300750 的三季报毛利率为什么从 25.8 掉到 20.69，这个下滑会延续吗
- 三季度单季营收 1652 亿，同比 +58.6%，环比 +11.8%，是历史单季最高
- 毛利掉了 5.11 个百分点，不是一次性的事
- 三季度单季毛利率 20.69%，去年同期 25.80%，掉 5.11 个点
- 一是单季毛利率能不能在 20% 上方站住
- 补一句本周盘面给的位置：10 月 21 日跌 12.03%，成交 324 亿是前一天的 2.1 倍，第二天
300750 的三季报毛利率为什么从 25.8 掉到 20.69，这个下滑会延续吗
The desk answers已核实Walnut, from public filings
毛利掉了 5.11 个百分点，不是一次性的事。根子在产品结构和税。
先看数字。三季度单季毛利率 20.69%，去年同期 25.80%，掉 5.11 个点；二季度是 23.15%，
环比再掉 2.47 个点。三个季度连着掉：24.82 → 23.15 → 20.69。
收入端完全没问题。三季度单季营收 1652 亿，同比 +58.6%，环比 +11.8%，是历史单季最高。
动力加储能销量超过 260GWh。所以不是卖不动，是卖出去的东西赚得少了。
公司自己在 10 月 20 日的电话会议上给了两条解释，原话是「首先是产品结构的变化，
一个季度的产品结构波动不代表长期方向；第二是消费税和出口退税的影响。我们正积极与
客户沟通，一起来分担相关影响」。
这两条的分量不一样。产品结构是经营选择——储能占比上来，储能的毛利率本来就比动力低，
这是主动的取舍，不是被动挨打。消费税和出口退税是政策变量，而且「与客户分担」这句话
说明它不打算自己独吞，意味着后面几个季度还要继续让一部分出去。
会延续吗。看两个东西比看毛利率本身有用。
一是单季毛利率能不能在 20% 上方站住。四季度如果掉到 19% 以下，说明让价还在加码，
不是结构波动能解释的了。
二是净利增速的斜率。48.52% → 41.98% → 31.60%，逐季往下，每个季度掉 7 到 10 个点。
如果四季度掉到 20% 出头，那就不是「一个季度的产品结构波动」。
补一句本周盘面给的位置：10 月 21 日跌 12.03%，成交 324 亿是前一天的 2.1 倍，第二天
再跌 3.29%，两天 -15.4%。同业当天平均 -4.6%，它是 2.6 倍。龙虎榜上没有它——不是游资砸的，
是机构在调仓。筹码也在散：股东户数从 3 月末 20.45 万到 9 月末 34.52 万，半年多了 69%。
数据来源：公司 2026 年三季报、10 月 20 日电话会议记录（巨潮 2026-10-21 披露）、
以及沪深行情。
Why did 300750's Q3 gross margin fall from 25.8 to 20.69, and will this decline continue?
Gross margin fell 5.11 percentage points — this is not a one-off. The root cause lies in product mix and taxes.
First, the numbers. Q3 single-quarter gross margin was 20.69%, versus 25.80% in the same period last year, down 5.11 points; Q2 was 23.15%, down another 2.47 points quarter-on-quarter. Three consecutive quarters of decline: 24.82 → 23.15 → 20.69.
The revenue side is completely fine. Q3 single-quarter revenue was 165.2 billion yuan, +58.6% year-on-year, +11.8% quarter-on-quarter, the highest single quarter in history. Power battery plus energy storage sales exceeded 260GWh. So it is not that the products cannot be sold — it is that what is sold earns less.
The company itself gave two explanations at its October 20 conference call, in its own words: "First, the change in product mix — product mix fluctuation in a single quarter does not represent the long-term direction; second, the impact of consumption tax and export tax rebates. We are actively communicating with customers to share the related impact together."
These two carry different weight. Product mix is a business choice — as the energy storage share rises, and energy storage's gross margin is inherently lower than power battery's, this is an active trade-off, not being passively hit. Consumption tax and export tax rebates are policy variables, and the phrase "share with customers" shows it does not intend to swallow this alone, meaning it will continue to give up a portion in the coming quarters.
Will it continue? Watching two things is more useful than watching the gross margin itself.
First, whether the single-quarter gross margin can hold above 20%. If it falls below 19% in Q4, that shows price concessions are still escalating and can no longer be explained by mix fluctuation.
Second, the slope of net profit growth. 48.52% → 41.98% → 31.60%, declining quarter by quarter, dropping 7 to 10 points each quarter. If it falls to the low 20s in Q4, then it is not "product mix fluctuation in a single quarter."
One more note on where the market put it this week: on October 21 it fell 12.03%, with turnover of 32.4 billion yuan, 2.1 times the previous day; the next day it fell another 3.29%, -15.4% over two days. Peers averaged -4.6% that day; it was 2.6 times that. It was not on the Dragon-Tiger list — it was not hit by hot money, it was institutions adjusting positions. The shareholder base is also dispersing: shareholder count went from 204,500 at the end of March to 345,200 at the end of September, up 69% in half a year.
Data sources: the company's 2026 Q3 report, the October 20 conference call transcript (disclosed on Cninfo 2026-10-21), and Shanghai and Shenzhen market data.