Report Industry Investment Rating - Not provided Core Viewpoints - The industrial silicon market shows a supply - demand imbalance with high inventory pressure, and prices are expected to remain weak in the short term. For polysilicon, the fundamentals are weak, and prices are unlikely to have an upward trend in the short term [1]. Summary by Related Content Industrial Silicon - **Price Changes**: The average price of industrial silicon不通氧553 (East China) decreased by 1.21% to 8,150 yuan/ton, and 421 (East China) decreased by 1.12% to 8,850 yuan/ton. The futures main - contract closing price dropped by 1.26% to 7,070 yuan/ton [1]. - **Supply**: Some silicon enterprises in the north reduced production due to cost - price inversion. In the southwest, although the wet season is approaching, enterprises lack confidence in the future, with overall low willingness to resume production. The overall supply has declined [1]. - **Demand**: Polysilicon enterprises continue to cut production, and the resumption may be postponed. The organic silicon industry has a strong willingness to cut production to support prices, but demand is weak, and the actual transaction price has declined. The domestic monomer enterprises' production is mixed, and the demand for industrial silicon is expected to further decline. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low prices is insufficient [1]. - **Investment Strategy**: Due to the supply - demand imbalance and high inventory, it is recommended to wait and see and consider short - selling on price rebounds. Continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Changes**: The prices of N - type dense material, polysilicon re - feeding material, polysilicon dense material, and polysilicon cauliflower material remained unchanged. The futures main - contract closing price dropped by 3.48% to 34,360 yuan/ton [1]. - **Supply**: Silicon material enterprises continue to cut production, and some may have new capacity put into operation. The output is expected to remain within 100,000 tons [1]. - **Demand**: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, and continuous price drops of silicon wafers, cells, and components. Market demand has slowed down, and component delivery prices are close to new lows [1]. - **Investment Strategy**: Given the weak fundamentals and difficult - to - solve over - capacity problem, it is recommended to short - sell on price rebounds and continuously monitor supply - side changes [1]. Other Information - From May 23 to May 29, the weekly output of sample silicon factories in Xinjiang was 27,120 tons, and the weekly operating rate was 59%, a 7 - percentage - point increase from the previous week. The output of large factories in Xinjiang is expected to continue to increase, and the operating rate may further rise [1]. - Junda Co., Ltd.'s subsidiary signed a strategic cooperation agreement with a Turkish company to build a 2GW high - efficiency photovoltaic cell production base in Turkey [1].

Group 1 - The company, Junda Co., plans to globally issue 63.43 million H-shares between April 28 and May 2, 2025, with 10% allocated for Hong Kong and 90% for international sales, along with a 15% over-allotment option [1] - The expected price range for the H-shares is between HKD 20.4 and HKD 28.6 per share, with trading anticipated to commence on May 8, 2025 [1] - Junda Co. is a leading manufacturer of photovoltaic cells, focusing on the research, production, and sales of high-efficiency solar cells [1] Group 2 - The company holds a competitive position in the N-type TOPCon and P-type PERC solar cell markets, with a global market share of approximately 24.7% for N-type TOPCon cells, ranking first among specialized manufacturers [1] - The overall market share for Junda Co.'s photovoltaic cells is about 17.9%, placing it second in the industry [1] - For 2024, the market share for N-type TOPCon cells is projected to be around 7.5%, while the overall photovoltaic cell market share is estimated at 5.6% [1] Group 3 - Key products include the 210-NN type TOPCon monocrystalline cell launched in 2023, featuring a front efficiency of ≥26.0% and a bifaciality rate of ≥80% [1] - The 182/183-NN type TOPCon monocrystalline cell was introduced in 2022, also achieving a front efficiency of ≥26.0% and a bifaciality rate of ≥80% [2] - The 182-PP type PERC monocrystalline cell, launched in 2021, has a front efficiency of ≥23.8% and a bifaciality rate of ≥70% [2]

招股书显示，钧达股份是领先的专业光伏电池制造商。持续专注于高效光伏电池的研发、生产和销售。 凭借研发创新及关键技术，该公司已在N型TOPCon电池及P型PERC电池等不同代主流光伏电池中保持竞 争地位。根据弗若斯特沙利文的资料，按2024年的出货量计，在专业制造商中，该公司的N型TOPCon电 池全球市场份额达至约24.7%，排名第一，该公司的光伏电池全球市场份额达至约17.9%，排名第二。于 同年，按2024年出货量计，在专业制造商和一体化制造商中，该公司的N型TOPCon电池的市场占有率约 为7.5%;光伏电池市场份额约为5.6%。 智通财经APP获悉，据港交所4月21日披露，海南钧达新能源科技股份有限公司(以下简称：钧达股份) (002865.SZ)通过港交所主板上市聆讯，华泰国际、招银国际、德意志银行为其联席保荐人。 210-NN型TOPCon单晶电池。于2023年推出，该型号电池的双面均为18主栅，厚度为130μm±13μm。其尺 寸为210mm*210mm±0.5mm。其正面效率≥26.0%，双面率≥80%。 在往绩记录期，该公司主要提供以下三款关键产品： 182/183-NN型TOPCon单晶电 ...