Sniper

The Report is produced in Chinese only.

昔日報告:
  26-06-2009 (星期五) 中國平安收購深發展,對中國平安的股價影響如何?
  25-06-2009 (星期四) 水泥投資過熱, 發改委將加快水泥行業的整合
  22-06-2009 (星期一) 5月內地銀行新增貸款超過6000億,對內地上市銀行的表現有何影響?
  18-06-2009 (星期四) 恒指現黃金交叉,中短期未必向好
  15-06-2009 (星期一) 中材董事會已批准發行中期票據
[第66頁 / 共67頁]

光伏組件需求有望得到釋放,推動產能利用率回升

核心數據:

2023年,中國的光伏元件供應量占到全球總供應量的86%,出口量占到產量的42%。2020-23年期間中國光伏元件出口量增長了1.9倍,在中國以外地區的市場份額從2020年的67%上升至2023年的72%。49%的出口產品銷往美國和歐盟。2023年,中國光伏元件產能約等於國內需求量的 4 倍,全球需求量的 2 倍,產能利用率 44%。國內光伏組件生產成本比海外同業低 30%-60%。

觀點:

需求方面,9月美聯儲正式開減息週期,光伏系統成本及均化能源成本顯著下降,光伏發電項目的投資回報率提升。隨著加息週期結束、組件價格觸底,前期因加息預期、組件快速跌價而觀望的需求有望得到釋放,預計需求可持續性將推動產能利用率回升。建議關注個股:通威股份(600438.SH)、福萊特(601865.SH)、晶澳科技(002459.SZ)、天合光能(688599.SH)、陽光電源(300274.SZ)、隆基綠能(601012.SH)、晶科能源(688223.SH)、福斯特等(603806.SH) 。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us