白银占成本从3%飙升至29%!光伏巨头“血亏”求生：涨价能救命吗?

Core Viewpoint - The surge in silver prices is exacerbating the financial struggles of solar panel manufacturers, who are facing intensified competition and ongoing losses despite efforts to adjust pricing and reduce costs through material substitution. Group 1: Industry Challenges - Solar panel manufacturers are implementing a dual strategy to cope with rising costs: increasing product prices and accelerating the transition to cheaper materials like copper to replace silver [1][4] - The industry is experiencing severe overcapacity following a period of rapid expansion since the early 2020s, leading to escalating losses [1] - Current spot silver prices have exceeded $93 per ounce, marking a historical high and tripling in value over the past year [1] Group 2: Pricing and Market Dynamics - In the largest market, China, component manufacturers have raised prices to over 0.8 yuan per watt, reflecting a 1.4% to 3.8% increase due to rising silver costs [4] - Leading solar companies, including Trina Solar, have warned of expected net losses continuing into 2025, indicating that the industry downturn has not yet reached its lowest point [4] Group 3: Material Usage and Future Projections - Silver paste, a critical material for solar panels, currently accounts for 29% of total component costs, up from 3.4% in 2023 and 14% last year [1] - Efforts to reduce silver paste usage are accelerating, with projections indicating an average usage of 8.96 milligrams per watt by 2025, down from 11.2 milligrams in 2024 [5] - The solar industry accounted for approximately 17% of total silver demand last year, a significant increase from a decade ago, but a slowdown in consumption could threaten the long-term price momentum of silver [5][6]