隆基股份擬收購森特股份27.25%股份，持續(xù)加碼BIPV市場布局。公司依托全面綜合能力優(yōu)勢，進一步整合產(chǎn)業(yè)鏈資源，前瞻布局BIPV市場，有望打造業(yè)績新增長極。維持“增持”評級。維持2020-2022年EPS 2.24、3.33、4.43元的預(yù)測，公司持續(xù)加碼BIPV布局、2021年供應(yīng)鏈保供超出預(yù)期有望增厚利潤、2022年新電池技術(shù)提升盈利。基于隆基前瞻布局、規(guī)模優(yōu)勢、技術(shù)領(lǐng)先，給予2021年40倍PE，維持目標價133.2元。
      收購森特股份成為第二大股東，持續(xù)加碼BIPV市場布局。公司擬以協(xié)議轉(zhuǎn)讓方式現(xiàn)金收購森特股份27.25%股份，交易對價總額為16.35億元，本次交易完成后，公司將成為其第二大股東。森特股份為全國領(lǐng)先的建筑金屬圍護系統(tǒng)一體化服務(wù)商，主要承接金屬圍護系統(tǒng)工程（屋面系統(tǒng)、墻面系統(tǒng)）和聲屏障系統(tǒng)工程，具備豐富的行業(yè)實踐經(jīng)驗。公司此次收購協(xié)議，有望依托森特的渠道優(yōu)勢和設(shè)計施工能力，加速BIPV產(chǎn)品的推廣。BIPV市場空間廣闊，前瞻把握行業(yè)啟動前夕。BIPV有望成為普適的新型建材，市場潛力巨大，行業(yè)啟動在即。一方面，光伏技術(shù)不斷進步推動成本持續(xù)下降，BIPV能夠發(fā)電收回建筑物投資；另一方面，建筑強制安裝政策有望出臺，進一步刺激市場增長。中性預(yù)測，中國新建建筑BIPV市場年裝機容量有望達到18GW。公司前瞻布局BIPV市場，于2020年6月聯(lián)合中科建筑研究院共同編制《建筑光伏組件》標準，2020年8月發(fā)布首款BIPV產(chǎn)品——隆頂。此次收購森特股份，公司進一步整加碼BIPV市場布局，有望率先享受BIPV市場啟動紅利，打造業(yè)績新增長極。催化劑。供應(yīng)鏈長單簽訂、電池新技術(shù)亮相、BIPV新品推出和大單簽訂。風(fēng)險提示。國際貿(mào)易及匯率風(fēng)險、海外疫情影響光伏裝機的風(fēng)險。

Longji shares to acquire 27.25% of the shares of Cent, continue to increase the BIPV market layout.Relying on the comprehensive ability advantages, the company further integrates industrial chain resources, forward-looking layout of the BIPV market, and is expected to create a new growth pole of performance. Maintain "Overweight" rating.Maintaining the forecast of 2020-2022 EPS of 2.24, 3.33, 4.43 yuan, the company continues to increase the BIPV layout, the supply chain in 2021 is expected to exceed expectations to increase profit, and the new battery technology to improve profit in 2022. Based on Longji's forward-looking layout, scale advantage and leading technology, the company gives 40 times PE in 2021 and maintains the target price of 133.2 yuan.

Acquisition of Cent shares to become the second largest shareholder, continue to increase the BIPV market layout.The company plans to acquire 27.25% of Cent shares in cash by means of agreement transfer, with a total consideration of 1.635 billion yuan. After the completion of this transaction, the company will become its second largest shareholder. As a leading integrated service provider of building metal envelope system in China, Centercorp mainly undertakes metal envelope system engineering (roof system, wall system) and sound barrier system engineering, with rich practical experience in the industry.The acquisition agreement is expected to accelerate the promotion of BIPV products by relying on Cent's channel advantages and design and construction capabilities. BIPV market space is broad, forward-looking grasp the eve of the start of the industry.BIPV is expected to become a universal new building materials, the market potential is huge, the industry is about to start. On the one hand, the continuous progress of photovoltaic technology to drive the cost of continuous decline, BIPV can generate electricity to recover the building investment;On the other hand, mandatory construction installation policy is expected to further stimulate market growth. Neuter forecast, China's new building BIPV market annual installed capacity is expected to reach 18GW.The company has a forward-looking layout of the BIPV market. In June 2020, the company jointly compiled the "Building Photovoltaic Module" standard with the China Institute of Architecture, and released the first BIPV product -- the roof in August 2020. The acquisition of Sent shares, the company further increase the overall BIPV market layout, is expected to take the lead in enjoying the BIPV market start dividend, to create a new growth pole performance.The catalyst.Supply chain long order signing, battery new technology debut, BIPV new product launch and big order signing. Risk warning.International trade and exchange rate risks, overseas epidemic risk affecting photovoltaic installation.