光伏专题研究系列二：品牌、渠道、成本构筑行业核心壁垒，组件一体化持续推进

投资要点 ➢ ➢ 一、组件是光伏系统中的重要环节，需求随光伏装机高增............................................................41.光伏组件是太阳能发电系统中的重要组成部分............................................................................................42.组件投资强度小、建设周期短，产能属性弱...............................................................................................53.光伏行业快速发展，组件需求也随之保持高速增长....................................................................................6二、品牌、渠道、成本管控能力为三大核心壁垒..........................................................................71.组件使用期长，客户重视品牌背书..............................................................................................................72.海外市场需求爆发，提前布局可享有渠道溢价............................................................................................83.受原材料价格波动影响大，成本管控能力要求高........................................................................................9三、大尺寸、叠片、双面助力降本增效，一体化持续推进..........................................................111.大尺寸硅片可有效摊薄单瓦非硅成本，硅片大尺寸趋势不可逆................................................................112.高效封装技术百花齐放，助力组件降本增效.............................................................................................113.平抑产业链价格波动，一体化降本持续....................................................................................................13四、投资建议.............................................................................................................................15五、风险提示.............................................................................................................................16 ...............................................................................................................................................4...................................................................................................................................................4........................................................................................................................................5......................................................................................6..........................................................................................................................6.........................................................................................................7................................................................................................................................8...........................................................................................................8........................................................................................................................................9................................................................................................9.............................................................................................................................................9......................................................................................................................10...........................................................................................................................................10................................................................................................................................10.........................................................................................................................10....................................................................................................................................11............................................................................................................................12....................................................................................................................................12................................................................................................................................13 ................................................................................................................................13.........................................................................................................14........................................................................................14 .................................................................................................................................6