In May, the actual production of photovoltaic cells reached 62.05 GW, up 0.3% MoM and 34.45% YoY. Among them, the production of N-type cells was 46.14 GW, up 4.74% MoM, accounting for approximately 74% of the total output. The production of P-type cells was 15.91 GW, down 10.77% MoM.
In May, the demand for photovoltaic cells weakened, and the inventory of N-type cells increased. Major manufacturers increased production due to the ramp-up of Topcon production, but some small and medium-sized cell makers lowered their operating rates to control inventory.
Looking ahead to June, as photovoltaic cell manufacturers are still in a loss and the orders are poor, it is expected that the reduction in cell production will expand, and small cell makers will gradually shut down. However, the ramp-up of production lines at large cell makers will continue. Overall, the planned production of photovoltaic cells in June is 58.69 GW, down 5.4% MoM, and the actual production may be lower than the planned level.
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