美光伏协会呼吁保护本土制造能力，利好在美有产能布局的头部组件公司

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3][8] Core Viewpoints - The report highlights the urgent need for the U.S. government to enhance support for domestic photovoltaic manufacturing, suggesting policies that favor local production and investment in silicon wafer and polysilicon capacities [3][4] - The U.S. photovoltaic industry is heavily reliant on imports, with domestic silicon wafer production expected to meet only 12% of the demand in 2024, indicating significant market opportunities for imported components and thin-film technologies [3][4] - The report maintains profit forecasts for First Solar, projecting net profits of $1.45 billion, $2.28 billion, and $3.19 billion for 2024-2026, with year-on-year growth rates of 75%, 57%, and 40% respectively [3][8] Summary by Sections Industry Overview - The U.S. photovoltaic market continues to thrive, with over 50% of new power installations in 2023 coming from solar energy. However, the lack of domestic manufacturing capacity leads to a reliance on imports, with 83% of the 22.6 GW of solar components shipped in the first nine months of 2023 being imported [4] - Chinese companies dominate the photovoltaic supply chain, holding 80%-95% of the global market share across various segments [4] Financial Projections - The report forecasts First Solar's diluted EPS to be $13.6, $21.4, and $29.8 for 2024-2026, corresponding to dynamic PE ratios of 12, 8, and 6 times [8] - The projected revenue for First Solar is expected to grow from $4.54 billion in 2024 to $6.52 billion in 2026, with a significant increase in operating profit [10] Market Dynamics - The report indicates that the premium for U.S. solar components is likely to persist in the short term, benefiting domestic suppliers like First Solar and other leading companies with sales in the U.S. market [5][6] - The establishment of a domestic photovoltaic supply chain is deemed crucial for the U.S. to capture economic benefits from the global energy transition and enhance energy security [6]