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The recent market performance of the photovoltaic sector has attracted much attention.As of the close on May 28th,According to Wind data,the concept index of photovoltaic inverters increased by 2.13%;Among individual stocks,Kyushu Group and Taijia Shares rose more than 20%on the 5th.On the news front,the China Photovoltaic Industry Association recently organized a symposium on high-quality development of the photovoltaic industry in Beijing.Institutional insiders believe that with the accelerated clearance of production capacity due to high costs and outdated technology,as well as the implementation of relevant policies and the recovery of market demand,the industry is expected to gradually return to a healthy and healthy development track.
Multiple companies disclose new trends
Affected by the short-term increase in the popularity of the industry chain,investors have recently left messages on interactive platforms,inquiring about the current technological layout or project progress of listed companies related to the photovoltaic industry chain.Recently,Zhonglv Electric replied on the investor interaction platform that its main business is the investment,construction,and operation of green energy such as wind power and photovoltaics.In addition,the solar and thermal components of the Haixi State Multi Energy Complementary Project of the company need to cooperate with the collaborative operation of photovoltaic,wind power,and energy storage components,which has certain technical complexity.Currently,we are actively promoting related construction work.
China Green Power also recently announced the latest updates on its plan to issue stocks to specific targets and raise funds.It is reported that the company plans to raise a total amount of no more than RMB 180 million(inclusive),and the net amount of the raised funds after deducting issuance expenses will be used for the Qinghai Wutumeiren 700000 kW photovoltaic power generation project,Qinghai Mangya 500000 kW wind power generation project,and supplementary working capital.The company stated that the fundraising and investment are all part of its main business,mainly focused on the company’s strategic layout,which helps to fully leverage its own advantages,effectively enhance the company’s profitability,and assist in the long-term sustainable development of the company’s business.
In response to investor inquiries about the self charging technology model of automotive photovoltaic systems,JA Solar Technology recently stated that the company will continue to actively research innovative applications of photovoltaic technology,explore more photovoltaic application scenarios,and promote photovoltaic power generation on a larger scale;Ashi Chuang also stated on the investor interaction platform that the company has served over 400 customers worldwide,covering optical communication,flat panel displays,energy-saving glass LED、In the photovoltaic and other industries,our products have been supplied to well-known customers including BOE,Qunchuang Optoelectronics,Huaxing Optoelectronics,Shentianma,Fuyao Glass,Xinyi Glass,Lansi Technology,Crystal Optoelectronics,etc.
Lanfeng Biochemical also recently announced new trends in project layout.The company’s subsidiary,Anhui Xuhe Clean Energy Technology Co.,Ltd.,plans to jointly invest with Guangxi Bokun Energy Technology Co.,Ltd.to establish a joint venture in Anhui to develop distributed photovoltaic power stations and other businesses.
The performance of photovoltaic enterprises in the first quarter is generally under pressure
Since the beginning of this year,there has been a phased supply-demand mismatch between the supply side and terminal installation in the photovoltaic industry.The industry is still at the bottom of the market cycle,and outdated production capacity is accelerating its elimination,driving the industry into an innovation led technology iteration cycle.In this context,the performance of industry listed companies in the first quarter is generally under pressure.
According to the Q1 2024 report,TCL Central stated that during the reporting period,due to factors such as a year-on-year decrease in photovoltaic product prices,the company’s operating revenue decreased by 43.62%compared to the same period last year,and the net profit attributable to shareholders of the listed company decreased by 139.05%year-on-year.Tianhe Solar’s operating revenue in the first quarter decreased by 14.37%year-on-year,and the net profit attributable to shareholders of the listed company decreased by 70.83%year-on-year;The operating revenue of Sunshine Power increased by 0.26%year-on-year,and the net profit attributable to shareholders of the listed company increased by 39.05%year-on-year;The operating revenue of Tongwei Co.,Ltd.decreased by 41.13%year-on-year,and the net profit attributable to shareholders of the listed company decreased by 109.15%year-on-year;Longji Green Energy’s operating revenue decreased by 37.59%year-on-year,and the net profit attributable to shareholders of the listed company decreased by 164.61%year-on-year.
The performance research report recently released by Dongwu Securities for 11 representative enterprises in the photovoltaic equipment industry,including Shuangliang Energy Conservation,Jingsheng Electromechanical,and Gaoce Co.,Ltd.,shows that on the revenue side,the photovoltaic equipment industry achieved a total operating revenue of 82.9 billion yuan in 2023,a year-on-year increase of 60%;In the first quarter of this year,the total operating revenue was 19.6 billion yuan,a year-on-year increase of 19%;On the profit side,the industry achieved a total net profit attributable to shareholders of 12.8 billion yuan in 2023,a year-on-year increase of 46%;In the first quarter of this year,the total net profit attributable to shareholders was 2.5 billion yuan,a year-on-year decrease of 12%.The year-on-year decline in industry net profit in the first quarter of this year is mainly due to losses in the material business of companies such as Shuangliang Energy Conservation and Jinbo Co.,Ltd.However,the institution expects that as the prices of the industrial chain hit bottom,the demand for new installed capacity is expected to further explode,and is optimistic about the continuous increase in domestic and international installed capacity demand in 2024.
Industry production capacity is expected to usher in healthy development
In order to explore the current problems,causes,and countermeasures faced by the photovoltaic industry,and guide the orderly development of the industry,under the guidance of the Electronic Information Department of the Ministry of Industry and Information Technology,the China Photovoltaic Industry Association recently organized a”Symposium on High Quality Development of the Photovoltaic Industry”in Beijing.
This meeting pointed out that the photovoltaic industry is more suitable to solve current industry difficulties through market-oriented means,but it should also fully leverage the tangible role of the government,including optimizing the guidance of photovoltaic manufacturing industry management policies on industry capacity construction,and improving key technical indicators;Standardize the investment promotion policies of local governments and establish a unified national market;Adapt to the fast iteration speed of photovoltaic technology and establish effective intellectual property protection measures;Encourage industry mergers and acquisitions,and facilitate market exit mechanisms;Strengthen the crackdown on vicious competition in sales below cost prices;To ensure the stable growth of the domestic photovoltaic market,explore supporting the application of advanced technologies through demonstration projects,and transform the low price bidding situation.
Institutional analysis suggests that in the current stage of intense competition in the photovoltaic industry and the inability of terminal demand to meet the rapidly growing supply of production capacity,playing the tangible role of the government is conducive to guiding the healthy construction and development of industry production capacity.Through the joint efforts of the government and industry,it is conducive to further optimizing resource allocation,enhancing enterprise market competitiveness,and promoting high-quality and healthy development of the photovoltaic industry.Huaxia Fund stated that this meeting aims to address the excessive”internal competition”in the industry and the decline in industry chain prices.The government hopes to guide the industry’s positive development and combat vicious competition.
From the perspective of supply and demand in the photovoltaic industry,Huaxia Fund stated that the current trend of steady growth in demand throughout the year remains unchanged,while the supply side is expected to see a bottom-up increase in corporate profits as the industry actively clears.Any marginal changes at the bottom stage of the industry may prompt the market to react in advance.
In addition,according to the price data of the Silicon Industry Branch of the China Nonferrous Metals Industry Association,the price of polycrystalline silicon in the upstream of the industry chain has exceeded the cash cost of all production enterprises in the industry.Silicon material production enterprises are facing a situation of selling and losing money,and multiple enterprises have started to shut down for maintenance,and the industry supply is expected to begin to decrease.
Guotai Junan Securities analysis and looking ahead to the future market,it is expected to see the industry enter a positive cycle of price stability and quantity increase:silicon material prices have bottomed out to stabilize the entire industry chain prices,and the increase in demand after industry prices have stabilized will lead to an increase in component production,while lower inventory links are expected to drive price increases and further drive up industry chain production.The institution believes that the current photovoltaic industry is already at the expected bottom position,and with the expected improvement in supply and demand and the stabilization of the industry chain price bottom in the future,the industry fundamentals are expected to be marginally upward.