国泰海通：维持协鑫科技(03800)“增持”评级看好公司25H2业绩将显著回暖

智通财经

Sep 12

智通财经APP获悉，国泰海通发布研报称，预计协鑫科技(03800)26-27年的归母净利润分别为3.06/13.70亿元，EPS分别为0.01/0.05元/股，BPS分别为1.24/1.29元/股。参考可比公司，给予公司2025年1.2xPB，维持“增持”评级。下半年价格走势较好，该行看好公司25H2业绩将显著回暖。

报告指，25Q1/Q2公司颗粒硅的现金成本(含研发)分别为27.07/25.31元/kg，呈现持续下降的趋势。凭借着持续不断的工艺优化、技术提升以及材料迭代，公司颗粒硅产品的质量稳中有升，基于颗粒硅产品纯度的优异性和稳定性，客户对本公司颗粒硅的粘附力不断增强。据Infolink统计，2025年7月，颗粒硅的成交价格首次超过传统N型致密块料。

根据硅业分会，6月25日，N型颗粒硅的均价为3.35万元/吨，9月3日的均价为4.8万元/吨，上涨幅度达到43%。8月19日，六部门联合召开光伏产业座谈会，进一步规范光伏产业竞争秩序，打击低于成本价销售、虚假营销等违法违规行为。该行认为反内卷的推进将支撑硅料价格稳中向上，多部门参会说明政策的重视程度较高，价格上涨将带来公司业绩的显著回升。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2566925751"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2566925751\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2566925751?lang=en_US&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-09-12 15:04","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2566925751","market":"hk","top_or_hot":-1,"title":"国泰海通：维持协鑫科技(03800)“增持”评级 看好公司25H2业绩将显著回暖","media":"智通财经","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/601211\">国泰海通</a>发布研报称，预计<a href=\"https://laohu8.com/S/03800\">协鑫科技</a>(03800)26-27年的归母净利润分别为3.06/13.70亿元，EPS分别为0.01/0.05元/股，BPS分别为1.24/1.29元/股。参考可比公司，给予公司2025年1.2xPB，维持“增持”评级。下半年价格走势较好，该行看好公司25H2业绩将显著回暖。</p><p>报告指，25Q1/Q2公司颗粒硅的现金成本(含研发)分别为27.07/25.31元/kg，呈现持续下降的趋势。凭借着持续不断的工艺优化、技术提升以及材料迭代，公司颗粒硅产品的质量稳中有升，基于颗粒硅产品纯度的优异性和稳定性，客户对本公司颗粒硅的粘附力不断增强。据Infolink统计，2025年7月，颗粒硅的成交价格首次超过传统N型致密块料。</p><p>根据硅业分会，6月25日，N型颗粒硅的均价为3.35万元/吨，9月3日的均价为4.8万元/吨，上涨幅度达到43%。8月19日，六部门联合召开光伏产业座谈会，进一步规范光伏产业竞争秩序，打击低于成本价销售、虚假营销等违法违规行为。该行认为反内卷的推进将支撑硅料价格稳中向上，多部门参会说明政策的重视程度较高，价格上涨将带来公司业绩的显著回升。</p></body></html>","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国泰海通：维持协鑫科技(03800)“增持”评级 看好公司25H2业绩将显著回暖</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国泰海通：维持协鑫科技(03800)“增持”评级 看好公司25H2业绩将显著回暖\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-12 15:04 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1344538.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国泰海通发布研报称，预计协鑫科技(03800)26-27年的归母净利润分别为3.06/13.70亿元，EPS分别为0.01/0.05元/股，BPS分别为1.24/1.29元/股。参考可比公司，给予公司2025年1.2xPB，维持“增持”评级。下半年价格走势较好，该行看好公司25H2业绩将显著回暖。报告指，25Q1/Q2公司颗粒硅的现金成本(含研发)分别为27.07/25.31元...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1344538.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03800","symbol_name":"协鑫科技","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1344538.html","article_id":"2566925751","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2566925751","pubTimestamp":1757660655,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，国泰海通发布研报称，预计协鑫科技26-27年的归母净利润分别为3.06/13.70亿元，EPS分别为0.01/0.05元/股，BPS分别为1.24/1.29元/股。参考可比公司，给予公司2025年1.2xPB，维持“增持”评级。下半年价格走势较好，该行看好公司25H2业绩将显著回暖。该行认为反内卷的推进将支撑硅料价格稳中向上，多部门参会说明政策的重视程度较高，价格上涨将带来公司业绩的显著回升。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"03800":"协鑫科技","02611":"国泰海通"},"translate_title":"Cathay Haitong: Maintain the \"overweight\" rating of GCL Technology (03800) and is optimistic that the company's 25H2 performance will pick up significantly","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02611":1,"03800":1},"content_text":"智通财经APP获悉，国泰海通发布研报称，预计协鑫科技(03800)26-27年的归母净利润分别为3.06/13.70亿元，EPS分别为0.01/0.05元/股，BPS分别为1.24/1.29元/股。参考可比公司，给予公司2025年1.2xPB，维持“增持”评级。下半年价格走势较好，该行看好公司25H2业绩将显著回暖。报告指，25Q1/Q2公司颗粒硅的现金成本(含研发)分别为27.07/25.31元/kg，呈现持续下降的趋势。凭借着持续不断的工艺优化、技术提升以及材料迭代，公司颗粒硅产品的质量稳中有升，基于颗粒硅产品纯度的优异性和稳定性，客户对本公司颗粒硅的粘附力不断增强。据Infolink统计，2025年7月，颗粒硅的成交价格首次超过传统N型致密块料。根据硅业分会，6月25日，N型颗粒硅的均价为3.35万元/吨，9月3日的均价为4.8万元/吨，上涨幅度达到43%。8月19日，六部门联合召开光伏产业座谈会，进一步规范光伏产业竞争秩序，打击低于成本价销售、虚假营销等违法违规行为。该行认为反内卷的推进将支撑硅料价格稳中向上，多部门参会说明政策的重视程度较高，价格上涨将带来公司业绩的显著回升。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}