WXSJ(SH:603185) 3 6 Ke·2025-10-13 03:17Core Viewpoint - The recent rumors regarding Hongyuan Green Energy's non-participation in the photovoltaic industry's self-discipline have sparked significant attention, with the company issuing a statement supporting national policies against low-price competition and denying the rumors [2][3] Group 1: Company Response - Hongyuan Green Energy firmly supports the national "anti-involution" policies and will take actions to address low-price disorder in the market [2] - The company announced that some media outlets have deleted false reports, and it will pursue legal action against continued dissemination of such rumors [2] - The company's stock price fell by 3.2% on September 26, indicating a negative impact on investor confidence due to the rumors [3] Group 2: Industry Context - The photovoltaic industry has initiated strict management measures to curb low-price sales, with a cost line set at 0.69 yuan/W [4] - An anonymous source indicated that Hongyuan is no longer on the self-discipline execution list due to its low bid of 0.655 yuan/W in a project, which triggered disciplinary actions [2][4] - The industry has established a tight supervision network to monitor low-price sales, with severe penalties for violations [4] Group 3: Market Pricing Dynamics - Current market pricing for components is around 0.701 yuan/W, with expectations of price increases post-holiday leading to stockpiling by distributors [5] - Recent procurement bids have shown prices above the self-discipline standard, with no significant downward trends observed [5] - Some second and third-tier companies are still quoting low prices around 0.66 yuan/W, but they are not part of the self-discipline list, allowing them to operate outside the established norms [6] Group 4: Procurement and Investment Considerations - National enterprises prioritize stable procurement from traditional suppliers, reflecting a cautious approach amid fluctuating component prices [6] - The internal rate of return (IRR) for projects has become difficult to estimate due to declining grid prices, leading to a cautious stance from procurement parties [6] - The balance between price increases and maintaining contracts creates a complex dynamic for component manufacturers and buyers, necessitating ongoing adjustments in the self-discipline process [6]