SMM Analysis On China September Solar Cells Production And October Forecast

In September, the total production of cells by Chinese companies decreased by 8.46% MoM. P-type cells decreased by 29.01% MoM, and N-type cells decreased by 4.43% MoM. Orders for solar cells shrank in September, with high raw material inventory at downstream module factories, leading to a reduction in externally purchased cells. Specialized cell manufacturers faced significant inventory pressure, with production cuts mainly in PERC cells and Topcon183 series cells, while BC cell production remained relatively stable. In October, affected by the National Day holiday, some cell manufacturers took 3-7 days off, and there are plans for equipment upgrades, impacting the overall production schedule of solar cells, down about 7% MoM. PERC cells and Topcon183 series cells saw further production cuts.