SMM

The actual solar cell output in China in November was 62.6GW, up 97.73% YoY and 2.81% MoM. Of which, P-type cell output was 37.26GW, and N-type cell output was 25.34GW, with N-tpye accounting for 40.48% of the total solar cell output. Weighed down by a large drop in PERC cell demand in the past two months, PERC cell plants slashed production, and some even suspended production in December. Meanwhile, Topcon cell demand hiked, feeding into a steep scheduled output uptick. Solar cell demand fell short of supply, leading to a rapid build-up of inventory. Scheduled solar cell output diminished in December.