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The era of photovoltaic oligarchy!

The supply chain fluctuates violently, various companies continue to expand, and the industry concentration continues to increase. Under the superposition of various variables, the trend of China's photovoltaic oligopoly has become more and more obvious.

The so-called oligopoly market is a small number of manufacturers supplying most of the products in the industry, and each manufacturer's output accounts for a considerable share of the total market. In the corresponding industrial chain, it has a significant impact on market prices and competition patterns.

After more than ten or two decades of fierce competition and the survival of the fittest, today, Canadian Solar, Zhonghuan, JA Solar, Longi, JinkoSolar, Trina Solar, Tongwei, GCL, Sungrow and other companies They have created a pivotal position in the market, and they are all facing development opportunities in the new era, as well as their own pressures and challenges.

The content of this issue combines some of the latest statistics and data from the past to present three parts to readers. From some changes in data, we can basically see the overall competition pattern among giants, as well as the opportunities and challenges that companies may face. . Of course, the benevolent have different views and discoveries. Welcome to discuss and make bricks.

1. Comparison of the operating data of the top ten

This article revisited the ten largest photovoltaic giants in the past five and a half years, including JinkoSolar, GCL-Poly, Canadian Solar, Longji, TBEA, Tongwei, Zhonghuan, Sungrow, JA Solar, and Trina Solar. The core business data of the company includes ten dimensions such as revenue, net profit, gross profit margin, R&D investment, capital strength, total debt and debt ratio. The development trend of major companies in recent years can be seen from these data.

2. Vertical integration of photovoltaic "involution" and giants

We have pointed out in previous articles that in the past year and a half, leading companies including Jinko, Longji, Zhonghuan, Trina, Canadian Solar, Risen Energy, Chint, etc. have all dropped billions of dollars under the supply chain game. Ten billion, rushing for vertical integration. Some are "active" and some are "passive", but on the whole, integration has become a reality and will profoundly affect future competition. Let's take a comprehensive look. In the five years from 2016 to 2020, the capacity layout and growth of the top ten integrated giants in different links of the photovoltaic industry chain:

Polysilicon segment: In five years, Tongwei's polysilicon production capacity has increased by 4.33 times, and the new player Dongfang Risheng's current polysilicon production capacity has reached 12,000 tons;

Wafer segment: LONGi and Zhonghuan’s production capacity has grown the fastest. Among them, LONGi’s monocrystalline wafer production capacity has increased by 10.33 times in five years. JinkoSolar is also accelerating its pace of catching up. In 2020, JinkoSolar’s wafer production capacity will increase by 46.67%. , The wafer production capacity exceeds 22GW, and the strength is also very strong.

Cell segment: By the end of 2020, LONGi's cell production capacity has surpassed Tongwei, becoming the industry's first. Tongwei's cell production capacity has also increased by 7.09 times in the past five years, and has maintained a rapid expansion momentum;

Module link: In the past five years, LONGi's growth has been the most fierce. In five years, its module production capacity has expanded by 9 times, and the growth rate far exceeds that of other major competitors;

Power station link: Chint Electric surpassed GCL New Energy to become the largest private photovoltaic power station investment operator.

In addition, the competition among giants in 2021 may be fiercer. According to statistics, eight of the integrated giants have clearly put forward their strategic goals for 2021. Many companies may increase their production capacity far beyond previous years, and the pattern of the photovoltaic industry may undergo tremendous changes as a result. As shown in the following table, the production capacity of core products of many leading companies is expected to achieve more than 100% growth:

For example, Tongwei plans to produce more than 180,000 tons of polysilicon in 2021, a year-on-year increase of approximately 125%; Zhonghuan’s monocrystalline silicon wafer production capacity may reach 135GW by the end of 2021, a year-on-year increase of approximately 145.45%; Trina Solar, JinkoSolar, and Tongwei Granville's cell production capacity will also achieve a growth of more than 100%; in the component segment, Trina Solar expects that its production capacity will increase by 127.27% year-on-year, which is far higher than that of its main competitors.

The following are the changes in the production capacity of the top ten photovoltaic giants:

The following is the income structure and changes of the main products of eight photovoltaic companies

3. In the era of great cooperation, photovoltaic giants are united and connected

From January 1, 2020 to the present, photovoltaic giants have been "cooperating vertically and horizontally" in terms of strategy and cooperation. This also marks the beginning of the "new era of competition and cooperation" in the photovoltaic industry. The strategic cooperation targets of photovoltaic giants include financial companies, local governments, large state-owned enterprises, and scientific research institutes; there are strong cooperation, industry chain complementation, cross-border cooperation, and state-owned and private-owned integration. Similar hand-in-hand collaborations have also begun to appear in the tide of "county-wide advancement".

 

There is a good saying: Poetry and the distance are important, but who you walk with is more important. The following is our statistics. From January 1, 2020 to the end of July 2021, the 15 leading photovoltaic companies have been "jointly joined together", that is, the giants have signed strategic cooperation.

News source: Gelonghui
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