Galaxy Securities pointed out that as silicon materials enter a downward cycle, profits in the photovoltaic industry chain have entered a stage of redistribution. In 2023, the profitability of the vast majority of companies will improve to varying degrees, and the gross margin of the main industrial chain (excluding silicon materials) will return to the central range of 15%. Integrated enterprises can maximize the profit dividends released by silicon materials. It is recommended to grasp two main lines: first, integrated enterprises or auxiliary material leaders that have a lot of room for marginal improvement in profit levels, have the ability to withstand cyclical fluctuations, have strong competitive barriers, and enjoy the dividends of overseas markets. They recommend Longji Green Energy, Jingao Technology, Foster, etc.; second, new technology leads the market, N-type batteries are opening, and granular silicone+CCZ has great potential. It is recommended to focus on Tianhe Solar, Zhonglai Co., Ltd., GCL Technology, Tiantong Co., Ltd., etc.