深度报告：品牌渠道齐发力，组件一体化龙头稳健增长

20% 0% -20% -40% -60% -80% 000300.SH 857352.SL 投资要点      请阅读最后评级说明和重要声明 一、一体化组件龙头，业绩持续高速增长4 1.深耕光伏行业十八载，管理架构稳定4 2.业绩稳步增长，费用管控得当5 3.研发投入持续增加，产品性能业内领先8 二、光伏组件行业高景气，一体化头部企业持续受益11 1.组件是光伏系统中的重要环节，需求随光伏装机高增11 2.大尺寸、叠片、双面助力降本增效，核心技术路线逐渐明晰14 3.一体化降本持续，组件行业集中度不断提升17 三、一体化构筑成本优势，品牌渠道力持续提升20 1.产能扩张加速，一体化布局构筑成本优势20 2.先发布局全球化，渠道网络遍布全球22 3.公司品牌优势明显，全球认可度较高23 四、盈利预测与投资建议25 五、风险提示27 ...............................................................................................................................................4 ........................................................................................................................................5 .....................................................................................................................................6 ..................................................................................................................................6 ........................................................................................................................................6 ...........................................................................................................................................7 ....................................................................................................................................7 .............................................................................................................................7 .............................................................................................................................7 ...........................................................................................................................8 ...........................................................................................................................8 ...........................................................................................................................8 ..................................................................................................................................8 ............................................................................................................9 .......................................................................................................................9 ..................................................................................................................10 ..........................................................................................10 .............................................................................................11 ............................................................................................................................11 ...........................................................................................................................................11 ...............................................................................................................................................12 ....................................................................................................................................12 ...........................................................................13 ......................................................................................................................13 ....................................................................................................................................14 ............................................................................................................................15 ....................................................................................................................................15 ................................................................................................................................16 ................................................................................................................................16 ...........................................................................................................................................17 ......................................................................................................................17 ...........................................................................................................................................17 ................................................................................................................................18 .........................................................................................................................18 .........................................................................................................18 ........................................................................................18 ...........................................................................................