研報掘金丨長江證券:陽光電源安全邊際足夠,維持“買入”評級
長江證券研報指出,陽光電源從2023年至今,已有2-3年的時間業績表現持續強勢並多次超預期。認為公司估值修復的邏輯將逐步明朗,其彈性或遠高於業績的增長。隨着盈利下行和貿易壁壘的擔憂逐步淡化或消除,2025H2-2026,公司將逐步走入估值修復的窗口。對於貿易壁壘,美國大儲政策存在不確定性,但公司終將找到穩定的出美方式。對等關税和大美麗法案如今均已靴子落地,2026 年正式執行外國禁止實體,預計半年左右的緩衝期限過後,在2026H2 陽光電源出美方案大概率將得到明確,公司美國量利預期將更為清晰,估值壓制得以減輕。陽光電源憑藉優異的產品力和固有的工商業光伏逆變器渠道地位,充分受益於工商儲市場爆發,為公司業績再添增量。我們預計公司2025-2026 年實現歸母淨利潤130、140 億元,對應PE 為12、11 倍,安全邊際足夠。維持“買入”評級。
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