汇丰银行-中国太阳能设备行业报告_未来更新光明-2019.6-111页.pdf

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汇丰银行-中国太阳能设备行业报告_未来更新光明-2019.6-111页.pdf

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Equity Research Report Energy Equipment Services 研报客 June 2019 By: Corey Chan (S1700518100001) and Dun Wang (S1700519060002) S P O T L I G H T China Solar Equipment Initiate coverage: Brighter days ahead We forecast an industry upcycle in 2019-20e, driven by robust export demand We see upside to stock prices due to market expansion and falling costs Initiate on Longi, Tongwei, Zhonghuan, and Jingsheng with Buy ratings, and First Applied Material with a Reduce Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Equities ● Energy Equipment Services June 2019 研报客 Contents Why read this report? 1 Facts and figures 3 Related research 4 Entering a new, brighter era 5 Technology upgrades, lower costs to drive upside 15 Our stock-picking framework 37 Company section 43 Longi Green (601012 CH) 44 Tongwei (600438 CH) 55