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

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

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

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Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Thematic (Sector/Industry)

United states Energy equipment and services / Thematic (Sector/Industry)

<ul>
<li>One year after we started tracking solar investment in US, the planned capacity almost doubled to 123GW, comparing to addition of 32GW of capacity added in 2023;</li>
<li>However, there is a lack of wafer, ingot and polysilicon capacity in planning. Only 7GW of ingot capacity is planned, vs. cell capacity rose from 8% of total to 43%;</li>
<li>Chinese participation declined only slightly from 31% to 28%. Lack of wafer, ingot and polysilicon integration means cost of US production stays high. But overcapacity still restrains up stream profitability.</li>
</ul>


One year after we started tracking solar investment in US, the planned capacity almost doubled to 123GW, comparing to addition of 32GW of capacity added in 2023;
However, there is a lack of wafer, ingot and polysilicon capacity in planning. Only 7GW of ingot capacity is planned, vs. cell capacity rose from 8% of total to 43%;
Chinese participation declined only slightly from 31% to 28%. Lack of wafer, ingot and polysilicon integration means cost of US production stays high. But overcapacity still restrains up stream profitability.


Tianjin Zhonghuan Semiconductor (002129 CH)

LONGi Green Energy Technology (601012 CH)

US Battery and Solar Investments, One Year After, Part II