On an investor interaction platform, investors inquired about metal materials supplier Boway Alloy’s Vietnam subsidiary’s contribution to overall performance, whether the US subsidiary had commenced production and its share of the company’s overall performance, as well as the potential impact of future US tariff policies on the company’s performance.
In response on December 2, Boway Alloy stated that all currently sold photovoltaic (PV) modules are produced by its Vietnam subsidiary, and its 2GW Topcon module project in the US is scheduled to commence production next year.
The preliminary ruling on anti-dumping and countervailing duties for PV products from four Southeast Asian countries by the US has been announced, with Boway Alloy’s wholly-owned subsidiary, Boviet Light (Vietnam) Solar Technology Co., Ltd., facing a preliminary countervailing duty rate of 0.81% and an anti-dumping duty rate of 54.46%. Based on a comprehensive analysis of the preliminary duty rates for PV companies from these four countries, the impact on Boway Alloy is better than expected, mainly reflected in the following three aspects.
Starting in 2023, based on strategic assessments of future trends, the company decided to invest in a 2GW TopCon cell and module project in the US, where it already has production capacity.
High tariffs imposed by the US on certain regions in Southeast Asia (Thailand, Cambodia) will completely restrict the supply of PV products from these areas to the US, supporting PV product prices in the American market.
The US anti-dumping and countervailing duty policies will significantly limit the supply of PV products in the US market, and the demand cannot be met solely by a small number of production capacities in countries like Malaysia. Boway Alloy’s products from Vietnam can still be sold in the US market.
