[SMM Statistics] The planned production of PV modules in China for August is expected to be 48.5 GW, up approximately 3.6% MoM

According to SMM statistics, China's PV module production in July was approximately 46.8GW, down 0.9GW from the previous month, a decrease of 1.9% MoM; compared to the same period last year, the increase was about 4.1% YoY. From January to July 2024, China's cumulative PV module production was approximately 325.7GW, up 61.7GW YoY, an increase of about 23.4%.

In July, the demand for PV modules did not show significant improvement. Although some centralised procurement orders in the domestic market boosted demand, the pull from the overseas market weakened, and Europe entered the summer break, causing project procurement to stall. The actual production of some PV module producers was lower than expected, leading them to reduce production to avoid inventory accumulation. Integrated module plants, in particular, maintained cautious operating rate adjustments due to ongoing losses. Mid-to-late stage module plants attempted to secure orders through low-price strategies, but the actual order volume remained insufficient. Some companies only took outsourcing orders, and the number of shutdown plants increased.

The planned production of PV modules in August is expected to be 48.5GW, up 1.7GW MoM, an increase of approximately 3.6%. Compared to the same period last year, it is a decrease of about 8.6%. Due to the overall poor visibility of order demand, the scheduled module production among companies has diverged. With the peak delivery season in H2 approaching, some companies have significantly increased their operating rates due to a rise in orders. Most companies, considering their current order volumes and inventory pressure, have chosen to maintain stable operating rates or make slight reductions. Among them, the proportion of N-type module production in August has further increased to 89%. Since July, over 90% of the selections by downstream end-user power companies during procurement have been N-type modules, and some centralised procurement projects have stopped purchasing P-type modules. Therefore, module companies are actively adjusting the production ratio of P-type and N-type modules, with some companies shutting down P-type module production lines. The proportion of N-type module production among leading companies has approached 90%.