光伏产业链，周期底部，期待曙光.pptx

光伏产业链：周期底部，期待曙光

目录光伏产业链周期底部需求端：全球光伏装机需求增速放缓光伏产业链的供给侧改革多晶硅料环节光伏玻璃环节投资建议2

2024年至今光伏产业链表现回顾资料来源：iFind，国证国际32024年以来港股光伏产业链主要企业表现大部分时间跑输大盘产业链产能过剩问题仍较严重判断产业链周期见底是决定股价提升的主要因素市场憧憬周期见底，快速反应预期光伏产业链跑输大盘150%140%130%120%110%100%90%80%70%60%恒生指数国证国际光伏指数

光伏产业链估值比较4港股光伏产业链平均2025预测PE为13.8倍光伏产业链估值股份名稱代碼市值百万元股價元最近報表年結,Y0---Y0市盈率(倍)Y1f Y2f---Y3f--每Y0股盈利增長Y1f Y2f()--Y3f股12個月息率(Y1f)Y2f市淨率(倍)Y0 Y1fY2f淨負債 ROE ROA比率* % %港股协鑫科技控股有限公司3800HKEquity31,3291.0812/202310.8-veE29.17.8-85.1n/an/a271.4n/an/a0.200.640.660.6516.2-10.2-5.09新特能源股份有限公司1799HKEquity10,4397.4312/20232.34.85.74.5-67.4-52.4-15.627.9n/a7.284.650.280.280.2849.6-3.6-1.52信义光能控股有限公司968HKEquity29,5053.1412/20236.710.27.76.09.5-34.332.726.87.694.525.890.870.840.7827.215.68.24福莱特玻璃集团股份有限公司6865HKEquity44,14211.5612/20238.816.512.88.925.3-46.729.044.14.612.112.701.151.111.0641.89.44.89彩虹集团新能源股份有限公司438HKEquity5473.112/2023-veEn/an/an/an/an/an/an/an/an/an/a0.29n/an/a238.4-4.4-0.97凯盛新能源股份有限公司1108HKEquity4,7243.7512/20235.8-veE8.85.942.0n/an/a50.8n/an/an/a0.490.540.5499.4-1.1-0.41板块平均7.110.513.86.8美股大全新能源公司DQUSEquity1,37720.8512/20233.6-veE-veE9.5-76.0n/an/an/an/an/an/a0.290.300.31-63.8-2.4-1.56晶科能源控股有限公司JKSUSEquity1,37326.2112/20232.937.18.14.1429.4-92.2358.596.75.69n/an/a0.490.410.37208.82.80.44阿特斯阳光电力有限公司CSIQUSEquity79812.1912/20232.923.252.14.012.3-87.5-55.412xn/an/an/a0.320.300.2499.10.00.01板块平均3.130.230.15.9A股通威股份有限公司600438CHEquity94,94721.1412/20237.0-veE42.217.2-47.3n/an/a145.34.290.230.401.551.831.7943.1-11.6-3.66隆基绿能科技股份有限公司601012CHEquity115,33815.1712/202310.7-veE54.016.9-27.2n/an/a220.31.120.110.301.631.861.78-21.3-11.1-4.66阳光电源股份有限公司300274CHEquity147,40571.6612/202315.813.311.610.1162.818.914.214.80.971.071.305.383.862.9811.532.910.58晶澳太阳能科技股份有限公司002459CHEquity43,39013.0612/20236.1-veE22.310.475.2n/an/a114.54.290.230.931.221.321.3369.1-0.6-0.19天合光能股份有限公司688599CHEquity39,55518.4712/20237.2439.817.811.348.3-98.423.7x57.83.490.341.091.271.311.2275.0-1.3-0.30TCL中环新能源科技股份有限公002129CHEquit