> 数据图表各位网友请教一下• 24FY风电行业多数环节盈利能力承压。24年整2025-5-0• 24FY风电行业多数环节盈利能力承压。24年整机环节受益于零部件降价以及电站销售业务增加毛利率略有修复，其余制造环节毛利率均有所承压。• 25Q1铸锻件盈利改善明显。从一季度各环节毛利率来看，整机环节受高毛利的电站转让减少综合毛利率有所下降；铸锻件及主轴环节盈利能力有所修复，主要受益于企业收入结构调整、一季度需求淡季不淡形成规模效应、降本工作持续推进等积极因素。• Q1主要零部件谈价基本落定，但交付的订单预计主要参考24年价格执行，随着铸件、叶片等相对紧张环节涨价逐步落地，预计年内相应企业盈利弹性有望进一步释放。资料来源：iFind，国金证券研究所；注：整机、塔桩环节23FY &24Q1毛利率已调整成质保金计入营业成本后的同口径毛利率18环节代码简称整机002202.SZ 金风科技601615.SH 明阳智能300772.SZ 运达股份688660.SH 电气风电688349.SH 三一重能合计300443.SZ 金雷股份300185.SZ 通裕重工主轴合计002531.SZ 天顺风能300129.SZ 泰胜风能300569.SZ 天能重工002487.SZ 大金重工301155.SZ 海力风电合计603218.SH 日月股份688186.SH 广大特材603985.SH 恒润股份300850.SZ 新强联601218.SH 吉鑫科技合计塔筒桩基铸锻零部件002080.SZ 中材科技600458.SH 时代新材叶片合计601016.SH 节能风电601619.SH 嘉泽新能001289.SZ 龙源电力合计603606.SH 东方电缆合计电站海缆202313.1%7.6%10.4%-2.3%13.6%10.2%33.0%17.3%21.2%22.6%18.0%20.0%23.2%9.8%20.3%18.7%14.7%8.2%26.7%23.9%18.3%24.6%16.4%21.3%53.6%62.2%36.4%39.7%25.2%25.2%24FY同比20240.73PCT13.8%8.1%0.52PCT9.0% -1.41PCT9.18PCT6.9%3.28PCT16.9%11.7%1.53PCT21.3% -11.71PCT12.7% -4.55PCT14.8% -6.42PCT19.5% -3.05PCT13.8% -4.15PCT14.3% -5.67PCT6.58PCT29.8%7.7% -2.10PCT18.3% -1.98PCT17.3% -1.33PCT1.96PCT16.6%5.2% -3.01PCT18.5% -8.13PCT16.0% -7.95PCT15.8% -2.51PCT17.0% -7.62PCT15.6% -0.75PCT16.4% -4.92PCT49.4% -4.26PCT61.4% -0.84PCT1.20PCT37.6%40.2%0.49PCT18.8% -6.38PCT18.8% -6.38PCT24Q124.9%16.8%9.6%15.4%15.9%18.3%23.9%11.6%13.5%30.0%20.0%23.7%31.5%5.0%25.6%21.8%13.0%4.7%19.2%18.0%15.8%19.4%16.9%18.2%54.9%61.7%39.9%42.7%22.2%22.2%25Q125Q1同比21.8% -3.11PCT13.2% -3.64PCT0.85PCT10.5%0.36PCT15.7%6.5% -9.39PCT15.6% -2.74PCT21.4% -2.53PCT1.88PCT13.4%15.5%2.06PCT23.5% -6.50PCT13.9% -6.06PCT22.0% -1.70PCT31.0% -0.58PCT15.1% 10.01PCT22.6% -3.10PCT15.5% -6.24PCT6.30PCT19.3%7.68PCT12.3%7.48PCT26.7%5.41PCT23.5%19.0%3.16PCT18.5% -0.89PCT15.6% -1.32PCT17.3% -0.93PCT50.8% -4.10PCT60.8% -0.89PCT2.72PCT42.6%44.9%2.18PCT20.4% -1.84PCT20.4% -1.84PCT国金证券综合其他
