第一太阳能公司First Solar市场前景及投资研究报告-外文版培训课件光伏组件储能逆变器

COMPANIES

&

PRODUCTSFirstSolarCHAPTER

01OverviewCumulativeinstalledsolarPVcapacityworldwidefrom2000to2022(inmegawatts)GlobalcumulativeinstalledsolarPVcapacity2000-20221,400,0001,200,0001,000,000800,000600,000400,000200,00002000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

20223Description:Globalcumulativesolarphotovoltaiccapacityhasgrowncontinuouslysince2000.In2022,globalcumulativesolarPVcapacityamountedto1,177gigawatts,withroughly239gigawattsofnewPVcapacityinstalledinthatsameyear.ReadmoreNote(s):Worldwide;2000to2022Source(s):SolarPowerEuropeAveragecapacityfactorforutility-scalesolarPVsystemsworldwidefrom2010to2022GlobalsolarPVcapacityfactor2010-202220%18%17.9%17.6%17.5%16.9%16.6%16.5%16.7%16.4%16.1%16.2%15.3%16%14%12%10%8%15.1%13.8%6%4%2%0%20102011201220132014201520162017201820192020202120224Description:Between2010and2022,theaveragecapacityfactorforutility-scalesolarPVsystemsworldwidepresentedamostlyupwardtrend.Inthelatteryear,theaveragecapacityfactorforutility-scalesolarPVsystemsstoodat16.9percent.

ReadmoreNote(s):Worldwide;2010to2022Source(s):IRENAAnnualsolarmoduleproductiongloballyfrom2000to2022(inmegawatts)Globalmodulemanufacturingproduction2000-2022400,000350,000300,000250,000200,000150,000100,00050,00002000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

20225Description:In2022theproductionofsolarmodulesworldwidereachedapproximately379gigawatts.Thiswasanincreasecomparedtothepreviousyearwhereintheproductionofsolarmoduleswasaround242gigawatts.

ReadmoreNote(s):Worldwide;2000to2022Source(s):PVPSDistributionofsolarphotovoltaicmoduleproductionworldwidein2022,bycountryGlobalPVmodulemanufacturingshare2022bycountryDistributionofproduction40%

50%0%10%20%30%60%70%80%90%ChinaVietnamMalaysiaIndia77.8%6.4%2.8%1.9%UnitedStatesSouthKoreaThailandEurope1.9%1.9%1.2%0.6%0.5%TaiwanCanada0.4%0.3%0.1%SingaporeJapanOther4.2%6Description:In2022,Chinaaccountedfor77.8percentoftheglobalphotovoltaic(PV)moduleproduction.Thecountryrepresentingthesecond-largestshareofPVproductionwasVietnam,accountingforjust6.4percent.

ReadmoreNote(s):Worldwide;2022Source(s):IEA;PVPS;RTSCorporationInvestmentsinsolarphotovoltaicenergyworldwidefrom2013to2022(inbillionU.S.dollars)GlobalsolarPVenergyinvestments2013-2022350300250298.21217.28200171.94152.65146.81148.11141.3715010050126.61121.56106.08201302014201520162017201820192020202120227Description:Globalinvestmentsinsolarphotovoltaicenergystoodatalmost300billionU.S.dollarsin2022.InvestmentinsolarPVhasincreasedgreatlysince2013whenitamountedtojustover100billionU.S.dollars.SolarPVwasthetechnologythataccountedforthelargestshareofrenewableenergyinvestmentsin2022.ReadmoreNote(s):Worldwide;2013to2022Source(s):ClimatePolicyInitiative;IRENACumulativeinstallationsofsolarPVcapacityworldwidefrom2015to2022,withaforecastuntil2027(ingigawatts)TotalglobalsolarPVcapacityforecast2015-20274,0003,5003,0002,5002,0001,5003,5322,9152,3811,9191,5181,1779401,0005000773.22020633.72019509.32018404.52017306.52016229.3201520212022*2023*2024*2025*2026*2027*8Description:GlobalcumulativesolarPV(photovoltaic)capacityhaspresentedatrendofcontinuousgrowthsince2015.Thegrowthinthesolarmarketrepresentsashiftofglobalmarketstowardsrenewableanddistributedenergytechnologies.Between2015and2022,figuresincreasedbymorethan900gigawatts.Moreover,cumulativesolarPVcapacityisexpectedtosurpass3.5terawattsby2027,representinganincreaseofover2.3terawattscomparedto2022.

ReadmoreNote(s):Worldwide;2015to2027;*Thefiguresfrom2023to2026areprojectionsrepresentingSolarPowerEurope'smediumscenario.

ReadmoreSource(s):SolarPowerEuropeCHAPTER

02FinancialsNetsalesofFirstSolar,Inc.fromfinancialyear2007to2023(inmillionU.S.dollars)FirstSolar'snetsalesFY2007-20234,5004,0003,5003,0002,5004,1133,3913,3543,3093,3193,0632,9412,9232,9052,7792,7112,6192,5642,2442,0662,0001,5001,0005001,24620085040200720092010201120122013201420152016201720182019202020212022202310/statistics/268803/revenue-of-first-solarInthefiscalyearof2023,FirstSolar,Inc.,theArizona-basedmanufacturerofthin-filmphotovoltaicmodules,generatedaround3.3billionU.S.dollarsinrevenues.Comparedtothepreviousyear,therewasanincreaseinnetsalesbyroughly25percent.ReadmoreNote(s):Worldwide;FY2007toFY2023Source(s):FirstSolarNetincome/lossofFirstSolar,Inc.fromfinancialyear2007to2023(inmillionU.S.dollars)FirstSolar'snetincomeFY2007-20231,000800830.78664.2640.14593.416004002000468.69395.96398.36348.33350.72158.35144.33-44.172022-61.652011-106.912012-114.932019-200-400-600-165.622017-416.1120162007200820092010201320142015201820202021202311Description:FirstSolar,Inc.'snetincomeinthefiscalyearof2023wasaround830millionU.S.dollars.TheArizona-basedmanufacturerofthin-filmphotovoltaicmodulesisaleadingglobalproviderofcomprehensivephotovoltaic(PV)solarsystems.

ReadmoreNote(s):Worldwide;FY2007toFY2023Source(s):FirstSolarOperatingincome/lossofFirstSolar,Inc.fromfinancialyear2007to2023(inmillionU.S.dollars)FirstSolar'soperatingincomeFY2007-20231,000857.27748.98006004002000730.16679.62586.75438.34422370.41317.48177.85137.1840.11-27.242022-42.932012-63.012011-200-400-600-800-161.792019-568.15201620072008200920102013201420152017201820202021202312Description:FirstSolar,Inc.'soperatingincomeinthefiscalyearof2023wasaround853millionU.S.dollars.TheArizona-basedmanufacturerofthin-filmphotovoltaicmodulesisaleadingglobalproviderofcomprehensivephotovoltaic(PV)solarsystems.

ReadmoreNote(s):Worldwide;FY2007toFY2023Source(s):FirstSolarResearchanddevelopmentexpendituresofFirstSolar,Inc.fromfinancialyear2010to2023(inmillionU.S.dollars)FirstSolar'sR&DspendingFY2010-2023160152.31143.97140.5214012010080134.3132.46130.59124.76112.899.1296.6194.893.7488.5784.4760402002010201120122013201420152016201720182019202020212022202313Description:FirstSolarInc.isaleadingglobalproviderofcomprehensivephotovoltaic(PV)solarsystems.Inthefiscalyearof2023,theArizona-basedmanufacturerofthin-filmphotovoltaicmodulesincurredaround152.3millionU.S.dollarsinR&Dcosts.

ReadmoreNote(s):Worldwide;FY2010toFY2023Source(s):FirstSolarNumberofemployeesinFirstSolar,Inc.fromfinancialyear2012to2023FirstSolar'snumberofemployeesFY2012-20238,0007,0006,0005,0004,0003,0002,0001,00006,7006,6006,4006,3506,0605,6005,5005,4005,1004,8504,8004,10020122013201420152016201720182019202020212022202314Description:Inthefiscalyearof2023,therewereapproximately6,700employeesatFirstSolar,Inc..Themajorityofemployeesworkedinthemodulesbusinesssegmentthatyear.

ReadmoreNote(s):Worldwide;FY2012toFY2023Source(s):FirstSolarCHAPTER

03SegmentsNetsalesofFirstSolar,Inc.infinancialyear2023,byregion(inmillionU.S.dollars)FirstSolar'snetsalesFY2023,byregionNetsalesinmillionU.S.dollars1,500

2,00005001,0002,5003,0003,500UnitedStatesFrance3,187.668.3Japan

6.95Chile

0.01Others22.7416/statistics/330708/net-sales-by-region-of-first-solarFirstSolar'snetsalesinthefiscalyearof2023werearound3.32billionU.S.dollars.Thatyear,theArizona-basedthin-filmPVmodulesmanufacturerreportednetsalesofabout3.19billionU.S.dollarsoriginatingfromactivitiesinheUnitedStates.

ReadmoreNote(s):Worldwide;FY2023Source(s):FirstSolarNetsalesofFirstSolar,Inc.fromfinancialyear2016to2023,bysegment(inmillionU.S.dollars)FirstSolar'snetsalesFY2016-2023,bysegmentModulesOther3,5003,0002,5002,00021.79592191.041,603975.272,134.932,229.113,296.811,5001,00050001,742.042,428.282,331.3820211,736.0620201,460.122019806.42017675.45201650220182022202317Description:Inthefiscalyearof2023,FirstSolar,Inc.,theArizona-basedmanufacturerofthin-filmphotovoltaicmodules,generatedaround3.32billionU.S.dollarsinrevenues.Thecompanyreportednetsalesofaround2.3billionU.S.dollarsfromitsmodulessegment.ReadmoreNote(s):Worldwide;FY2016to2023Source(s):FirstSolarCostofsalesofFirstSolar,Inc.infinancialyear2023,bysegment(inmillionU.S.dollars)FirstSolar'scostofsalesFY2023,bysegment2,5002,019.392,0002,017.921,5001,0005000-1.47-500ModulesOtherTotal18Description:FirstSolarInc.,theArizona-basedthin-filmPVmodulesmanufacturerreportedcostofsalesofaroundtwobillionU.S.dollarsfromitsmodulessegment.FirstSolarisaleadingglobalproviderofcomprehensivephotovoltaic(PV)solarsystems.

ReadmoreNote(s):Worldwide;FY2023Source(s):FirstSolarLong-livedassetsofFirstSolar,Inc.infinancialyear2023,byregion(inmillionU.S.dollars)FirstSolar'slong-livedassetsFY2023,byregionLong-livedassetsinmillionU.S.dollars1,000

1,50005002,0002,5003,000UnitedStatesMalaysiaVietnamIndia2,734.95718.69544.38478.67Other50.4919Description:Inthefiscalyearof2023FirstSolar'slong-livedassetswerethehighestintheUnitedStates.Thatyear,theArizona-basedthin-filmPVmodulesmanufacturerreportedover718millionU.S.dollarsinlong-livedassetsintheMalaysianregion.

ReadmoreNote(s):Worldwide;FY2023Source(s):FirstSolarCHAPTER

04CompetitorsLeadingsolarcompaniesbasedonmarketcapitalizationworldwideasofMay7,2024(inbillionU.S.dollars)Globalsolarfirmsbasedonmarketcapitalization2024MarketcapitalizationinbillionU.S.dollars1005152025FirstSolar(UnitedStates)LONGiGreenEnergyTechnology(China)EnphaseEnergy(UnitedStates)Tongwei(China)20.2519.4615.6613.75JinkoSolar(China)10.78XinyiSolarHoldings(China)TrinaSolar(China)6.566.47HanwhaSolutions(SouthKorea)ShanghaiAikoSolarEnergy(China)ArrayTechnologies(UnitedStates)3.43.042.0821Description:FirstSolarwastheleadingsolarcompanyworldwidebasedonmarketcapitalization.OnMay7,2024,itwasvaluedat20.25billionU.S.dollars.Secondinthelistwithamarketcapof19.46billionU.S.dollarsthatsamedaywasLONGiGreenEnergyTechnology.ReadmoreNote(s):Worldwide;asofMay7,2024Source(s):FinancialTimes;ThomsonReutersLeadingsolarPVmanufacturersworldwidein2022,basedonshipments(ingigawatts)ShipmentsofsolarPVmanufacturers2022Shipmentsingigawatts051015202530354038.145Tongwei(China)JASolar(China)36.2Aiko(China)30.7LONGi(China)29.2JinkoSolar(China)CanadianSolar(Canada)TrinaSolar(China)SolarSpace(China)ZhongliTalesun(China)FirstSolar(U.S.)23.916.814.511.69.89.122Description:Tongwei,acellandmodulemanufacturerbasedinChina,hadshipmentsofaround38.1gigawattsin2022.Ofthetenmostprominentmanufacturersofsolarphotovoltaics,eightarebasedinChina.ReadmoreNote(s):Worldwide;2022Source(s):NRELMarketshareofsolarPVcrystallineandthin-filmmodulemanufacturersworldwidein2021GlobalmarketshareofsolarPVcrystallineandthin-filmmodulemanufacturers2021LONGiSolarTechnologyCoLtdGCLSolarEnergyTechnologyHoldingsIncRisenEnergyCoLtdJASolarHoldingsCoLtdTrinaSolarCoLtdShunfengInternationalCleanEnergyLtdCanadianSolarIncJinkoSolarHoldingsCoLtdFirstSolarIncOthers120%100%80%60%40%20%0%CrystallinemodulesThin-filmmodules23/statistics/1342792/global-market-share-pv-module-manufacturersIn2021,LONGiSolarTechnologyCoLtdaccountedfornearly22.1percentofthemarketforsolarPVcrystallinemodulesworldwide.Incomparison,FirstSolarIncaccountedforaround45percentofthemarketglobalmarketforsolarPVthin-filmmodules.ReadmoreNote(s):Worldwide;2021Source(s):GlobalData;CapacityoftheleadingsolarpanelmanufacturingcompaniesintheUnitedStatesin2023(ingigawatts)ManufacturingcapacityofleadingsolarmanufacturersintheU.S.2023Manufacturingcapacityingigawatts1.0

1.50.00.52.02.53.0FirstSolarQcells2.41.7SilfabSolarJinkoSolarMissionSolar0.80.40.324Description:Asof2023,FirstSolarwastheleadingsolarmanufacturingcompanyintheUnitedStatesintermsofproductioncapacity.FirstSolaristhegloballeaderintheproductionofthinfilmsolarpanelsandhasaU.S.manufacturingcapacityofsome2.4gigawatts.ThetotalmanufacturingcapacityofsolarmodulesintheUnitedStatesstoodatninegigawattsin2022andisexpectedtoreach60gigawattsby2026.ReadmoreNote(s):UnitedStates;asofNovember2023Source(s):SolarReviewsAnnualrevenueofJinkoSolarfromfinancialyear2011to2023(inmillionU.S.dollars)JinkoSolar'srevenueFY2011-202318,00016,00014,00012,00010,0008,00016,715.5312,052.336,406.575,383.836,0004,272.7920194,068.8220173,642.320184,0003,082.3320162,481.7820151,608.2520142,00001,173.3520111,169.342013769.612012202020212022202325Description:JinkoSolarisaChinesemanufacturerofphotovoltaicsandadeveloperofsolarprojects.In2023,JinkoSolargeneratedapproximately16.7billionU.S.dollarsinrevenues.Thiswasanincreasecomparedtothepreviousfiscalyearwhereinthevaluewasaround12.1billionU.S.dollars.ReadmoreNote(s):Worldwide;FY2011toFY