光伏设备行业深度：周期底部特征已见，企稳动能增强

Investment Rating - The industry investment rating is maintained at "Market Perform" [1] Core Insights - The report indicates that the photovoltaic equipment industry has shown signs of reaching the bottom of the cycle, with stabilization momentum increasing [6][8] - The overall revenue for the industry in the first three quarters of 2024 was 605.45 billion, a year-on-year decline of 23.23%, with total profits at -29.51 billion, a decline of 103.06% [15][30] - The report highlights that the global demand for photovoltaic installations is expected to exceed 600GW in 2025, while supply across the industry chain is projected to reach 1000GW [6][8] Summary by Sections Market Performance - The SW photovoltaic equipment index recorded a decline of 16.47% in 2024, underperforming compared to major market indices [11][12] Operational Analysis - The industry is in a "淘汰赛" (elimination round) phase, with overall performance under pressure and a significant drop in profits across the main industry chain segments [15][16] - The cash flow situation is at a low point, with a net cash flow from operating activities of only 1.60 million, a decrease of 886.5 billion year-on-year [30] Valuation Analysis - The valuation of the photovoltaic equipment sector is converging downwards, indicating potential investment value as the price-to-book (PB) ratio has decreased to 2.26 [6][8] - The report notes that the industry’s return on equity (ROE) is currently at -0.48%, with significant variations across different segments [42] Industry Outlook - The report anticipates that the photovoltaic industry will stabilize in 2025, with price competition expected to ease as the industry moves past the bottom of the cycle [6][8] - The report emphasizes the importance of technological iterations, particularly the rise of N-type battery technology, which is expected to become mainstream by 2025 [6][8] Investment Recommendations - The report suggests focusing on companies that will benefit directly from technological advancements, such as Jiejia Weichuang, Dier Laser, and Maiwei Co., as well as leading companies with strong cash flow in the auxiliary materials segment [8]