TYN(SZ:000591) Xin Lang Cai Jing·2025-04-23 02:36Core Viewpoint - The recent adjustment in the photovoltaic sector is primarily due to concerns over trade friction and a short-term decline in market conditions, but the export from Southeast Asia to the U.S. has not been significantly impacted, and the domestic installation slowdown is seen as a temporary fluctuation, suggesting a need for cautious optimism [1][2]. Investment Highlights - The current adjustment in the photovoltaic sector is attributed to two main factors: concerns over bilateral trade friction and worries about a short-term decline in the industry chain's market conditions. However, the export of photovoltaic products from Southeast Asia to the U.S. remains unaffected, and the recent decrease in domestic installation enthusiasm is expected to be a short-term fluctuation rather than a long-term trend [2]. - A joint statement from five government departments aims to promote the high-quality development of the green certificate market, with goals to establish a well-functioning trading system by 2027 and to ensure efficient operation by 2030. The guidelines include mandatory consumption requirements for green electricity and encourage the development of high-consumption green electricity factories and parks [2]. Price Trends - Prices for silicon wafers, batteries, and modules have mostly remained stable, with some experiencing slight declines. The average price of dense materials is 40.0 yuan/kg, while P-type 182 silicon wafers are priced at 1.15 yuan/piece, and N-type 182 silicon wafers have decreased by 0.100 yuan/W to 1.20 yuan/piece. PERC batteries are priced at 0.30 yuan/W, reflecting a decrease of 0.010 yuan/W [3]. Market Performance - The photovoltaic sector's performance has lagged behind the broader market, with a recent weekly decline of 1.04%, underperforming the CSI 300 index by 2.99 percentage points. The sector's TTM overall valuation as of April 18, 2025, stands at 17.29 times, ranking in the lower middle compared to other industry sectors. The valuation trend shows a continuous decline from the end of 2021 to the end of 2023, with a gradual increase starting in early 2024 [4].