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研報掘金丨華鑫證券:首予通威股份“買入”評級,行業困境反轉可期

華鑫證券研報指出,光伏“反內卷”政策加碼,行業困境反轉可期。國家層面正在醞釀強力措施,對光伏行業低價無序競爭問題進行徹底治理,更多政策端利好可期。通威股份是全球光伏一體化龍頭企業,形成了自上遊工業硅至終端光伏電站的全產業鏈佈局,截至2024 年年底,擁有工業硅產能30 萬噸、多晶硅產能超90 萬噸、電池產能超150GW(TNC)、組件產能超90GW。其中,公司高純晶硅產量連續多年位居全球第一,2024 年實現高純晶硅銷量46.76 萬噸,全年產銷量約佔全國30%,市場份額穩固。同時,硅料的綜合電耗、硅耗最新已分別降至46 度、1.04Kg 以內,持續保持行業領先水平,並隨工藝升級、經營質效提升持續降低。展望後續,作爲硅料龍頭企業,在光伏“反內卷”減產背景下,公司有望在維持出貨體量領先地位的同時,直接受益於產業鏈價格和利潤修復。司作爲硅料龍頭企業,有望受益於光伏“反內卷”帶來的產業鏈價利修復,首次覆蓋,給予“買入”投資評級。

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