信义光能是全球最大的光伏玻璃制造企业之一。公司主营业务包括光伏玻璃生产制造以及光伏电站开发运营,其中光伏玻璃是公司的核心的业务。2024 年公司光伏玻璃、光伏发电业务营收占比分别为85.9%/13.8%。光伏玻璃环节供需相比其他环节更优,右侧景气拐点初显。(1)光伏玻璃是组件非硅成本中占比最大的环节之一。单瓦价值量约0.1 元/W,约占组件整体/非硅成本16.4%/29.0%。(2)短期盈利压力下...
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