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研報掘金丨長江證券:通威股份Q3大幅減虧,成本保持行業領先,龍頭地位穩固
長江證券研報指出,通威股份(600438.SH)Q3歸母淨利-8.44億元,同比下降127.84%,環比減虧。Q3拆分來看,公司硅料保山項目爬坡完成,硅料總出貨量進一步提升,受豐水期電價下降、工業硅降價以及雲南產能爬坡結束影響,成本大幅優化。電池方面,Q3出貨環比進一步提升,受perc 以及大尺寸爬坡拖累影響整體虧損。公司組件出貨量規模環比基本持平,經營性在盈虧平衡微虧左右。農牧電站利潤貢獻較為穩定。展望後續,硅料方面,公司在提高N 型硅料出貨佔比同時追求極致降本,目前單位綜合電耗降至50 度以下,硅耗已低至1.04kg/Kg-Si 以內,各項生產消耗指標持續優化,成本保持行業領先,龍頭地位穩固。
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