金吾财讯 | 交银国际研报指，协鑫科技(03800)2024年亏损47.5亿元（人民币，下同），其中4季度亏损17.8亿元，环比扩大2.9亿元，主要是由于计提减值较多。颗粒硅4季度吨现金成本环比大幅下降0.5万元至2.82万元，今年1-2月降至2.71万元，行业最低的成本优势进一步扩大。公司管理层自愿大幅降薪，同时严控其他费用，推动2024年管理/研发费用同比大幅下降4.2/7.7亿元或18%/41%。考虑到多晶硅行业产能出清较慢，该行下调公司颗粒硅产量及售价，并考虑1月完成增发5.8%股本的影响，下调2025-26年盈利预测，基于分部估值，将目标价下调至1.49港元（原1.77港元）。该行认为公司颗粒硅盈利优势将扩大，新业务潜力巨大，近期股价回调后估值吸引，同时钙钛矿业务启动IPO有助估值提升，上调至买入评级。
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