Investment Rating - The industry investment rating is maintained as "Overweight" [2][3]. Core Viewpoints - The expected production of polysilicon in December is projected to decrease to 91,100 tons, a month-on-month decline of 18.3%. This reduction is primarily driven by rising electricity prices, which will significantly impact production in regions like Yunnan and Sichuan [12][13]. - The substantial cut in December production is expected to alleviate inventory pressure in the polysilicon segment and support polysilicon prices [12]. Market Review - The power equipment industry rose by 1.74% over the past week, ranking 20th among all primary industries. Wind power equipment saw the largest increase at 9.57%, while other power equipment experienced a decline of 3.94% [14][17]. - In the secondary industry, photovoltaic equipment increased by 4.25%, and in the tertiary industry, photovoltaic battery components rose by 5.85% [14][17]. Photovoltaic Industry Data Tracking - From January to October, the newly installed photovoltaic capacity in China reached 181.30 GW, a year-on-year increase of 27.17%. In October alone, the newly installed capacity was 20.42 GW, up 49.93% year-on-year [24]. - The export value of inverters in October was $659 million, a year-on-year increase of 19.03%. However, the total export value of battery components from January to October was $26.842 billion, down 30.82% year-on-year [26]. Industry and Company Dynamics - The first batch of photovoltaic component long-term procurement results for 2024 was announced, with several companies winning bids, including JinkoSolar and Tongwei Solar, at average prices of 0.755 yuan/W for TOPCon and 0.716 yuan/W for P-type [43]. - The successful bid for the 200 MW offshore photovoltaic project by Shandong Electric Power Engineering Consulting Institute was announced, with a bid price of 925.77 million yuan, equivalent to 3.497 yuan/W [43].
光伏行业周报：多晶硅12月排产预期继续下调
Yong Xing Zheng Quan·2024-12-05 01:23