國金證券:新興市場光伏發電滲透率較低、光伏需求空間廣闊
國金證券研報指出,新興市場光伏發電滲透率較低、光伏需求空間廣闊。組件成本快速下降提升光伏發電經濟性,疊加多國能源轉型、缺電等因素影響,中東、中南亞、非洲、拉丁美洲等新興市場需求有望在低基數下實現高速增長,帶動光伏裝機需求持續增長。建議關注三條主線:1、主產業鏈及組件相關輔材:需求多元化背景下,在國際化運營能力、渠道覆蓋度及拓展能力、海外產能佈局、品牌等方面具有優勢的企業有望實現出貨較快增長、維持盈利相對優勢。2、支架:中東、拉美市場需求快速增長帶動支架需求放量,當地渠道及產能佈局領先的企業有望充分受益。3、逆變器及儲能:新興市場光伏需求高增有望帶動逆變器需求增長,同時儲能成本快速下降後印度、智利、南非、巴西、沙特先後釋放儲能規劃及招標規模,新興市場儲能有望實現“0—1”爆發式增長,推薦在新興市場具備品牌優勢、份額領先的逆變器企業。
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