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1、DisclosurespreferLongiTongwei(bothBuyrated)Ongridtariff:Marketliberalisationstockidentificationiskeyduringthisindustryconsolidationprocessaviewwereiterateafterourrecentvisittoindustryplayersregulatsexperts.Thisviewisshar

2、edbyourHeadofAshareInfrastructureResearchwhorecentlyinitiatedonsomesolarequipmentnamesintheAsharemarket–Initiatecoverage:Brighterdaysahead20June2019.WepreferLongi(Buy)Tongwei(Buy)overGCLPoly(Hold)particularlygivenLongi’s

3、exposuretomonowaferwhichisgrowinginpopularitywithpotentiallybettertechnologicalcostimprovements.WerecentlyvisitedGCL’squasimonowaferproductionbaseinXuzhou(GCLPoly:Latestonitsnewmoveinquasimono7June).TakeawaysfromSNECtrad

4、eshow.On5JuneweattendedtheSNECScientificConferenceExpomeeting11majsolarcompaniesacrossthesupplychain.Keytakeawaysfromourvisitaresummarizedinthisnote.21June2019EvanLiHeadAsiaUtilitiesConglomeratesResearchTheHongkongShangh

5、aiBankingCpationLimitedevan.m.h.li@.hk85229966619CeyChan(S1700518100001)HeadofAshareInfrastructureResearchHSBCQianhaiSecuritiesLimitedcey.chan@.cn8675588983404HebeZhouAssociateUtilities&AlternativeEnergyTheHongkongShangh

6、aiBankingCpationLimitedhebe.j.zhou@.hk85229149973ShanmugaSundaramArumugamAssociateBangaleEmployedbyanonUSaffiliateofHSBCSecurities(USA)IncisnotregisteredqualifiedpursuanttoFINRAregulationsChinaSolarEquitiesUtilitiesChina

7、Searchingflight3Equities●Utilities21June2019SolargridparityonaglobalscaleiscloserthaneverThecostofsolarhaspedby92%overthelastdecaderesultinginasignificantreductioninthegapbetweenthecostofsolarpowerthatofcompetingfuelsour

8、cesduringtheperiod.TheLCOEofsolarisnowcompetitivewiththatofcompetingfmsofpowergenerationwholesaleelectricitypricesinseveralkeymarketsincludingIndiatheUSwesternEurope.Thesemarketstogetheraccountedfaround26%ofglobalPVinsta

9、llationsin2018.Solarsystemcostssince2010Source:BNEFPVLCOE:AlreadyonparitywithelectricitywholesalepriceinseveralkeymarketsNote:Majelectricitypowersourcefeachcountry:Brazil(hydro)Japan(nuclear)Indonesia(coal)China(coal)Ger

10、many(coal)US(naturalgas)France(nuclear)Australia(coal)Spain(wind)India(coal)Source:BloombergHSBCestimates3.532.801.831.601.521.451.231.040.890.800.770.000.501.001.502.002.503.003.504.0020102011201220132014201520162017201

11、82019e2020eUSDWModuleInverterBalanceofplantEPCOther0%50%100%150%200%250%BrazilJapanIndonesiaChinaGermanyUSFranceAustraliaSpainIndiavsLCOEofmajelectricitypowersourcevselectricitywholesalepriceGridparityPVLCOELCOEofcompeti

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