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研報掘金丨平安證券:維持通威股份“推薦”評級,光伏組件產業鏈供需格局逐步優化
格隆匯 05-07 17:40

平安證券研報指出,通威股份(600438.SH)24年歸母淨利潤-70.39億元,同比減少151.86%;2025年一季度歸母淨利潤-25.93億元,同比減少229.56%。產品價格下降導致光伏製造業務收入和盈利水平下滑,拖累公司業績。受行業週期下行和競爭加劇的影響,2024 年公司光伏製造相關業務產品價格大幅下降,導致收入規模和毛利率均明顯下滑,是公司業績虧損的主因。當前光伏行業週期下行,整體盈利水平持續承壓,公司作為光伏硅料和電池組件頭部企業,規模、技術和成本優勢突出,具有較強的競爭力;隨着後續光伏需求回暖和國內“反內卷”的推進,光伏組件產業鏈供需格局逐步優化,公司有望實現盈利水平回升並鞏固競爭優勢,維持公司“推薦”評級。

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