Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Thematic (Sector/Industry)

<ul>
<li>Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.</li>
<li>Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.</li>
<li>Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.</li>
</ul>


Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.
Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.
Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.


Improvement in Solar and Battery Technology

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>China’s solar manufacturers have seen their bottom line severely hit by a deepening industry glut that has triggered a brutal price war.</li><li>Several companies published first-half results on Friday, showing worsening profitability as the industry grapples with plunging prices.</li><li><strong>Longi Green Energy Technology Co. Ltd.</strong>, China’s largest solar wafer producer, reported a net loss of 5.2 billion yuan ($732 million) for the first six months, a sharp reversal from the 9.2 billion-yuan net profit recorded a year earlier.</li></ul>

China’s solar manufacturers have seen their bottom line severely hit by a deepening industry glut that has triggered a brutal price war.Several companies published first-half results on Friday, showing worsening profitability as the industry grapples with plunging prices.Longi Green Energy Technology Co. Ltd., China’s largest solar wafer producer, reported a net loss of 5.2 billion yuan ($732 million) for the first six months, a sharp reversal from the 9.2 billion-yuan net profit recorded a year earlier.

Chinese Solar Firms Bleed Losses Amid Worsening Glut and Falling Prices 

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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

<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.


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

<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.


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

<ul>
<li>300274 SZ/DQ US/CSIQ US/JKS US/601615 SH/2208 HK/601012 SH: Domestic new energy installed capacity further slows downDomestic new energy installed capacity further slows down (/////////////)</li>
<li>XPEV US: Xpeng Motors' losses narrowed slightly in the first quarter of 2024 as software sales to Volkswagen increased gross profits (+)</li>
<li>1211HK/LIUS/NIOUS/XPEVUS/TSLAUS:20th week of 2024, BYD fell back a bit while Tesla recovered most of lost ground, Nio and Xiaomi had strong deliveries, and LI once again beat AITO (-/+/+/-/+)</li>
</ul>


300274 SZ/DQ US/CSIQ US/JKS US/601615 SH/2208 HK/601012 SH: Domestic new energy installed capacity further slows downDomestic new energy installed capacity further slows down (/////////////)
XPEV US: Xpeng Motors' losses narrowed slightly in the first quarter of 2024 as software sales to Volkswagen increased gross profits (+)
1211HK/LIUS/NIOUS/XPEVUS/TSLAUS:20th week of 2024, BYD fell back a bit while Tesla recovered most of lost ground, Nio and Xiaomi had strong deliveries, and LI once again beat AITO (-/+/+/-/+)


[Blue Lotus Daily]: 300274SZ/DQ US/CSIQ US/JKSUS/601615SH/2208HK/601012SH/XPEV/1211HK/LI/NIO/TSLA

China

JinkoSolar Holding Company Limited manufactures solar products. The Company produces silicon wafers, solar cells and solar modules.

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JinkoSolar Holding (JKS US)

Improvement in Solar and Battery Technology

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

Chinese Solar Firms Bleed Losses Amid Worsening Glut and Falling Prices

China’s solar manufacturers have seen their bottom line severely hit by a deepening industry glut that has triggered a brutal price war. Several...

Caixin Global

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

US solar PV capacity in planning more than doubled in the past year, but the addition was mainly in modules. There is a meaningful improvement in...

Blue Lotus Research Institute

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

Chinese companies have been absent in building capacity in EU, due to lack of upstream material supply. EU's own capacity building is cautious and...

Blue Lotus Research Institute

[Blue Lotus Daily]: 300274SZ/DQ US/CSIQ US/JKSUS/601615SH/2208HK/601012SH/XPEV/1211HK/LI/NIO/TSLA

new energy installed capacity slows down, Xpeng Motors' losses narrow with increased software sales to Volkswagen, BYD falls while Tesla recovers,...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Improvement in Solar and Battery Technology

​Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

Chinese Solar Firms Bleed Losses Amid Worsening Glut and Falling Prices

China’s solar manufacturers have seen their bottom line severely hit by a deepening industry glut that has triggered a brutal price war. Several...

Caixin Global

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

US solar PV capacity in planning more than doubled in the past year, but the addition was mainly in modules. There is a meaningful improvement in...

Blue Lotus Research Institute

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

Chinese companies have been absent in building capacity in EU, due to lack of upstream material supply. EU's own capacity building is cautious and...

Blue Lotus Research Institute

[Blue Lotus Daily]: 300274SZ/DQ US/CSIQ US/JKSUS/601615SH/2208HK/601012SH/XPEV/1211HK/LI/NIO/TSLA

new energy installed capacity slows down, Xpeng Motors' losses narrow with increased software sales to Volkswagen, BYD falls while Tesla recovers,...

Blue Lotus Research Institute

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...