Ministry of Industry and Information Technology: Solar Cell Production Increased by 63.2% in the First Three Quarters; Solar Stocks Plunge: Why European Demand Declines; European Module Prices Fall Be

< Today's Highlights & >

1. Ministry of Industry and Information Technology: Solar cell production increased by 63.2%

in the first three quarters on the afternoon of October 20, the State Council Information Office held a press conference. Zhao Zhiguo, spokesman and chief engineer of the Ministry of Industry and Information Technology, said that products in the new kinetic energy sector have maintained a relatively high growth rate. In the first three quarters, the output of solar cells and charging piles increased by 63.2% and 34.2% respectively.

2. Solar stocks plunge: Why European demand is down

SolarEdge cut guidance and warned of weak demand in Europe, sending its stock down 28%. US demand was affected by excess inventory, rising interest rates and changes in California's net metering policy. Economic conditions in Europe are relatively favorable, but demand is slowing. Collectively, all three of these things have affected demand in the United States and exacerbated the interest rate problem.

3. European module prices fell below the bottom line, and the

Israeli module giant collapsed. On October 20, the stock price of SolarEdge Technologies, a photovoltaic product manufacturer, plunged nearly 30%, the lowest level since April 2020.

At present, the reason for the sharp fall is related to a news disclosed by the company in the morning, which pointed out that the demand for solar products in the European market has weakened, and the company's third quarter results may not be as good as expected. By the end of the day, SolarEdge's cumulative decline in the year had expanded to 70%, and its total market value had evaporated by $11.33 billion (about 83 billion yuan).

4. Batch 12!

On October 20 , Datang Group announced the handling of the 12th batch of suppliers'bad behavior in 2023. The 1040 suppliers announced this time have bad behavior, including 55 enterprises in the photovoltaic field.

< Project progress >

1. Total investment: 5 billion! On the morning

of October 20, the People's Government of Inner Mongolia Autonomous Region held an investment promotion and cooperation project signing ceremony (Guangdong-Hong Kong-Macao Greater Bay Area) in Shenzhen, Guangdong Province, and 355 enterprise representatives gathered at the event.

At the meeting, Deputy Secretary of the Xilinhot Municipal Committee and Mayor Burenjin, on behalf of the municipal government, signed two cooperation agreements with Jiangsu Changzhou Xiangfeng Industrial Development Group Co., Ltd. on 10GW single crystal rod pulling and 3GW photovoltaic module projects, with a total investment of 5 billion yuan. Among them, 3GW photovoltaic module is the first photovoltaic module production project in the League, and 20GW monocrystalline rod pulling project is the largest monocrystalline rod pulling project in the League.

2. Cross-border rookie net profit in the first three quarters fell 70% year-on-year, photovoltaic projects have been put into operation

on October 20, Hebang Biology released the third quarter performance announcement, the company's revenue in the first three quarters of 2023 was about 6.434 billion yuan, a decrease of 38.68% year-on-year; Net profit attributable to shareholders of the listed company was approximately RMB1.019 billion, representing a year-on-year decrease of 70.27%; basic earnings per share was RMB0.1168, representing a year-on-year decrease of 70.39%. Hebang Biology said that due to the macroeconomic impact during the reporting period, the company's performance declined compared with the same period last year due to the increase in the purchase price of some raw materials, the decline in product prices and sales.