光伏行业中期策略报告：价格超跌静待修复，关注景气复苏与技术升级

Investment Rating - Industry rating: Overweight [1] Core Viewpoints - The photovoltaic industry is experiencing price corrections, with a focus on recovery in demand and technological upgrades [3][6] - The supply chain is expanding, leading to potential overcapacity, but there are opportunities in technology upgrades and market optimization [6][39] - The auxiliary materials sector is at a profitability low, with leading companies expected to stabilize profits and increase market share [8][76] Summary by Sections 1. Photovoltaic Cost Reduction and Demand Elasticity - The arrival of the grid parity era for solar storage is expected to enhance demand elasticity due to declining costs [14] - Continuous efficiency improvements are key to reducing costs, with significant potential for cost reduction in photovoltaic generation [16][20] - The global average LCOE for photovoltaic power has decreased significantly, making it the most competitive form of energy generation [27] 2. Supply Chain Expansion and Technological Upgrades - The global photovoltaic industry is witnessing record production levels across all segments, raising concerns about overcapacity [6][39] - Key players in the industry are focusing on technological advancements and overseas expansion to navigate through cycles [6] - The silicon material sector is rapidly expanding, with major companies significantly increasing production capacity [48] 3. Auxiliary Materials: Diverse Growth Logic - The auxiliary materials sector is benefiting from industry growth, with leading companies expected to enhance profitability and market share [76] - The N-type technology transition is expected to benefit leading companies with technological advantages [76] - Southeast Asia's auxiliary material production capacity is anticipated to become a strategic resource for the industry [76] 4. Key Company Profit Forecasts and Valuations - Major companies in the photovoltaic sector, such as Longi Green Energy and Tongwei Co., are projected to maintain strong earnings growth, with ratings of "Overweight" [12] - The forecasted EPS for Longi Green Energy is 0.57 CNY for 2024, with a PE ratio of 27.1 [12] - The auxiliary materials company, Fuyou Glass, is also rated "Overweight," with a projected EPS of 1.6 CNY for 2024 [12]