Photovoltaic film industry chain conversion bonds deep combing

The photovoltaic film industry chain

Depending on the type of film, the upstream raw material for transparent and white EVA film is EVA resin particles, while the upstream raw material for POE film is POE resin; the cost of resin particles accounts for more than 90% of the cost of the film, so changes in the price of upstream particles have a greater impact on the film companies. The downstream of PV film is mainly domestic PV module manufacturers.

The cost side of the film business is under pressure, but the transmission path is relatively smooth

Due to the slow pace of EVA particle production expansion and the rapid growth in demand from downstream module manufacturers driven by domestic and international macro political and environmental policies, EVA particle prices continued to rise.

However, with the high demand, film manufacturers were able to smoothly transfer upstream cost pressure to downstream component manufacturers, so although film manufacturers were under pressure on the cost side in the first half of the year, the overall profit trend was positive.

Relatively stable competitive landscape

The adhesive film industry is typically asset-light, and the upstream and downstream accounts for a relatively serious situation, so in order to maintain normal operations, adhesive film companies usually need to be equipped with sufficient capital flow; the scale and cost advantages of companies in the industry are the top priority of the industry competition, and the current industry leader relies on the scale advantage, coupled with strong bargaining power to the downstream, so a relatively stable competitive pattern has been formed; although the second and third tier Although the second- and third-tier manufacturers actively expand production this year, but it is difficult to change the industry "a super many strong" competition pattern.

Upstream: High technical barriers for particles, slow expansion of production

EVA particle production equipment is an important factor limiting the expansion of production capacity, capacity climbing period is long. EVA particle production equipment from overseas, including compressors, high-pressure tubes are required by foreign custom, and equipment capacity is limited, the current delivery period of about 2 years; in addition, from the production of EVA products to a stable output of photovoltaic grade EVA particles at least another year of time.

Downstream: domestic and overseas demand is strong, future growth trend to determine the domestic "double carbon" target support

In the policy end of the promotion, large-scale scenic base projects in an orderly manner, to implement the development of action plans to accelerate the implementation of renewable energy alternative projects, to promote renewable energy high proportion, high quality, low cost, market-oriented development; international turmoil has led to countries for energy security concerns, but also realize the importance of energy independence; in order to get rid of excessive reliance on traditional energy, new energy power construction The progress is expected to accelerate; photovoltaic is expected to further benefit as a clean energy source at affordable prices.