通威股份：硅料领先地位稳固，暗夜将望破晓

| --- | --- | --- | --- | --- | |--------------------|--------|-------------------------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | | | | | | | | -2.3% | -39.2% | 14.9% | 17.2% | | | -43.7% | -128.4% | 195.2% | 101.8% | | 归属于母公司净利 | -47.3% | -134.6% | 188.5% | 100.5% | | 毛利率（ % ） | 26.4% | 7.5% | 12.2% | 16.2% | | % ） | 9.8% | -5.6% | 4.3% | 7.3% | | （ % ） | 22.1% | -8.6% | 7.1% | 12.4% | | （ % ） | 19.3% | -4.3% | 4.5% | 8.0% | | | | | | | | 资产负债率（ % ） | 55.1% | 65.6% | 62.2% | 56.9% | | 净负债比率 ...