Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The photovoltaic industry is experiencing a price rebound driven by policy stimuli, with a notable increase in installation rates expected in the coming months due to upcoming policy deadlines [6][18]. - The photovoltaic sector's performance has shown significant differentiation among sub-industries, with some segments like diamond wire and photovoltaic power stations performing better than others [11][14]. - The report highlights the importance of upcoming policy nodes ("430" and "531") that are expected to drive a surge in demand and installation rates in April and May [6][29]. Summary by Sections Industry Performance Review - The photovoltaic industry index rose by 0.41% in March, underperforming the Shanghai and Shenzhen 300 index, which had a return of 1.09% [9]. - The average daily trading volume for the photovoltaic sector decreased slightly, indicating a contraction in market activity [9]. Industry and Company Dynamics - The National Energy Administration has released the 2025 Energy Work Guidance, emphasizing the enhancement of energy supply capabilities and the increase of renewable energy installations [15]. - In the first two months of 2025, the domestic newly installed photovoltaic capacity was 39.47 GW, a year-on-year increase of 7.49% [18]. - The report notes a temporary improvement in the supply-demand balance in the photovoltaic industry due to policy-driven demand spikes [6]. Key Data Points - The average price of multi-crystalline silicon was reported at 39 RMB/kg, reflecting a slight increase [32]. - The average price of N-type silicon wafers and TOPCon battery cells has also seen upward trends, indicating a tightening supply situation [33][34]. - The report indicates that the operating rates of silicon wafer manufacturers have increased, with some reaching 60-80% [29]. Investment Recommendations - The report suggests focusing on companies in the photovoltaic supply chain that are expected to benefit from the upcoming demand surge, particularly in areas like photovoltaic glass and integrated component manufacturers [6][29]. - It emphasizes the need to monitor companies with significant losses and clear capacity reduction expectations in the mid-term [6].
光伏行业月报:光伏产业链价格反弹,关注政策刺激影响-2025-03-27
Zhongyuan Securities·2025-03-27 12:45