Guangzhou Lushan New Materials Stock Forum

Despite strong revenue growth, the company's P/S ratio is below industry average, indicating shareholders' belief that recent performance may have peaked. The company's rapid growth could signal underlying risks, potentially pressuring the P/S ratio.

The market may be expecting the company's revenue performance to decline, keeping the P/S suppressed. However, if this doesn't happen, shareholders could be optimistic about the future direction of the share price. Despite the company's recent strong performance, most investors are not convinced the company can maintain its recent growth rates.

Core points
1. TOPCon battery supply situation: The current supply is very tight. The leading takeaway company Jietai has a monthly production capacity of about 600MW, and other companies have a small takeaway production capacity in March. The battery supply of TOPCon is expected to remain tight for 2023.
2. TOPCon battery premium: TOPCon battery companies currently have strong bargaining power, and component companies passively acce...