开源证券研报指出，爱旭股份深耕太阳能电池领域16载，积淀了深厚的技术壁垒。2021年，公司率先发 布ABC技术，并于业内最早实现N型BC的GW级量产。当前，公司专注于光伏发电核心产品的研发与制 造，并提供覆盖"光-储-用"一体化的整体解决方案，核心产品包括高效太阳能电池、ABC组件以及多元 场景化应用方案。公司ABC组件凭借高功率、高安全、高颜值等优势，市场认可度与影响力迅速提 升。该行预计公司2025-2027年归母净利润为-5.4/11.3/21.1亿元,当前股价对应2026-2027年PE为25.7/13.9 倍。首次覆盖给予"增持"评级。 ...

电力设备/光伏设备 爱旭股份（600732.SH） BC 龙头乘风光伏反内卷，高溢价驱动业绩高弹性 2025 年 12 月 29 日 投资评级：增持（首次） | 日期 | 2025/12/26 | | --- | --- | | 当前股价(元) | 13.77 | | 一年最高最低(元) | 17.80/9.20 | | 总市值(亿元) | 291.55 | | 流通市值(亿元) | 217.76 | | 总股本(亿股) | 21.17 | | 流通股本(亿股) | 15.81 | | 近 3 个月换手率(%) | 151.37 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-12 2025-04 2025-08 爱旭股份 沪深300 数据来源：聚源 殷晟路（分析师） 周航（联系人） yinshenglu@kysec.cn zhouhang1@kysec.cn 证书编号：S0790125050020 深耕光伏十六载，BC 破局技领航 公司深耕太阳能电池领域 16 载，积淀了深厚的技术壁垒。2021 年，公司率先发 布 ABC 技术，并于业内最早实现 N 型 BC 的 GW 级量产。当 ...

晨会纪要 证券研究报告 2025 年 12 月 29 日 核心结论 分析师 【煤炭】兖矿能源（600188.SH）首次覆盖报告：煤炭国企，布局广泛 预计公司 2025-2027 年归母净利润分别为 94.48 亿、120.19 亿、141.71 亿， EPS 分别为 0.94、1.20、1.41 元，同比增长-39.61%、27.21%、17.91%。 考虑 DDM 估值方法，给予公司目标价 16.27 元/股。首次覆盖，给予"买入" 评级。 【电力设备】爱旭股份（600732.SH）跟踪点评：行业竞争导致业绩承压， 银价上涨有望推动贱金属化 投资建议：由于电池片价格仍在底部区间，且将持续一段时间，因此我们对 于 25 年盈利预测仍给予亏损，但随着产业政策加速与 BC 组件产业化进步， 预计爱旭股份业绩有望在 26 年迎来反转，我们预计公司 25-27 年实现归母 净利润-5.82/11.53/22.66 亿元，同比+89.1%/298.1%/96.6%，EPS 分别为 -0.27/0.54/1.07 元，但考虑到公司 ABC 组件有望带领公司走出困境，维持 "买入"评级 【美容护理】稳健医疗（300888. ...

Investment Rating - The investment rating for the company is "Buy" [4][9] Core Views - The company reported a revenue of 3.151 billion yuan in Q3 2025, representing a year-on-year increase of 15.2% but a quarter-on-quarter decrease of 26.9%. The net profit attributable to shareholders was -295 million yuan, marking a shift from profit to loss compared to the previous quarter. Cumulatively, the revenue for the first three quarters reached 11.597 billion yuan, a year-on-year growth of 46.9%, with a net profit of -532 million yuan [1][4] - The company is focused on technological innovation, leading the N-type technology wave with its ABC technology. This technology has achieved a conversion efficiency of 24.4% for its second-generation N-type ABC modules, maintaining the top position in global commercialized production efficiency for 29 consecutive months [2] - Despite seasonal fluctuations in Q3 shipments, the company's contract liabilities increased by over 30% to 1.187 billion yuan, indicating strong downstream demand and providing solid support for future shipments. Looking ahead to 2026, the company expects improved shipment volume and profitability due to the upcoming peak demand season and the release of higher efficiency ABC module products [2] Financial Summary - Revenue projections for 2025-2027 are as follows: 15.92 billion yuan in 2025, 24.7 billion yuan in 2026, and 35.641 billion yuan in 2027, with growth rates of 42.7%, 55.2%, and 44.3% respectively [3][8] - The net profit attributable to shareholders is projected to be -582 million yuan in 2025, 1.153 billion yuan in 2026, and 2.266 billion yuan in 2027, with growth rates of 89.1%, 298.1%, and 96.6% respectively [3][8] - Earnings per share (EPS) are expected to be -0.27 yuan in 2025, 0.54 yuan in 2026, and 1.07 yuan in 2027 [3][8]

彭博新能源财经是全球最具公信力的第三方研究机构之一。作为海外业主采购的重要依据，其发布的Tier 1榜单综合考察企业在融资、生产、销售及品牌 建设多方面实力，确保榜单权威性。统计显示，全球仅2%的光伏组件制造商可入选Tier 1榜单，爱旭成功入选也凸显了其在光伏组件生产领域的全球影响 力。 此次爱旭再度入选Tier 1榜单，为爱旭作为光伏行业新质生产力的代表、引领行业实现健康可持续的高质量发展提供了有力支撑。未来，爱旭将继续坚持 创新引领，为不同客户的差异化需求量身打造个性化解决方案，以客户价值创造颠覆传统价格竞争，创新商业模式，推动光伏产业建立良性竞争新生态， 引领人类社会进入零碳时代。 近日，彭博新能源财经（BloombergNEF）公布2025年第四季度 "全球光伏组件厂商分级"排名，爱旭再次成功入选一级光伏组件厂商名单（Tier 1），彰显 出爱旭在全球光伏市场的强劲影响力与竞争力，为爱旭在光伏行业领先地位再添新注脚。 作为全球零碳能源变革推动者，爱旭始终坚持创新引领，首创分置法ABC技术，在行业内率先实现了N型BC技术的GW级量产。目前，爱旭ABC已连续34 个月蝉联Taiyang News全球组件 ...

近日，爱旭股份（600732.SH）发布公告，股东义乌奇光计划在2025年12月29日至2026年3月28日期 间，通过集中竞价或大宗交易方式减持不超过6351.75万股，占总股本的3%，按当前股价预计套现约8.4 亿元。 由于押注BC技术路线，回报周期长，爱旭股份当前财务吃紧状态明显。截至今年上半年末，公司负债 总额高达291.47亿元，资产负债率高达85.75%，货币资金21.36亿元，远低于76.06亿元短期债务，在光 伏主产业链上市公司中位居前列。 资金吃紧的背景下，爱旭股份还要扩建项目。根据半年报披露，公司5项重要在建工程预算额高达 254.35亿元，今年上半年的增加金额为3.36亿元。其中山东爱旭新世代高效太阳能电池组件项目目前进 度仅8.92%，该项目预算金额达99.78亿元，这也意味着公司后续多个重大项目的投入在百亿元以上。 数据显示，爱旭股份2025年前三季度营收115.97亿元，同比增长46.86%；归母净利润为-5.32亿元。早在 2024年，爱旭股份就出现营收、净利双双深度下滑的情况，其归母净利润亏损53.19亿元，降幅为 802.92%。目前，该公司业绩依然处于亏损状态。 不过，该公 ...

2025年上半年，爱旭股份基于N型BC电池技术的ABC组件出货量达到8.57GW，同比增长超过400%；实 现营业收入84.46亿元，同比增长64%，其中ABC组件营收占比已升至74%左右。 中经记者 张英英 吴可仲 北京报道 爱旭股份在财报中表示，其正逐步实现从第三方电池供应商到N型ABC先进组件及场景化产品生产商的 战略升级转型。 12月5日，爱旭股份（600732.SH）发布公告，持股5%以上股东义乌奇光股权投资合伙企业（有限合 伙）（以下简称"义乌奇光"） 计划在2025年12月29日—2026年3月28日期间，通过集中竞价或大宗交易 方式减持不超过爱旭股份的股份总数的3%，即约63517497股。 据《中国经营报》记者统计，若按公告当日收盘价13.23元/股计算，此次减持预计可套现约8.4亿元。 对于减持原因，爱旭股份方面解释称系股东方"回笼资金需求"。 2025年以来，光伏行业频现股东减持。据记者粗略统计，已有至少30家光伏企业发布了相关公告，减持 主体包括控股股东、实际控制人、董监高、投资机构等。但对比来看，目前义乌奇光的减持预期金额在 行业内处于较高水平。 当前光伏行业呈现阶段性供给过剩局面， ...

Core Viewpoint - The global BC technology innovation summit held in Yiwu, China, highlights the importance of innovation in the photovoltaic industry, particularly focusing on the advancements in BC technology and its potential to lead the market in the coming years [1][19]. Group 1: Event Overview - The global BC technology innovation summit and the 14th bifi PV workshop took place in Yiwu, attracting over 600 participants from leading photovoltaic companies and research institutions worldwide [1]. - This summit is part of a series of prestigious academic gatherings that have previously been held in various international locations, emphasizing the global nature of the photovoltaic industry [3]. Group 2: BC Technology Insights - BC technology is recognized as the ultimate technology in the single crystal silicon era, with the potential to achieve conversion efficiencies close to the theoretical limits [3]. - Aiko Solar, a key player in the industry, has achieved GW-level mass production of N-type BC technology, showcasing its commitment to innovation and efficiency [3][5]. Group 3: Industry Perspectives - Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association, emphasized that innovation is crucial for the healthy development of the photovoltaic industry, aligning with national strategic directions [5]. - Radovan Kopecek, founder of ISC Konstanz, projected that BC technology will gain significant market share and customer recognition, with production efficiency reaching 25% and expected to dominate the market by 2027-2028 [8]. Group 4: Future Projections - Aiko Solar's Chairman, Chen Gang, discussed the transition of the photovoltaic industry towards a value competition era, highlighting the need for continuous technological innovation to meet diverse customer demands [10]. - The company aims to increase mass production efficiency to 26% by 2026 and eventually reach 35% within 14 years, indicating a strong commitment to advancing BC technology [10]. Group 5: Collaborative Efforts - The summit facilitated discussions among industry leaders on the necessity of collaborative innovation across the entire supply chain to foster a healthy ecosystem for BC technology [14]. - Various companies and research institutions participated in the summit, contributing to a comprehensive analysis of BC technology across design, production, testing, and application [14]. Group 6: Safety and Standards - TÜV Rheinland awarded Aiko Solar and Longi Green Energy with certificates for "component-level fire risk resistance," highlighting the safety advantages of BC components in high-temperature and shaded environments [16]. Group 7: Market Positioning - Aiko Solar's ABC components have maintained the highest production efficiency ranking for 33 consecutive months, demonstrating their market leadership and commitment to delivering high-quality products [18]. - The company focuses on providing differentiated products and services to meet the evolving needs of customers in the photovoltaic market [18].

Core Viewpoint - Aiko Solar's recent 3.5 billion yuan private placement is notable in the context of a challenging photovoltaic industry and tightening financing environment, attracting significant participation from multiple public funds [2][15]. Group 1: Private Placement Details - Aiko Solar's private placement raised a total of 3.5 billion yuan, with an issuance price of 12.03 yuan per share and a total of 291 million shares issued [4][16]. - The placement involved 22 participating institutions, with 19 ultimately selected, including notable public funds such as E Fund and Invesco Great Wall [4][10]. - The largest subscription amount was from an entity named Xu Jinxie, totaling 450 million yuan, followed by E Fund with 361 million yuan [4][5]. Group 2: Fund Participation - E Fund participated with multiple funds, including two mixed funds managed by emerging fund manager Jia Jian, and a photovoltaic theme ETF [12][10]. - Invesco Great Wall's funds also participated, with significant allocations managed by well-known fund managers like Yang Ruiwen and Liu Xu [6][10]. - Other public funds involved include Dachen Fund, Caizhong Fund, and Nord Fund, with allocations ranging from 251 million to 267 million yuan [4][5]. Group 3: Use of Proceeds - The raised funds will primarily be used for the Yiwu Phase VI 15GW high-efficiency crystalline silicon solar cell project, with 3 billion yuan allocated for this purpose, and 500 million yuan for working capital [16][18]. - The Yiwu project is part of Aiko Solar's ongoing strategy to expand in the N-type ABC product sector, which has shown strong market performance [18][19]. Group 4: Industry Context - The photovoltaic industry is currently facing a "winter" phase, with many companies canceling their private placement plans due to overcapacity issues [15]. - Aiko Solar's ability to complete this private placement is seen as a positive signal amidst a generally low number of private placements in the sector this year [15][24]. - The overall private placement market in A-shares has been active, with significant interest in high-end manufacturing and AI sectors, indicating a shift in investor focus towards hard technology projects [25].

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices after a period of significant losses, driven by a consensus on the necessity of "anti-involution" measures to stabilize the market and promote sustainable development [1][2][3] Price Stabilization and Market Recovery - Silicon material prices have rebounded, with multi-crystalline silicon and industrial silicon prices rising to 47,100 yuan/ton and 9,378 yuan/ton, reflecting increases of 36.9% and 7.26% respectively [2] - The average price of multi-crystalline silicon stabilized around 50,000 yuan/ton as of mid-September [2] - Silicon wafer prices have also shown recovery, with prices increasing from 0.9-1.0 yuan per piece in July to an estimated 1.45-1.75 yuan per piece by October [2] Industry Adjustments and Production Cuts - Leading companies have significantly reduced production, with New Special Energy's multi-crystalline silicon output dropping by approximately 77% year-on-year to 33,600 tons, and Daqo Energy's output decreasing by about 60% to 50,800 tons [3] - The overall domestic multi-crystalline silicon production fell by 44.1% year-on-year in the first half of 2025, totaling around 596,000 tons [3] Innovation and Differentiation - The industry recognizes the need for innovation to break the cycle of homogeneous competition, with leading firms like JinkoSolar and LONGi Green Energy achieving record efficiencies in their products [4] - JinkoSolar's N-type TOPCon high-efficiency module reached a conversion efficiency of 25.58%, while LONGi's BC cell technology achieved 24.8% efficiency [4] Financial Recovery of Companies - Companies focusing on BC technology have shown improved profitability, with Aiko Solar reducing its net loss to 238 million yuan in the first half of the year and achieving a net profit of 63 million yuan in the second quarter [5] - LONGi Green Energy reported a net loss of 2.569 billion yuan, a reduction of over 50% compared to the previous year [5] Recommendations for Sustainable Development - Industry participants advocate for coordinated efforts between government and enterprises to ensure a healthy and sustainable development cycle [7] - Specific measures are suggested to accelerate the exit of outdated production capacity, standardize local investment attraction behaviors, and support companies in expanding into international markets [7]