研報掘金丨西部證券:天合光能儲能業務表現優異,維持“增持”評級
西部證券研報指出,天合光能(688599.SH)2024年歸屬於母公司所有者的淨利潤-34.43億元,較上年減少162.30%;2025年第一季度實現歸母淨利潤-13.20億元,較上年同期的5.16億元同比下降355.88%。光伏行業競爭加劇導致虧損。2024 年,公司組件出貨量超70GW,210 系列組件全球銷售穩步提升,應用邊界進一步拓展。但2024 年光伏行業面臨供需失衡及海外市場貿易保護加劇等諸多挑戰,受光伏組件價格持續下降的影響,公司組件業務盈利能力下滑,導致全年經營業績出現虧損。分佈式業務穩健走向高質量發展;支架業務加速在全球主要市場佔據市場份額,出貨量達7.3GW。儲能業務表現優異。憑藉優質的儲能產品和服務,與全球穩定的供應鏈體系獲全球客戶認可,維持“增持”評級。
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