China Securities Is Bullish on PV Module Segment, But Pessimistic towards Polysilicon

China Securities’ research report shows that the current round of photovoltaic module price rebound is mainly driven by the shortage of polysilicon. However, the upstream price rebound is about to end soon, with prices likely to enter a long-term downward channel, dragged down by gradually increasing supply.

In contrast, the downstream demand for PV module is strong, and module manufacturers are expected to usher in a surge in sales volume. Judging from the production schedule, the orders for PV modules has been strong since the beginning of this year. The orders of the top three producers have become saturated, which could sustain their production through the first three quarters, and the production schedule in March is expected to continue to increase month-on-month.