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研報掘金丨國聯證券:維持陽光電源“買入”評級,雙龍頭地位穩固
格隆匯 06-30 13:44

國聯證券研報指出,隨着國內企業出海進程推進,海外儲能市場競爭加劇,品牌渠道核心競爭力的重要性提升;同時國內新型電力系統改造新階段對電力設備要求提高,陽光電源作為具備豐富項目經驗和技術優勢的龍頭企業有望享受超額利潤。公司是光伏逆變器及儲能系統行業雙龍頭,持續深耕電力電子轉換設備及系統,2024年公司光伏逆變器及儲能系統分別出貨147GW/28GWh,同比分別增長13%/167%,三年CAGR分別為46%/111%。公司前瞻性全球化佈局,截至2024年底,產能方面,公司於印度及泰國工廠建設產能已達25GW;渠道運維方面,公司設立全球五大服務區域,海外具備超20家分支機構、超520 家服務網點和數百家重要的渠道合作伙伴,順應光伏供給全球化發展趨勢,提高抗風險能力。參考可比公司估值,維持“買入”評級。

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