光伏行业事件点评报告：光伏出口退税率下调4%，供给侧出清加速推进

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Insights - The recent adjustment in export tax rebate rates for photovoltaic products from 13% to 9% is expected to increase the cost burden on enterprises in the short term, leading to profit pressure. However, in the long term, leading companies are likely to pass these costs onto downstream demand, resulting in price increases for overseas products and restoring industry price levels to a reasonable range [1][2]. - The supply-side clearing is expected to accelerate due to rising costs, which may optimize the competitive landscape of the industry and promote healthy development. The future core competitiveness of the photovoltaic industry will rely on technological advancements that lead to cost reduction and efficiency improvement [1][2]. - New technologies such as BC (Bifacial Cell) and perovskite are anticipated to demonstrate higher power generation efficiency, thereby reducing the levelized cost of electricity over their lifecycle [1]. Summary by Sections Recent Developments - On November 15, the Ministry of Finance and the State Taxation Administration announced a reduction in the export tax rebate rate for photovoltaic products by 4%, effective from December 1, 2024. This includes products such as silicon wafers, batteries, and modules [1]. - As of Q3 2024, most companies in the main industry chain are still facing losses, and it is expected that profit pressures will persist in the short term due to the need for time to adjust prices and potential impairment losses in Q4 [1]. Industry Outlook - The report suggests that the photovoltaic industry is undergoing a supply-side clearing, with new technological advancements expected to continue leading industry development. The focus is on leading companies in the photovoltaic supply chain, such as Tongwei Co., JinkoSolar, JA Solar, and others [1][2].