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研報掘金丨華安證券:維持隆基綠能“買入”評級 2025年BC放量可期

華安證券研報指出,隆基綠能(601012.SH)2024年歸母淨利-86.18億元,同比下降180%;2025Q1歸母淨利-14.36億元,同比增長39%。2024年光伏行業量增價跌,公司採取“控量保利”策略2024年光伏行業競爭進入白熱化,行業整體量增價跌下企業大面積虧損。展望後續:公司HPBC高價值產品持續領跑,穩健運營保障穿越週期。此外,公司自主研發的雜化背接觸晶硅太陽電池(HIBC)轉換效率突破27.81%,進一步凸顯公司在BC電池技術高轉換效率與可量產工藝製程方面的深厚儲備。同時,公司已將商業化M6尺寸的晶硅-鈣鈦礦疊層電池效率提升至32%,持續引領行業前沿技術突破。維持“買入”評級。

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