国君新能源|价格进入上涨通道,看好光伏向上催化

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic industry, indicating a positive outlook as the sector is expected to enter a price increase phase and is currently at a projected bottom position [1][2]. Core Insights - The photovoltaic industry is at a projected bottom, with the fundamentals stabilizing. Positive catalysts from both supply and demand sides are anticipated to emerge, leading to an upward trend in industry prosperity and improved supply-demand dynamics [1][2]. - Key areas of focus include the continuous decline in inventory, which is expected to lead to improved profitability in segments such as batteries, silicon wafers, and photovoltaic glass, as well as leading companies with favorable market positions [1][2]. - Technological advancements are ongoing, with breakthroughs in BC battery efficiency and the gradual application of innovations like copper paste and bifacial technology [1][2]. Summary by Sections - Price Recovery: The photovoltaic industry is experiencing a comprehensive price recovery, with major domestic photovoltaic module companies collectively raising prices by 3-5 cents/watt for distributed systems and 2-3 cents/watt for channel customers. Despite being in a seasonal demand lull, inventory levels are healthy, and prices have begun to stabilize [1]. - Catalysts for Growth: The report identifies key catalysts for growth, including price recovery across the industry chain, supportive supply-side policies, and accelerated technological breakthroughs [3].