韩华解决方案公司 第 232 条裁决可能带来利好，为美国太阳能进口引入价格下限/关税？PVC 价格操纵指控影响有限

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

Hanwha Solutions Corp

Potential tailwinds from Section 232 ruling to introduce

price floor/tariff on US solar imports? Limited impact

from PVC price fixing allegations

Overweight

009830.KS, 009830 KS

Price (05 Aug 26):W30,850

Price Target (Jun-27):W48,500

US-leveraged solar names rallied by 8% yesterday (Wacker Chemie +6%, First

Solar +5%, T1 Energy +10% vs. S&P +1.8%) likely over Reuters’ report (link) of

a potential pricing floor + tariff measures against US solar product imports. The

hybrid trade probe system is reportedly arriving some time this month, in

conclusion to the year-long Section 232 investigation introduced in July 2025. If

realized, we expect a broad-based gain in US module ASPs as upstream material

prices rise, though the degree remains uncertain as to the level of pricing floor.

According to the article, the plan will include a preferential provision for upstream

importers investing in domestic module/cell capacity, offsetting the incremental

cost burden incurred under the new trade probe. Amongst K-Solar names, HSC/

OCI have built domestic US module/cell manufacturing capacity, and will likely

be eligible to enjoy the higher domestic ASP and cost provision if realized.

However, we see actual translation to profitability improvement to swing on the

details and degree of tariff exemption and see a neutral impact for now. Meanwhile,

we view ex.China polysilicon producers as clear beneficiaries to ride the

polysilicon pricing upside under a potential pricing floor introduction.

Head of Asia Energy & Chemicals |

Asia EV Battery

What’s new: On 5 Aug, Reuters reported that the White House is preparing to

launch a hybrid system of “minimum import price plus tariffs” on imported

polysilicon and its derivative products. The plan reportedly includes

preferential provisions allowing importers investing in U.S. silicon wafer and

cell production capacity to offset extra costs incurred under the trade probe.

Note that the results of the year-long Section 232 investigation remain pending,

while a final decision will reportedly arrive in August.

Quarterly Forecasts (FYE Dec)

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