山西证券：研究早观点-20241127

Industry Overview - The Ministry of Industry and Information Technology (MIIT) is guiding solar companies to reduce the expansion of photovoltaic manufacturing projects, emphasizing technological innovation, product quality improvement, and cost reduction [4] - The National Energy Administration reported a 48% year-on-year increase in solar power installed capacity, reaching approximately 790 million kilowatts by the end of October 2023 [4] Cost and Pricing Analysis - The component cost including tax is reported at 0.690 CNY/W, which is considered the minimum cost for leading companies in the industry [5] - The average price of polysilicon remains stable at 40.0 CNY/kg, while the average price of N-type polysilicon is reported at 36.5 CNY/kg [6] - The average price of M10 battery cells is stable at 0.275 CNY/W, while the 182mm TOPCon battery cell price increased by 1.9% to 0.275 CNY/W [9] Investment Recommendations - Key recommendations include companies focusing on new technologies such as Aiko Solar and Longi Green Energy, as well as leading energy storage companies like Aters and Sungrow [10] - Additional companies to watch include GCL-Poly, Tongwei, and JA Solar, among others, indicating a broad interest in various segments of the solar industry [10] Company-Specific Insights - Shanghai Film Group is planning to acquire a 19% stake in Shanghai Film Yuan, with a total valuation of 350 million CNY for the company [12] - Shanghai Film Yuan has shown robust growth, with revenues of 65.76 million CNY in 2023 and 56.80 million CNY in the first half of 2024, both reflecting a doubling in performance compared to the previous periods [12][13]