> 数据图表你知道风机： 25Q2出货环比大幅提升，部分风机毛利率拐点已现2025-9-3风机： 25Q2出货环比大幅提升，部分风机毛利率拐点已现2整机板块龙头主营业务盈利对比公司项目202323Q123Q223Q323Q424Q124Q224Q324Q425Q125Q2三一重能金风科技明阳智能风机整体公司整体风机及配件公司整体风机及配件公司整体出货量（MW）7240500102520003715100020002410399014903230毛利率（%）15.50% 27.60% 20.00% 14.00% 12.60% 13.71% 15.81%8.64%4.74%营业收入（亿元）149.415.623.535.874.517.335.537.987.221.964.1毛利率（%）17.00% 29.00% 20.70% 14.90% 14.40% 19.70% 14.23% 14.85% 18.32%6.49%11.95%出货量（MW）137721110467431204868143637604510634426008050毛利率（%）6.40%7.00%2.70%7.00%8.80%3.50%4.00%5%+5%+8~10%7.54%营业收入（亿元）50555.713410321169.813215620994.7190.6毛利率（%）17.10% 25.20% 14.00% 18.20% 16.50% 26.12% 14.10% 14.09%9.27%21.80% 12.16%出货量（MW）9690946249934672778100030003700312038004300毛利率（%）6.40%5.00%17.10%7.50%-6.60%7.24%7.69%8.00%-7.44%6.00%营业收入（亿元）278.627.278.41046950.867.284.469.27794.4毛利率（%）11.20% 13.40% 20.10% 13.20%-2.70%20.60% 17.28% 10.29% -12.70% 13.19% 11.25%营业收入（亿元）18734.835.5427537.548.853834069运达股份 公司整体出货量（MW）85001700170019003200200020002650495023004000毛利率（%）13.70% 16.67% 17.13% 13.73% 10.67% 14.00% 12.66% 16.17%0.00%10.47%8.07%64数据来源：Wind、东吴证券研究所东吴证券能源矿产
