电力设备：光伏：产业链冬去春来，新技术焕发新生

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The photovoltaic (PV) industry is experiencing a recovery with stable demand growth, particularly in emerging markets, while new technologies are revitalizing the sector [3][4]. - The report highlights the importance of supply-side adjustments and the necessity for companies to optimize their global presence to enhance competitiveness [5]. Demand Side Summary - In the first ten months of 2024, domestic PV installations reached 181 GW, a year-on-year increase of 27%, with expectations for total demand to reach 230-260 GW for the year [3][19]. - Emerging markets in Asia, Africa, and Latin America are showing accelerated demand growth, with global PV installations projected to reach 430-470 GW in 2024, reflecting a 10-20% year-on-year increase [3][41]. - The report anticipates a stable demand outlook for 2025, driven by market-oriented transactions in domestic PV power stations and a recovery in traditional markets like Europe and the U.S. [3][48]. Supply Side Summary - The industry is facing intensified competition, leading to a significant decline in prices across the supply chain, with polysilicon prices dropping by 40% and solar module prices decreasing by 29% year-to-date [4][58]. - The report emphasizes the need for companies to focus on cost advantages and technological advancements to navigate through the current pricing pressures [5][70]. - A reduction in export tax rates from 13% to 9% is expected to alleviate some competitive pressures in overseas markets, benefiting companies with strong brand recognition and technological advantages [4][70]. Investment Recommendations - The report identifies three main investment themes: 1. Price elasticity opportunities, focusing on low-cost leaders in the supply chain [5]. 2. New technologies that could enhance valuations, particularly in the context of cost reduction and efficiency improvements [5]. 3. Global expansion strategies that leverage high-margin markets [5]. Company-Specific Insights - Key companies recommended for investment include: - GCL-Poly Energy [9] - LONGi Green Energy [9] - JA Solar Technology [9] - Trina Solar [9] - Tongwei Co., Ltd. [9] - The report provides detailed earnings forecasts and price-to-earnings (PE) ratios for these companies, indicating potential for significant returns [9].