According to the investor research summary recently disclosed by China Securities Network, Jingke Energy predicts that global demand for photovoltaic modules is expected to achieve a steady growth of 20% -30% in 2024. In addition to the contributions of the three major markets of China, Europe, and the United States, emerging markets such as the Middle East and the Asia Pacific are growing rapidly. Among them, the company has high visibility and contract prices in the US market, and has signed multiple large orders for GW level N-type components in the Middle East market, which is expected to contribute a significant market share and profits.
Jingke Energy introduced that due to seasonal factors, the industry as a whole was in a destocking cycle in the fourth quarter of 2023, and inventory digestion was affected by many factors such as logistics, project progress, and distributor order management. With the further release of market demand in 2024, inventory digestion will gradually return to normal levels.
The company maintained an industry-leading level in terms of shipment volume and operating rate in the fourth quarter of 2023. Usually, the first quarter is a traditional off-season due to the influence of the Spring Festival. However, benefiting from the high market share of N-type TOPCon products and the contribution of overseas high prices and long orders, the company is confident in maintaining better capacity utilization and performance than its peers in 2024.
Jingke Energy stated that during the downward cycle of component prices, the industry's profit performance has further differentiated. Integrated enterprises with a high proportion of advanced production capacity and strong cost channel advantages are more competitive, while some old production capacity and fiercely competitive market profits will face significant challenges. The current industry has experienced a differentiation in operating rates, a slowdown in production expansion for some enterprises, and the gradual withdrawal of new entrants. The pace of iteration of new and old technologies and the clearance of outdated production capacity is expected to further accelerate. (Huangpu River)