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研報掘金丨中金:晶科能源Q3業績符合預期,龍頭位置穩固
格隆匯 11-04 17:01
中金公司研報指出,晶科能源(688223.SH)3Q24業績符合預期,Q3公司組件出貨23.8GW,環比基本持平,龍頭位置穩固。其中3Q24美國出貨超3GW,主要是因為集中交貨的比例提升,環比2Q的1.2GW增長明顯。預計2025年經營情況將持續改善。因格局和利潤向龍頭集中的產業趨勢,維持2024年盈利預測不變,上調2025年歸母淨利潤預測32%至34.8億元;維持跑贏行業評級,行業拐點臨近,供給側改革有望加速行業拐點的到來及提升龍頭企業的業績和估值彈性,上調目標價22%至11元,對應當前有19.6%的上升空間,對應25年31.6 倍P/E,當前市值對應2025年26.5倍P/E。
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