海通国际指出，选取52家光伏企业为样本，2024年Q2、Q3板块合计归母净利润分别为-28.11亿元、6.69亿元，Q3出现环比改善；根据Infolink Consulting多晶硅价格也在Q2开始止跌企稳。从企业利润和产业链价格变化趋势综合来看，行业自22Q3开始进入下行周期，24Q2、24Q3行业来到底部周期。汇丰研究发表报告指出，太阳能行业的最差时期已大致过去，当中看好协鑫及福莱特的市场领导地位。Most photovoltaic stocks rose. As of the time of publication, flat glass (06865) increased by 3.99%, priced at 13.04 HKD; xinyi solar (00968) rose by 3.77%, priced at 3.3 HKD; xinte energy (01799) climbed by 2.64%, priced at 8.54 HKD.
According to Zhitong Finance APP, most photovoltaic stocks rose. As of the time of publication, flat glass (06865) increased by 3.99%, priced at 13.04 HKD; xinyi solar (00968) rose by 3.77%, priced at 3.3 HKD; xinte energy (01799) climbed by 2.64%, priced at 8.54 HKD; gcl tech (03800) increased by 2.13%, priced at 1.44 HKD.
On the news front, on November 15, the Ministry of Finance and the State Administration of Taxation issued an announcement on "Adjusting Export Tax Rebate Policies," proposing to reduce the export tax rebate rate for certain products, including photovoltaics (batteries and modules), from 13% to 9% starting December 1, 2024. citic sec believes that while the reduction in photovoltaic export tax rebate rates may cause a short-term pulse impact on manufacturers' profitability, the actual impact is minor, and leading manufacturers have a strong ability to push product pricing downstream, stabilizing international photovoltaic product prices and avoiding internal competition externalization, accelerating the clearing of backward production capacity in the industry, and achieving high-quality development, which is bullish for leading companies to strengthen long-term advantages.
haitong int'l pointed out that 52 photovoltaic companies were selected as a sample, with the total net income attributable to shareholders in the sector for Q2 and Q3 of 2024 being -2.811 billion yuan and 0.669 billion yuan respectively, showing a quarter-on-quarter improvement in Q3; according to Infolink Consulting, polysilicon prices began to stabilize and recover in Q2. Considering the trends in corporate profits and industry chain price changes, the industry entered a downward cycle starting from Q3 2022, and the industry is expected to reach the bottom of the cycle in Q2 and Q3 of 2024. HSBC Research published a report indicating that the worst period for the solar energy industry has largely passed, with a bullish outlook on gcl tech and flat glass group's market leadership.
