20230505_海通证券_新能源板块行业证券研究报告：光伏22年高增长兑现23年强势开局_21页.pdf
Table_MainInfo/2023 05 05 Table_InvestInfo-10.38%1.59%13.56%25.53%37.50%49.47%2022/5 2022/8 2022/11 2023/2 Table_ReportInfo Q1 2023.04.24 2023.04.24 2023-2025 2023.04.17 Table_AuthorInfo:Tel:(021)23219171 Email:S0850513090008:Tel:(021)23219171 Email:22 23 2022 46 8 2022 9362.74 78.35%1246.52 118.62%25.18%1.80 13.31%2.45 2022 186.65%131.61%121.49%100%55.00%70.45%54.07%-9.29%6.65%2 2022 10.65 1.13 2.59 8.73 4.34 2022Q4 130%2022Q4 2858.80 75.29%305.03 133.27%24.19%1.24 10.67%2.65 22Q4 44.91%130.54%10.88%355.96%376.19%-42.31%93.68%124.39%22Q4 6.16 8.70 7.12 9.45 8.38 2023Q1 2023Q1 2374.22 42.00%370.24 58.56%27.07%1.78 15.59%1.63 23Q1 58.93%28.58%85.63%109.79%280.72%27.03%44.32%3 6.30%23Q1 2.68 3.64 2.26 1.50 2022 87.41GW 59%2023 Q1 33.66GW 154.8%2023 130GW 340GW 2025 500GW TCL 2 1.5 1.1.9 1.2.11 2.12 2.1 22Q4 23Q1.12 2.2.14 3.15 4.16 ZXCXvMtOtQmNoQsRmRsNrQbRcM9PmOnNmOpMlOmMrMlOqQtO8OmNpMwMnOsONZnQyQ 3 1.10 2.10 3.10 4.10 5.10 6.10 7.11 8.11 9.11 10 GW.15 11 GW.16 4 1 2021-2022.5 2 2021-2022 Q4.6 3 2022-2023 Q1.8 4.11 5.12 6.12 7.13 8.13 9.13 10%.14 11.14 12.15 5 1.46 8 2022 9362.74 78.35%1246.52 118.62%25.18%1.80 13.31%2.45 2022 186.65%131.61%121.49%100%55.00%70.45%54.07%-9.29%6.65%2 2022 42.53%10.65 1.13 2.59 8.73 4.34 1 2021-2022%2021 2022 2021 2022 2021 2022 2021 2022 5961 10638 78.45 39.73 39.65-0.08 1712 2924 70.80 28.71 27.48-1.23 5047 6005 18.98 24.60 25.44 0.84 717 1047 45.93 14.21 17.43 3.22 3095 4148 34.01 38.30 38.31 0.00 643 862 34.09 20.77 20.78 0.01 1610 1952 21.24 30.16 30.29 0.12 61 64 6.04 3.78 3.30-0.47 1257 1324 5.37 45.42 47.09 1.67 381 411 7.92 30.32 31.05 0.73 2047 3540 72.94 37.66 38.92 1.26 371 713 92.25 18.11 20.14 2.02 19017 27607 45.17 34.82 35.96 1.13 3884 6021 55.00 20.43 21.81 1.38 63491 142423 124.32 27.68 38.17 10.49 8208 25726 213.43 12.93 18.06 5.14 61371 96003 56.43 30.27 38.59 8.32 7255 15883 118.93 11.82 16.54 4.72 10832 30940 185.64 65.65 74.83 9.17 5724 19121 234.06 52.84 61.80 8.96 135694 269366 98.51 31.88 42.53 10.65 21187 60730 186.65 15.61 22.55 6.93 TCL 41105 67010 63.02 21.69 17.82-3.86 4030 6819 69.21 9.80 10.18 0.37 10915 21909 100.72 19.75 21.43 1.68 1711 3033 77.23 15.68 13.84-1.83 3830 14476 277.99 27.84 16.51-11.33 310 956 208.27 8.10 6.60-1.49 5526 12199 120.78 34.44 16.18-18.26 828 423-48.86 14.99 3.47-11.52 1567 3571 127.92 33.75 41.51 7.76 173 789 356.66 11.02 22.09 11.06 62942 119166 89.33 23.14 18.87-4.28 7052 12020 70.45 11.20 10.09-1.12 15471 35075 126.72 5.59 13.73 8.14-126 2328-0.81 6.64 7.45 5820 9577 64.56 11.52 15.63 4.11-313 401-5.38 4.19 9.58 2863 11595 304.95 11.97 11.60-0.37-179 717-6.24 6.18 12.42 80932 128998 59.39 20.19 15.38-4.82 9086 14812 63.02 11.23 11.48 0.26 44480 85052 91.21 14.14 13.43-0.71 1804 3680 103.97 4.06 4.33 0.27 41302 72989 76.72 14.63 14.78 0.15 2039 5533 171.40 4.94 7.58 2.64 18831 29385 56.05 6.61 10.69 4.09-42 945-0.22 3.21 3.44 209699 372671 77.72 15.16 14.18-0.99 12269 28416 131.61 5.85 7.62 1.77 24137 40257 66.79 22.25 24.55 2.29 1583 3593 127.04 6.56 8.93 2.37 2678 4710 75.88 31.66 32.46 0.79 280 649 132.27 10.44 13.78 3.35 6 795 1537 93.23 42.75 44.98 2.23 202 533 163.98 25.37 34.66 9.29 4168 5956 42.89 22.95 38.03 15.08 579 1517 162.28 13.88 25.48 11.60 1092 2339 114.08 24.61 17.29-7.32 59 82 38.46 5.39 3.49-1.90 2806 4401 56.84 31.31 31.79 0.49 373 656 75.90 13.30 14.92 1.62 665 1338 101.27 37.36 39.32 1.96 103 361 250.30 15.48 26.94 11.46 2104 2809 33.52 35.35 30.30-5.06 280 267-4.69 13.31 9.50-3.81 38445 63346 64.77 25.11 27.70 2.59 3458 7658 121.49 8.99 12.09 3.10 8713 15461 77.44 35.50 22.07-13.42 2120 2123 0.13 24.33 13.73-10.60 3606 5030 39.51 24.08 11.85-12.23 265 409 54.59 7.34 8.13 0.79 2032 3168 55.92 8.31 8.14-0.17 54 84 54.81 2.66 2.64-0.02 12858 18877 46.82 25.06 15.62-9.44 2197 1579-28.13 17.08 8.36-8.72 3017 4115 36.39 14.63 13.04-1.59 170 171 0.68 5.64 4.16-1.48 1289 1742 35.10 17.38 19.13 1.76 123 105-14.66 9.54 6.02-3.51 31515 48394 53.56 25.44 16.71-8.73 4928 4470-9.29 15.64 9.24-6.40 1338 1450 8.39 57.28 47.80-9.47 501 551 9.99 37.45 38.01 0.55 2814 3767 33.83 10.06 8.80-1.26 94-17-118.44 3.34-0.46-3.80 2476 3268 32.01 18.96 17.21-1.75 218 371 70.34 8.79 11.35 2.55 1848 3658 97.99 55.16 53.00-2.16 763 1473 93.00 41.31 40.26-1.04 1132 1249 10.28 15.40 15.72 0.32 80 116 45.08 7.04 9.27 2.22 2415 3703 53.29 11.74 12.44 0.70 15 44 195.57 0.62 1.20 0.58 1018 1442 41.65 24.41 22.71-1.70 47 109 130.91 4.65 7.59 2.93 13041 18537 42.14 24.88 24.33-0.55 1718 2647 54.07 13.17 14.28 1.11 7016 9236 31.65 41.67 32.77-8.90 1181 1387 17.42 16.83 15.01-1.82 5297 4944-6.66 35.35 36.29 0.94 930 856-8.00 17.57 17.31-0.25 445 650 46.00 54.82 54.90 0.08 110 192 74.10 24.71 29.47 4.76 1856 2357 27.01 28.62 26.67-1.95 301 256-14.95 16.23 10.87-5.36 14613 17187 17.61 38.12 33.78-4.34 2522 2690 6.65 17.26 15.65-1.61 524966 936274 78.35 23.38 25.18 1.80 57018 124652 118.62 10.86 13.31 2.45 Wind 2022Q4 2858.80 75.29%305.03 133.27%24.19%1.24 10.67%2.65 22Q4 44.91%130.54%10.88%355.96%376.19%-42.31%93.68%124.39%22Q4 6.16 8.70 7.12 9.45 8.38 2 2021-2022 Q4%4Q21 4Q22 4Q21 4Q22 4Q21 4Q22 4Q21 4Q22 1970 3176 61.21 42.86 38.62-4.24 602 915 52.13 30.54 28.82-1.72 1302 1749 34.29 21.42 25.39 3.96 118 226 91.75 9.05 12.93 3.87 910 1133 24.43 38.06 37.35-0.71 187 175-6.30 20.51 15.45-5.07 556 502-9.77 28.32 35.47 7.15-18 10-3.18 1.90 5.08 7 322 272-15.74 47.74 47.72-0.01 100 75-24.87 30.90 27.55-3.35 619 1141 84.30 36.59 38.69 2.10 143 238 66.82 23.08 20.90-2.19 5680 7972 40.35 35.35 35.66 0.31 1131 1639 44.91 19.91 20.56 0.65 16791 40338 140.23 33.54 37.12 3.57 2263 3996 76.56 13.48 9.91-3.57 22203 31352 41.21 34.49 40.65 6.16 2064 4827 133.89 9.30 15.40 6.10 2527 6263 147.84 60.32 78.15 17.83 1251 4036 222.70 49.49 64.44 14.95 41521 77954 87.74 35.68 41.83 6.16 5578 12859 130.54 13.43 16.50 3.06 TCL 12016 17165 42.86 25.72 17.53-8.19 1268 1818 43.36 10.55 10.59 0.04 3329 4423 32.88 8.46 12.32 3.86 306 203-33.84 9.20 4.58-4.62 1562 5731 266.82 24.70 10.62-14.08 133 126-5.48 8.51 2.19-6.32 1744 3645 109.03 22.51 6.76-15.75 121-411-439.46 6.95-11.29-18.24 594 1380 132.41 34.70 44.22 9.52 61 360 489.34 10.30 26.12 15.82 19244 32344 68.07 22.64 15.52-7.12 1890 2095 10.88 9.82 6.48-3.34 4273 9246 116.42 5.85 20.79 14.94-80 938-1.87 10.15 12.01 1687 1953 15.77 13.48 12.82-0.66-387 58-22.94 2.99 25.93 2034 4167 104.86 9.08 13.15 4.07-98 307-4.84 7.36 12.19 24726 41963 69.71 17.67 13.86-3.81 1530 3836 150.71 6.19 9.14 2.95 13216 26853 103.19 15.49 13.37-2.11 648 1278 97.23 4.90 4.76-0.14 15205 23666 55.65 15.75 17.57 1.82 726 2243 208.89 4.78 9.48 4.70 5843 8363 43.13 3.66 8.49 4.83-396 197-6.78 2.36 9.14 66983 116212 73.49 14.46 14.63 0.16 1942 8857 355.96 2.90 7.62 4.72 8763 18033 105.79 13.18 23.54 10.36 78 1533 1866.88 0.89 8.50 7.61 959 1795 87.06 26.48 34.85 8.36 64 374 480.89 6.71 20.85 14.13 288 600 108.27 42.39 41.99-0.41 80 170 112.68 27.80 28.39 0.59 1139 1882 65.23 25.32 47.77 22.45 178 590 231.70 15.62 31.36 15.74 444 1273 186.36 26.35 17.59-8.76 14 36 152.04 3.23 2.84-0.39 958 1661 73.36 26.48 33.41 6.93 92 210 128.05 9.60 12.63 3.03 244 411 68.53 37.16 38.91 1.75 45 108 138.66 18.53 26.24 7.71 821 1055 28.51 30.85 31.68 0.82 103 97-6.06 12.54 9.16-3.37 13616 26709 96.15 18.61 27.31 8.70 655 3118 376.19 4.81 11.67 6.87 2376 4246 78.71 17.91 22.04 4.13 403 618 53.44 16.96 14.57-2.40 797 1657 107.86 8.53 14.05 5.52-62 148-7.82 8.93 16.76 619 883 42.81 11.64 9.62-2.02 14 24 80.57 2.19 2.76 0.58 3928 5331 35.71 29.94 5.90-24.04 860 45-94.75 21.90 0.85-21.05 925 894-3.35 18.01 7.05-10.96 48-57-218.44 5.23-6.41-11.65 327 376 14.80 19.58 12.30-7.28 35-30-183.90 10.82-7.91-18.72 8972 13388 49.21 21.98 12.53-9.45 1298 749-42.31 14.47 5.60-8.88 450 303-32.55 55.55 39.11-16.44 167 54-67.35 37.05 17.93-19.11 589 1156 96.26 7.34 11.30 3.96 2-31-1756.68 0.32-2.72-3.05 526 840 59.63 20.87 18.07-2.80 33 173 425.96 6.25 20.60 14.35 576 1197 107.66 51.52 50.13-1.39 212 445 109.78 36.77 37.15 0.38 206 265 28.67 13.56 17.33 3.77 16 21 30.48 7.96 8.07 0.11 699 1444 106.64 8.17 13.19 5.02-37 57-5.34 3.95 9.28 281 423 50.61 19.34 24.05 4.72 0 41-0.03 9.71 9.74 3327 5628 69.16 25.23 23.80-1.43 392 760 93.68 11.80 13.51 1.71 8 1811 3347 84.82 33.90 19.36-14.53-7 222-0.39 6.63 7.02 1172 1341 14.41 31.91 34.45 2.54 85 122 43.90 7.24 9.11 1.87 100 131 31.28 48.65 40.46-8.19 15 31 109.02 14.69 23.38 8.70 662 855 29.27 28.20 25.10-3.10 97 51-47.46 14.69 5.97-8.72 3745 5675 51.53 32.66 24.28-8.38 190 426 124.39 5.07 7.51 2.44 163089 285880 75.29 22.95 24.19 1.24 13076 30503 133.27 8.02 10.67 2.65 Wind 2023Q1 2374.22 42.00%370.24 58.56%27.07%1.78 15.59%1.63 23Q1 58.93%28.58%85.63%109.79%280.72%27.03%44.32%3 6.30%23Q1 2.68 3.64 2.26 1.50 3 2022-2023 Q1%1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1952 3600 84.37 39.94 40.61 0.67 442 887 100.43 22.66 24.63 1.97 1363 1931 41.73 27.13 22.78-4.35 273 336 23.16 20.04 17.42-2.63 834 1157 38.64 40.55 34.03-6.52 180 221 22.80 21.56 19.09-2.46 457 516 12.71 29.91 31.37 1.47 28 26-6.59 6.10 5.06-1.05 311 348 11.91 46.36 47.05 0.70 93 93 0.54 29.94 26.90-3.04 625 1039 66.27 38.62 36.60-2.02 107 221 107.42 17.07 21.29 4.22 5542 8590 54.99 36.26 34.94-1.33 1123 1785 58.93 20.26 20.78 0.52 24685 33245 34.67 34.11 43.15 9.03 5194 8601 65.59 21.04 25.87 4.83 17139 26287 53.38 38.89 38.16-0.74 3122 4724 51.34 18.21 17.97-0.24 8129 4856-40.26 64.04 72.17 8.13 4312 2911-32.49 53.05 59.94 6.90 49953 64388 28.90 40.62 43.30 2.68 12628 16237 28.58 25.28 25.22-0.06 TCL 13368 17619 31.80 18.79 23.01 4.22 1,311 2253 71.90 9.81 12.79 2.98 5674 3513-38.09 15.92 16.79 0.87 655 677 3.36 11.54 19.27 7.73 1734 5463 215.02 18.55 14.66-3.88 121 502 315.06 6.97 9.18 2.21 1937 2723 40.60 10.71 21.46 10.75 9 303 3298.13 0.46 11.14 10.68 556 1259 126.45 37.66 43.12 5.46 97 334 245.40 17.41 26.56 9.15 23269 30577 31.41 17.85 21.50 3.64 2192 4069 85.63 9.42 13.31 3.89 7827 7745-1.04 7.44 18.11 10.67 227 702 208.78 2.90 9.06 6.16 2009 2708 34.78 18.19 17.12-1.07 89 103 15.68 4.41 3.79-0.63 2036 3967 94.84 10.17 14.14 3.96 22 354 1535.94 1.06 8.92 7.86 18595 28319 52.29 21.29 17.91-3.38 2664 3637 36.55 14.33 12.84-1.48 15273 21319 39.59 13.59 17.95 4.37 543 1,768 225.43 3.56 8.29 4.74 12321 20480 66.23 14.79 19.11 4.32 750 2,582 244.21 6.09 12.61 6.52 5414 6777 25.18 13.50 12.39-1.11 213 311 46.11 3.93 4.59 0.66 63475 91316 43.86 15.35 17.61 2.26 4508 9456 109.79 7.10 10.36 3.25 9 4568 12580 175.42 29.48 28.00-1.48 411 1,508 266.90 9.00 11.98 2.99 650 1719 164.59 30.12 39.05 8.92 9 336 3473.72 1.45 19.57 18.12 229 580 153.48 48.20 46.41-1.79 87 176 102.08 38.11 30.38-7.73 841 2085 147.88 24.33 43.05 18.72 132 589 345.64 15.71 28.24 12.53 218 620 184.39 25.37 19.14-6.22 16 37 126.59 7.39 5.89-1.50 561 1403 150.23 29.33 32.03 2.70 54 234 330.38 9.68 16.65 6.97 174 436 151.05 40.21 41.59 1.37 31 118 282.91 17.70 27.00 9.30 460 610 32.51 35.40 32.71-2.68 67 78 17.17 14.56 12.87-1.69 7700 20033 160.18 30.00 31.50 1.50 808 3075 280.72 10.49 15.35 4.86 3509 5365 52.90 21.47 18.47-3.00 437 511 17.11 12.45 9.53-2.91 1006 1426 41.75 11.30 9.81-1.49 112 12-88.89 11.13 0.87-10.26 706 809 14.62 4.99 6.88 1.89 11 16 41.68 1.56 1.93 0.37 3884 4913 26.48 16.37 12.29-4.08 339 364 7.46 8.73 7.42-1.31 1098 1041-5.18 14.36 8.15-6.20 89 33-62.54 8.07 3.19-4.88 383 401 4.65 18.17 12.05-6.12 33 19-41.84 8.71 4.84-3.87 10586 13955 31.82 16.68 13.78-2.89 1021 956-6.30 9.64 6.85-2.79 450 302-32.93 53.35 36.01-17.34 203 118-41.76 45.01 39.09-5.93 698 1548 121.72 7.52 11.31 3.79 18 86 370.75 2.62 5.57 2.95 798 731-8.31 15.94 13.81-2.13 59 23-61.35 7.42 3.13-4.29 666 994 49.30 54.22 51.91-2.32 285 379 33.25 42.74 38.15-4.60 315 329 4.45 10.84 21.55 10.72 15 37 145.50 4.81 11.30 6.49 576 815 41.55 8.12 13.54 5.41-9 39-1.55 4.75 6.30 267 362 35.46 16.98 27.39 10.41 6 51 750.60 2.22 13.97 11.74 3771 5082 34.79 24.06 23.25-0.82 577 733 27.03 15.30 14.42-0.88 1396 1707 22.27 44.42 40.47-3.95 262 389 48.73 18.73 22.78 4.05 984 1065 8.22 33.72 36.15 2.43 179 197 10.03 18.16 18.47 0.30 117 127 9.13 43.43 53.01 9.57 11 30 180.05 9.20 23.62 14.41 407 581 42.79 22.93 28.94 6.01 42 96 127.64 10.38 16.54 6.17 2904 3480 19.85 37.75 37.68-0.06 493 712 44.32 16.98 20.45 3.47 167200 237422 42.00 25.28 27.07 1.78 23349 37024 58.56 13.96 15.59 1.63 Wind 1.1 30-40%20 22Q4 23Q1 10 1-20-10010203040500100020003000400050006000700080009000100001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 2 0510152025303540455001000020000300004000050000600007000080000900001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind&22Q4 23Q1 15.5%21.5%22Q4 23Q1 14.63%17.61%3 05101520253035404550050001000015000200002500030000350001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 4 0510152025300200004000060000800001000001200001400001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 23Q1 5 051015202530350500010000150002000025000300001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 6 05101520253035404502000400060008000100001200014000160001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 22Q4 23Q1 24.28%37.68%11 7 0510152025303501000200030004000500060001Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 8 010203040506001000200030004000500060001Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23%Wind 1.2 9 14.00%11.11%11.27%13.80%14.17%12.16%11.97%14.22%12.92%10.25%11.58%10.24%10.30%9.61%9.11%10.23%7.90%6.46%6.71%7.79%7.87%-2%0%2%4%6%8%10%12%14%16%1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 Wind 22Q4 23Q1 7.79%7.87%22Q4 23Q1 0.09%0.67%4 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 13.41%9.83%13.48%13.42%13.34%11.39%12.47%13.03%11.98%11.54%10.49%14.50%12.41%12.25%10.45%10.67%12.82%11.11%8.07%8.84%11.81%5.60%5.48%7.79%8.93%5.63%14.74%13.73%13.36%14.68%11.42%11.03%8.58%9.14%7.76%8.22%7.84%6.47%8.72%10.88%8.18%10.41%6.58%7.91%8.41%7.93%8.49%7.82%4.89%4.60%5.53%7.44%22.47%12.29%14.73%12.45%16.08%16.70%14.13%14.96%19.15%13.23%9.28%12.40%13.31%9.95%10.29%10.06%10.73%8.71%9.53%7.52%4.82%5.94%5.59%5.72%7.74%6.22%13.41%12.15%12.45%8.69%11.51%9.58%10.09%10.40%8.40%9.40%10.14%9.57%9.14%27.98%15.75%18.73%19.67%19.93%14.93%15.12%20.77%19.19%13.77%12.48%13.32%15.42%Wind 4 23Q1 12 5 2021 2022 2.30-21.48 21.12-42.49-0.16 0.82 831.94-1562.12 44.34-214.86 423.23-716.24 216.44-404.20 183.38-665.24 49.75-95.11 7.94 0.59 20.69-123.06 3.27-3.04 5.58-20.22 13.87-50.20 0.21-2.54 1823.91-3919.40 Wind 7 8 2021-2022 2021 18.24 2022 39.19 22Q2 Q3 2.2.1 22Q4 23Q1 22Q4 23Q1 579.42 108.55 22Q4 8 23Q1 Q1 6 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 702 433 467 285 536 971 655 2053-409 1829 1305 1855 1929 6 2340 1501 4852 2302 7107 4881 7628 6916 23761 24552 25708 14160 325 454 1687 1185 804 1225 1597 2435 1090 3344-716 911 354-429 2056 5648 9830-4686 6728 1902 15219-3455 20626 14838 17045-2976-1138 1135 813 3809-2669-279-177 3305-2280 1506 298 6286-370 69 1032 1021 510-959 395-1087 1805-47-746 146 557-2196-96 211 41 413 104-72-358 986 224-61-29 950-691-151 696 1693 1613-56 882 1079 1625-125 832 1124 4631 645-712 8356 12872 22496-4625 16957 8492 35056 1913 51092 41517 57942 10855 Wind 13 2022 2023Q1 2744.72 2821.20 22Q4 3 23Q1 7 1Q20 2Q20
