TONGWEI CO.,LTD(600438)2024-05-07 10:25Industry Outlook and Competitive Landscape - The polysilicon industry is expected to undergo a deep adjustment in 2024, with excess capacity gradually being phased out [2] - The company has a stable customer structure with long-term agreements and strategic joint ventures, ensuring strong supply security [2] - The company will not initiate price wars but will follow market trends, aiming for stable industry development [2] Capacity Expansion and Technological Advancements - The company's high-purity polysilicon projects in Yunnan (200,000 tons) and Baotou (200,000 tons) are set to commence production in 2024, utilizing the "8th Generation Yongxiang Method" for superior quality and cost efficiency [2] - The company is advancing TOPCon, HJT, XBC, and perovskite/silicon tandem battery technologies, maintaining a multi-technology R&D approach [2] - By 2024, the company plans to achieve over 100GW of TNC battery capacity, leading the industry in capacity structure [3] Market Trends and Technological Leadership - TOPCon battery technology is expected to dominate 70% of the market share in 2024, driven by its cost-effectiveness and mature industrial chain [3] - The company is a leader in TOPCon PECVD technology, with TNC products leading in conversion efficiency, yield, and non-silicon costs [3] - The company is upgrading existing PERC capacity and constructing new TNC projects in Shuangliu and Meishan [3] Global Market Strategy - The company is considering overseas component production to navigate trade barriers, focusing on key markets and achieving comprehensive coverage of overseas top clients [3] - The G12R rectangular module offers significant cost advantages in transportation and has driven mainstream large-format modules into the 600W+ era, enhancing BOS cost savings [3] - The market share of rectangular modules is expected to grow significantly due to their economic benefits [3]