What happened to photovoltaic plunge?

On August 19, the recent hot photovoltaic industry suddenly plummeted.

We are familiar with the four giants of A -share photovoltaic components, Longji, Jing'ao Technology, Tiantuang Energy, and Jingke Energy.

Among them, Tianhe Light has become the largest stock of A shares with a decline of more than 15%.

Obviously, such a "collapse" trend appearing in an industry has happened.

After watching a circle, the most sensational is a hidden bid announcement.

Source: Arctic Star Photovoltaic Network

On August 17, China Resources Electric Power announced the fifth batch of photovoltaic components to collect the bid candidates. Tongwei shares the price of 1.94 yuan/W became the first candidate.

From a certain perspective, Tongwei is the table.

As a faucet of the upstream of photovoltaic photovoltaic, Tongwei's long -term business model has collaborated with Longji and Tianhe these components to cooperate with each other to perform their duties in the industrial chain.

But this order marks that Tongwei is unwilling to accompany the photovoltaic components.

This time, Tongwei depends on himself.

Why did the incident cause a sharp plunge? Is the market response excessive? What will happen to the future pattern of photovoltaic industry?

Let's discuss it below.

To explain this incident, you may have to understand the grievances behind you.

Regarding Tongwei and photovoltaic component manufacturers, there are a "wild history" on the Internet in the past two days.

The rough meaning is that Tongwei first posted with Longji to play their respective roles in the industrial chain, but Later, Long Ji made a battery film of Tongwei's main business, and the relationship between the two gradually deteriorated.

After that, Tongwei re -found Tiantuangneng cooperation again, but after that, Tiantuoguang could start another main business polysilicon, and Tongwei was "backbone".

As a result, Tongwei, who was injured by partners, no longer followed the logic of industrialization division of labor, and finally decided to take his own way. He must engage in industrial integration and no longer give others the opportunity to hurt himself.

The order that China Resources just announced has just confirmed that Tongwei has stepped into the photovoltaic component industry.

Friends who understand photovoltaic should know that the photovoltaic industry chain can be roughly divided into silicon, silicon wafers, batteries, components and power stations.

The original main business of Tongwei is silicon material and battery, and Longji is a silicon wafer and component. Indeed, there are me and me in you.

As the photovoltaic industry is growing rapidly, major giants want to gain an advantage in cost competition.

Under the circumstances of the technical level, the cost of the product provided by who provides a lower cost, and the downstream power stations will naturally prioritize.

To put it bluntly, the "price war" has never stopped.

Therefore, the photovoltaic giants of the upper and middle reaches are racking their brains to reduce costs and increase efficiency, and to open the industrial chain and reduce the costs generated between all links are naturally a way to consider.

From the perspective of industry macro perspective, the lower the overall cost, the higher the efficiency of installation and power generation, and the overall development of photovoltaic development.

Component manufacturers such as Longji, Tianhe and other components are undoubtedly in line with the logic of industry development.

But from the perspective of business cooperation, it is natural to give up partners in competition.

Tongwei didn't want to make things stiff, but now that he has the ability to do it, it is not polite this time.

From the results of the winning bid, Tongwei took a price of 1.94 yuan/W, and it took over 1.99 yuan/W and Longji's 2.02 yuan/W to become the first winning candidate.

This has undoubtedly showed the determination and competitiveness of Tongwei to enter the photovoltaic component.

Therefore, the market is easy to understand this as a new round of price war in the photovoltaic industry is about to begin.

Not only that, compared to the four major kings of photovoltaic components, Tongwei has obvious advantages in the production capacity of upstream silicon materials.

This time is the first time that Tongwei has won the GW -level size in the industry. The market is worried that Tongwei will have a certain impact after entering the component sector.

Once Tongwei has thoroughly opened the industrial chain, for other original photovoltaic industry patterns, it will undoubtedly be an earthquake -level.

How low can Tongwei press the cost in the future? This will directly determine the strategies and market share of several other companies, and may even reconstruct the current industrial chain pattern.

In any case, under conditions, the integrated layout is indeed the most ideal way to cross the cycle and decentralized risks. Not only is the photovoltaic industry, many industries have similar situations.

On the other hand, the more intense the "inner roll" of the upstream reaches, the more "lying down" the downstream power station.

So we see that while on Friday, when photovoltaic component companies fell collectively, downstream power station companies have been fully strengthened.

In the long run, this is actually a good thing.

Tongwei's entry is more likely to form a "catfish effect", promote the industry's research and development and industrial chain layout, and eliminate a number of enterprises that enjoy industry dividends and competitiveness.

In fact, it can be seen from the Dragon and Tiger List on Friday that the current market's understanding of this incident is still quite different. The institutions smashed the fairy fights with each other.

In general, this is the short -term impact industry, which is beneficial to the industry for a long time.

It's just how big the short -term impact is, and the market is still evaluating, so it still takes a certain time to digest.

In the future, there may be some new technologies that suddenly emerge to affect the existing industry pattern, but in any case, this is the only way to develop.Mastering the entire photovoltaic industry in the hands of Chinese companies may be the constant logic.

(Disclaimer: This article is an objective analysis made by Ye Tan Finance based on public information, which does not constitute investment suggestions. Do not use this as a basis for investment.)

-END--

- END -