2024.0410

Number of words in this article:1281, reading time is about 2 minutes

introduction：光伏业新产能投产后，部分光伏企业的利润趋薄，出现短期内企业可能无法回本或者低于此前企业测算的利润率的情况。

** Author| ** First Finance and Economics Lu Ruyi

The spring tide of photovoltaic expansion seems to show signs of "ebb", and a number of photovoltaic projects have been terminated recently. In late March, Haiyuan compound Materials (002529.SZ) issued a notice announcing that after friendly consultation with the Quanjiao government, the company signed the "termination Agreement" and decided to terminate the project cooperation; and transferred 100% equity in Chuzhou Energy to Zhejiang Aixu Solar Technology Co., Ltd at a price of 38 million yuan. After the completion of the transfer, the company will no longer hold a stake in Chuzhou Energy Company. Not long ago, 300125.SZ, a cross-border photovoltaic company, announced without warning that it would terminate its photovoltaic battery industry base project in Tongling. According to the previous plan, Landa shares invested about 9.15 billion yuan in the project, which will be built in two phases. The first phase of the project will build an annual production line of 10GW Topcon high-efficiency battery chips, and the second phase of the project will build an annual production line of 5GW Topcon high-efficiency battery chips and 5GW hjt battery chips. More than three years ago, in October 2020, Landa completed its acquisition of a 70% stake in Jinzhai Jiayue New Energy and announced its foray into the photovoltaic industry. "the rapid decline in photovoltaic cell prices has led to increased operating pressure on Jinzhai Jiayue New Energy. At the same time, in recent years, Jinzhai Jiayue New Energy has failed to meet expectations, resulting in tight operating cash flow of its existing TOPCon cell production line, and slow progress in the construction of new production capacity PERC production projects." Landa share analysis. The reporter also noted that in addition to the above two project projects, sunflower terminated the 10GW TOPCon battery expansion project, Ovid Communications terminated the construction of 5GW high efficiency heterojunction battery and module project, and Yijing Optoelectronics Chuzhou annual production 10GW TOPCon battery project also lagged behind. Daquan Energy, Beijing Express and other companies have also delayed the commissioning of projects, King Kong Photovoltaic, Guosheng Technology to terminate the relevant fixed growth plan. Talking about the possible reasons for the termination of photovoltaic projects one after another, Zhang Xiaobin, executive vice president and secretary general of Shandong Solar Energy Industry Association, said in an interview with China Financial and Economic reporter that after the new capacity was put into production, the profits of some photovoltaic enterprises became very thin. as a result, enterprises may not be able to get their money back or lower than the profit margins previously estimated by enterprises in the short term. "due to the long return cycle of new capacity and the huge capital investment different from what had been expected, it eventually led to the voluntary termination of many new projects." Zhang Xiaobin told China Finance and Economics reporter. "the terminated project corresponds to the technology that has been eliminated at the battery end, and several new entrants have not yet earned the profits of P-type battery technology, and N-type technology has become the mainstream of the market." China Photovoltaic Industry Association consulting expert Lv Jinbiao analyzed to the first financial reporter, specific to all links of the industrial chain, polysilicon is the stop of the preparatory phase, the project under construction is promoted as planned, but the rhythm of putting into production and load lifting is controlled; the wafer link is the small furnace type that can not be transformed; the battery link is the transformation or shutdown of P-type PERC production line; photovoltaic module line is the size transformation, flexible start and stop according to order. "due to varying degrees of capacity surplus in each link, the existing capacity has to adjust the production load according to the inventory situation." Lu Jinbiao said that under the stimulation of the low price of photovoltaic modules, the market demand is still growing this year, but the low profit or loss of the industry is already a consensus, ensuring cash flow is the main task in 2024, and new investment is strictly controlled. Lu Jinbiao also said that on the one hand, the rigidity of global photovoltaic demand growth has become a consensus, and in addition, China's photovoltaic industry chain has perfect production capacity, such as technology, talent, equipment, auxiliary materials, and so on, leading to the rapid expansion of the industry with the help of capital. According to incomplete statistics, since 2022, the new capacity expansion announced by various links of photovoltaic is that polysilicon exceeds 6 million tons, silicon wafers exceed 1200GW, batteries exceed 1500GW, and modules exceed 1400GW. By the end of 2023, the preliminary statistics of the capacity of each link of the photovoltaic industry are that polysilicon exceeds 1.88 million tons, silicon wafers exceed 892GW, batteries exceed 844GW, and modules exceed 861GW. **