Hua Xia Shi Bao·2026-01-22 09:35Core Viewpoint - The photovoltaic industry is experiencing significant losses across all major segments, with a call for recovery and improvement in profitability by 2026, focusing on asset management and pricing power [2][11]. Group 1: Industry Performance - The photovoltaic sector is in a "dark moment," with all major segments, including silicon materials, wafers, cells, and modules, reporting losses [2]. - The overall performance of the industry is characterized by high inventory and weak demand, despite some signs of recovery in silicon material prices [3]. - The integrated companies face significant pressure, with a notable decline in profitability due to rising costs of key materials like silver paste [3][6]. Group 2: Company-Specific Insights - Daqo New Energy forecasts a net loss of 1 to 1.3 billion yuan for 2025, but with a reduced loss margin of 52.17% to 63.21% year-on-year due to improved operational efficiency [3]. - Longi Green Energy expects a net loss of 6 to 6.5 billion yuan, a reduction of over 2 billion yuan compared to the previous year, driven by increased production efficiency [5]. - Junda Co. anticipates a net loss of 1.5 to 1.2 billion yuan, significantly higher than the previous year's loss of 590 million yuan, citing supply-demand imbalance and price transmission issues [4]. Group 3: Component and Equipment Sector - Companies focusing on Bifacial (BC) modules, such as Aiko Solar, are seeing a significant reduction in losses, with expected losses narrowing from 5.319 billion yuan to between 1.9 billion and 1.2 billion yuan [5]. - The equipment sector, represented by Aotai Technology, is also facing declines, with expected revenue dropping by 26.71% to 30.50% year-on-year [8]. - Silver paste manufacturer Dike Co. is projected to shift from profit to loss, with expected losses of 200 to 300 million yuan due to rising silver prices [9]. Group 4: Future Outlook - The industry is still in a phase of "deleveraging and capacity reduction," but there are signs of recovery in upstream segments, with discussions about potential profitability improvements in 2026 [11][12]. - Aiko Solar reports that its ABC module sales volume is expected to double, indicating a positive trend despite overall losses [12]. - Analysts predict that the industry may see a shift from supply-demand pricing to cost-based pricing by early 2026, potentially improving profit margins significantly [12].