[SMM Silicon-Based PV Morning Meeting Summary] Prices of Silicon Wafers from Some Tier-3 Enterprises Weaken, Battery Orders Are Sufficient, Inventory Declines

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SMM, February 18:

Silicon Wafer

Prices: The market price for N-type 18X silicon wafers was 1.18-1.18 yuan/piece; the price for 210R silicon wafers dropped to 1.26-1.3 yuan/piece. Silicon wafer prices showed initial weakness, with some third-tier enterprises lowering their quotes, while top-tier enterprises stood firm on quotes.

Production: February silicon wafer planned production increased MoM, and March production is expected to increase further. However, some enterprises have adjusted their previous expectations due to self-discipline considerations.

Inventory: Silicon wafer inventory slightly increased WoW this week. Last week saw some minor transactions, leading to limited inventory growth.

Solar Cell

Prices: High-efficiency PERC182 solar cells (efficiency of 23.2% and above) were priced at 0.325-0.34 yuan/W; there were no transactions in the PERC210 solar cell market. Prices remained stable for now. Topcon183 solar cells (efficiency of 25% and above) were priced at approximately 0.285-0.295 yuan/W; Topcon210RN solar cells at 0.28-0.285 yuan/W; and Topcon210 solar cells at 0.285-0.295 yuan/W. Prices remained stable for now. The mainstream price for HJT210 half-cell products was 0.36-0.38 yuan/W. Post-holiday prices remained stable.

Production: Solar cell bases gradually resumed operations, with production lines ramping up. Production increased, and the operating rate is expected to exceed January levels.

Inventory: Recent battery orders were relatively sufficient, with normal deliveries ongoing. Inventory showed a decreasing trend.

PV Film

Prices

PV-grade EVA: Transaction prices for PV-grade EVA ranged from 11,100-11,500 yuan/mt. Domestic settlement prices for PV-grade POE were approximately 12,000-13,500 yuan/mt.

PV Film: The current mainstream price for 420g transparent EVA film was 5.29-5.46 yuan/m², 420g white EVA film was 5.67-6.05 yuan/m², 380g EPE film was 5.79-5.89 yuan/m², and 380g POE film was 6.84-7.22 yuan/m².

Production: February planned production for PV-grade EVA was approximately 1.1 million mt. Domestic PV film planned production in February was approximately 340 million m².

Inventory: Currently, petrochemical enterprise inventories remain relatively low, with most spot deliveries fulfilling previous pre-sale orders. On the demand side, significant growth is expected due to increased production driven by a rush for installations. On the supply side, frequent maintenance activities are observed, and supply and demand are expected to remain tight.

Inverter

Prices: This week, inverter price ranges were as follows: 20kw at 0.12-0.16 yuan/W, 50kw at 0.11-0.15 yuan/W, 110kw at 0.1-0.14 yuan/W, and 320kw at 0.08-0.1 yuan/W. Inverter prices remained stable.

Supply and Demand: On the supply side, production remained stable and sufficient. In Q1, off-season demand was relatively weak, coupled with top-tier manufacturers primarily standing firm on quotes, resulting in fewer new orders.