未知机构：中国光伏线上企业日要点存在一定空间推动产业链定价的复苏更具可持续性-20250304

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the Chinese photovoltaic (PV) industry, featuring four companies: GCL-Poly Energy, Daqo New Energy, LONGi Green Energy, and Trina Solar [1][2]. Core Insights and Arguments 1. Cash Flow Generation as a Priority: - Cash flow generation has become the primary concern for companies in the industry. GCL-Poly, Daqo, and LONGi reported that the implementation of the production allocation mechanism has led to a rapid decrease in inventory and an increase in industry chain prices due to rising demand [2][3]. - GCL-Poly indicated that more companies might join the self-discipline alliance, which would enhance supply control at the industry level [2]. - Daqo stated that its production target for 2025 is below the allocated quota, emphasizing that maintaining healthy inventory levels with lower capacity utilization is crucial for sustainable price increases in 2025 [2]. 2. Policy Support for Supply-Demand Rebalancing: - Multiple companies confirmed they are monitoring potential new policy announcements that could support industry rebalancing, following the guidance from the State Council's meeting on February 10 [3]. - LONGi expects that large-scale base construction and state-owned enterprise investments will continue to support PV installations in the second half of 2025 [3]. 3. Focus on Balance of System (BOS): - Unlike previous cycles, PV developers are now focusing on the Balance of System (BOS) to further reduce installation costs. This shift is seen as a response to concerns about sustainable pricing in a market-driven environment [5]. - Trina Solar believes that there is more room for cost savings in non-module system components, which could help protect return rates despite potential pressure on module prices [5]. 4. Quality Standards as a Balancing Mechanism: - LONGi suggested that raising product quality standards could effectively accelerate the rebalancing of downstream battery and module segments. For instance, a recent tender in Shaanxi Province set a minimum module efficiency requirement of 24.2%, which is higher than the mainstream efficiency of Topcon modules [5]. Additional Important Insights - GCL-Poly emphasized that inventory levels are a key indicator for adjusting capacity utilization [3]. - There is a potential for implementing threshold requirements on existing capacities across various segments of the industry chain, as noted by GCL-Poly [4].