2020&2021Q1新能源板块总结.docx
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1、内容目录1 .前言 6.光伏板块:光伏分化明显,龙头恒强 92.1.2020. 2021Q1龙头企业增长持续,各环节景气度明显分化922 2020年及2021Q1盈利能力稳定1123 2021 一季度应收账款、预收账款、存货增长13.风电板块:盈利拐点,零部件表现持续优异 151.1. 2020年营收和利润大幅上升,一超多强格局持续1532 2020年毛利率略有下滑、归母净利率有所提升、2021Q1毛利率同比上升,归母净利率同比上升162020第四季度应收账款增加、存货环比降低,预收账款环比减少183 .核电板块2020年整体收入、利润增长;两大龙头持续领跑 20增长势头不减,2020年收入、
2、利润皆增长204.1. 2020年和21Q1毛利率下滑、归母净利率上调20.投资建议225 .风险提不234/24表15 :光伏公司毛利率和归母净利率变动情况分析表毛利率归母净利润率代码公司名称2020同比20Q420Q4同比21Q121QI同比2020同比20Q420Q4同比21Q121Q1同比硅料17.09%-1.60%18.37%1.54%20.75%3.78%8.40%1.26%2.20%-1.91%7.98%3.58%600438.SH通威股份17.09%-1.60%18.37%1.54%20.75%3.78%8.40%1.26%2.20%-1.91%7.98%3.58%硅片23.3
3、0%-2.62%19.59%-8.99%22.57%-5.11%13.97%0.12%9.55%-3.62%13.47%-2.60%601012.SH隆基股份24.62%-4.28%19.37%-12.37%23.21%-8.66%15.94%-0.95%10.58%-7.01%15.78%-5.89%002129.SZ中环股份18.85%-0.64%18.82%-3.17%20.34%0.31%7.74%0.27%4.27%0.13%7.26%1.67%6O3185.SH上机数控27.47%-11.48%28.01%-0.26%26.54%2.23%17.65%534%17.74%7.90%
4、19.55%5.20%电池14.90%-3.17%17.66%7.31%9.71%-1.51%8.34%-1.30%12.66%8.02%3.35%-1.02%600732.SH爰旭股份14.90%-3.17%17.66%7.31%9.71%-1.51%8.34%-1.30%12.66%8.02%3.35%-1.02%组件20.58%-4.28%12.56%-11.87%17.98%-9.41%10.87%-0.56%5.49%-3.67%10.18%-3.79%601012.SH隆基股份24.62%-4.28%19.37%-12.37%23.21%-8.66%15.94%-0.95%10.5
5、8%-7.01%15.78%-5.89%002459.SZ晶澳科技16.36%-4.90%5.26%-15.98%10.78%-13.16%5.99%-0.08%2.35%-3.81%2.25%-3.97%3OO118.SZ东方日升13.65%-7.27%-1.69%-24.47%9.44%-11.39%1.47%-5.32%-9.21%-13.32%1.45%-3.64%玻璃39.70%11.62%48.34%18.40%48.49%13.68%21.94%11.54%30.52%24.34%33.57%18.29%601865.SH福莱特46.54%14.98%58.51%23.66%58
6、.24%18.36%26.02%11.10%36.41%21.71%40.74%22.85%002623.SZ亚玛顿15.96%1.98%13.16%2.26%13.71%-0.26%7.79%15.71%10.15%36.98%7.99%3.44%胶膜28.36%7.99%35.44%13.42%28.97%7.12%18.65%3.68%23.73%3.33%17.59%7.33%603806.SH福斯特28.36%7.99%35.44%13.42%28.97%7.12%18.65%3.68%23.73%3.33%17.59%7.33%逆变器23.92%-0.76%20.96%-1.50%
7、29.98%-0.55%10.73%3.39%10.69%4.35%12.43%2.19%300274.SZ阳光电源23.07%-0.74%20.29%-1.04%29.56%1.19%10.24%3.23%10.29%4.48%11.56%2.92%300763.SZ锦浪科技31.82%-2.75%27.65%-12.81%32.22%-12.44%15.26%4.15%14.72%-0.07%17.20%-3.58%运营41.51%-5.42%28.48%-10.32%39.22%680%18.20%-1.02%3.80%-1.17%17.84%1.02%601222.SH林洋能源35.1
8、9%-10.00%26.49%-9.83%40.74%-1.44%17.27%-3.67%4.48%2.73%18.03%-1.11%000591.SZ太阳能48.42%0.32%30.27%-10.04%38.30%-10.32%19.22%1.15%3.18%-3.74%17.72%2.47%设备32.47%-1.66%33.45%4.03%35.49%2.69%16.01%-0.66%15.39%1.78%21.97%6.19%300316.SZ晶盛机电36.60%1.06%41.97%11.32%36.35%2.93%22.35%2.29%25.23%10.21%30.86%12.12
9、%300751.SZ迈为股份34.02%0.21%32.55%-6.15%38.21%6.01%16.93%-0.03%17.90%2.51%19.01%3.13%601908.SH京运通32.58%-1.88%31.36%14.52%39.62%8.18%11.03%-2.40%2.26%-14.73%19.83%8.23%300724.SZ捷佳伟创26.43%-5.63%24.44%-3.58%28.97%-4.43%12.65%-2.16%7.55%1.87%17.95%0.54%835368.OC连城数控35.05%0.27%33.62%-2.99%37.62%2.33%20.09%2
10、.97%21.97%4.61%24.65%8.47%光伏公司小计22.66%-1.71%19.24%-4.17%22.88%-2.27%11.47%0.92%8.03%0.03%11.84%1.13%数据来源:Wind,2021Q1光伏板块现金流同环比大幅下降。2020年现金流为净流入311.88亿元,2019 年同期现金流为净流入277.78亿元,同比上升12.28%。2021 一季度,板块现金流净流出 32.66亿,同比下降2980.64%,与2020四季度净流入133.66亿元相比,环比降低124.32%。2020年现金流增速看:玻璃,设备运营硅片逆变器,硅料组件胶膜,电池, 2021Q
11、1现金流增速看:硅料运营玻璃设备逆变器,组件,胶膜,硅片,电池。表16 :光伏板块2019年2021 一季度经营净现金流情况(亿元)代码公司名称2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 20Q4 同比 2019202020 年同比 2021Q1 21Q1 同比硅料 3.058.0110.591.924.345.8210.229.86413.41%23.5730.2528.31%16.85288.22%12/24东吴证券研究所600438.SH通威股份3.058.0110.591.924.345.8210.229.86413.
12、41%23.5730.2528.31%16.85288.22%硅片12.5719.7620.3453.071.7513.0271.3453.450.71%105.74139.5631.99%-7.48-526.71%601012.SH隆基股份9.3814.8815.8741.44-5.368.7559.2147.5514.74%81.58110.1535.02%-16.15-201.24%002129.SZ中环股份3.694.834.811.756.14.1411.746.61-43.72%25.0728.5914.04%8.9847.26%603185.SH上机数控-0.50.05-0.34
13、-0.121.020.130.39-0.71-486.99%-0.910.83190.61%-0.31-130.67%电池0.18-0.569.756.510.504.98-6.183.41-47.61%15.872.7182.93%-8.72-1829.52%600732.SH爱旭股份0.18-0.569.756.510.504.98-6.183.41-47.61%15.872.71-82.93%-8.72-1829.52%组件14.6022.4423.8283.72-7.7613.4065.0768.95-18%144.58139.66-3.40%-24.52-216.07%601012.
14、SH隆基股份9.3814.8815.8741.44-5.368.7559.2147.5514.74%81.58110.1535.02%-16.15-201.24%002459.SZ晶澳科技-0.30-0.06-0.0937.35-3.654.232.6919.96-46.57%36.9122.65-38.63%-10.68-192.38%300118. SZ东方日升5.527.618.034.931.260.423.741.45-70.63%26.096.86-73.69%2.3183.93%玻璃2.2-0.251.513.531.246.589.71.91-46.10%7.0019.4317
15、7.66%1.6028.97%601865.SH福莱特2.06-0.981.072.9517.048.850.13-95.73%5.1017.01233.43%1.3939.23%002623.SZ亚玛顿0.14().730.440.590.24-0.460.861.78203.96%1.892.4227.47%0.21-13.81%胶膜-1.852.680.922.59-1.373.660.85-0.42-116.17%4.352.72-37.38%-7.71-461.94%603806.SH福斯特-1.852.680.922.59-1.373.660.85-0.42-116.17%4.35
16、2.72-37.38%-7.71-461.94%逆变器-7.491.23-1.0633.55-8.879.446.6627.30-18.64%26.2434.5331.61%-24.57-177.20%3OO274.SZ阳光电源-7.230.77-1.432.65-9.48.466.0225.80-20.98%24.8030.8924.52%-24.83-164.15%3OO763.SZ锦浪科技-0.260.460.340.90.540.990.631.4966.22%1.433.65154.23%0.26-52.04%运营0.81.64154.82-1.295.9916.3912.33156
17、.14%22.2633.4250.19%-0.4465.93%601222.SH林洋能源0.39-0.181.752.05-0.383.463.765.38161.88%4.0212.23204.12%-1.99-422.62%000591.SZ太阳能0.411.8213.252.76-0.912.5212.636.95151.87%18.2421.2016.25%1.55270.49%设备-4.912.422.549.714.871.898.714.42-54.50%9.7519.74102.36%6.1822.90%3OO316.SZ晶盛机电-0.772.522.523.514.723.1
18、1.410.31-91.26%7.799.5422.54%0.38-92.04%300751.SZ迈为股份0.43-0.07-1.390.19-0.28-0.24-0.364.632361.02%-0.843.75545.57%1.10489.82%601908.SH京运通-3.142.314.092.53-1.94-0.624.341.93-23.90%5.803.71-36.09%1.53179.07%300724.SZ捷佳伟创-0.94-2.95-1.622.972.37-0.353.72-2.41-181.09%-2.543.34231.27%2.9825.57%835368.OC连城
19、数控-0.50.61-1.060.500-0.41-0.04-108.00%-0.45-0.60-32.80%0.1819.48%光伏公司小计9.7842.4967.54157.98-1.2156.04123.55133.66-15.40%277.78311.8812.28%-32.66-2980.64%数据来源:Wind,23 2021 一季度应收账款、预收账款、存货增长2021 一季度应收账款、预收账款环比增长。2020年末光伏板块应收账款为469.21亿 元,环比上升1.90%;预收账款211.87亿元,环比下降11.49%。2021年一季度末光伏板 块应收账款为509.90亿元,环比上
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