研報掘金丨華創證券:維持天合光能“推薦”評級,目標價23.42元
華創證券研報指出,天合光能(688599.SH)24年歸母淨利潤-34.55億元,同比由盈轉虧,Q4歸母淨利潤-26.09億元,同比由盈轉虧,環比增虧;業績位於此前業績預告區間內,符合預期。組件出貨同比保持增長,盈利能力階段性承壓。公司憑藉多元化的業務結構,強大的品牌影響力和完善的全球渠道佈局,面對行業供需失衡以及海外貿易壁壘等因素,2024全年組件出貨量同比仍實現增長,據光伏資訊統計,2024年公司組件出貨約70GW。但由於組件價格持續回落並低位運行,盈利能力承壓,導致全年經營業績出現虧損。公司積極探索創新出海模式。堅持產品技術的創新升級,提升企業核心競爭力。公司業務結構多元化佈局,不斷完善並深化全球渠道。參考可比公司估值,給予2025年20x PE,對應目標價23.42元,維持“推薦”評級。
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