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大行評級|里昂:內地或對太陽能行業推出相對溫和供給側改革 協鑫科技、通威股份及信義光能等應受惠

里昂表示,協鑫科技股價上漲的原因是市場傳言中國政府正在考慮對太陽能(特別是多晶硅)實施供給側政策,以及行業聯盟計劃將多晶硅價格提升至每公斤45至50元的範圍。里昂重申,與之前的煤炭和鋼鐵供給側改革不同,考慮到太陽能行業的主要參與者爲非國有企業,當局可能會推出相對溫和的供給側改革,而非採取行政性的產能削減。里昂認爲潛在政策不會將供需動態精確調整至1:1,但會帶來邊際改善。

該行繼續相信,多晶硅領軍企業(協鑫科技和通威股份)以及太陽能玻璃領軍企業(福萊特玻璃和信義光能)應是太陽能供給側改革的關鍵受益者,這些企業將因更高的行業整合度和更陡峭的成本曲線而獲益。

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