研報掘金丨國盛證券:晶科能源上半年組件銷量領跑行業,維持“增持”評級
國盛證券17日研報指出,晶科能源(688223.SH)2023H1組件銷量領跑行業,積極佈局海外新型市場,進一步拓展包括東南亞工廠在內的全球一體化供應鏈。公司作為N型TOPCon技術的行業領軍者,目前擁有全球最大的N型產能,效率及成本較同業擁有明顯的先發優勢。公司已與山西綜改區簽訂項目投資協議,規劃建設年產56GW垂直一體化大基地項目,這將是全球首個包含硅片、電池、組件的“超級一體化”太陽能工廠,也是目前已規劃行業最大的N型一體化生產基地。2023年開始光伏原材料供需瓶頸打開,價格持續下探,受此影響組件價格傳導進入下行通道,在組件售價及成本雙降的基礎上,調整了公司2023-2025年實際歸母淨利潤至77.01/92.00/114.42億元,對應PE估值為13.6x/11.4x/9.1x,維持“增持”評級。
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