光伏设备行业月度点评：3月组件排产环比有望大增，产业链价格回调

Investment Rating - The report maintains a "Market Perform" rating for the photovoltaic equipment industry [1] Core Insights - The photovoltaic equipment sector has shown a significant decline, with a 12-month drop of 47.11% as of February 2024, while the broader market (CSI 300) has decreased by 13.94% during the same period [3] - The report highlights a recovery in installation volumes and stabilization in industry chain prices, indicating potential for future growth [4][6] - The report suggests that companies with strong financial backing and technological advantages are likely to navigate through the current competitive landscape successfully [7][47] Summary by Sections 1. Market Review - The electricity equipment industry index increased by 9.62% from January 22 to February 27, 2024, outperforming the CSI 300 index by 2.33 percentage points [11] - Within the sub-sectors, photovoltaic equipment experienced a decline of 4.27%, which is the worst performance among all sub-sectors [13] 2. Industry Data Tracking - In December 2023, the domestic photovoltaic installation reached 52.14 GW, a year-on-year increase of 140% and a month-on-month increase of 145% [24] - The total cumulative installation for the year reached 216.02 GW, reflecting a 147% year-on-year growth [24] - The report notes that the price of polysilicon remains stable at 68 RMB/kg, with a slight increase of 4.61% compared to the previous month [30] 3. Industry News & Key Company Dynamics - March is expected to see a significant increase in photovoltaic module production, potentially exceeding 50 GW, driven by recovering demand and improved pricing conditions [34] - The report emphasizes the importance of technological advancements, particularly in large-size perovskite modules, which are expected to become commercially viable in 2024 [47] - Key companies highlighted for investment include JinkoSolar, Mibet, and Hanbell Precise Machinery, which are positioned to benefit from ongoing industry trends [47]