电力设备与新能源行业2025年度投资策略报告会：重视光伏行业底部拐点机会

Investment Rating - The report suggests a positive outlook for the photovoltaic (PV) sector, indicating a turning point after a prolonged price decline, with a focus on quality and technology, and encouraging innovation and concentration among leading companies [25]. Core Insights - The PV industry is at the bottom of its cycle, with signs of a turning point emerging, supported by frequent meetings to strengthen self-discipline and combat unhealthy competition [7][10]. - Domestic policies are frequently issued, indicating sustained growth in PV demand, with significant government support for renewable energy development [13][15]. - New technologies are gaining support in bidding processes, which is expected to lead to rapid promotion and application of these technologies [18][22]. Summary by Sections 1. Photovoltaic Cycle Bottom and Turning Point Signals - The industry is recognized to be at the bottom of its cycle, with a sample of 52 PV companies showing signs of profit stabilization and price recovery [6][10]. - The average bidding price for various components has shown a slight increase, indicating a potential shift in market dynamics [10][11]. 2. PV Demand: Frequent Domestic Policies and Sustained Growth - The report highlights that the domestic PV installation capacity is expected to reach 250 GW in 2024, with a year-on-year growth of 32.4% [14][15]. - The global PV penetration rate reached 5.49% in 2023, with China's rate at 6.18%, indicating significant growth potential [15]. 3. New Technologies Supported in Bidding, Expected Rapid Promotion - New technologies such as N-type, HJT, and BC have been included in bidding processes, with average prices indicating a premium for these advanced technologies [18][20]. - The report anticipates that 2025 may be a critical year for the development of new technologies, particularly if production challenges can be overcome [22][23]. 4. Investment Recommendations - The report recommends focusing on leading companies at the bottom of the material price cycle, such as Tongwei Co., Longi Green Energy, and JinkoSolar, among others [25]. - It also suggests monitoring companies involved in inverter technology and energy storage, as well as those innovating in new technologies [25].