> 数据图表如何看待逆变器：户储需求逐步恢复，工商储及大储高增2025-9-3逆变器：户储需求逐步恢复，工商储及大储高增1逆变器25H1收入660.2亿元，同比+29.6%，25Q2收入373.08亿元，同比+23.02%◆ 逆变器25H1收入660.2亿元，同比+29.6%，归母净利润105.99亿元，同比+43.19%；其中25Q1收入287.16亿元，同比+39.37%，环比28.33%；25Q1归母净利润50.07亿元，同比+73.57%，环比+8.35%；25Q2收入373.08亿元，同比+23.02%，环比+29.92%；25Q2归母净利润55.92亿元，同比+23.94%，环比+12.69%，主要是受益于欧洲库存去化，户储需求逐步恢复，新兴市场需求旺盛，工商储及大储需求持续高增图表：逆变器板块季度收入情况（亿元，%）图表：逆变器板块季度归母净利润情况（亿元，%）营业收入 25H125H1同25H1环比比2025Q125Q1同25Q1环比比2025Q225Q2同25Q2环比比归母净利润25H125H1同25H1环比比2025Q125Q1同25Q1环2025Q25Q2同比比2比25Q2环比阳光电源 435.05 40.34% -7.05% 190.36 50.92% -31.80% 244.97 33.09% 28.68%阳光电源 77.3555.97% 27.27% 38.2682.52% 11.33% 39.08 36.53% 2.15%盛弘股份 12.99-4.79% -15.14% 6.040.87% -35.77% 7.58-8.87% 25.36%盛弘股份 1.58-12.91% -36.13% 0.739.87% -53.98% 0.85 -26.04% 16.84%上能电气 21.2714.35% -4.62% 9.4313.51% -24.36% 12.1915.00% 29.25%上能电气 2.5516.49% 45.91% 1.11-10.44%科士达 5.72-27.54% -25.30% 1.91-55.39% -19.72% 4.61-2.27% 141.36%科士达0.29-67.11% -44.71% 0.29-27.68%昱能科技 37.8113.09% 19.04% 15.188.65% 9.92% 22.7616.25% 50.00%昱能科技 6.0270.96% 77.67% 1.95859.78%197.37%406.78%773.79%1.4451.58% 29.93%0.00-100.00%-100.00%4.0722.75% 109.27%锦浪科技 40.8429.80% 13.81% 18.8267.13% 4.88% 22.049.01% 17.09%锦浪科技 -0.1730.35% 56.30% -0.282.75% 60.22% 0.11 129.02% 140.78%固德威 9.1010.78% -7.38% 3.361.46% -53.79% 6.6916.14% 99.08%固德威0.16-91.33% -89.61% -0.10-115.39%-110.500.27 -77.87% 357.10%%禾迈股份 21.0213.42% -23.28% 8.3116.78% -51.26% 13.5411.46% 62.97%禾迈股份 2.0124.78% -22.31% 0.8871.56% -25.03% 1.132.98% 28.76%德业股份 55.0516.58% -14.29% 25.6636.24% -19.56% 29.693.65% 15.70%德业股份 15.2223.18% -11.74% 7.0662.98% -2.11% 8.171.72% 15.74%通润装备 16.836.33% -3.11% 8.0818.01% -13.17% 9.01-2.34% 11.58%通润装备 0.9726.32% -30.55% 0.1819.70% -83.31% 0.7927.96% 331.33%合计 660.229.6% -6.37% 287.16 39.37% 28.33% 373.08 23.02% 29.92%合计 105.99 43.19% 16.61% 50.0773.57% 8.35% 55.92 23.94% 12.69%35数据来源：Wind、东吴证券研究所东吴证券能源矿产
