In 2024, it has been the most challenging year in the history of China’s photovoltaic industry, with all segments of the industry chain continuing to suffer losses.
According to reports from “Daily Economic News” and “First Financial News,” at the “7th China International Photovoltaic and Energy Storage Industry Conference 2024,” Wang Bohua, Honorary Chairman of the China Photovoltaic Industry Association, analyzed the challenges faced by the Chinese photovoltaic industry in its development.
He first addressed the export situation of photovoltaic products in the first three quarters of this year: in the first three quarters of 2024, the total export value of Chinese photovoltaic products (silicon wafers, battery cells, modules) was $25.93 billion, a decrease of about 35.1% compared to the previous year, maintaining a trend of “increasing quantity and decreasing prices.”
Wang Bohua stated that among the 121 listed photovoltaic companies, 39 companies reported net losses this year; pricing in various segments of the photovoltaic industry has dropped by 60% to 80% compared to the peak in 2023, with most segments running at a loss in the second half of this year; and the manufacturing output in the first three quarters of 2024 decreased by over 44.7% compared to the same period last year.
He mentioned that the losses in the photovoltaic industry are continuing to escalate, with the scale of losses caused by this industry fluctuation far exceeding those of the three previous industry fluctuations. Particularly, the prices of various segments of the photovoltaic industry this year have dropped by over 60% compared to the peak in 2023.
Reports indicate that from the performance of photovoltaic companies in the third quarter reports, all companies in the photovoltaic industry chain are experiencing financial losses.
Taking the top five integrated photovoltaic companies in terms of module shipment volume in the first three quarters of this year as an example, only Jinko Solar achieved profitability, while LONGi Green Energy reported the highest net loss.
Financial reports show that LONGi Green Energy reported a net loss of 6.505 billion yuan in the first three quarters, with a net loss of 1.261 billion yuan in the third quarter alone. Trina Solar reported a net loss of 3.973 billion yuan in the first three quarters, transitioning from profit to loss, with a net loss of 844 million yuan in the third quarter alone.