Yingjie Electric Research Report: Industry Power Supply Leader Advances Steadily; EV Charging Piles and Energy Storage Bloom Across Multiple Fronts

The pace of grid parity in the photovoltaic (PV) industry is accelerating, driving robust organic growth in PV deployment through improved economics. According to the International Renewable Energy Agency (IRENA), the global weighted-average levelized cost of electricity (LCOE) for solar PV declined from USD 0.381/kWh in 2010 to USD 0.057/kWh in 2021—a staggering 85% drop, with an average annual decline of 17%, making it the fastest-declining LCOE among all energy sources. Additionally, in June 2021, China’s National Development and Reform Commission (NDRC) issued the 'Notice on Policies Regarding Feed-in Tariffs for New Energy Projects in 2021', stipulating that centralized PV power stations, commercial/industrial distributed PV projects, and newly approved onshore wind power projects filed or approved from 2021 onward would no longer receive central government subsidies and would instead adopt grid-parity pricing. Per data from the China Photovoltaic Industry Association, under equivalent utilization hours ranging from 1,000 to 1,800 h, domestic ground-mounted PV plant LCOE stood at RMB 0.21–0.37/kWh in 2021, while distributed PV plant LCOE ranged from RMB 0.19–0.33/kWh—both expected to continue declining. Significant reductions in PV system costs have substantially boosted project investment returns. Falling polysilicon prices directly lower manufacturing costs across the midstream PV sector, causing PV module prices to decline in tandem with polysilicon prices. Currently, mainstream PERC module prices in China have dropped to RMB 1.25–1.30/W, with further downward room remaining—but also approaching a phased bottom. At current price levels, assuming a typical 10% energy storage configuration ratio and ~2.5-hour backup duration for most PV plants, internal rates of return (IRR) for PV projects have generally reached over 8.5%, marking a clear improvement in profitability compared to the past two years. PV installations are expected to sustain high growth, with industry-wide prosperity likely to rebound further in the second half of the year. Fueled by synergistic policy support and enhanced economic viability, we forecast continued rapid expansion in PV installations: global PV installed capacity is projected to exceed 350 GW in 2023 and surpass 440 GW in 2024, with domestic new PV installations in China expected to reach over 160 GW and 200 GW in 2023 and 2024, respectively. The PV value chain comprises three major segments: upstream (polysilicon and silicon wafers), midstream (solar cells and modules), and downstream (PV power plants). Metallurgical-grade silicon is produced from silicon ore and further refined into polysilicon material; polysilicon suppliers then deliver this material to wafer manufacturers, who produce monocrystalline or multicrystalline silicon ingots/wafers. These wafers are supplied to cell manufacturers to fabricate solar cells and PV modules, which are ultimately integrated and installed to connect to the grid. The Company currently focuses primarily on sales of supporting power supply systems for upstream polysilicon reduction furnaces, Czochralski (CZ) monocrystalline furnaces, and solar cell manufacturing equipment. In 2005, Yingjie Electric entered the PV industry and successfully developed China’s first “fully digital monocrystalline silicon DC power supply”, achieving import substitution for foreign equipment. In 2007, the Company launched its “fully digital high-voltage startup power supply for multicrystalline silicon”, which became the industry’s preferred choice.

Yingjie Vitex Debuts at Chinaplas 2021, Showcasing Capa® Caprolactone Technology Advantages in Bioplastics and Polyurethane Applications

North Charleston, South Carolina—(Business Wire)—Ingevity (NYSE: NGVT) will showcase its Capa® caprolactone technology at Chinaplas 2021—the 2021 China International Plastics & Rubber Exhibition. The exhibition will be held from April 13–16, 2021, at the Shenzhen World Exhibition & Convention Center in China. Yingjie Vitex will demonstrate diverse applications of Capa products in polyurethanes and bioplastics at its booth and technical seminars, with special emphasis on the recently launched Capa S polyol technology—which enables production of soft polyurethanes using existing thermoplastic polyurethane (TPU) processing lines, without requiring plasticizers. Steven Hulme, Vice President of Engineering Polymers at Ingevity, stated: “For over 40 years, Capa系列产品 have helped customers develop successful formulations across coatings, elastomers, bioplastics, and adhesives. The Chinaplas seminar offers an excellent opportunity to raise market awareness of polycaprolactone—particularly its applications in bioplastics and polyurethanes—and highlight the unique properties enabled by the Capa S series technology.” As the world’s premier plastics trade show, Chinaplas aims to showcase advanced technologies and innovative concepts that advance the development and production of plastic and rubber products. Over 3,500 industry professionals are expected to attend this leading industry forum. The Yingjie Vitex team will deliver live demonstrations on the Capa S product series and its thermoplastic technologies tailored for bioplastics applications at 2:00 p.m. and 3:30 p.m. Beijing Time on April 14, 2021.