太阳能行业周报：11月组件、逆变器出口环比下滑，N型电池片价格小幅上涨
Shanxi Securities·2024-12-30 11:33

Investment Rating - The report maintains a "Market Perform - A" rating for the solar energy industry, indicating expected performance in line with the benchmark index [10]. Core Insights - The report highlights that the average price of polysilicon remains stable at 39.0 CNY/kg for dense material and 36.0 CNY/kg for granular silicon, with a slight increase in transaction prices due to reduced production from major companies [3]. - The average price for 182mm bifacial PERC modules is 0.68 CNY/W, and for 182mm TOPCon double-glass modules, it is 0.71 CNY/W, both remaining unchanged from the previous week, indicating a stable pricing environment amid weak demand [5]. - The report emphasizes the importance of new technology directions in the industry, recommending companies such as Aiko Solar and Longi Green Energy, and highlights the ongoing production cuts in the photovoltaic glass sector [5]. Summary by Sections Polysilicon Prices - The average price for dense polysilicon is 39.0 CNY/kg, and for granular polysilicon, it is 36.0 CNY/kg, both stable compared to the previous week. The reduction in production by leading companies is expected to alleviate supply-demand pressure [3]. Module Prices - The average price for 182mm bifacial PERC modules is 0.68 CNY/W, and for 182mm TOPCon double-glass modules, it is 0.71 CNY/W, with no changes from the previous week. The market is expected to maintain stable prices in the short term due to weak overall demand [5]. Battery Prices - The average price for M10 battery cells is 0.275 CNY/W, and for 210mm battery cells, it is 0.280 CNY/W, both remaining stable. The report anticipates that upstream N-type silicon prices may increase, while battery manufacturers are also considering raising prices in January [12]. Export Data - In November, module exports decreased by 16.5% month-on-month, totaling 12.8 billion CNY, with a year-on-year decline of 30.1%. Cumulative exports from January to November reached 203.66 billion CNY, down 29.5% year-on-year [19].