研報掘金丨華安證券:首予通威股份“買入”評級,硅料價格有望逐步恢復
華安證券研報指出,通威股份(600438.SH)為光伏製造行業領先公司,2024H1光伏硅料環節供過於求形勢延續,硅料價格快速下跌,行業庫存增加,企業面臨全面虧損,2024下半年行業開始逐步進入出清階段。預計在2024年12月開始看到硅料庫存向下拐點,疊加硅料期貨在2024年12月上市,期現貨商幫助消耗社會庫存,硅料庫存或在2025年一、二季度降至合理水平,硅料價格有望逐步恢復。通威股份作為硅料行業領先公司,受益於硅料價格修復,或對2025年業績產生積極影響。首次覆蓋給予“買入”評級。
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