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研報掘金丨中金:維持愛旭股份“跑贏行業”評級,判斷2Q25業績有望持續改善
格隆匯 05-27 16:05

中金公司研報指出,愛旭股份(600732.SH)ABC組件平均量產交付效率位於行業榜首,或率先受益於光伏領跑者計劃。根據2024 年報,公司ABC電池量產轉換效率提升至27.3%以上,ABC組件量產轉換效率提升至24.6%(較TOPCon主流組件效率領先超過1pct),公司表示後續有望通過滿屏技術進一步提升至25%以上。此前,陝西計劃2025年實行2GW光伏領跑計劃中組件轉換效率要求為24.2%+,認為未來其他地區開展類似領跑者計劃可能性較大,若組件效率要求較高,則BC技術或將率先受益。判斷2Q25業績有望持續改善,靜待FY25公司ABC技術盈利兑現。維持“跑贏行業”評級及目標價14元。

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