BC电池专题研究：平台型技术优势凸显，龙头入局有望加速产业化

5% 0% -5% -10% -15% -20% -25% -30% -35% -40% 000300.SH 886053.TI 投资要点      请阅读最后评级说明和重要声明 一、BC电池结构优势凸显，产业化进程加速3 1.BC电池即背接触电池，兼容性较好3 2.结构优势明显，具备多重优势3 3.BC电池研究历史悠久，龙头入局有望加速产业化5 二、制备工艺流程复杂，产业化壁垒高6 1.BC电池的生产制造难度大、壁垒高6 2.激光技术有望缩短工序，激光设备重要性显著提升6 三、投资建议8 1.隆基绿能8 2.爱旭股份8 3.帝尔激光9 四、风险提示11 ......................................................................................................................................................3 .....................................................................................................................................................3 ..................................................................................................................................4 .........................................................................................................................................4 ...............................................................................................................................................4 ...............................................................................................................................................5 ....................................................................................................................................7 ....................................................................................................8 ................................................................................................8 ..................................................................................................9 ..............................................................................................9 ................................................................................................10 ............................................................................................10 ...........................................................................................................................................6 2       100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2017201820192020202120222023E2024E2025E2027E2030E PERCBSFN-TOPCon异质结(HJT)IBC其他      160 140 120 100 80 60 40 20 0 120% 100% 80% 60% 40% 20% 0% 净利润 YOY 1,400 1,200 1,000 800 600 400 200 0 70% 60% 50% 40% 30% 20% 10% 0% 营业收入 YOY 25 2500% 20 2000% 15 1500% 10 1000% 5 500% 0 0% -5 -500% 净利润 YOY 400 350 300 250 200 150 100 50 0 140% 120% 100% 80% 60% 40% 20% 0% -20% 营业收入 YOY 5 4 4 3 3 2 2 1 1 0 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 20192020202120222023Q1-3 净利润 YOY 14 12 10 8 6 4 2 0 2019 20202021 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 20222023Q1-3 营业收入 YOY