光伏年度策略：重视市场整体估值提升机会，基本面改善为锦上添花

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry [2] Core Viewpoints - The report emphasizes the importance of overall market value enhancement opportunities and the improvement of fundamentals in the photovoltaic sector [2] - The photovoltaic industry has experienced a significant increase in new installations, with a total of 160.88 GW added in the first nine months of 2024, representing a year-on-year growth of 24.77% [3][15] - The report highlights the decline in prices across the photovoltaic supply chain, indicating a phase of bottoming out [6][8] Summary by Sections 1. Domestic and International Demand Review and Outlook - In the first nine months of 2024, domestic photovoltaic installations maintained growth, with 20.89 GW added in September alone, marking a 32.38% year-on-year increase [3][15] - The total new power generation capacity added in China during the same period was 242.58 GW, with photovoltaic installations accounting for 66.32% of this total [3][15] 2. Supply Side: Capacity Growth and Profit Decline - The report notes that the capacity across various segments of the photovoltaic supply chain continues to grow, with polysilicon production increasing by approximately 60.6% year-on-year [6] - Prices across the supply chain have been declining, with significant drops in polysilicon and solar cell prices, indicating a potential bottoming phase [6][7] 3. Valuation: PB at Bottom, High Margin of Safety - The report states that the photovoltaic sector's price-to-book (PB) ratio is currently at 2.28, which is at the lower end of the historical range, suggesting a high margin of safety for investors [9] 4. Policy: Supply and Demand Efforts to Stabilize Fundamentals - The report discusses recent policy initiatives aimed at preventing "involution" and promoting healthy competition within the photovoltaic industry, which are expected to support the sector's recovery [9][10] 5. Investment Recommendations - The report suggests focusing on leading companies with relatively high earnings certainty, such as Sungrow Power Supply, Longi Green Energy, and Trina Solar, as well as companies in the inverter segment [10]