投资要点 ➢ ➢ ➢ 10% 0% -10% -20% -30% -40% -50% -60% 000300.SH ➢ ➢ 请阅读最后评级说明和重要声明 857352.SL 一、组件是光伏系统中的重要环节，需求随光伏装机高增............................................................ 4 1.光伏组件是太阳能发电系统中的重要组成部分............................................................................................ 4 2.组件投资强度小、建设周期短，产能属性弱 ............................................................................................... 5 3.光伏行业快速发展，组件需求也随之保持高速增长 .................................................................................... 6 二、品牌、渠道、成本管控能力为三大核心壁垒 .......................................................................... 7 1.组件使用期长，客户重视品牌背书 .............................................................................................................. 7 2.海外市场需求爆发，提前布局可享有渠道溢价............................................................................................ 8 3.受原材料价格波动影响大，成本管控能力要求高 ........................................................................................ 9 三、大尺寸、叠片、双面助力降本增效，一体化持续推进.......................................................... 11 1.大尺寸硅片可有效摊薄单瓦非硅成本，硅片大尺寸趋势不可逆 ................................................................ 11 2.高效封装技术百花齐放，助力组件降本增效 ............................................................................................. 11 3.平抑产业链价格波动，一体化降本持续 .................................................................................................... 13 四、投资建议 ............................................................................................................................. 15 五、风险提示 ............................................................................................................................. 16 ...............................................................................................................................................4 ...................................................................................................................................................4 ........................................................................................................................................5 ......................................................................................6 ..........................................................................................................................6 .........................................................................................................7 ................................................................................................................................8 ...........................................................................................................8 ........................................................................................................................................9 ................................................................................................9 .............................................................................................................................................9 ......................................................................................................................10 ...........................................................................................................................................10 ................................................................................................................................10 .........................................................................................................................10 .................................................................................................................................... 11 ............................................................................................................................12 ....................................................................................................................................12 ................................................................................................................................13 2 ................................................................................................................................13 .........................................................................................................14 ........................................................................................14 .................................................