5家光伏龙头合计预亏超289亿元

Core Viewpoint - Several leading photovoltaic companies have announced significant expected losses for 2025, indicating ongoing challenges in the industry due to supply-demand imbalances and rising raw material costs [1][2][3]. Company Summaries - Tongwei Co., Ltd. (通威股份) expects a net loss of 9 billion to 10 billion yuan for 2025, citing unresolved supply-demand issues and rising prices of core raw materials [1]. - Longi Green Energy (隆基绿能) anticipates a net loss of 6 billion to 6.5 billion yuan for 2025, highlighting ongoing low operating rates and increased costs due to rising prices of silver paste and silicon materials [1]. - Aiko Solar Energy (爱旭股份) projects a net loss of 1.2 billion to 1.9 billion yuan for 2025, attributing this to structural overcapacity and sustained low product prices [1]. - TCL Zhonghuan (TCL中环) expects a net loss of 8.2 billion to 9.6 billion yuan for 2025 [2]. - JA Solar Technology (晶澳科技) forecasts a net loss of 4.5 billion to 4.8 billion yuan for 2025, contributing to a total expected loss of over 28.9 billion yuan for these five leading companies [3]. Industry Overview - The photovoltaic industry has faced significant price fluctuations since 2025, leading to widespread losses among companies [4]. - The Chinese government plans to strengthen capacity regulation and manage photovoltaic manufacturing projects to address the ongoing challenges in the industry [4]. - Experts suggest that merely relying on government initiatives may not be sufficient, and additional measures may be necessary to stabilize the industry [4][5]. - The industry has experienced a continuous loss trend for eight quarters, with a 33% reduction in workforce in 2024, and an increase in average interest-bearing debt ratio from 23% to 31% [5].