新能源板块行业周报：光伏行业协会发布组件公允成本，强烈呼吁抵制最低价中标

Investment Rating - The report provides an investment rating of "Outperform the Market" for the solar industry, indicating a positive outlook for the sector in the coming months [23]. Core Insights - The solar industry is currently at a price bottom, and improvements in pricing mechanisms are expected to significantly enhance corporate profitability. The report emphasizes that the current stock prices have been adjusted over the past two years and are now at a low level, making future investment opportunities worth noting [4][16]. - The China Photovoltaic Industry Association has published the fair cost of solar modules at 0.68 CNY/W, urging the market to resist low-bid tenders and suggesting a more balanced approach to bidding that emphasizes quality and service [4][16][18]. Summary by Sections Industry Investment Rating - The solar industry is rated as "Outperform the Market" based on expected performance relative to benchmark indices [23]. Pricing Trends - The report indicates that the average cost of photovoltaic modules is 0.68 CNY/W as of October 2024, with a call for the establishment of minimum bid prices to ensure fair competition [4][16]. - The prices of various components in the solar supply chain have remained stable, with slight declines in module prices. For instance, the average price for double-glass 182/210 PERC modules is 0.68 CNY/W, down by 0.02 CNY/W [4][6][11]. Market Performance - The solar sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 0.43% and a year-to-date decline of 3.64%, lagging behind the broader market [11][12]. - The price-to-earnings ratio (P/E) for the solar sector is reported at 19.49 times, which is considered low compared to historical levels and other industry sectors [12][14]. Recommendations for Investment - The report highlights several companies as potential investment opportunities, including those benefiting from overseas growth trends and expected monetary easing in Europe, such as Sungrow Power Supply, DeYuan Co., and JinkoSolar [4][16]. - It also points to leading material companies at the bottom of the market cycle, such as JinkoSolar and JA Solar, as well as new technology developers like LONGi Green Energy and Tongwei Co. [4].