China Renewable Energy: Solar Product Prices Further Dipped; Companies Loss-Making except Inverter and PV Film Players

研报英文原文证据摘录

China Renewable Energy: Solar Product Prices Further Dipped; Companies Loss-Making except Inverter and PV Film Players

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15 Jul 2026 06:40:41 ET │ 11 pages

China Renewable Energy

Solar Product Prices Further Dipped; Companies Loss-Making except

Inverter and PV Film Players

CITI'S TAKE

PRC solar supply chain continues to face downward pressure from

oversupply-led ASP cuts, including down 0.6-1.1% wow for polysilicon,

wafter, solar cell and module prices. Most PRC solar equipment suppliers China Solar Sector

were loss-making in 1H26E dragged by low product prices and weak

Pierre Lau, CFAAC

demand, except inverter and PV film makers. Deye expects its net profit to

+852-2501-2716

be Rmb1,480-1,540m (up 81-89% yoy and 25-30% qoq) in 2Q26E riding pierre.lau@citi.com

on strong energy storage demand and that of Hangzhou First is

Rmb558m (+489.3% yoy and +78.8% qoq) thanks to increased PV film Air Ma

prices. For module makers, LONGi’s net loss reduced slightly qoq in air.ma@citi.com

2Q26E while that for JA Solar exacerbated yoy and qoq. Polysilicon maker

Tongwei’s quarterly net loss was largely stable yoy and qoq. In PRC solar

and ESS sector, we prefer ESS makers like Sungrow and Deye with high

shipment volume growth.

Polysilicon prices further declined — The average market price of n-type grade rod-

type polysilicon declined 0.8% wow to Rmb31.6/kg, and that for granular polysilicon

was unchanged at Rmb31.5/kg in the week ended 15 Jul 2026. PRC monthly

polysilicon is expected to rise 7.6% mom to over 100k tons in July in flood season,

which is more than the expected monthly demand of 91k tons, according to China

Silicon Industry Association. According to SMM, total polysilicon inventory at

producer plants was 310k tons as of 15 July, up 3.0% wow.