New energy power generation, photovoltaic, wind power

Simply put, the productivity improvement of this industry is more troublesome, not short-term overtime can increase production capacity.

Production capacity is difficult to change, but market demand is constantly changing.

This contradiction determines that the operation of silicon wafer companies is very risky, and if you are not careful, there will be a situation of "oversupply" or "supply is less than demand", which is very passive.

How to solve this problem?

So far, there are two main approaches.

The first is vertical integrated production and operation, which is simply to produce not only silicon wafers, but also solar cells, which are produced and sold by themselves.

For example, Longi Shares, although the main business is the production of silicon wafers, in the battery, components and other subsectors have a layout;

The second is to cooperate deeply with upstream and downstream manufacturers, sign contracts in advance, and "lock demand". For example, Tongwei Shares have jointly invested 15 billion yuan in the construction of silicon materials and silicon wafers with Tianhe Lightyear in 20 years.

Both methods have their advantages and disadvantages, and it is not possible to say who is good and who is bad at present.

At present, silicon wafer is in a stage of rapid development, the competition of various enterprises is very fierce, and the final who will win is still uncertain.

Therefore, the current market pattern of silicon wafers is not firm and variable.

But overall, the current market demand of the silicon wafer industry is very strong, and the competition can also promote the continuous progress of enterprises, so this subsector is still worth investing in.

2. Inverter: The investment value is average, the entry threshold is low, and it faces huge competitive pressure from Huawei

Photovoltaic inverter is the core device of solar power generation. Its main role is to convert low-voltage direct current (that is, the electricity in the battery) into the 220 volt high-voltage alternating current that can be used in our daily life.

At present, there are four listed companies in the inverter industry. Among them, the Sun power supply is the largest, whether it is market value or revenue is far ahead of the other three companies.

However, the entry threshold of the inverter is not high, and the competitiveness of the enterprise mainly lies in the brand and after-sales service.

Moreover, in the field of photovoltaic inverters, unlisted Huawei is the world's largest producer.

There is no entry threshold, but also facing the competitive pressure of giants.

Therefore, it is estimated that it is a little difficult to earn excess returns through long-term investment in the inverter industry.

3, photovoltaic auxiliary materials: strong market demand, high investment value

Photovoltaic auxiliary materials, as the name suggests, are some auxiliary materials in the production process of photovoltaic parts, including crucible, hot soup, diamond wire and so on.

Although the photovoltaic auxiliary material is not the core component, the technical content is relatively general, but it is crucial for the entire photovoltaic power generation industry.

At present, there are 14 listed companies in the photovoltaic auxiliary material industry.

From the perspective of market value scale, only Foster has a market value of more than 100 billion, and other small and medium-sized companies.

Overall, this segment of the industry is normal.

But earning an average return should not be a problem, thanks to strong demand.

4, photovoltaic processing equipment: large development space, high investment value

Photovoltaic processing equipment, simply speaking, refers to the photovoltaic manufacturing enterprises used to produce photovoltaic parts of the machine equipment. Including silicon rod/silicon ingot manufacturing equipment, silicon wafer/wafer manufacturing equipment, battery wafer manufacturing equipment and so on.

China's photovoltaic processing equipment is complete, has a full line of solar cell manufacturing equipment capability.

From the component point of view, photovoltaic processing equipment are medium-sized or small companies, the industry is in the initial stage.

At present, the development of the photovoltaic industry is "in full swing", and the demand and requirements for equipment are expected to be higher and higher, so the development space of this subsector is quite broad.

5, wind power components: broad development space, high investment value, but there is greater uncertainty

Wind power components refer to the key components of large wind turbines, including blades, nacelle covers, spindles, castings, converters and so on.

There are many parts of wind power, but they are the core, which has a crucial impact on the efficiency of wind power generation, and the investment value is greater in the wind power industry.

From the perspective of market value distribution, the wind power parts industry is almost all small and medium-sized companies, indicating that the development of the industry is still in the initial stage.