研報掘金丨中金:維持通威股份“跑贏行業”評級,目標價20.16元
中金公司研報指出,通威股份完成引入戰略投資融資,靜待穿越行業底部週期。永祥股份系通威股份全資子公司,合計擁有高純晶硅產能超過90 萬噸,連續多年全球市場佔有率穩居第一,此次引入戰略投資者並實施增資擴股主要用於永祥股份償還金融機構負債、補充流動資金等,增強其穿越週期能力。硅料行業報價上漲,中期供給側改革可期。考慮通威股份爲硅料行業產能/銷量市佔第一,成本位於西門子法硅料成本曲線最左側,若中期內存在供給側改革拐點,認爲公司作爲龍頭企業有望率先受益。該行維持2025/2026年盈利預測基本不變,考慮公司主業硅料電池雙龍頭地位,維持“跑贏行業”評級。維持目標價20.16元。
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