N 21%9% BSFNPERCNPERC3/19-3%-9/1906/1908/1910/1912/19 NNPERCNNNNPERLHJT NHJTTOPCon202024%HJT2020 HJTTOPConNPERC PERTTopcon TOPConHJTIBC TOPConHJTTOPCon :12020-02-13 :2020-02-16 PERCGWTOPCon 2020NHJT : 2020-02-12 N N CNY CNY CNY CNY CNY CNY /38.57 17.27 12.60 35.10 13.25 56 EPS() PE(x) 2020E 20.18 19.36 18.09 12.64 34.63 27.63 EV/EBITDA(x) 2019E 13.46 12.36 13.42 9.46 23.81 27.81 ROE(%) 2019E 2020E 2019E 1.34 0.74 0.63 1.95 0.53 1.47 1.68 0.96 0.76 2.31 0.82 1.88 25.30 24.64 21.83 14.97 53.58 35.33 2020E 2019E 2020E 10.24 8.92 11.48 8.14 18.39 22.62 21.6% 23.2% 16.7% 17.7% 10.5% 11.3% 17.0% 17.6% 14.4% 16.0% 12.2% 13.5% 601012.SH 600438.SH 300274.SZ 33.90 2020/01/17 18.97 2020/02/12 13.75 2019/10/29 29.20 2019/10/25 28.40 2020/02/12 51.94 2019/12/19 601877.SH 300316.SZ 603806.SH Wind ............................................................................................ 5 ........................................................................................... 5 .................................................................................... 6NNHJTHJTTOPCONTOPCONNN ...................................................................................... 10 ............................................................... 10 ...................................................................................... 11 ........................................................................... 13 ................................................................................. 13 ......................................................................................... 15 ................................................................................................................ 19 .................................................................................................................... 20 1234PERC5PERC6PERC7NREL8PERC9TOPCon10HJT11IBC1314HJT15HJT16PERC17HJT18HJT19HJTGW ......................................................................................... 5 ................................................................................. 6 .......................................................................... 7 ............................................................... 8 ..................................................................................... 9 ............................................................ 9 ............................................... 10 .......................................................................................... 12 ...................................................................................... 12............................................................................................ 12 ............................................................................................ 13BSF .................................................. 14GW ..................................... 14 ................................................................................. 16 .................................................................................... 17 ................................................................................. 18............................................................................................ 18 .................................................................................... 18 ......................................................................... 19TOPCon12TOPConPERC 1 2 3P 4N-TOPCon 5HJT 6 ............................................................................. 7 .................................................................. 8N ................................................................... 11 .......................................................................... 15MW ............................................................. 17PE........................................... 20 BSFNNPERCPERC PNPP 1 NN =*100% P N
【精品报告】光伏行业：N型光伏电池开启元年发展
