> 数据图表如何解释逆变器：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毛利率33.1%，同比+0.7pct，25Q2毛利率32.7%，同比+2.0pct◆ 逆变器25H1毛利率33.1%，同比+0.7pct；净利率16.1%，同比+1.5pct；其中25Q2毛利率32.7%，同比+2.0pct，环比-0.8pct；净利率14.99%，同比-0.02pct，环比-2.4pct；25Q1毛利率33.5%，同比-1.2pct，环比+6.3pct；净利率17.4%，同比+3.4pct，环比+5.9pct。25Q2盈利能力基本维持稳定，Q2环比略有下滑。图表：逆变器板块季度毛利率情况（亿元，%）图表：逆变器板块季度净利率情况（亿元，%）毛利率 25H125H1同25H1环比比2025Q125Q1同25Q1环比比2025Q225Q2同25Q2环比比净利率 25H125H1同25H1环比比25Q125Q1同25Q1环比比25Q225Q2同比阳光电源 34.36% 1.94pct 6.05pct 35.13% -1.54pct 7.65pct 33.75% 4.25pct -1.38pct阳光电源 17.77% 1.78pct4.79pct20.10% 3.48pct4.55pct15.95% 0.40pct盛弘股份 39.00% -0.57pct 0.13pct 39.61% 0.06pct 2.55pct 38.52% -1.07pct -1.09pct盛弘股份 11.60% -1.08pct-3.81pct 12.06% 0.99pct-1.79pct 11.24% -2.61pct上能电气 28.99% -3.01pct 1.71pct 29.37% -3.99pct 5.22pct 28.70% -2.25pct -0.67pct上能电气 11.81% 0.22pct4.09pct11.77% -3.15pct 2.79pct11.83% 2.86pct科士达 27.30% -8.28pct 1.11pct 43.49% 7.67pct 22.94pct 20.59%--14.78pct22.90pct科士达 4.43% -5.33pct-1.56pct 15.14% 5.80pct4.97pct0.00% -10.16pct昱能科技 35.67% 3.49pct 4.74pct 32.07% 7.82pct 8.35pct 38.06% 0.23pct 6.00pct昱能科技 15.87% 5.37pct5.24pct12.83% 11.38pct-4.12pct 17.90% 0.95pct锦浪科技 19.92% -2.84pct 0.56pct 19.41% -8.06pct 4.11pct 20.36% 0.21pct 0.95pct锦浪科技 -0.41% 0.35pct0.65pct-1.49% 1.07pct-1.74pct0.52% 0.27pct固德威 26.86%--20.66pct11.19pct33.92%-15.17pct1.52pct 23.32%--23.30pct10.61pct固德威 1.62% -19.06pct -12.81pct-3.08% -23.39pct -23.96pct 3.98% -16.90pct禾迈股份 24.15% 1.17pct 1.26pct 24.28% 0.73pct 5.68pct 24.07% 1.42pct -0.22pct禾迈股份 9.18% 0.84pct0.11pct10.55% 3.37pct1.53pct8.34% -0.69pct德业股份 37.48% 0.33pct -2.47pct 37.21% 0.88pct 1.92pct 37.71% 0.02pct 0.51pct德业股份 27.50% 1.47pct0.79pct27.49% 4.51pct-0.53pct 27.50% -0.52pct通润装备 30.07% -1.94pct 1.69pct 27.00% -2.63pct 1.12pct 32.83% -0.95pct 5.84pct通润装备 5.70% 0.90pct-2.25pct2.27% 0.03pct-4.42pct8.77% 2.08pct36数据来源：Wind、东吴证券研究所东吴证券能源矿产
