研報掘金丨國聯民生:晶科能源盈利水平領先行業,予“買入”評級
國聯民生證券研報指出,晶科能源(688223.SH)2024年實現歸母淨利潤1.0億元,同比減少98.7%,2025Q1實現歸母淨利潤-13.9億元,上年同期爲11.8 億元。受光伏行業競爭加劇影響,晶硅產業鏈產品盈利空間受到擠壓,2024 年組件價格均處於波動下行通道,組件行業均價同比下降29%-38%,對公司單位盈利空間影響較大。公司進一步海外產能佈局,除東南亞產線外,2024 年公司美國工廠完成升級改造與擴產建設,具備2GW 產能並滿產運營,並計劃在沙特建設10GW 高效電池及組件產能,公司預計2026 年下半年逐步投產,提升應對海外貿易政策波動的能力,全球戰略佈局有望進一步完善。公司是TOPCon產品龍頭企業,先發優勢突出,盈利水平領先行業,給予“買入”評級。
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