You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨東吳證券:愛旭股份單季度盈利轉正,評級由“增持”上調為“買入”
格隆匯 08-11 17:27

東吳證券研報指出,愛旭股份ABC組件產銷兩旺、超額盈利持續兑現。2025H1公司ABC組件出貨8.57GW,同增超400%;其中Q2公司BC組件出貨約4GW+,測算ABC組件毛利約10%,預計單瓦盈利約5-6分,主要受益於海外佔比提升(40%+)+海外溢價足盈利強(海外BC組件近1元/w,測算盈利近10-12分/w)+成本優化。國內溢價保持約5分+,測算單瓦盈利約1分。電池出貨約5GW+(P型3.5GW+TOPCon1.7GW),測算單瓦虧損約4-5分。展望Q3預計公司持續保持滿產滿銷,海外佔比保持40%+,保持穩健;我們預計全年ABC組件出貨20gw,同比高增、ABC放量滲透。光伏反內卷持續推進,電池組件價格有望進一步修復。若定增順利發行,有望助力公司現有BC基地後續建設+補充流動資金,持續改善經營情況!由於BC新技術差異化逐步體現,公司單季度盈利轉正,評級由“增持”上調為“買入”。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account