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研報掘金丨東吳證券:愛旭股份Q2電池盈利堅挺,Q3起ABC逐步放量,維持“買入”評級
格隆匯8月4日丨東吳證券研報指出,愛旭股份(600732.SH)2023Q2電池盈利堅挺,Q3起ABC逐步放量。預計公司全年出貨約35-38GW,2023H2硅料價格跌至底部區間,組件需求逐季提升,電池盈利有望保持堅挺。ABC產能逐步擴張,效率領先享高端溢價。公司珠海已滿產6.5GW ABC電池,預計新增3.5GW電池8月投產,2023Q3末10GW電池組件均可滿產,預計義烏15GW 電池+組件年底投產。公司ABC已逐步放量,預計2023年ABC出貨3-4GW。24年新增1-2個基地,產能有望擴至40-50GW,出貨將達20-30GW。基於公司ABC電池組件產能落地並推向市場,疊加大尺寸PERC電池盈利堅挺,維持盈利預測,維持2023-2025年歸母淨利潤30/44/60億元,同增30%/44%/37%,維持“買入”評級。
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