2025-06-13-花旗集团-中国可再生能源_2025年SNEC太阳能展会要点_11页_2mb

June 13, 2025 Analysis of 2025 SNEC Solar Exhibition:

The 2025 Shanghai Sinopec Group's Ninth Solar and Energy Storage International Exhibition (SNEC) revealed continued competitive pressures in the solar sector. Key takeaways from CITI's report include:

• Fierce competition and slow consolidation in the solar module supply chain, exacerbated by reduced domestic demand post-rush installation, with predicted sharp declines in module output.
• Polysilicon companies are pursuing mergers and acquisitions to eliminate excess capacity through professional management entities, funded by capital injections.
• Technological innovation has slowed, with firms concentrating on cost efficiency rather than disruptive advancements; TOPCon remains the dominant cell technology, while companies like LONGi demonstrated higher-efficiency modules combining HJT and BC technologies.
• Energy storage gained prominence, driven by utility-scale and C&I demand in overseas markets, focusing on grid-forming capabilities and reduced costs, exemplified by Sungrow's PowerTitan platform.
• CITI's cautious outlook persists, with sell ratings for many listed solar companies due to weak prospects; visitor and exhibitor numbers dropped but foreign participation increased.

Overall, the exhibition underscored challenges in the solar industry, with a shift toward energy storage as a key growth area amid subdued module demand and ongoing consolidation efforts.