Module leaders continue to dominate the market, and the demand remains robust. In 2022, the supply of polysilicon constrained customer demand, but in 2023, with the release of polysilicon capacity and a reduction in its price, the upstream bottleneck is resolved. This, in turn, stimulates downstream demand, leading to substantial growth in module profitability.
Module orders are secured in advance, and the rate at which polysilicon prices decrease outpaces that of module prices, creating more room for cost reduction. As the price of polysilicon reduces, module prices become more flexible, allowing for increased profit margins.
In addition, the market share of N-type products is increasing, and we anticipate that by 2023 and 2024, the penetration rate of N-type products will surpass 30% and 70%, respectively. By the end of the year, TOPCon cell efficiency is expected to reach 26%. Moreover, higher penetration rates and efficiency gains will result in more significant cost reduction benefits. On the module side, there is a premium of 5 to 10 cents/W, leading to structural improvements in profitability.
Looking ahead, leading companies possess financial and technological advantages, enabling them to adapt quickly to periodic rotations and technological advancements, which guarantees their long-term growth sustainability.
