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研報掘金丨海通證券:隆基綠能Q3盈利能力有所回暖,予“優於大市”評級

海通證券研報指出,2024Q3隆基綠能(601012.SH)在盈利能力方面有所回暖。公司前三季度硅片出貨量82.80GW,電池組件出貨量55.39GW;其中第三季度分別為38.37GW、21.39GW,環比均有所增長。根據公司半年報,HPBC2.0產品將於2024 年底進入規模上市,到2025 年底,BC 電池產能將達到70GW,其中HPBC 2.0產能約50GW,2026年底國內電池基地計劃全部遷至BC 產品;2024H1已實現北美出貨順暢通關,美國5GW組件工廠經正式投產,對北美地區業務開拓形成了有力支持。公司作為全球光伏行業龍頭,參考可比公司給予公司2025年32~35倍估值,對應合理價值區間22.08~24.15元,給予“優於大市”評級。

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