电气设备行业动态点评：REC关停美国蒙大拿州多晶硅产线

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [4] Core Insights - REC Silicon announced the closure of its polysilicon production line in Montana, USA, primarily due to high electricity costs and an unfavorable regional power supply-demand balance [1][2] - The closure of the Montana facility, which had a capacity of over 20,000 tons of high-purity polysilicon, is part of a long-term operational strategy to ensure profitability [2] - In 2023, polysilicon sales reached 749 tons, nearly half of the 1,502 tons sold in 2022, indicating a significant decline in production [2] - REC Silicon is restarting approximately 20,000 tons of granular silicon capacity in Washington State, expected to be operational by the end of 2024, highlighting the competitive advantage of granular silicon under high electricity costs [2] - The closure of high-cost overseas production lines suggests that the industry is entering a phase of gradual consolidation, favoring companies with scale, low costs, and technological advantages [2] Summary by Sections Industry Overview - REC Silicon's Montana polysilicon production line closure is attributed to structural imbalances in regional electricity supply and demand, with expectations of continued price increases [1][2] Company Performance - The Montana facility, employing around 300 workers, was the largest private employer in the region, and its closure reflects broader industry challenges [2] - The report suggests focusing on leading companies with low polysilicon costs, such as GCL-Poly Energy, Tongwei Co., Daqo New Energy, and Xinte Energy [2]