SMM

The actual solar cell output in December was 61.1GW, including 31.87GW of P-type cells, down 14.45% MoM, and 30.23GW of N-type cells, up 20.01% MoM. Many cell makers chose to cut production or even suspended production of PERC cells, while N-type cell production kept hiking, lifting its proportion of total output to 48.68%, significantly exceeding expectations. PERC demand will drop in January. Meanwhile, with steep capacity rise, Topcon cell supply will outnumber demand. The proportion of scheduled N-type cell may hike to over 60% of the total output in January 2024.