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研報掘金丨西部證券:維持隆基綠能“增持”評級,BC產品開始規模化貢獻營收
西部證券研報指出,隆基綠能(601012.SH)2025年一季度歸母淨利潤爲-14.36億元,較上年同期的-23.50億元,虧損大幅收窄38.89%。在2024 年業績承壓,全年實現歸母淨利潤-86.18億元,同比下降180.15%。業績下滑主因行業供需失衡、產品價格大幅下跌及技術迭代帶來的資產減值。2024年公司在激烈的價格競爭中採取了“控量保利”的策略,精準服務重點市場與關鍵客戶,實現硅片出貨量108.46GW(對外銷售46.55GW),電池組件出貨量82.32GW,革新性產品泰睿硅片、HPBC2.0 組件產品上市以來高效價值廣受認可。中東非地區組件銷量大幅增長76%,亞太新興重點市場巴基斯坦銷量同比激增136%。2025年一季度,公司實現硅片出貨23.46GW(其中對外銷售11.26GW);電池組件出貨量16.93GW(其中BC組件銷量4.32GW)。BC組件出貨佔當期組件總銷量的約25.5%。這標誌着BC產品開始規模化貢獻營收。維持“增持”評級。
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