東吳證券:晶科能源業績符合預期 TOPCon佈局行業領先 維持“買入”評級
格隆匯4月24日丨東吳證券發研報指,晶科能源(688223.SH) 2023一季報預吿歸母淨利潤16-17億元,同比增長299-324%,業績符合市場預期。公司2023Q1組件出貨13GW,同比增長63%,位居2023Q1組件出貨第一;預計2023年底N型電池產能達50GW+。提效上,公司2024年將推出HOT3.0(全域鈍化),2025年將TOPCon結合其他技術,預期效率破26%。降本上,公司現已實現組件P/N成本同價,後續隨效率提升進一步攤低單瓦成本。預計公司2022-2024年歸母淨利潤為29/72/97億元,同比+158%/+143%/+35%。基於公司TOPCon行業領先地位,我們給予公司2023年28xPE,對應目標價20元,維持“買入”評級。該股現報12.02元,總市值1202億元。

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