.16% | 289.152 | -5.58% | 24.17% | 24.31% | 7.42% | 10.39% | ||
| Canadian Solar | 5735.168 | 13.48% | 201.088 | 16.24% | 15.88% | 15.05% | 3.51% | 3.42% | ||
| China Sunergy | 1981.952 | 46.14% | -85.888 | -164.12% | 6.94% | 18.12% | -4.33% | 9.88% | ||
| Daqo New Energy | 1011.392 | 61.93% | 388.288 | 236.31% | 49.02% | 34.37% | 38.39% | 18.49% | ||
| 公司 | 营业收入 | 净利润 | 毛利率 | 净利率 | 经营现金流净额 | |||||
| 2011H1 | 增长率 | 2011H1 | 增长率 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | |
| A股上市公司 | ||||||||||
| 向日葵 | 1,247.76 | 21.69% | 131.95 | 77.50% | 16.33% | 22.00% | 10.58% | 7.25% | -30.60 | 177.46 |
| 超日太阳 | 1,797.88 | 74.92% | 132.00 | 165.19% | 16.18% | 18.12% | 7.31% | 4.80% | -1,603.83 | 86.61 |
| 东方日升 | 1,202.08 | 21.83% | 80.29 | 2.74% | 15.29% | 22.11% | 6.68% | 7.92% | -282.67 | 182.32 |
| 航天机电（光伏业务） | 778.29 | 60.01% | -1.23% | 7.03% | -436.67 | -117.33 | ||||
| 大港股份（硅片及组件业务） | 211.57 | 12.38% | 3.01% | 9.66% | -281.05 | 54.27 | ||||
| 横店东磁（单晶电池片业务） | 776.48 | 828.03% | 3.65% | 18.62% | -58.96 | 159.52 | ||||
| 综艺股份（太阳能电站业务） | 300.28 | 13.06% | -704.48 | -153.30 | ||||||
| 拓日新能 | 257.16 | -1.34% | 8.22 | -77.40% | 20.38% | 31.84% | 3.20% | 13.95% | -236.10 | 139.14 |
| 精功科技 | 1,255.67 | 177.78% | 220.96 | 2011.36% | 32.68% | 18.21% | 17.43% | 2.28% | -14.53 | 23.72 |
| 天龙光电 | 417.53 | 124.73% | 61.32 | 71.08% | 41.35% | 33.74% | 19.32% | 19.21% | -82.72 | -2.99 |
| 京运通 | 1,021.30 | 184.05% | 348.36 | 255.38% | 50.27% | 39.09% | 34.16% | 27.50% | -6.96 | 29.48 |
| 天威保变（新能源业务） | 1,052.10 | 196.03% | 14.16% | 1.17% | -129.85 | -682.99 | ||||
| 乐山电力（多晶硅业务） | 450.97 | 182.14% | 21.05% | 17.63% | 212.05 | 41.81 | ||||
| 川投能源（新光硅业部分） | 299.34 | 117.77% | 15.29 | -144.06% | 5.11% | -25.24% | 300.34 | 289.84 | ||
| 中环股份（新能源材料业务） | 756.09 | 28.56% | -95.51 | 26.90 | ||||||
| 新大新材 | 1,050.66 | 116.70% | 114.23 | 59.61% | 20.24% | 25.13% | 10.87% | 14.76% | -406.93 | -45.79 |
| 奥克股份（切割液业务） | 793.48 | 70.84% | 13.82% | 14.27% | -314.82 | 58.71 | ||||
| 爱康科技 | 697.76 | 24.30% | 151.83 | 445.86% | 16.89% | 21.62% | 29.07 | 21.18 | ||
| 科士达（逆变器业务） | 4.07 | 38.77% | -116.57 | -41.89 | ||||||
| 南玻A（光伏业务） | 1,460.13 | 42.41% | 942.70 | 935.84 | ||||||
| 金刚玻璃（光伏玻璃业务） | 39.56 | 41.94% | 32.43 | 26.92 | ||||||
| 海外及香港上市的中概光伏股 | ||||||||||
| GCL | 15173.55 | 161.87% | 3550.11 | 350.73% | 38.60% | 26.23% | 23.40% | 13.59% | ||
| Solagiga | 1274.15 | 59.99% | 112.79 | 174.03% | 22.55% | 11.96% | 8.85% | 5.17% | ||
| JA Solar | 6312.47 | 47.29% | 241.29 | -47.35% | 8.84% | 23.10% | 3.82% | 10.69% | ||
| Yingli Green Energy | 7851.8 | 52.48% | 743.89 | 82.02% | 24.37% | 33.41% | 9.47% | 7.94% | ||
| Hanwha Solarone | 3986.01 | 23.46% | 80.47 | -80.46% | 12.46% | 19.86% | 2.02% | 12.75% | ||
| Jinko Solar | 4405.46 | 203.93% | 571.85 | 125.09% | 25.79% | 25.66% | 12.98% | 17.53% | ||
| Suntech Power | 10929.28 | 87.87% | -1456.64 | -841.37% | 12.67% | 19.16% | -13.33% | 3.38% | ||
| Trina Solar | 7233.984 | 59.74% | 380.224 | -28.64% | 22.08% | 31.54% | 5.26% | 11.77% | ||
| LDK | 8100.992 | 49.83% | 305.472 | -8.63% | 19.96% | 10.46% | 3.77% | 6.18% | ||
| Renesola | 3894.528 | 32.16% | 289.152 | -5.58% | 24.17% | 24.31% | 7.42% | 10.39% | ||
| Canadian Solar | 5735.168 | 13.48% | 201.088 | 16.24% | 15.88% | 15.05% | 3.51% | 3.42% | ||
| China Sunergy | 1981.952 | 46.14% | -85.888 | -164.12% | 6.94% | 18.12% | -4.33% | 9.88% | ||
| Daqo New Energy | 1011.392 | 61.93% | 388.288 | 236.31% | 49.02% | 34.37% | 38.39% | 18.49% | ||
| 公司 | 营业收入 | 净利润 | 毛利率 | 净利率 | 经营现金流净额 | |||||
| 2011H1 | 增长率 | 2011H1 | 增长率 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | |
| A股上市公司 | ||||||||||
| 向日葵 | 1,247.76 | 21.69% | 131.95 | 77.50% | 16.33% | 22.00% | 10.58% | 7.25% | -30.60 | 177.46 |
| 超日太阳 | 1,797.88 | 74.92% | 132.00 | 165.19% | 16.18% | 18.12% | 7.31% | 4.80% | -1,603.83 | 86.61 |
| 东方日升 | 1,202.08 | 21.83% | 80.29 | 2.74% | 15.29% | 22.11% | 6.68% | 7.92% | -282.67 | 182.32 |
| 航天机电（光伏业务） | 778.29 | 60.01% | -1.23% | 7.03% | -436.67 | -117.33 | ||||
| 大港股份（硅片及组件业务） | 211.57 | 12.38% | 3.01% | 9.66% | -281.05 | 54.27 | ||||
| 横店东磁（单晶电池片业务） | 776.48 | 828.03% | 3.65% | 18.62% | -58.96 | 159.52 | ||||
| 综艺股份（太阳能电站业务） | 300.28 | 13.06% | -704.48 | -153.30 | ||||||
| 拓日新能 | 257.16 | -1.34% | 8.22 | -77.40% | 20.38% | 31.84% | 3.20% | 13.95% | -236.10 | 139.14 |
| 精功科技 | 1,255.67 | 177.78% | 220.96 | 2011.36% | 32.68% | 18.21% | 17.43% | 2.28% | -14.53 | 23.72 |
| 天龙光电 | 417.53 | 124.73% | 61.32 | 71.08% | 41.35% | 33.74% | 19.32% | 19.21% | -82.72 | -2.99 |
| 京运通 | 1,021.30 | 184.05% | 348.36 | 255.38% | 50.27% | 39.09% | 34.16% | 27.50% | -6.96 | 29.48 |
| 天威保变（新能源业务） | 1,052.10 | 196.03% | 14.16% | 1.17% | -129.85 | -682.99 | ||||
| 乐山电力（多晶硅业务） | 450.97 | 182.14% | 21.05% | 17.63% | 212.05 | 41.81 | ||||
| 川投能源（新光硅业部分） | 299.34 | 117.77% | 15.29 | -144.06% | 5.11% | -25.24% | 300.34 | 289.84 | ||
| 中环股份（新能源材料业务） | 756.09 | 28.56% | -95.51 | 26.90 | ||||||
| 新大新材 | 1,050.66 | 116.70% | 114.23 | 59.61% | 20.24% | 25.13% | 10.87% | 14.76% | -406.93 | -45.79 |
| 奥克股份（切割液业务） | 793.48 | 70.84% | 13.82% | 14.27% | -314.82 | 58.71 | ||||
| 爱康科技 | 697.76 | 24.30% | 151.83 | 445.86% | 16.89% | 21.62% | 29.07 | 21.18 | ||
| 科士达（逆变器业务） | 4.07 | 38.77% | -116.57 | -41.89 | ||||||
| 南玻A（光伏业务） | 1,460.13 | 42.41% | 942.70 | 935.84 | ||||||
| 金刚玻璃（光伏玻璃业务） | 39.56 | 41.94% | 32.43 | 26.92 | ||||||
| 海外及香港上市的中概光伏股 | ||||||||||
| GCL | 15173.55 | 161.87% | 3550.11 | 350.73% | 38.60% | 26.23% | 23.40% | 13.59% | ||
| Solagiga | 1274.15 | 59.99% | 112.79 | 174.03% | 22.55% | 11.96% | 8.85% | 5.17% | ||
| JA Solar | 6312.47 | 47.29% | 241.29 | -47.35% | 8.84% | 23.10% | 3.82% | 10.69% | ||
| Yingli Green Energy | 7851.8 | 52.48% | 743.89 | 82.02% | 24.37% | 33.41% | 9.47% | 7.94% | ||
| Hanwha Solarone | 3986.01 | 23.46% | 80.47 | -80.46% | 12.46% | 19.86% | 2.02% | 12.75% | ||
| Jinko Solar | 4405.46 | 203.93% | 571.85 | 125.09% | 25.79% | 25.66% | 12.98% | 17.53% | ||
| Suntech Power | 10929.28 | 87.87% | -1456.64 | -841.37% | 12.67% | 19.16% | -13.33% | 3.38% | ||
| Trina Solar | 7233.984 | 59.74% | 380.224 | -28.64% | 22.08% | 31.54% | 5.26% | 11.77% | ||
| LDK | 8100.992 | 49.83% | 305.472 | -8.63% | 19.96% | 10.46% | 3.77% | 6.18% | ||
| Renesola | 3894.528 | 32.16% | 289.152 | -5.58% | 24.17% | 24.31% | 7.42% | 10.39% | ||
| Canadian Solar | 5735.168 | 13.48% | 201.088 | 16.24% | 15.88% | 15.05% | 3.51% | 3.42% | ||
| China Sunergy | 1981.952 | 46.14% | -85.888 | -164.12% | 6.94% | 18.12% | -4.33% | 9.88% | ||
| Daqo New Energy | 1011.392 | 61.93% | 388.288 | 236.31% | 49.02% | 34.37% | 38.39% | 18.49% | ||
| 公司 | 营业收入 | 净利润 | 毛利率 | 净利率 | 经营现金流净额 | |||||
| 2011H1 | 增长率 | 2011H1 | 增长率 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | 2011H1 | 2010H1 | |
| A股上市公司 | ||||||||||
| 向日葵 | 1,247.76 | 21.69% | 131.95 | 77.50% | 16.33% | 22.00% | 10.58% | 7.25% | -30.60 | 177.46 |
| 超日太阳 | 1,797.88 | 74.92% | 132.00 | 165.19% | 16.18% | 18.12% | 7.31% | 4.80% | -1,603.83 | 86.61 |
| 东方日升 | 1,202.08 | 21.83% | 80.29 | 2.74% | 15.29% | 22.11% | 6.68% | 7.92% | -282.67 | 182.32 |
| 航天机电（光伏业务） | 778.29 | 60.01% | -1.23% | 7.03% | -436.67 | -117.33 | ||||
| 大港股份（硅片及组件业务） | 211.57 | 12.38% | 3.01% | 9.66% | -281.05 | 54.27 | ||||
| 横店东磁（单晶电池片业务） | 776.48 | 828.03% | 3.65% | 18.62% | -58.96 | 159.52 | ||||
| 综艺股份（太阳能电站业务） | 300.28 | 13.06% | -704.48 | -153.30 | ||||||
| 拓日新能 | 257.16 | -1.34% | 8.22 | -77.40% | 20.38% | 31.84% | 3.20% | 13.95% | -236.10 | 139.14 |
| 精功科技 | 1,255.67 | 177.78% | 220.96 | 2011.36% | 32.68% | 18.21% | 17.43% | 2.28% | -14.53 | 23.72 |
| 天龙光电 | 417.53 | 124.73% | 61.32 | 71.08% | 41.35% | 33.74% | 19.32% | 19.21% | -82.72 | -2.99 |
| 京运通 | 1,021.30 | 184.05% | 348.36 | 255.38% | 50.27% | 39.09% | 34.16% | 27.50% | -6.96 | 29.48 |
| 天威保变（新能源业务） | 1,052.10 | 196.03% | 14.16% | 1.17% | -129.85 | -682.99 | ||||
| 乐山电力（多晶硅业务） | 450.97 | 182.14% | 21.05% | 17.63% | 212.05 | 41.81 | ||||
| 川投能源（新光硅业部分） | 299.34 | 117.77% | 15.29 | -144.06% | 5.11% | -25.24% | 300.34 | 289.84 | ||
| 中环股份（新能源材料业务） | 756.09 | 28.56% | -95.51 | 26.90 | ||||||
| 新大新材 | 1,050.66 | 116.70% | 114.23 | 59.61% | 20.24% | 25.13% | 10.87% | 14.76% | -406.93 | -45.79 |
| 奥克股份（切割液业务） | 793.48 | 70.84% | 13.82% | 14.27% | -314.82 | 58.71 | ||||
| 爱康科技 | 697.76 | 24.30% | 151.83 | 445.86% | 16.89% | 21.62% | 29.07 | 21.18 | ||
| 科士达（逆变器业务） | 4.07 | 38.77% | -116.57 | -41.89 | ||||||
| 南玻A（光伏业务） | 1,460.13 | 42.41% | 942.70 | 935.84 | ||||||
| 金刚玻璃（光伏玻璃业务） | 39.56 | 41.94% | 32.43 | 26.92 | ||||||
| 海外及香港上市的中概光伏股 | ||||||||||
| GCL | 15173.55 | 161.87% | 3550.11 | 350.73% | 38.60% | 26.23% | 23.40% | 13.59% | ||
| Solagiga | 1274.15 | 59.99% | 112.79 | 174.03% | 22.55% | 11.96% | 8.85% | 5.17% | ||
| JA Solar | 6312.47 | 47.29% | 241.29 | -47.35% | 8.84% | 23.10% | 3.82% | 10.69% | ||
| Yingli Green Energy | 7851.8 | 52.48% | 743.89 | 82.02% | 24.37% | 33.41% | 9.47% | 7.94% | ||
| Hanwha Solarone | 3986.01 | 23.46% | 80.47 | -80.46% | 12.46% | 19.86% | 2.02% | 12.75% | ||
| Jinko Solar | 4405.46 | 203.93% | 571.85 | 125.09% | 25.79% | 25.66% | 12.98% | 17.53% | ||
| Suntech Power | 10929.28 | 87.87% | -1456.64 | -841.37% | 12.67% | 19.16% | -13.33% | 3.38% | ||
| Trina Solar | 7233.984 | 59.74% | 380.224 | -28.64% | 22.08% | 31.54% | 5.26% | 11.77% | ||
| LDK | 8100.992 | 49.83% | 305.472 | -8.63% | 19.96% | 10.46% | 3.77% | 6.18% | ||
| Renesola | 3894.528 | 32.16% | 289.152 | -5.58% | 24.17% | 24.31% | 7.42% | 10.39% | ||
| Canadian Solar | 5735.168 | 13.48% | 201.088 | 16.24% | 15.88% | 15.05% | 3.51% | 3.42% | ||
| China Sunergy | 1981.952 | 46.14% | -85.888 | -164.12% | 6.94% | 18.12% | -4.33% | 9.88% | ||
| Daqo New Energy | 1011.392 | 61.93% | 388.288 | 236.31% | 49.02% | 34.37% | 38.39% | 18.49% | ||