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一、组件是光伏系统中的重要环节，需求随光伏装机高增 ............................................................ 4
1.光伏组件是太阳能发电系统中的重要组成部分............................................................................................ 4
2.组件投资强度小、建设周期短，产能属性弱 ............................................................................................... 5
3.光伏行业快速发展，组件需求也随之保持高速增长 .................................................................................... 6
二、品牌、渠道、成本管控能力为三大核心壁垒 .......................................................................... 7
1.组件使用期长，客户重视品牌背书 .............................................................................................................. 7
2.海外市场需求爆发，提前布局可享有渠道溢价............................................................................................ 8
3.受原材料价格波动影响大，成本管控能力要求高 ........................................................................................ 9
三、大尺寸、叠片、双面助力降本增效，一体化持续推进 .......................................................... 11
1.大尺寸硅片可有效摊薄单瓦非硅成本，硅片大尺寸趋势不可逆 ................................................................ 11
2.高效封装技术百花齐放，助力组件降本增效 ............................................................................................. 11
3.平抑产业链价格波动，一体化降本持续 .................................................................................................... 13
四、投资建议 ............................................................................................................................. 15
五、风险提示 ............................................................................................................................. 16
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