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中信建投:光伏開工率開啟上行通道 關注行業供需邊際變化
格隆匯 08-12 08:21
中信建投證券研報認為,當前光伏板塊處於基本面底和盈利底,但近期積極的邊際變化正在發生。一方面8月國內項目陸續啟動交付,預計9—11月組件排產將持續上升,行業需求端出現邊際好轉;另一方面,產業鏈盈利底部愈發明朗,測算7月N型產業鏈盈利底部已企穩,行業供給端改善提速。在光伏產業鏈中玻璃、TOPCon電池等環節供需格局相對較好。短期看好第三季度組件排產上行後邊際改善明顯且具備α的方向,中長期關注終端需求增速及上游庫存、供需拐點。
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