SMM Analysis on China November Solar Cell Production and December Forecast

In November, solar cell production increased by 6.87% MoM, with the growth mainly driven by Topcon cells, while the production of PERC cells, HJT cells, and BC cells all declined. The increase in Topcon cell production was primarily supported by demand. November marked the concentrated delivery period for 18X PV modules, leading to a very tight supply of cells. Some specialized cell plants increased the opening rate of Topcon183 cells. In December, the planned production of solar cells is expected to increase by 0.08% MoM, remaining almost stable. The planned production of PERC cells, HJT cells, and BC cells is expected to continue to decline slightly, while the planned production of Topcon cells is expected to steadily increase.