研报掘金丨浙商证券：弘元绿能业绩弹性大，维持“买入”评级

Core Viewpoint - 弘元绿能 is positioned as a leader in integrated photovoltaic cost management, benefiting from the trends of "anti-involution" in the photovoltaic sector and the integration of solar and storage solutions, which accelerates growth opportunities [1] Industry Summary - The "anti-involution" policy is crucial for national energy transition and enhancing global competitiveness, with expectations for its rapid implementation to boost industry prices and profitability back to reasonable levels [1] - The price of energy storage cells has decreased by approximately 60% since the beginning of 2023, enhancing the cost-effectiveness of solar plus storage solutions and alleviating market concerns regarding photovoltaic integration into the grid [1] - The industry is moving towards "secondary parity" in solar and storage, stimulating growth in end-user demand [1] Company Summary - 弘元绿能 has demonstrated superior cost control capabilities, achieving better-than-expected performance in Q3 2025 against the backdrop of a bottoming out in silicon material prices [1] - The company’s cost advantages in the photovoltaic sector are validated by its strong quarterly results, indicating significant earnings elasticity if the "anti-involution" policy accelerates [1] - The company maintains a "buy" rating based on its growth potential and market positioning [1]