Vertical Integration: The Inevitable Trend of China's Photovoltaic Industry
Published Time：
2024-03-11
Since its peak on August 19, the photovoltaic concept index (CN:BK0478) has fallen by more than 20%. For photovoltaic investors who have enjoyed strong returns over the past three years, such a correction is bound to cause apprehension: Has the cyclical turning point for China's photovoltaic industry arrived?
Since the peak on August 19th, the photovoltaic concept index (CN: BK0478) has fallen by over 20%. For photovoltaic investors who have been accustomed to eating meat in the past three years, such a pullback inevitably makes them fearful: has the cyclical turning point of China's photovoltaic industry arrived?
In order to clarify this issue, we have conducted a detailed review of the development of the photovoltaic industry, hoping to achieve a distant view of the future development of the industry through reverence for history. The strength of the photovoltaic industry has not always been strong. The most recent memorable crisis in the market was that due to the high cost of power generation, the market was once full of doubts about the future of the photovoltaic industry after the reduction of industry subsidies (531 New Policy), and the overall valuation of listed companies fell to an all-time low.
However, with the continuous improvement of industrial technology and the increasing efficiency of photovoltaic power generation, coupled with the huge demand released by energy transformation, the growth rate of the photovoltaic industry has been rapidly released. Behind the bountiful harvest of photovoltaics, technological maturity is a prerequisite, and demand release is the direct driving force. Under the resonance of technology and the times, investors' expectations have been comprehensively reshaped.
Looking at the overall situation, the rise of new energy is just the beginning, especially in the context of the increasingly tense situation between Russia and Ukraine, which has increased the certainty of global market demand for the photovoltaic industry. The decline in the valuation of related companies is more like a loss of investor confidence caused by external factors, while the core driving force of the industry still exists, indicating that photovoltaic companies are far from the end and there are still stories to tell.
After achieving grid parity in photovoltaic power generation, the competitiveness of photovoltaics compared to traditional energy sources begins to emerge, and the weight of technological factors on the photovoltaic industry will be reduced. However, the so-called "parity" is not the end point, cheaper and cleaner electricity is still people's eternal pursuit. How will the development of future industries meet the growth of demand. In this context, we believe that the photovoltaic industry will enter the 2.0 era.
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