深度报告：品牌渠道齐发力，组件一体化龙头稳健增长

投资要点 ➢ ➢ 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..........................................................................................................42.业绩稳步增长，费用管控得当.....................................................................................................................53.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...............................................................................112.大尺寸、叠片、双面助力降本增效，核心技术路线逐渐明晰....................................................................143.一体化降本持续，组件行业集中度不断提升.............................................................................................17 1.产能扩张加速，一体化布局构筑成本优势.................................................................................................202.先发布局全球化，渠道网络遍布全球........................................................................................................223.公司品牌优势明显，全球认可度较高........................................................................................................23 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 ...........................................................................................................................................11...............................................................................................................................................12....................................................................................................................................12...........................................................................13......................................................................................................................13....................................................................................................................................14............................................................................................................................15....................................................................................................................................15................................................................................................................................16......................................................................