2025年度光伏设备行业策略报告：新技术推进利好龙头设备商，关注国内政策边际变化+装备出海

Investment Rating - The report recommends a positive investment outlook for the photovoltaic equipment industry, particularly focusing on leading equipment manufacturers such as Jing Sheng Electric, Maiwei Co., and Aotwei [4]. Core Insights - The photovoltaic equipment industry is experiencing a dual attribute of growth and cyclical characteristics, with leading equipment manufacturers demonstrating resilience against risks due to superior business models [2][6]. - Technological advancements, including HJT, 0BB, and bifacial technologies, are driving the industry forward, with a focus on cost reduction and efficiency improvement [3][47]. - Domestic policy changes are favoring advanced capacity and technology, which benefits leading equipment manufacturers [3][4]. - Opportunities for domestic equipment manufacturers are emerging in overseas markets, particularly in the Middle East and the United States, driven by energy transitions and manufacturing incentives [4]. Summary by Sections 1. Industry Downturn and Performance of Leading Equipment Manufacturers - The leading equipment manufacturers are adjusting their payment collection methods to ensure cost recovery upon equipment delivery, demonstrating strong risk control capabilities [10][12]. - Despite a slowdown in receivables turnover, leading manufacturers maintain a high concentration of receivables from top clients, indicating low tail risk [18][24]. - The profitability of leading manufacturers is under pressure but remains above the industry average, with gross margins around 30%+ compared to the industry average of approximately 20% [30][34]. 2. Technological Advancements - The industry is witnessing continuous advancements in technologies such as HJT, 0BB, and bifacial, which are essential for driving the next cycle of growth [3][39]. - HJT technology is particularly suited for large-scale power plants, with significant advantages in efficiency and power generation compared to traditional technologies [39][40]. - The report anticipates that HJT components will achieve a shipment volume of 20GW in 2024, with a significant market share held by Anhui Huasheng [44]. 3. Domestic Policy Changes and Export Opportunities - Recent policy adjustments by the Ministry of Industry and Information Technology are expected to support advanced capacity and technology, promoting healthy industry development [3][4]. - The Middle East and the U.S. markets present significant growth opportunities for domestic equipment manufacturers, with projected increases in photovoltaic installations [4][39]. 4. Investment Recommendations - The report highlights key investment opportunities in leading companies such as Jing Sheng Electric, Maiwei Co., and Aotwei, which are well-positioned to benefit from technological advancements and market dynamics [4].