(Yicai) March 8 -- A number of Chinese photovoltaic giants, including Longi Green Energy and Jinko Solar, have hiked their production target for this month thanks to the recovery of the industry’s terminal demand.

The Chinese PV industry is expected to produce 62 gigawatts of solar cells in March, up 32 percent from last month, according to data disclosed by solar market research firm InfoLink Consulting.

The global PV demand entered the peak season this month, with solar module prices up by 2 to 3 Chinese cents per watt compared to before the Chinese New Year holiday, according to a report released by consulting agency TrendForce on March. 5. Prices of products along the whole supply chain are all expected to increase.

Jinko significantly increased its production schedule for March thanks to new domestic and overseas demand after the Chinese New Year holiday and the acceleration of inventory depletion in Europe, the Shanghai-based company told Yicai. “Our annual production capacity of new-generation N-type TOPCon cells is more than 70 GW.”

This year’s market demand will increase 20 percent from last year as the product price decline of last year increased the investment income of PV power plants, Jinko’s Chairman Li Xiande predicted.

Longi moderately raised its solar module production schedule for March to ensure the demand from domestic and foreign customers, the Xi’an-based firm told Yicai.

With the elimination of seasonal factors and the easing of inventory pressure, global PV demand will gradually recover, Longi said. Solar module prices have bottomed out, so the demand for replenishment in the downstream market has increased, it added.

Several Chinese PV firms listed in the Chinese mainland have recently announced share repurchase plans.

Tongwei Group will invest CNY1 billion to CNY2 billion (USD139 million to USD278.1 million) to buy back its shares, and Sungrow Power Supply will spend CNY1 billion for the same purpose. Meanwhile, TCL Zhonghuan Renewable Energy Technology has already invested CNY962 million (USD133.7 million) to repurchase about five million shares.

Editor: Futura Costaglione