Industry Notes / Solar / Chapter 5 of 12 · Table
Further from the watt, more profit: value map
Main chain ~70% of sales and almost all losses; auxiliaries/equipment earn
| Dimension | Step | Gross margin | Net margin |
|---|---|---|---|
| Equipment | ~30% | +10.4% (best) | |
| Diamond wire | ~18% | +3.5% | |
| Integrated modules | ~3.3% | −7.6% (largest sales) | |
| Polysilicon | ~2.4% | −12% | |
| Wafers | ~−1.5% | −23% (worst) |
Equipment gross ~30% with positive net; wafers ~−23% net, worst on the chain. Shovel sellers win; gold diggers lose.
Source：开源证券：2025 年 50 家光伏上市公司分部统计
Research notes, not investment advice.