Core Viewpoint - The photovoltaic industry is undergoing a brutal survival elimination race and a deep restructuring of the industrial pattern, with the next phase expected to be redefined after this intense reshuffle [2][4]. Group 1: Industry Performance and Losses - In 2025, major companies in the photovoltaic sector are expected to report significant losses, with JinkoSolar forecasting a net loss of 5.9 billion to 6.9 billion yuan, Trina Solar predicting a loss of 6.5 billion to 7.5 billion yuan, and Tongwei expecting a loss of 9 billion to 10 billion yuan [2][6]. - The total expected losses from leading companies amount to hundreds of billions, indicating that the photovoltaic industry is still mired in a loss-making situation [2][5]. - The industry has shifted from a phase of rapid expansion to a deep adjustment period, with companies generally operating at a loss to maintain operations, severely squeezing overall profitability [7][12]. Group 2: Causes of the Crisis - The root cause of the current industry crisis is attributed to aggressive expansion in the past, leading to severe structural oversupply and intense price competition [3][6]. - The prices of key materials such as silicon have plummeted from 300,000 yuan per ton in 2022 to around 55,000 yuan per ton, while silver prices have nearly doubled in recent months, further exacerbating the challenges faced by companies [4][10]. Group 3: Strategic Responses and Industry Restructuring - In response to the crisis, leading companies are turning to mergers and acquisitions to strengthen competitiveness or are extending into related fields such as energy storage and hydrogen energy to seek strategic breakthroughs [4][12]. - TCL Zhonghuan announced plans to invest in a new energy technology company to enhance its integrated strategy and expand battery and module production capacity [12]. - The industry is experiencing a "淘汰赛" (elimination race), with smaller companies likely to exit the market or seek mergers as the competitive landscape narrows [13][14]. Group 4: Future Outlook and Recovery Potential - Companies like Tongwei have seen some operational profitability in the latter half of 2025, but overall losses are expected to continue due to declining sales prices and rising raw material costs [9][10]. - The recovery of profitability is contingent on the overall price recovery across the supply chain and the expansion of photovoltaic application scenarios, which could provide significant growth opportunities [9][10]. - The photovoltaic industry is witnessing a recent increase in component prices, with some manufacturers raising prices by 0.04 to 0.15 yuan per watt, indicating a potential shift in market dynamics [18][19].

Core Viewpoint - The A-share photovoltaic sector has experienced a significant surge, with multiple stocks hitting a 20% limit-up, driven by Elon Musk's endorsement of space photovoltaics at the Davos Forum. However, the industry faces a harsh reality of prolonged losses, overcapacity, and persistent price pressure, with major companies expected to report substantial losses in 2025 [1][2]. Group 1: Industry Performance - The photovoltaic industry has seen widespread losses, with 23 out of 32 listed companies expected to report losses in 2025, accounting for over 70% of the sample [2]. - Major players like Tongwei Co. anticipate a net loss of 90 to 100 billion yuan in 2025, up from a loss of 70.39 billion yuan the previous year, marking it as the only company with a projected loss exceeding 100 billion yuan [2]. - Trina Solar and JinkoSolar are also expected to report significant losses, with Trina Solar projecting a loss of 65 to 75 billion yuan, and JinkoSolar estimating a loss of 59 to 69 billion yuan [2][3]. Group 2: Market Dynamics - The photovoltaic supply chain is experiencing intensified losses due to weak terminal demand, overcapacity, and stagnant product prices, which are the main contributors to the industry's financial struggles [2][3]. - Despite some companies like Daqo Energy and Longi Green Energy reducing their losses, the overall trend remains negative, with Daqo Energy expecting a loss of 14.18 to 17.18 billion yuan, a reduction of 52.17% to 63.21% year-on-year [3]. - The industry is facing a dual challenge of weak supply and demand, with overcapacity leading to low prices, which is the primary cause of losses [4][5]. Group 3: Cost Pressures - The rapid increase in raw material prices, particularly silver, has significantly impacted production costs, with silver prices rising over 118% since October of the previous year [6][7]. - The cost of silver paste, a critical material in photovoltaic technology, has surged, further straining the profitability of companies in the sector [6][7]. - Companies are exploring cost-reduction strategies, including substituting silver with copper and aluminum, but the impact of these innovations on profitability remains limited [7]. Group 4: Future Outlook - The industry is expected to undergo structural reforms characterized by capacity utilization improvements, elimination of outdated capacity, and potential mergers and acquisitions, which are essential for recovery [7]. - A return to a healthy supply-demand balance and a restoration of product prices to reasonable levels are crucial for the fundamental improvement of companies' profitability [7].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

每经编辑｜金冥羽 向江林 1月23日晚，天合光能（688599.SH）发布2026年限制性股票激励计划和2026年员工持股计划。 值得注意的是，两份计划中的公司层面业绩考核目标相同，均为2026年净利润不低于2亿元；2027年净利润不低于32亿元，或2026年至2027年净利润累计 值不低于34亿元；2028年净利润不低于62亿元，或2026年至2028年净利润累计值不低于96亿元。 目前光伏企业仍普遍陷于亏损中。尤其是下游电池及组件环节，面临"价格低迷、成本抬升"的"剪刀差"，出现较大盈利压力。 | 归属期 | | 考核年度 | 业绩考核目标 | | --- | --- | --- | --- | | 首次授予的限制 | 第一个归属期 | 2026年 | 2026年净利润不低于 2.00 亿元。 | | 性股票及预留授 | | | | | 予的恩制性股票 | | | 2027 年净利润不低于 32.00 亿元:或 | | (若预留部分在 | 第二个归属期 | 2027 年 | 2026年-2027年净利润累计值不低于 | | 公司 2026 年第 | | | 34.00 亿元。 | | 三季度报告披露 | ...

Core Viewpoint - Trina Solar has ambitious profit targets, aiming for a cumulative net profit of no less than 9.6 billion yuan over the next three years, despite forecasting a significant loss for 2025 [2][4][10]. Group 1: Performance Targets - The stock incentive plan includes performance targets of a net profit of at least 200 million yuan in 2026, 3.2 billion yuan in 2027, and 6.2 billion yuan in 2028, with a cumulative target of 9.6 billion yuan from 2026 to 2028 [4][6][8]. - The plan involves granting approximately 28.01 million restricted stocks, accounting for about 1.20% of the total share capital as of January 21, 2026, with a grant price of 10.05 yuan per share [6][7]. Group 2: Business Strategy and Market Outlook - The company plans to enhance its business structure by focusing on photovoltaic products, energy storage, system solutions, and digital energy services, aiming to transform from a photovoltaic manufacturer to a comprehensive energy solution provider [7][8]. - Trina Solar's optimism about the photovoltaic industry's recovery is based on industry self-discipline actions and the deepening of "anti-involution" measures, which aim for profitability across the entire industry chain [10][11]. Group 3: Industry Context - The photovoltaic industry is currently facing widespread losses, with many companies, including Trina Solar, forecasting significant losses for 2025 due to price declines and rising costs [11][12]. - The company is actively pursuing opportunities in the energy storage market and exploring applications in space photovoltaics, indicating a strategic shift to capture new growth areas [13][14].

隆基绿能在2025年员工持股计划中提出相应考核目标，其中要求2026年度归属于上市公司股东 的净利润为正数，2027年度和2028年度归属于上市公司股东的净利润分别不低于30亿元和60 亿元。 但需要注意的是，要实现制定的经营目标难度并不低。晶澳科技目前尚未披露2025年度净利 润，但从归属净利润指标看，公司去年亏损预计45亿—48亿元。2024年度，公司归属净利润亏 损46.56亿元，以2025年度亏损下限计算，该指标减亏幅度约为3.35%。 在光伏行业普遍预告续亏的"寒冬"中，龙头企业仍然坚持亮出利润转正的时间表。昨日晚间，天合 光能发布2026年限制性股票激励计划（草案）。 其中在业绩考核要求中提到，2026年业绩考核目标 为净利润不低于2亿元。 具体来看，首次授予的限制性股票及预留授予的限制性股票的要求还包括：2027年净利润不低 于32亿元，或2026年-2027年净利润累计值不低于34亿元；2028年净利润不低于62亿元，或 2026年-2028年净利润累计值不低于96亿元。 激励计划（草案）显示，此次激励计划拟授予限制性股票总计2800.76万股，约占公司总股本 的1.20%。其中首次授予252 ...

在光伏行业普遍预告续亏的"寒冬"中，龙头企业仍然坚持亮出利润转正的时间表。昨日晚间，天合光能 （688599.SH）发布2026年限制性股票激励计划（草案）。其中在业绩考核要求中提到，2026年业绩考 核目标为净利润不低于2亿元。 隆基绿能（601012.SH）在2025年员工持股计划中提出相应考核目标，其中要求2026年度归属于上市公 司股东的净利润为正数，2027年度和2028年度归属于上市公司股东的净利润分别不低于30亿元和60亿 元。 具体来看，首次授予的限制性股票及预留授予的限制性股票的要求还包括：2027年净利润不低于32亿 元，或2026年-2027年净利润累计值不低于34亿元；2028年净利润不低于62亿元，或2026年-2028年净利 润累计值不低于96亿元。 但需要注意的是，要实现制定的经营目标难度并不低。晶澳科技目前尚未披露2025年度净利润，但从归 属净利润指标看，公司去年亏损预计45亿—48亿元。2024年度，公司归属净利润亏损46.56亿元，以 2025年度亏损下限计算，该指标减亏幅度约为3.35%。 激励计划（草案）显示，此次激励计划拟授予限制性股票总计2800.76万股，约占公 ...

智通财经1月24日讯（记者 刘梦然）在光伏行业普遍预告续亏的"寒冬"中，龙头企业仍然坚持亮出利润 转正的时间表。昨日晚间，天合光能（688599.SH）发布2026年限制性股票激励计划（草案）。其中在 业绩考核要求中提到，2026年业绩考核目标为净利润不低于2亿元。 具体来看，首次授予的限制性股票及预留授予的限制性股票的要求还包括：2027年净利润不低于32亿 元，或2026年-2027年净利润累计值不低于34亿元；2028年净利润不低于62亿元，或2026年-2028年净利 润累计值不低于96亿元。 激励计划（草案）显示，此次激励计划拟授予限制性股票总计2800.76万股，约占公司总股本的1.20%。 其中首次授予2520.68万股，占总股本的1.08%，占本次授予总量的90%；预留部分280.08万股占本次授 予总量的10%。 从历年财报看，天合光能在2023年实现归属净利润55.27亿元，创下上市以来最好成绩。自2020年提 出"双碳"目标，以及在全球能源替代趋势下，公司业绩曾多年高速增长。choice数据显示，其2020 年-2023年归属净利润增速分别达到91.90%、46.77%、104.03%和 ...

供需错配、低价"内卷式"竞争持续、开工率维持低位以及银浆、硅料成本上涨等诸多因素下，光伏行业仍处寒冬。截至目前，已发布2025年业绩预告的20 多家光伏上市公司中，仅约两成实现了盈利，多家龙头公司出现了大额亏损。 证券时报·e公司记者注意到，天合光能(688599)此时披露的多份公告，给处于寒冬的光伏行业带来了一阵暖意。 未来三年要大额盈利 1月23日晚，天合光能发布了2026年员工持股计划（草案）、2026年限制性股票激励计划（草案）。 员工持股计划（草案）显示，该计划设立时资金总额不超过2.71亿元，份额上限为2.71亿份。计划的资金来源为根据公司相关薪酬管理制度规定提取的奖 励基金以及法律法规允许的其他方式；股票来源为天合光能回购的公司A股普通股股票。购买回购股份的价格为20.10元/股，预计购买股份数量不超过 1349.16万股。 | 归属期 | | 考核年度 | 业绩考核目标 | | --- | --- | --- | --- | | 首次授予的限制 | 第一个归属期 | 2026 年 | 2026年净利润不低于 2.00 亿元。 | | 性股票及预留授 | | | | | 予的限制性股票 | | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 供需错配、低价"内卷式"竞争持续、开工率维持低位以及银浆、硅料成本上涨等诸多因素下，光伏行业 仍处寒冬。截至目前，已发布2025年业绩预告的20多家光伏上市公司中，仅约两成实现了盈利，多家龙 头公司出现了大额亏损。 证券时报·e公司记者注意到，天合光能（688599）此时披露的多份公告，给处于寒冬的光伏行业带来了 一阵暖意。 未来三年要大额盈利 1月23日晚，天合光能发布了2026年员工持股计划（草案）、2026年限制性股票激励计划（草案）。 员工持股计划（草案）显示，该计划设立时资金总额不超过2.71亿元，份额上限为2.71亿份。计划的资 金来源为根据公司相关薪酬管理制度规定提取的奖励基金以及法律法规允许的其他方式；股票来源为天 合光能回购的公司A股普通股股票。购买回购股份的价格为20.10元/股，预计购买股份数量不超过 1349.16万股。 天合光能员工持股计划初始设立时持有人总人数不超过407人。其中，公司董事长高纪凡、联席董事长 高海纯等7名董事、高管人员拟持有份额上限对应的标的股票数量为246.57万股，占比18.28%。 激 ...