Huachuang Securities·2025-03-31 05:52Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry [1] Core Viewpoints - April component production is expected to increase month-on-month, while the earthquake in Myanmar may drive up silicon wafer prices [1][9] - The overall price of silicon materials remains stable, with N-type recycled materials and N-type granular silicon trading at 39,000-46,000 and 38,000-41,000 RMB per ton, respectively [1][9] - The earthquake in Myanmar on March 28, measuring 7.9 on the Richter scale, has impacted the production of silicon rods in western regions of China, potentially leading to further price increases [1][9] - Battery prices have risen this week, with a relative shortage of 210RN batteries due to increased terminal demand driven by policy factors [1][9] - The price increase for distributed components has slowed, but April production is still expected to grow [2][10] Industry Overview - The total market capitalization of the photovoltaic industry is approximately 958.875 billion RMB, with 36 listed companies [3] - The industry has experienced a decline of 0.8% over the past month, 3.0% over six months, and 18.4% over the past year [4] - The industry PE (TTM) is currently at 26x, with a valuation percentile of 25.3% [24][27] Market Performance - The photovoltaic equipment sector has seen a slight decline of 0.5% this week [12][15] - The top-performing stocks in the electric equipment sector include Hengxing Technology (+14.75%) and Xue Ren Co. (+12.91%), while the worst performers include Fangzheng Electric (-20.70%) [16][20] Price Trends in the Photovoltaic Supply Chain - Silicon material prices remain stable, with multi-crystalline silicon dense material priced at 40.00 RMB/kg and granular material at 38.00 RMB/kg [34] - The price of 182-183.75mm monocrystalline P-type silicon wafers is 1.15 RMB/piece, while N-type wafers are priced at 1.20 RMB/piece [34] - The price of 182-183.75mm monocrystalline PERC battery cells is 0.310 RMB/W, with various TOPCon battery prices showing slight increases [36][40] - The price of 182*182-210mm double-sided PERC components is stable at 0.65 RMB/W [38]