TOPCon光伏产能

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【私募调研记录】淡水泉调研新坐标、晶科能源
Zheng Quan Zhi Xing· 2025-08-01 00:06
Group 1: New Coordinates - The company expects overseas revenue to account for 43.17% of total revenue in 2024, with growth driven by the expansion of domestic self-owned brand customers [1] - Over 90% of the company's clients are automotive manufacturers, covering both domestic and international passenger and commercial vehicle markets [1] - The company is a high-tech enterprise with full industry chain R&D capabilities, focusing on high precision and material utilization in cold forming technology [1] - The company is actively expanding its customer base and market share while enhancing communication with overseas clients [1] - The company is addressing annual decline issues through improved internal control and on-site management [1] Group 2: JinkoSolar - JinkoSolar aims to address the intense competition in the photovoltaic industry by strictly controlling new capacity and guiding prices back to rational levels [2] - The company has made significant progress in upgrading high-power products, with partial deliveries of products over 640W expected in Q3, and a majority of orders transitioning to these products next year [2] - The company anticipates that TOPCon capacity will reach 670W next year, with potential to achieve 680-700W in the next 2-3 years, and aims for battery mass production efficiency to exceed 28% [2] - The global photovoltaic market demand remains stable, with a return to normal demand in China and rapid growth in emerging overseas markets [2] - The company's overall production in Q3 is expected to remain stable, benefiting from the rapid growth in emerging markets such as the Indo-Pacific and Middle East Africa [2]