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中原證券:光伏行業存在超跌反彈的機遇
格隆匯 11-01 08:59
中原證券研報指出,從光伏板塊三季報來看,產能過剩導致的行業盈利困難在各家公司報表已有充分體現。鑑於光伏板塊已陷入深度虧損,主材環節面臨虧現金流局面,以及反惡性競爭政策層面的影響,預計產能出清程度會加深。頭部企業有望憑藉規模優勢、成本優勢、銷售渠道優勢以及資金實力渡過行業低谷,實現持續成長。光伏板塊作為週期和成長雙屬性疊加的行業,股票具備較高的貝塔值。在市場風險偏好提升,板塊處於大週期估值區間低位,行業基本面有望觸底的背景下,行業存在超跌反彈的機遇。建議關注光伏玻璃、膠膜、一體化組件廠、多晶硅料、鈣鈦礦電池設備、光伏逆變器、電子銀漿等細分領域頭部企業。
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