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研報掘金丨山西證券:維持隆基綠能“買入-B”評級,2025年BC產品出貨佔比有望超25%
山西證券研報指出,隆基綠能(601012.SH)2024年實現歸母淨利潤-86.2億元,同比-180.2%;2025年Q1實現歸母淨利潤-14.4億元,同比+38.9%,環比+32.0%。行業競爭加劇,產業鏈價格下降拖累業績。2024年全年,公司BC組件出貨17.33GW,同比高增191%;2025年Q1,BC 組件出貨4.32GW。預計到2025年6月底,BC二代產能將增加到35GW,到2025年底產能進一步增加到50GW。預計2025年全年公司BC產品出貨佔比超過25%。預計公司2025-2027年EPS分別爲-0.28/0.32/0.60,對應公司5月30日收盤價,2025-2027年PE分別爲-51.0/45.3/23.9,維持“買入-B”評級。
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