电气设备行业风电光伏中报总结：风电拐点已现，光伏承压加速平价-20180906-新时代证券-16页
-1- 2018 09 06 021-68865582 kaiwenming@xsdzq.cn S0280517100002 010-83561326 liyuanshan@xsdzq.cn S0280116100017 2018 24.31GW 12.24GW 72% 823.9 59% 3.6% 3.2 2018 610.69 15.54% 2017 41.53 76.42% 531 6 27% 56.75% 48% 38% 29% 2018 9 3 MIP 2018 8 30 2018 7.94GW 32.1% 1-6 1917 28.7% 2018 507.23 8.54% 2017 42 25.9% 12.18% 33.88% 2018 182 53 8.67% 16 2018 1143 16.16% 2018 1-6 10 2020 5GW 10GW 2018-09-04 MIP 2018-09-02 1-7 9.46GW 2018-08-26 7 3.34GWh IPO 2018-08-18 14 GW 2018-08-12 -35% -28% -21% -14% -7% 0% 7% 14% 2017/09 2017/12 2018/03 2018/06 2018/09 电气设备 沪深300 每日免费获取报告 1 、每日微信群内分享5+ 最新重磅报告； 2 、每日分享当日 华尔街日报、金融时报； 3 、每周分享 经济学人 4 、每月汇总500+ 份当月重磅报告 （增值服务） 关注公号 回复： 加入“起点财经”微信群。 2018-09-06 -2- 1 、 . 3 1.1 、 4 1.2 、 5 1.3 、 5 1.4 、 “ ” 10 1.5 、 . 10 2 、 . 11 2.1 、 13 2.2 、 . 13 1 2014-2018 3 2 2017 3 -2018 8 . 4 3 2017 3 -2018 8 . 4 4 2017 3 -2018 8 . 4 5 2017 3 -2018 8 . 4 6 12 7 12 8 12 9 12 10 12 11 12 12 13 13 13 14 MW . 13 1 2018H1 2018Q2 . 3 2 5 3 6 4 6 5 7 6 8 7 9 8 9 9 PERC 10 10 2018 . 11 2018-09-06 -3- 1 、 531 2018 24.31GW 12.24GW 72% 823.9 59%; 3.6% 3.2 30.4 7.1 22 ( ) 6 ( ) 5% 5% 3 ( ) + 1 2014-2018 2018 610.69 15.54% 2017 41.53 76.42% 2018Q2 361.97 1.9% 24.24 36.53% 1 2018H1 2018Q2 2018H1 2018Q2 Yoy(%) ( ) Yoy % Yoy(%) Yoy % 300111.SZ 3.81 -48.07 -1.94 -2,068.46 1.89 -65.09 -1.55 -535.40 600401.SH *ST 5.82 -66.25 -5.97 -19.11 2.90 -69.97 -4.02 -84.72 300118.SZ 47.47 -17.85 1.23 -55.16 26.66 -35.38 0.42 -78.38 300700.SZ 2.07 26.73 0.48 30.31 0.64 -42.09 0.09 -65.70 603595.SH 5.36 130.07 1.00 116.07 2.41 74.57 0.13 -56.73 300393.SZ 12.12 -22.90 0.66 -56.87 7.57 -13.65 0.44 -45.56 600537.SH 15.58 -34.87 0.17 -42.00 11.15 -30.72 0.12 -41.48 300274.SZ 38.95 10.00 3.83 3.75 21.90 -4.55 1.80 -24.91 002516.SZ 9.00 -17.58 1.49 -12.86 4.80 -13.70 0.78 -21.97 603806.SH 21.89 -2.97 2.25 -10.04 11.29 -9.96 1.23 -17.65 002218.SZ 4.84 -41.59 0.53 -38.96 3.04 -39.39 0.47 -15.01 601012.SH 100.02 59.36 13.07 5.73 65.32 81.99 7.64 -4.12 8.58 13.74 29.85 33.62 12.06 2.57 1.49 4.16 19.44 12.24 0 10 20 30 40 50 60 2014 2015 2016 2017 2018H1 集中式新增装机量（GW ） 分布式新增装机量（GW ） 2018-09-06 -4- 601908.SH 12.02 58.32 3.32 82.34 6.53 19.78 1.76 -2.30 002129.SZ 64.61 53.24 3.00 9.49 36.59 43.07 1.75 3.34 002518.SZ 11.59 7.86 1.54 3.44 7.18 6.11 1.11 13.88 600438.SH 124.61 12.24 9.19 16.14 72.39 5.03 5.99 13.88 002506.SZ 60.83 -4.71 0.26 6.53 40.62 3.96 1.72 15.25 300554.SZ 2.18 145.44 0.66 241.14 0.80 61.30 0.13 25.33 002610.SZ 24.92 14.55 0.69 37.23 14.91 4.25 0.55 33.78 002056.SZ 30.56 11.60 3.22 45.20 16.58 10.07 2.17 36.38 300316.SZ 12.44 53.79 2.85 101.20 6.78 54.25 1.50 84.94 610.69 15.54 41.53 -76.42 361.97 1.90 24.24 -36.53 wind 1.1 、 2018H1 2 1 3 4 630 6 1 150 /kg 90 /kg 2.4 / 3.2 / 2-2.3 /W 2 2017 3 -2018 8 3 2017 3 -2018 8 Wind Wind 2017 2018 8 153 /kg 96 /kg 37.25% 531 27% 56.75% 48% 38% 29% 4 2017 3 -2018 8 5 2017 3 -2018 8 90 110 130 150 2017.04.07 2017.05.02 2017.06.02 2017.07.04 2017.08.01 2017.09.01 2017.10.10 2017.11.02 2017.12.01 2018.01.02 2018.02.01 2018.03.02 2018.04.03 2018.05.04 2018.06.01 2018.07.06 2018.08.31 多晶硅料（元/千克） 2 3 4 5 6 7 2017.04.07 2017.05.02 2017.06.02 2017.07.04 2017.08.01 2017.09.01 2017.10.10 2017.11.02 2017.12.01 2018.01.02 2018.02.01 2018.03.02 2018.04.03 2018.05.04 2018.06.01 2018.07.06 2018.08.31 单晶硅片（元/ 片） 多晶硅片（元/ 片） 2018-09-06 -5- Wind Wind 1.2 、 2018 1-6 14.3 24% ; 50GW 38.9%; 39GW 21.9%; 42GW 23.5% 1-5 6 50% 76.5% 2018 6 52.7%; 41% 2017 31% 32.3% 2017 44GW 2018 60GW; 2017 90GW 2018 110GW 2018 3.2 / 1.1-1.15 1.3 、 5 2018 2018 10GW 5.31 2018 2019 2 2018H1 2017FY 2017H1 2016TY 2016H1 2015FY 2015H1 7328.93 44484.64 23407.43 43034.2 21359.73 31978.63 14446.7 4170.74 31013.28 15090.84 27310.19 14326.29 22046.01 10691.06 % 56.90 69.72 64.47 63.46 67.07 68.94 74.00 56,621.19 88,471.62 42,690.32 52,311.35 22,708.77 30,793.63 15,015.78 0.9 1.4 1.9 2017.04.07 2017.05.02 2017.06.02 2017.07.04 2017.08.01 2017.09.01 2017.10.10 2017.11.02 2017.12.01 2018.01.02 2018.02.01 2018.03.02 2018.04.03 2018.05.04 2018.06.01 2018.07.06 2018.08.31 单晶电池（元/ 瓦） 多晶电池（元/ 瓦） 1.8 2.3 2.8 3.3 2017.04.07 2017.05.02 2017.06.02 2017.07.04 2017.08.01 2017.09.01 2017.10.10 2017.11.02 2017.12.01 2018.01.02 2018.02.01 2018.03.02 2018.04.03 2018.05.04 2018.06.01 2018.07.06 2018.08.31 单晶组件（元/ 瓦） 多晶组件（元/ 瓦） 2018-09-06 -6- 2018H1 2017FY 2017H1 2016TY 2016H1 2015FY 2015H1 34,509.11 54,068.99 26,999.86 33,825.78 14,468.31 20,061.64 10,676.98 % 60.95 61.11 63.25 64.66 63.71 65.15 71.11 44,419.72 90,172.77 41,514.94 59,136.54 26,904.87 42,495.03 19,600.43 23,775.12 45,225.65 20,496.61 26,119.67 13,434.83 21,959.23 11,660.20 % 53.52 50.15 49.37 44.17 49.93 51.67 59.49 16,871.29 24,871.52 11,004.57 20,312.60 12,494.60 10,166.07 4,716.12 11,162.68 15,610.57 6,835.90 12,616.32 6,976.66 5,826.33 3,184.02 % 66.16 62.76 62.12 62.11 55.84 57.31 67.51 44,721.38 7,739.95 5,904.25 864.74 576.75 575.09 31,998.44 5,549.58 3,891.67 213.69 383.16 381.89 % 71.55 71.70 65.91 24.71 66.43 66.41 14,313.47 20,459.05 10,277.00 16,300.83 7,896.38 2,410.78 9,175.33 12,844.39 6,846.22 10,053.27 4,786.31 1,582.79 % 64.10 62.78 66.62 61.67 60.61 65.65 5,931.75 11,746.07 5,811.58 10,052.28 5,301.86 3,054.61 490.48 3,884.46 7,915.08 4,060.01 6,542.07 3,616.80 1,553.14 280.52 % 65.49 67.38 69.86 65.08 68.22 50.85 57.19 145,486.35 324,927.05 142,445.79 207,052.05 97,530.95 121,475.50 54,844.60 86,677.44 198,676.40 85,879.02 120,358.97 57,822.89 73,412.30 36,874.67 % 61.19 63.64 63.91 61.01 55.73 60.86 65.95 wind 531 2018H1 EPC 60% 2017 H1 3 2018H1 2017FY 2017H1 2016TY 2016H1 322,794.38 20
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