With the arrival of the end of October, the disclosure of the three quarterly reports of listed companies ended. The author's subjective feeling is that this year's market for Photovoltaic Farewell ICU?"? In the first three quarters of
this year, 36 photovoltaic listed companies still suffered losses as a whole, with a total loss of 30.131 billion yuan .
However, in a single quarter, 36 enterprises lost 7.120 billion yuan in the third quarter of this year. The loss margin decreased by 21.48% compared with last year and 57
% compared with the second quarter . The losses of these 36 photovoltaic listed companies have improved since the fourth quarter of 2024, and have been reduced for three consecutive quarters.
According to this year's semi-annual report, Hongyuan Green Energy lost 297 million yuan in net profit in the first half of the year, but the three-quarter report shows that the company has turned losses into profits . Net profit reached 2.
This means that Hongyuan Green Energy earned 5 in the third quarter alone. For those who have been losing money for a long time, Https://www.databm.
According to DataBM,
cash flow of 23 enterprises has turned positive in the third quarter. Among the 9 leading enterprises, the cash flow of 8 enterprises has been corrected, and only Aixu shares are slightly "left behind" this time. However, due to the better cash flow performance in the first two quarters, At present, the company's overall operating cash flow is still 17.
Although the overall performance has a good development trend, the hidden worries in the performance still deserve our attention.
First, the balance sheet is still high . According to Digital New Energy DataBM, the asset-liability ratio of four enterprises, including * ST Lida, * ST King Kong, Bangjie Stock and ST Quan, has exceeded 100% , up to 172
. The debt ratio of only 10 enterprises has declined and the overall decline is not large, except for Zhongli Group . The company dropped from 114.48% in the third quarter of last year to 66. The asset-liability ratio of 26 enterprises increased year-on-year, of which Bangjie shares increased the most. From 74.81% in the third quarter of last year to 138 in the third quarter of this year.
SRC = "https://img7.ccement.com/news/2510/richtext/img/9y5azhpggp81761906081807. that when commenting on the semi-annual report, The total R & D expenditure of 36 photovoltaic enterprises in the third quarter of this year was 2.885 billion yuan (* ST Yunwang and * ST Lida were not published) according to the statistics of DataBM.
Digital New Energy DataBM. Com. The year-on-year decline was 23.70%, and the month-on-month decline was 10. This is a high degree of vigilance for the technology-intensive photovoltaic industry.
In addition, the market is generally not optimistic about the fourth quarter performance expectations. On the one hand, the prices of most photovoltaic products have not yet returned to a reasonable range. On the other hand, the weak market demand has greatly reduced expectations.
Even for next year's market, there are more pessimistic expectations.
According to the record of investor relations activities released by Hengdian Dongci recently, the company believes that if the supply side still maintains the existing relatively sufficient volume, it is expected that the domestic component prices in Q4 and the first half of next year will not rebound too well.
And the company predicts that the global installed capacity will decline next year. This view coincides with Zhu Gongshan, chairman of Xiexin Group.
Zhu Gongshan recently said publicly that next year will be a turning point in the past 20 years, and global demand will show negative growth ."Next year, I predict that the global market (total demand) will be about 480 GW .".
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