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光大证券:首予保利协鑫能源(03800)“买入”评级 目标价4.1港元

智通财经 ·  {{timeTz}}

智通财经APP获悉,光大证券发布研究报告,首予保利协鑫能源(03800)“买入”评级,目标价4.1港元,基于未来硅料供给紧平衡状态,以及公司在颗粒硅技术上的突破,看好其2021年业绩有望扭转过去颓势,步入新一轮的成长周期。

报告中称,2020年下半年光伏市场出现了新一轮的扩产潮,下游硅片、电池片、组件环节的产能大幅扩容。由于资产较重、扩长周期长(约1-2年)、产能弹性小等特点,硅料扩产严重滞后。据Solarzoom数据,2021年底国内硅片、电池片、组件总产能均有望达到370-400GW规模,而对应的硅料产能仅为250GW水平。

该行表示,目前光伏硅料已步入涨价周期,紧平衡态势未来有望持续。公司硅料双基地战略落地,目前已成为全球高质量、低成本多晶硅制造端的标杆项目,公司有望在2021年显著受益行业供需紧平衡趋势。

报告提到,FBR颗粒硅技术对比目前市场主流改良西门子法,具备低耗能、连续生产的优势,有望成为下一代光伏硅料技术。公司自2010年开始,历时多年自主研发颗粒硅技术,并通过收购海外资产助力,最终实现了稳定量产。公司颗粒硅产品为市场主流棒状硅的有效补充,已在下游客户实现了质量验证,目前徐州颗粒硅1万吨项目已正式投产,未来发展值得期待。

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