目 錄TOC\o"1-2"\h\z\u光伏半年報(bào)綜述：總體利潤(rùn)穩(wěn)定增長(zhǎng)，Q2各環(huán)節(jié)表現(xiàn)有所分化 5季度盈利能力變化趨勢(shì) 8費(fèi)用率大幅下降，匯兌收益貢獻(xiàn)顯著 9光伏板塊整體維持穩(wěn)健運(yùn)行 營(yíng)收持續(xù)增長(zhǎng)下現(xiàn)金流提升顯著 償債能力稍有下滑，周轉(zhuǎn)速率有所提升 12投資策略 14風(fēng)險(xiǎn)提示 15圖目錄圖1 光伏設(shè)備單季度經(jīng)營(yíng)情況 8圖2 硅料單季度經(jīng)營(yíng)情況 8圖3 硅片單季度經(jīng)營(yíng)情況 9圖4 電池組件單季度經(jīng)營(yíng)情況 9圖5 逆變器季度經(jīng)營(yíng)情況 9圖6 組件輔材單季度經(jīng)營(yíng)情況 9圖7 其他輔材單季度經(jīng)營(yíng)情況 9圖8 電站單季度經(jīng)營(yíng)情況 9圖9 光伏板塊期間費(fèi)用率變化趨勢(shì) 10圖10 國(guó)內(nèi)光伏新增裝機(jī)量統(tǒng)計(jì)與預(yù)測(cè)（GW） 14圖全球光伏新增裝機(jī)量統(tǒng)計(jì)與預(yù)測(cè)（GW） 14表目錄表1 光伏板塊2022H1-2023H1年度經(jīng)營(yíng)情況對(duì)比 5表2 光伏板塊2022Q2-2023Q2單季度經(jīng)營(yíng)情況對(duì)比 7表3 光伏各子板塊單季度期間費(fèi)用率變化趨勢(shì) 10表4 電池組件、逆變器公司匯兌損益匯總（百萬元，負(fù)值代表收益） 10表5 光伏板塊單季度經(jīng)營(yíng)性現(xiàn)金流凈額變化趨勢(shì)（百萬元） 表6 光伏板塊貨幣資金合計(jì)（百萬元） 表7 光伏板塊應(yīng)收賬款及應(yīng)收票據(jù)合計(jì)（百萬元） 12表8 光伏板塊存貨合計(jì)（百萬元） 12表9 光伏板塊資產(chǎn)負(fù)債率（%） 12表10 光伏板塊流動(dòng)比率及速動(dòng)比率 13表光伏板塊存貨周轉(zhuǎn)天數(shù)、應(yīng)收賬款周轉(zhuǎn)天數(shù)（天） 13光伏半年報(bào)綜述：總體利潤(rùn)穩(wěn)定增長(zhǎng)，Q2有所分化我們選取46家光伏上市公司，劃分為8個(gè)子板塊進(jìn)行半年報(bào)季報(bào)分析。2023H15123.43704.9827.69%24.96%，同比基本持13.76%0.31個(gè)百分點(diǎn)。分板塊來看，2023H1267.47%，增速88.97%35.01%、2.85%%%、14.48%。毛利率方面，2023H1逆變器、電池組件、硅片、光伏設(shè)備環(huán)節(jié)毛利率有所增長(zhǎng)，4.093.532.350.48、5.01、3.80、0.40個(gè)百分點(diǎn)。證券簡(jiǎn)稱營(yíng)業(yè)收入（百萬元，%）同比2022H1 2023H1增長(zhǎng)證券簡(jiǎn)稱營(yíng)業(yè)收入（百萬元，%）同比2022H1 2023H1增長(zhǎng)毛利率2022H1（%，百分點(diǎn)）同比2023H1變動(dòng)（百萬元，%）同比2022H1 2023H1增長(zhǎng)歸母凈利潤(rùn)率（%，百分點(diǎn)）同比2022H1 2023H1變動(dòng)光伏設(shè)備晶盛機(jī)電4370840692.3740.0042.652.661207220682.7827.6226.24-1.38捷佳偉創(chuàng)2679408352.3925.4726.450.9850875248.0018.9518.40-0.55邁為股份1760286962.9840.0732.71-7.353964257.1322.5114.80-7.71金辰股份952114520.2327.1028.821.72385031.843.974.360.38帝爾激光6656741.3346.7548.211.45216174-19.3232.4725.86-6.62奧特維1513251766.4139.0936.64-2.4429952374.7619.7620.760.99合計(jì)119391969464.9535.9836.470.482664412955.0022.3120.96-1.35硅料通威股份603397406822.7535.0634.14-0.9212224132708.5620.2617.92-2.34特變電工387974981728.4038.3332.18-61317.8014.99-2.81大全能源163409325-42.9370.4757.67-12.8095254426-53.5358.2947.47-10.83合計(jì)11547613321015.3641.1735.06-6.112865425163-12.1824.8118.89-5.92硅片TCL中環(huán)316983489810.0917.6923.215.522917453655.509.2013.003.80弘元綠能114567174-37.3820.1921.971.7715761017-35.4513.7614.180.42雙良節(jié)能429612128182.2920.2413.75-6.4835361874.898.225.10-3.13京運(yùn)通499551372.8519.2914.54-4.7538856-85.707.771.08-6.69高測(cè)股份1335252188.8038.6746.768.09237714201.2717.7428.3210.57合計(jì)537816185815.0219.1021.452.355472694126.8510.1711.221.05電池組件愛旭股659.2817.928.635961309119.603.738.054.33中來股份4638576124.2216.6315.15-1.482312362.394.984.10-0.87鈞達(dá)股份44279421112.8310.2416.846.60273956250.236.1610.143.98隆基綠能504176465228.2417.6119.081.476481917841.6312.8514.201.34天合光能357314938438.2113.5716.923.3612693540178.883.557.173.62晶澳科技284694084343.4713.2119.356.1417024813182.745.9811.795.81東方日升126151760739.5612.3813.451.0850586170.654.004.890.89合計(jì)15228220391733.9114.2917.823.53110572089488.977.2610.252.99逆變器陽(yáng)光電源1228128622133.0625.5429.423.889004354383.557.3315.217.88固德6129.1835.556.38557411256.203.7619.4215.66禾邁股份5141065107.3046.0842.78-3.3020234872.6839.2832.72-6.56德業(yè)股份23734894106.2127.4341.7614.334501264180.5018.9825.826.84上能電氣4212177416.5823.1817.36-5.8223135488.545.456.210.76科士達(dá)1521282385.5630.4532.872.42218501129.8514.3317.753.42昱能科技49765832.3039.9441.421.481291344.1925.8920.39-5.50禾望電氣1101154139.9929.2833.334.0411320379.6010.2513.152.90合計(jì)2016145594126.1527.4331.514.0920907680267.4710.3716.846.48組件輔材福萊特7304967832.5022.6419.12-3.52100310858.1913.7311.21-2.52凱盛新能2356277917.9210.8210.65-0.17248129-48.0610.524.63-5.89亞瑪頓1469168714.787.277.290.014339-9.222.932.31-0.61福斯特90151061617.7620.0214.61-5.411057885-16.3111.728.33-3.39賽伍技術(shù)22582221-1.6615.6210.21-5.4117550-71.257.762.27-5.49明冠新材916836-8.7621.5012.99-8.519453-43.8510.286.33-3.95合計(jì)233202781719.2818.7414.94-3.8026202241-14.4811.238.05-3.18其他輔材金博股份847607-28.3452.3836.53-15.85368283-23.0743.4746.673.20帝科股份16703475108.057.4111.594.1828203630.471.665.834.17蘇州固锝167117142.5517.0114.54-2.4714155-60.638.433.24-5.20美暢股份1538216840.9655.6656.490.8466689333.9943.3141.17-2.14通靈股份62071214.7513.3121.708.38478480.067.5511.854.30中信博1437192133.7211.5915.874.28-198--0.085.105.19清源股份60686242.3619.9627.217.2528108278.554.7012.497.79合計(jì)83891145936.6024.7724.37-0.401277172435.0115.2215.05-0.18電站太陽(yáng)能3536403214.0244.1340.55-3.5877989915.3822.0222.280.26林洋能源2321321138.3537.6130.71-6.9141058141.8517.6518.100.45芯能科技29433212.6655.4657.141.678010935.9327.2732.915.63蘇文電能893122036.6125.8122.82-2.9910813828.5312.0511.33-0.71合計(jì)7044879424.8440.1435.12-5.011376172725.4819.5419.640.10全部合計(jì)39239351234330.5725.1424.96-0.18552097049827.6914.0713.76-0.31資料來源：，按單季度拆分，2023Q22749.21億元，同比增22.08%334.745.07%；板塊平均毛利率為23.02%2.0212.18%1.97個(gè)百分點(diǎn)。分板塊來看，23Q2單季度逆變器環(huán)節(jié)歸母凈利潤(rùn)增速仍然保持領(lǐng)先，同比增長(zhǎng)29.1%%、52.13%41.59%14.97%44.30%、19.70%、12.44%；毛利率方面，23Q25.694.4614.24、8.37、4.35個(gè)百分點(diǎn)，是降幅最大的環(huán)節(jié)。證券簡(jiǎn)稱營(yíng)業(yè)收入（百萬元，%）同比2Q22 2Q23增長(zhǎng)證券簡(jiǎn)稱營(yíng)業(yè)收入（百萬元，%）同比2Q22 2Q23增長(zhǎng)毛利率2Q22）同比2Q23變動(dòng)歸母凈利潤(rùn)（百萬元，%）同比2Q22 2Q23增長(zhǎng)歸母凈利潤(rùn)率（%，百分點(diǎn)）同比2Q22 2Q23變動(dòng)光伏設(shè)備晶盛機(jī)電2418480798.8240.0544.1945731.6327.45-4.18捷佳偉創(chuàng)1317215263.4323.7629.755.9923541576.9217.8219.291.47邁為股份926171284.9239.6331.82-7.81216204-5.8923.3811.90-11.48金辰股份49562927.1824.5126.732.231024140.322.003.781.78帝爾激光354326-7.9547.1049.442.3312381-34.3434.7024.75-9.95奧特維888147866.5239.4136.67-2.7419230156.6421.6620.38-1.28合計(jì)63971110473.5935.7437.651.911541234452.1324.0921.11-2.98硅料通威股份356544082414.5035.7226.81-8.9170294669-33.5819.7211.44-8.28特變電工21658235308.6437.8825.51-12.3737842743-27.5217.4711.66-5.81大全能源82114468-45.5876.8341.90-34.9352131515-70.9463.4933.91-29.58合計(jì)65523688225.0341.5827.34-14.24160268926-44.3024.4612.97-11.49硅片TCL中環(huán)1833017279-5.7416.8923.416.521607228342.138.7613.214.45弘元綠能57823661-36.6824.3817.61-6.77921340-63.0515.939.30-6.63雙良節(jié)能25626665160.1421.3813.01-8.37232116-49.989.071.74-7.33京運(yùn)通30582414-21.0524.736.74-17.99379-248-165.3012.41-10.26-22.67高測(cè)股份779126261.9339.4050.4011.00140379170.7717.9830.0712.09合計(jì)30512312812.5220.0520.320.2732802872-12.4410.759.18-1.57電池組件愛旭股份815885034.2311.0517.746.6936960764.664.527.142.62中來股份2628305316.1515.4413.40-2.04142134-5.895.414.38-1.03鈞達(dá)股份23905454128.1710.2918.808.51251602139.4810.5111.030.52隆基綠能318223633414.1815.4520.004.543817554145.1811.9915.253.26天合光能204582806537.1813.5516.142.597261772144.053.556.312.77晶澳科技161482036226.1012.0119.597.589522231134.315.9010.965.06東方日升72011083050.3811.5314.122.5929255088.534.055.081.03合計(jì)8880711260026.7913.5317.994.4665491143774.647.3710.162.78逆變器陽(yáng)光電源771416042107.9723.2030.537.334902846481.466.3517.7411.40固德威8032095161.0128.4132.684.2845404794.455.6319.3013.67禾邁股份28548570.1744.3738.43-5.9511517250.2840.2335.53-4.70德業(yè)股份1532280983.3429.1340.7911.66318675111.9620.7824.023.24上能電氣2031557665.5620.8316.65-4.187991340.433.376.342.97科士達(dá)960142047.8231.1133.702.5916426763.3617.0418.831.79昱能科技324222-31.3539.8041.101.309817-83.1230.287.45-22.84禾望電氣64193145.3624.8933.738.8346124170.737.1613.346.18合計(jì)1246125561105.1225.8431.535.6912824605259.1310.2918.017.73組件輔材福萊特3796431313.6423.7319.93-3.805665731.3114.9113.29-1.62凱盛新能135013520.1610.4611.541.08136116-14.3910.068.60-1.46亞瑪頓76487814.939.387.66-1.723223-26.814.182.66-1.52福斯特5131570311.1522.7916.62-6.17718520-27.5313.999.12-4.87賽伍技術(shù)116111801.6716.8112.02-4.808717-80.167.461.45-6.00明冠新材533435-18.4123.9013.86-10.046133-44.9511.417.70-3.71合計(jì)12734138628.8520.4616.11-4.3515991284-19.7012.569.26-3.29其他輔材金博股份396305-23.1351.2737.04-14.23165165-0.1541.7254.1812.47帝科股份972192798.237.3311.814.4891161135.270.976.045.07蘇州固锝87398212.4717.9915.09-2.908233-60.119.363.32-6.04美暢股份872117434.5956.7560.383.6338251334.5543.7443.73-0.01通靈股份30538325.3815.8721.825.95324748.8010.3812.321.94中信博861110628.4813.9117.593.68859666.360.905.364.46清源股份33850047.8122.3127.084.772257153.806.6511.424.77合計(jì)4619637738.0725.3425.27-0.0770099141.5915.1615.540.39電站太陽(yáng)能214023258.6443.9440.61-3.34517510-1.4824.1721.92-2.25林洋能源1337214660.5340.4828.00-12.4823138466.4917.2717.910.64芯能科技17820414.9763.3759.71-3.66707913.6639.1538.70-0.45蘇文電能48663931.4428.2317.26-10.966542-35.4713.446.60-6.84合計(jì)4141531428.3441.8133.44-8.37883101514.9721.3319.10-2.22全部合計(jì)22519427492122.0825.0423.02-2.0231860334745.0714.1512.18-1.97資料來源：，季度盈利能力變化趨勢(shì)光伏設(shè)備：毛利率在30-40%之間保持相對(duì)穩(wěn)定，23Q2毛利率達(dá)37.65%，創(chuàng)2020年以來新高；多晶硅：23Q2營(yíng)業(yè)收入有小幅增長(zhǎng)，但凈利潤(rùn)和毛利率均有所下滑，我們認(rèn)為主要由于2023年上半年多晶硅市場(chǎng)供過于求導(dǎo)致的硅料價(jià)格持續(xù)下滑；圖1光伏設(shè)備單季度經(jīng)營(yíng)情況資料來源：，

圖2硅料單季度經(jīng)營(yíng)情況資料來源：，硅片盈利承壓，組件盈利趨穩(wěn)。23Q220.32%2.29個(gè)百分點(diǎn)，我們認(rèn)為主要原因仍然是產(chǎn)能過剩，光伏產(chǎn)業(yè)鏈價(jià)格快速下行，產(chǎn)業(yè)鏈競(jìng)爭(zhēng)23Q217.99%0.38個(gè)百分點(diǎn)，在整體產(chǎn)業(yè)鏈價(jià)格下行趨勢(shì)中仍能保持較為穩(wěn)定的毛利率；我們認(rèn)為，未來隨著較低利潤(rùn)率下的多余產(chǎn)能逐漸出清，競(jìng)爭(zhēng)格局更加有序，中下游各環(huán)節(jié)盈利將呈現(xiàn)出修復(fù)趨勢(shì)；圖3硅片單季度經(jīng)營(yíng)情況資料來源：，

圖4電池組件單季度經(jīng)營(yíng)情況資料來源：，逆變器維持較高盈利水平，組件輔材盈利有所修復(fù)。23Q2逆變器環(huán)節(jié)毛利率為23Q22.33圖5逆變器季度經(jīng)營(yíng)情況資料來源：，

圖6組件輔材單季度經(jīng)營(yíng)情況資料來源：，2.0225.27%，收入利潤(rùn)規(guī)模也在穩(wěn)定增長(zhǎng)中。電站板塊：電站板塊23Q2的毛利率為33.44%，環(huán)比下降4.24個(gè)百分點(diǎn)。圖7其他輔材單季度經(jīng)營(yíng)情況資料來源：，

圖8電站單季度經(jīng)營(yíng)情況資料來源：，費(fèi)用率大幅下降，匯兌收益貢獻(xiàn)顯著圖9光伏板塊期間費(fèi)用率變化趨勢(shì)資料來源：，23Q25.49%0.972.38個(gè)3Q2表3光伏各子板塊單季度期間費(fèi)用率變化趨勢(shì)光伏設(shè)備2Q209.83%硅料10.45%10.67%12.82%11.11%8.07%8.84%11.81%5.60%5.48%7.79%8.93%5.63%5.46%硅片13.73%13.36%14.68%11.42%11.03%8.58%9.14%7.76%8.22%7.84%6.47%8.72%6.80%電池組件8.18%10.41%6.58%7.91%8.41%7.93%8.49%7.82%4.89%4.60%5.53%7.44%3.53%逆變器12.29%14.73%12.45%16.08%16.70%14.13%14.96%19.15%13.23%9.28%12.40%13.31%8.73%組件輔材10.29%10.06%10.73%8.71%9.53%7.52%4.82%5.94%5.59%5.72%7.74%6.22%5.11%其他輔材12.15%12.45%8.69%11.51%9.58%10.09%10.40%8.40%9.40%10.14%9.57%9.14%8.79%電站15.75%18.73%19.67%19.93%14.93%15.12%20.77%19.19%13.77%12.48%13.32%15.42%9.67%資料來源：，分板塊來看，23Q223Q15.75、4.58、3.91個(gè)百分點(diǎn)。表4電池組件、逆變器公司匯兌損益匯總（百萬元，負(fù)值代表收益）公司2022H12023H1愛旭股份-8.87-13.64中來股份1.53-42.05鈞達(dá)股份0.40-4.59隆基綠能-420.89-954.90天合光能79.24551.84晶澳科技-99.02-602.47東方日升-85.67-307.05陽(yáng)光電源-224.92-405.90固德威-2.31-116.51禾邁股份1.18-42.14德業(yè)股份-59.63-137.49上能電氣-8.1331.51科士達(dá)-11.61-17.77昱能科技-19.52-11.83禾望電氣-0.09-1.78合計(jì)-858.31-3241.46資料來源：，電站、逆變器、電池組件環(huán)節(jié)的費(fèi)用率下降，主要來自財(cái)務(wù)費(fèi)用率下降：我們認(rèn)為，光伏電站財(cái)務(wù)費(fèi)用率的下降，主要是源于電站項(xiàng)目貸款利息隨著上半年LPR歸還部分貸款致使利息費(fèi)用減少。逆變器、電池組件的特點(diǎn)是出口占比較高，因此匯兌損益對(duì)于該板塊有明顯影響；78到，以上15家企業(yè)于2023年上半年匯兌損益全為負(fù)值，即全部實(shí)現(xiàn)匯兌收益。光伏板塊整體維持穩(wěn)健運(yùn)行營(yíng)收持續(xù)增長(zhǎng)下現(xiàn)金流提升顯著現(xiàn)金流：23Q2551.25億元，環(huán)比高增8伏板塊各公司經(jīng)營(yíng)規(guī)模逐漸擴(kuò)大、營(yíng)收增加，加大了經(jīng)營(yíng)性現(xiàn)金流的流入。表5光伏板塊單季度經(jīng)營(yíng)性現(xiàn)金流凈額變化趨勢(shì)（百萬元）2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備4334672855369716552053-40918291305185519292513硅料234015014852230271074881762869162376124552257081416024637硅片4541687118580412251597243510903344-7169113542835電池組件205656489830-46866728190215219-3455206261483817045-297618390逆變器11358133809-2669-279-1773305-228015062986286-3707651組件輔材10321021510-959395-10871805-47-746146557-2196-1140其他輔材21141413104-72-358986224-61-29950-691369電站69616931613-5688210791625-12583211244631645-131合計(jì)83561287222496-46251695784923505619135109241517579421085555125資料來源：，貨幣資金方面：2023Q2末，光伏板塊合計(jì)貨幣資金為2867.92億元，環(huán)比小幅增長(zhǎng)；各板塊中，23Q2硅料、電站、硅片、組件輔材環(huán)節(jié)的貨幣資金環(huán)比有所下降。表6光伏板塊貨幣資金合計(jì)（百萬元）2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備42424582485958998515892610117103981042513018126011456816242硅料20205217572738325273247452734227149377215131569718768898513474706硅片11880105291003013080124791316619108157892042323506229812461723657電池組件38871496835411149018517365671063970698468865197577106054103300118329逆變器6468730711230763384921072918324163332190821709263752745828898組件輔材5207525355845949814378048902739582568467134181229312232其他輔材2484245542552204281827654121352536123847468847305227電站346740234792463052494870489458925077583811466100217500合計(jì)92823105589122245113686122176132312156586166900209667243679274472282120286792資料來源：，應(yīng)收賬款及應(yīng)收票據(jù)環(huán)比有所提升。截至2023Q2末，光伏板塊應(yīng)收賬款及應(yīng)收票據(jù)合計(jì)為1700.29億元，環(huán)比上升8.8%。其中，光伏設(shè)備、電站、電池組件環(huán)節(jié)增速最快，分別為19.01%、12.89%、12.86%。表7光伏板塊應(yīng)收賬款及應(yīng)收票據(jù)合計(jì)（百萬元）2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備46035589640462636698709675347609827010127110971196614241硅料15978182721749219514184972214922868273322641726824240812456926019硅片701466496110650674898187833189901015610243100121180312974電池組件25961254752483626378278412748129909324953462539980417514784854001逆變器942297551077811417110381251313541130071344816171206412200722284組件輔材7613793277677314769785899014115731479915053145981637416619其他輔材3423288128342629363039134102424348945481653171137391電站13141129201314713890149661542814981157781715917734150191461616500合計(jì)8715689474893699391097856105354110280121027129768141614143730156296170029資料來源：，存貨方面環(huán)比持續(xù)增加。23Q2億元，環(huán)比增長(zhǎng)8.5%24.8%、22.5%；10.2%、4.4%。表8光伏板塊存貨合計(jì)（百萬元）2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備884896061128413123146871527416346195412224226244309553686946012硅料1085214773911311400110301425416077168071838521199262443059427472硅片3953382442275042750681218807108121058813331134731573315045電池組件20522248982641235774380344960242073569626850171793609467051975905逆變器548258636180708590541288514698181042269027455268452805432302組件輔材2299217223043427405145636523504860977482773071097942其他輔材1108113512411310162520362459243927792945301233574112電站9227901016113010271102870111112951873201228162792合計(jì)5398663062617767829087014107836107852130824152575172322171217195051211582資料來源：，償債能力稍有下滑，周轉(zhuǎn)速率有所提升償債能力方面：23Q255.41%2.14個(gè)百66.77%、63.56%36.97%。表9光伏板塊資產(chǎn)負(fù)債率（%）2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備51.5055.2356.7956.1755.1354.4251.7252.9356.3957.3360.2962.7766.77硅料57.9257.8454.6955.4555.8752.3951.4650.5547.4147.4145.9244.8848.40硅片57.0352.5751.8851.2652.7152.7249.7850.6853.8354.4055.6754.0853.10電池組件60.4359.7860.9361.0062.4764.5563.6264.8464.4165.7162.6062.0563.56逆變器54.1054.7154.0553.5852.9451.4751.0651.3154.4356.5957.7757.4457.88組件輔材43.2842.3538.6435.4136.8233.9335.4237.4642.5443.1545.3246.1147.14其他輔材35.2228.2531.4930.0131.7734.0535.1532.2636.1630.0334.6134.8036.97電站56.7456.6556.7056.8956.2551.2050.7250.6550.2045.7545.4143.6943.69合計(jì)56.6755.8855.1455.0255.7154.8853.5854.1954.4654.7053.7453.2755.41資料來源：，流動(dòng)比率與速動(dòng)比率小幅下降23Q21.44、1.08，環(huán)比有所下降但降幅偏小，整體來看仍然維持相對(duì)穩(wěn)定。表10 光伏板塊流動(dòng)比率及速動(dòng)比率流動(dòng)比率2Q203Q20流動(dòng)比率2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備1.681.601.561.571.601.661.751.701.581.551.461.421.33硅料1.181.211.221.221.181.281.311.631.751.811.801.971.61硅片1.141.151.051.261.311.271.251.251.211.271.261.311.30電池組件1.151.191.151.131.101.151.111.151.171.161.191.251.21逆變器1.651.651.681.671.721.771.791.791.791.741.671.701.68組件輔材1.851.872.152.282.112.052.091.961.991.881.972.042.10其他輔材2.383.152.772.932.682.692.552.772.372.802.412.372.22電站1.842.192.082.362.192.322.312.262.202.582.502.702.47合計(jì)1.311.351.331.351.331.371.381.441.461.481.491.551.44速動(dòng)比率2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備1.021.000.930.910.961.001.100.990.890.880.800.740.65硅料1.000.981.081.051.031.101.101.411.531.591.531.671.36硅片0.981.000.891.091.081.031.031.001.001.031.021.041.03電池組件0.930.950.910.840.810.810.830.820.820.830.880.910.89逆變器1.331.341.391.331.331.281.341.251.221.141.161.181.14組件輔材1.631.661.931.981.801.731.651.641.661.511.611.721.74其他輔材2.102.852.512.632.372.322.182.362.002.412.092.031.86電站1.762.101.982.242.102.222.232.172.092.432.362.482.27合計(jì)1.081.101.101.081.051.061.081.101.111.131.141.181.08資料來源：，周轉(zhuǎn)速率提升，生產(chǎn)管理優(yōu)化。23Q289.62天、47.43天，環(huán)比下降明顯，說明企業(yè)生產(chǎn)管理得到了進(jìn)一步優(yōu)化，效率更佳。分板塊來看，23Q2各子板塊存貨周轉(zhuǎn)天數(shù)僅光伏設(shè)備、輔材環(huán)比提升，其余各板塊環(huán)比均有所下降，應(yīng)收賬款周轉(zhuǎn)天數(shù)僅硅料、硅片有所升高，其余各子板塊均有所下降。存貨周轉(zhuǎn)天數(shù)2Q203Q204Q201Q212Q21存貨周轉(zhuǎn)天數(shù)2Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23光伏設(shè)備411.39391.55403.92459.68420.68411.04401.24457.15454.37458.09481.57546.10553.61硅料68.9370.3551.6255.6746.7448.0349.0949.9345.6846.0049.2370.0755.90硅片66.3261.2359.7650.4855.4449.7848.5046.1940.1243.0941.4854.7552.82電池組件77.2680.6269.3483.9576.9485.0969.2982.9476.2469.6857.9878.6373.50逆變器114.06120.0791.06148.40136.13146.51130.54273.86229.98215.68163.27180.02170.47組件輔材60.6555.2551.0056.7758.0756.1867.6159.0359.9466.1163.6555.5059.61其他輔材75.4874.7161.7164.6557.3860.5267