Jinko Solar(SH:688223) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-26 09:00Core Viewpoint - The photovoltaic industry is experiencing a prolonged adjustment cycle, but companies with core competencies such as technology and globalization will continue to thrive despite short-term challenges [1][4][5]. Industry Overview - The photovoltaic sector is characterized by a long-term growth potential, with global demand for renewable energy remaining strong despite short-term fluctuations [4][5]. - The current adjustment cycle in the photovoltaic industry is longer than expected, with demand expected to cool in the third quarter due to policy changes, but improvement is anticipated in the fourth quarter as projects commence [1][2]. Market Dynamics - A significant bifurcation is expected in the industry, with high-efficiency, high-power capacity (650W and above) becoming a scarce resource, leading to greater pricing power for companies with technological advantages [2]. - The domestic market has shown a steady upward trend over the past five years, while overseas demand is shifting towards emerging markets in Latin America, Southeast Asia, South Asia, and the Middle East [3]. Company Strategy - The company has a strong focus on overseas markets, with 68.6% of its revenue coming from international operations, particularly in the Middle East and Southeast Asia [7]. - The company plans to upgrade existing production capacity rather than expand, aiming for 40% of its capacity to be in the 540-650W range [7][8]. Technological Advancements - N-type solar cells are seen as a platform technology that can integrate various new processes, potentially reaching efficiency levels close to the physical limits of monocrystalline silicon cells [8][9]. - Energy storage technology is crucial for addressing the intermittency of solar power, with the company actively expanding its storage business, which has seen a sixfold increase year-on-year [9].