深度报告：品牌渠道齐发力，组件一体化龙头稳健增长

请阅读最后评级说明和重要声明 -80%-60%-40%-20%0%20%000300.SH857352.SL投资要点 ➢ ➢ ➢ ➢ ➢ 2 一、一体化组件龙头，业绩持续高速增长 ..................................................................................... 4 1.深耕光伏行业十八载，管理架构稳定 .......................................................................................................... 4 2.业绩稳步增长，费用管控得当 ..................................................................................................................... 5 3.研发投入持续增加，产品性能业内领先 ...................................................................................................... 8 二、光伏组件行业高景气，一体化头部企业持续受益 ................................................................. 11 1.组件是光伏系统中的重要环节，需求随光伏装机高增 ............................................................................... 11 2.大尺寸、叠片、双面助力降本增效，核心技术路线逐渐明晰 .................................................................... 14 3.一体化降本持续，组件行业集中度不断提升 ............................................................................................. 17 三、一体化构筑成本优势，品牌渠道力持续提升 ........................................................................ 20 1.产能扩张加速，一体化布局构筑成本优势 ................................................................................................. 20 2.先发布局全球化，渠道网络遍布全球 ........................................................................................................ 22 3.公司品牌优势明显，全球认可度较高 ........................................................................................................ 23 四、盈利预测与投资建议 ............................................................................................................ 25 五、风险提示 ............................................................................................................................. 27 ............................................................................................................................................... 4 ........................................................................................................................................ 5 ..................................................................................................................................... 6 .................................................................................................................................. 6 ........................................................................................................................................ 6 ........................................................................................................................................... 7 .................................................................................................................................... 7 ............................................................................................................................. 7 ............................................................................................................................. 7 ........................................................................................................................... 8 ........................................................................................................................... 8 ........................................................................................................................... 8 .................................................................................................................................. 8 ............................................................................................................ 9 ....................................................................................................................... 9 .................................................................................................................. 10 .......................................................................................... 10 ............................................................................................. 11 ............................................................................................................................ 11 3 ........................................................................................................................................... 11 ............................................................................................................................................... 12 .................................................................................................................................... 12 ........................................................................... 13 ...................................................................................................................... 13 .................................................................................................................................... 14 .....................................................................