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研報掘金丨華創證券:維持通威股份“推薦”評級,目標價20.5元

華創證券研報指出,通威股份(600438.SH)2024年歸母淨利潤-70.39億元,同比由盈轉虧;2025Q1歸母淨利潤-25.93億元,同比增虧,環比減虧。2024 年公司實現高純晶硅銷量46.76萬噸,同比增長21%,市佔率位居全球第一,硅料龍頭地位穩固。公司積極調整光伏電池產能結構,聚焦技術創新。海外方面,公司持續深耕歐洲、亞太、中東非等核心市場,併成功斬獲沙特、波蘭等多國GW級項目訂單,突破歐洲大型能源集團合作壁壘。2024年公司海外組件銷量同比增長99%,實現跨越式增長。公司是硅料及電池片的雙料龍頭,組件業務海外市場拓展順利。參考可比公司估值及當前估值水平,給予2026年30x PE,對應目標價20.50元,維持“推薦”評級。

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