光伏行业：5月国内组件招标下降明显，产业链价格持续底部盘整

Investment Rating - The report indicates a cautious outlook for the domestic distributed installation market, awaiting the implementation of electricity reform policies, with short-term terminal demand expected to remain weak [2] Core Insights - The report highlights a significant decline in photovoltaic component bidding in May 2024, with approximately 7.9GW announced, representing a 76% month-on-month decrease, primarily driven by a reduction in large-scale component procurement projects [1] - The report notes that the market for silicon materials is experiencing a steady reduction in supply, with limited room for price declines, suggesting a stable market operation in the short term [1] - The penetration rate of N-type, bifacial, and large-size components is rapidly increasing, with N-type component bidding reaching 78.7GW in the first five months of 2024, accounting for 83.5% of total bids [1] Summary by Sections Section 1: Photovoltaic Component Bidding - In May 2024, the bidding for photovoltaic components saw a significant drop, with 7.9GW announced, a 76% decrease from the previous month, mainly in distributed project bids [1] - N-type component bidding reached 7.24GW in May, representing 91.6% of the total, with bifacial components making up 58.6% of the bids [1] Section 2: Silicon Material Prices - Multi-crystalline silicon prices have slightly decreased, with the average price at 40,000 RMB/ton, down 0.25% week-on-week, while single-crystal dense material prices fell by 6.23% to 34,600 RMB/ton [1] - The report indicates that the number of operational multi-crystalline silicon producers is 19, with 15 companies undergoing maintenance, which helps stabilize production growth [1] Section 3: Market Outlook - The report anticipates that the overall price of the industry chain will remain at the bottom level due to factors such as project delays in Europe and increased inventory, leading to a slowdown in demand in Q3 [2]