高盛：中国太阳能行业 - 追踪盈利拐点-5 月装机量激增或暗示 2025 年下半年需求将进一步回落

China Solar: Tracking profitability inflection May rush installation spike suggests deeper demand pullback into 2H25 Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in June MTD: Sector view: We continue to expect capacity cuts in 2025E-26E (average 17% of end-24 capacity cut across main value chain) due to cash burn and market acces ...