TCL Zhonghuan Forecasts Global PV Industry to Remain at Cycle Bottom in H2 2024 Amid Intensifying Competition

[TCL Zhonghuan: The global PV industry is expected to remain at the bottom of the cycle in the second half of 2024]

TCL Zhonghuan stated on an interactive platform that in the first half of 2024, countries' energy structures will accelerate their transition towards green and low-carbon models, and global PV end-user installations will maintain an upward trend, albeit at a decelerating pace. Manufacturing capacities across the PV industry chain will rapidly expand, further exacerbating the imbalance between supply and demand, leading to continuous declines in PV product prices. The industry is gradually shifting from full-cost competition to cash flow competition. By the second quarter of 2024, prices across the main industry chain will be inverted relative to costs, resulting in net profit losses, and by the end of June, the industry will enter a stage of cash cost losses, signaling that the industry has reached the bottom of the cycle. Competition within the industry will intensify, accelerating the process of survival of the fittest among enterprises. In the second half of 2024, the global PV industry will remain at the bottom of the cycle, with intensified competition.