光伏行业2025年行业策略：新市场、新技术开启新一轮向上周期

Investment Rating - The report indicates a positive investment outlook for the photovoltaic industry, anticipating a new upward cycle starting in 2025 due to supply-demand restructuring and technological advancements [2][5]. Core Insights - The photovoltaic industry is expected to experience a significant demand increase driven by the parity of solar and storage technologies, with global demand projected to grow substantially in the coming years [11]. - New technologies such as granular silicon and BC (Bifacial Cell) are anticipated to enhance efficiency and reduce costs, marking the beginning of a new era in cost reduction and efficiency improvement [3][64]. - The report highlights a turning point for auxiliary materials, suggesting that as photovoltaic module prices stabilize and begin to rise, leading companies in auxiliary materials are likely to see improved sales and profitability [4]. Summary by Sections Supply-Demand Restructuring - The report emphasizes that supply-side reforms are accelerating industry recovery, with industry chain prices expected to stabilize and rebound [2][8]. - Global demand for photovoltaic and storage technologies is projected to maintain high growth rates, with expected new installations of 500 GW in 2024, 600 GW in 2025, and 768 GW in 2026, reflecting year-on-year growth rates of approximately 19%, 20%, and 28% respectively [11]. Technological Advancements - The report discusses the penetration of new technologies such as granular silicon and BC, which are expected to significantly enhance efficiency and reduce costs, leading to a new era of cost reduction and efficiency improvements [3][64]. - The granular silicon process is noted for its simplicity and energy efficiency, with a conversion rate of up to 99% and a reduction in energy consumption by over 75% compared to traditional methods [55][58]. Auxiliary Materials and Profit Recovery - As the prices of photovoltaic components stabilize and begin to recover, the pressure on auxiliary materials is expected to decrease significantly, leading to an improved competitive landscape [4]. - The report suggests that leading companies in auxiliary materials are likely to enter a recovery phase, with increasing sales volumes and profitability anticipated [4]. Beneficiary Analysis - The report identifies several companies that are expected to benefit from the new market and technological advancements, including Longi Green Energy and JinkoSolar, which are positioned to capitalize on the anticipated recovery in industry prices and profitability [5]. - Companies in the new technology space, such as GCL-Poly and XBC, are also highlighted as potential beneficiaries due to their focus on cost reduction and technological iteration [5]. - Leading companies in supporting facilities, such as Sungrow Power and DeYuan Co., are expected to see rapid increases in sales and profitability driven by emerging markets [5].