As of October 31, the financial reports of listed photovoltaic companies have been disclosed. On the whole, the main PV industry chain (silicon materials, silicon wafers, cells, modules) has suffered serious losses.

The photovoltaic sector, which has been killing both valuation and performance for a long time, ushered in the "dawn" today.

As of the close of trading on October 31, the share price of the A-share Wind Photovoltaic (866023) sector rose 2.82%, and the share price of the intraday sector rose by 4%. In terms of individual stocks, JA Solar Technology (002459. SZ) closed up 10.02%, Chint Electric (601877. SH) closed up 8.21%, Tongwei shares (600438. SH) closed up 6.48%, Follett (601865. SH) closed up 6.13%, Aiko shares (600732. SH) closed up 5.01%.

As of October 31, the financial reports of listed photovoltaic companies have been disclosed. On the whole, the main PV industry chain (silicon materials, silicon wafers, cells, modules) has suffered serious losses.

According to the statistics of the first financial reporter, LONGi Green Energy (601012. SH), TCL Zhonghuan (002129.SZ), Tongwei (600438. SH), Aiko Co., Ltd. (600732. SH), Hongyuan Green Energy (603185. SH), Risen Energy (300118. SZ), Jingyuntong (601908. SH), Shuangliang Energy Conservation (600481. SH), Daqo Energy (688303. SH), Trina Solar (688599. SH), EGing Optoelectronics (600537. SH), JA Solar (002459. SZ), Junda Co., Ltd. (002865. SZ), Jolywood (300393. SZ), Mubang Hi-Tech (603398. SH) (ranked by net loss in the first three quarters) These 15 photovoltaic companies lost a total of 29.3 billion yuan in the first three quarters of this year. Canadian Solar (688472. SH), Hesheng Silicon Industry (603260. SH), JinkoSolar (688223. SH), Haitai New Energy (835985. BJ) achieved profitability in the first three quarters, of which Canadian Solar ranked first with a net profit of 1.955 billion yuan.

In terms of the shipment ranking of PV modules in the first three quarters of this year, the top five companies in China's PV companies in terms of module shipments are JinkoSolar, JA Solar, Trina Solar, LONGi Green Energy and Tongwei.

Among the five integrated module companies, only JinkoSolar achieved profitability in the first three quarters of this year, and LONGi Green Energy had the highest net loss. In terms of the performance of a single quarter in the third quarter of this year, JA Solar ranked first with a single-quarter profit of 390 million yuan, and Trina Solar lost the most with a single-quarter net loss of 1.373 billion yuan.

Specifically, JinkoSolar's net profit in the first three quarters was 1.215 billion yuan, and the single-quarter net profit in the third quarter was 14.8742 million yuan. JA Solar had a net loss of 484 million yuan in the first three quarters and a profit of 390 million yuan in the third quarter. Trina Solar's net loss in the first three quarters was 846 million yuan, and the net loss in the third quarter was 1.373 billion yuan. LONGi Green Energy's net loss in the first three quarters was 6.505 billion yuan, and the net loss in the third quarter was 1.261 billion yuan, and the loss was reduced in the third quarter. Tongwei Co., Ltd. had a net loss of 3.973 billion yuan in the first three quarters, and the net loss in the third quarter was 844 million yuan.

Although LONGi Green Energy led the losses in the first three quarters, it reduced losses in the third quarter. Zhong Baoshen, chairman of the company, said at the third quarter of 2024 results briefing last night that the company's management's operational mistakes were the main reason for the huge loss in performance.

Zhong Baoshen said that by the third quarter of this year, the company had shipped 1.6GW to the US market, and its share of the highly profitable US market was not performing well. "The company's first-generation BC module products encountered problems in the initial mass production of the product, resulting in poor delivery, and the bottleneck of mass production was solved in September last year, but the subsequent inventory impairment of the company greatly affected the performance."

Zhong Baoshen also said that in the first three quarters of this year, the company's production and marketing synergy has been improved, and the promotion of new technologies and the progress of BC second-generation products have been accelerated. Overall, the company is confident about the future and is capable of meeting challenges.

From January to September 2024, LONGi Green Energy shipped 82.80 GW of silicon wafers (including 35.03 GW of external sales), a year-on-year decrease of 4.22%; Monocrystalline cell sales were 4.16GW, and module shipments were 51.23GW (including 13.77GW of BC modules), up 17.70% year-on-year. JinkoSolar shipped 73.13 GW of PV products in the same period, up 31.29% year-on-year, and shipped 67.65 GW of modules.

As of press time, Trina Solar, which led the loss among the five leading module companies in the third quarter of this year, has not yet held a performance briefing. However, according to the financial report, the gross profit margin of sales in the third quarter decreased sequentially (down 3.6 percentage points quarter-on-quarter) due to the decline in module prices, and the impairment provision was the two main reasons for the quarterly performance. Due to the impairment loss of fixed assets, the loss of inventory decline and the loss of bad debts of accounts receivable, the company provided for assets of 622 million yuan and credit impairment loss of 120 million yuan respectively in the third quarter of this year.

In response to the pain points and dilemmas of irrational competition and low-price involution in the photovoltaic industry, Gao Jifan, chairman and CEO of Trina Solar, made a public appeal on CCTV's "Dialogue" at the end of September, "I hope that the state can carry out overall planning and guidance for the photovoltaic industry, accelerate industrial agglomeration, and actively guide the industry to better integrate, so that the industry can move towards an orderly and healthy development track as soon as possible, so that the capital resources invested in the whole society can become more valuable." ”

In terms of policy, yesterday evening, the National Development and Reform Commission and other six departments issued guidance on vigorously implementing renewable energy substitution actions (hereinafter referred to as the "Opinions"), which is considered by the industry to be a major positive news for the new energy industry.

The "Opinions" put forward that positive progress has been made in renewable energy substitution in key areas of the "14th Five-Year Plan", and the national renewable energy consumption will reach more than 1.1 billion tons of standard coal in 2025; In the 15th Five-Year Plan, the production and lifestyle of giving priority to the use of renewable energy in various fields has basically taken shape, and the national renewable energy consumption will reach more than 1.5 billion tons of standard coal in 2030, which will strongly support the realization of the 2030 carbon peak goal.

According to the policy interpretation of the "Guiding Opinions on Vigorously Implementing Renewable Energy Substitution Actions" just released by the official WeChat account of the National Energy Administration this evening, the "Opinions" focus on the planning and construction of a new energy system and promote the high-quality development of new energy with greater efforts, focusing on the safe and reliable supply of renewable energy, the steady and orderly replacement of traditional energy, and the acceleration of renewable energy substitution applications in key areas such as industry, transportation, construction, agriculture and rural areas. It is of great significance to accelerate the implementation of renewable energy substitution in various fields and industries, and to promote the green and low-carbon transformation of the whole society as a whole.

According to the National Energy Administration, the "Opinions" put forward key tasks in three aspects: improving the safe and reliable substitution capacity of renewable energy, alternative applications in key areas, and alternative innovation pilots. First, efforts should be made to improve the ability to safely and reliably replace renewable energy. The second is to accelerate the substitution of renewable energy in key areas. The third is to actively promote the pilot of renewable energy substitution innovation.