China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Asia Solar: A Pair Trade Between JinkoSolar and JA Solar

LONGi Green Energy to Build $600 Million Solar Panel Plant in U.S.

European Demand for Chinese Solar Panels Soars as Russia Withholds Natural Gas

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Thematic (Sector/Industry)

China Energy equipment and services / Thematic (Sector/Industry)

Gcl Poly Energy Holdings Limited (3800 HK)

<ul>
<li>Contrary to battery, Chinese renewable energy companies have largely been absent in EU's solar capacity buildup.We believe the main reason is supply chain structure differences;</li>
<li>One year after we tallied the capacity in C2Q23,11% of the tallied capacity have been cancelled, but another 66% more have been added, among which, however,no ingot or polysilicon projects; </li>
<li>Wacker Chemie's 39GW polysilicon project needs to supply ~10GW of ingot and wafer,~13GW of cell and ~52GW of module, comparing to EU's 2023 installation of only 56GW, which is insufficient.</li>
</ul>


Contrary to battery, Chinese renewable energy companies have largely been absent in EU's solar capacity buildup.We believe the main reason is supply chain structure differences;
One year after we tallied the capacity in C2Q23,11% of the tallied capacity have been cancelled, but another 66% more have been added, among which, however,no ingot or polysilicon projects; 
Wacker Chemie's 39GW polysilicon project needs to supply ~10GW of ingot and wafer,~13GW of cell and ~52GW of module, comparing to EU's 2023 installation of only 56GW, which is insufficient.


Tianjin Zhonghuan Semiconductor (002129 CH)

LONGi Green Energy Technology (601012 CH)

Hainan Drinda Automotive Trim (002865 CH)

EU's Battery and Solar Investments, One Year After, Part II