> 数据图表想关注一下组件板块：收入毛利双降，库存增价跌承压2025-9-3组件板块：收入毛利双降，库存增价跌承压4组件板块25Q2收入920亿元，同减21.05%，毛利率4.45%，同减4.4pct◆ 组件2025年Q1收入703亿，同比-26.13%；2025Q2收入920亿元，同比-21.05%。价格竞争进一步加剧，单瓦售价持续下行。◆ 组件2025年Q1毛利率1.27%，同比-9.36pct；2025Q2毛利率4.45%，同比-4.4pct。25Q2隆基绿能毛利率1.6%，同比-5.0pct；阿特斯毛利率16.5%，同比2.2pct；晶澳科技毛利率-1.0%，同比-4.0pct；晶科能源毛利率-1.0%，同比-8.6pct；天合光能毛利率4.5%，同比-8.7pct。毛利率承下跌趋势，整体业绩承压。图表：CR5公司季度营业收入及同比/环比变动表24Q2营业收入（亿元）隆基绿能 208.6阿特斯 123.6晶澳科技 213.9晶科能源 241.7天合光能 247.1合计 1,034.824Q324Q425Q125Q2 25Q2同比 25Q2环比 24H125H1 25H1同比200.6122.2169.9245.2201.8939.7239.9119.9157.7207.0171.3895.8136.585.9106.7138.4143.4610.9191.6124.7132.3178.9167.2794.7-8.12% 40.35%385.30.85% 45.20%219.6-38.12% 23.99%373.6-25.57% 29.95%472.5-32.34% 16.64%429.7-23.20% 30.09% 1880.7328.1210.5239.0318.3310.61406.5-0.1%0.0%-0.4%-0.3%-0.3%-25.21%图表：CR5公司季度毛利率及同比/环比变动表毛利率 24Q224Q324Q425Q125Q2同比环比24H125H1 25H1同比隆基绿能 6.6%8.6%6.1%-4.2%1.6%-5pct5.8pct7.7%-0.8%-8.5pct8.7%阿特斯 14.3% 13.5% 15.1%晶澳科技 3.1%1.3%晶科能源 7.6% 11.8% -0.8%-1.0%天合光能 13.1% 9.5%16.5%2.2pct-1.0% -4.0pct-1.0%-8.6pct-8.7pct4.5%合计 44.64% 52.05% 20.83% -0.82% 20.6% -24.1pct数据来源：Wind、东吴证券研究所6.8%-6.7%-3.3%6.6%9.7pct5.8pct2.3pct-2.2pct21.4pct12.5% -3.3pct-3.5%-7.4pct-2.0% -10.6pct-8.4pct5.5%15.8%18.1%3.9%8.6%13.9% 11.61% -38.15pct注：隆基使用组件业务收入及毛利率29东吴证券能源矿产
