中金公司研报指出，晶科能源近期引入外部企业合作布局AI+技术发展，认为2026年公司高功率组件出货比例上升有望助力业绩加速转正，储能业务逐步放量有望贡献业绩，公司具备困境反转机会。考虑目前行业仍在周期底部，公司成本上行且高功率产品尚未形成规模化占比与充分体现溢价，将公司2025盈利预测从-40.68亿元下调至-66.47亿元，下调2026年盈利预测60.8%至6.20亿元。考虑行业逐步复苏市场交易远期估值，切换2027年估值，引入2027年盈利预测24.59亿元，对应当前估值33.9倍市盈率。上调公司目标价42.9%至10元，对应2027年40.7倍市盈率，较当前股价有20%的上行空间。
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