The Zhitong Finance app learned that Dongwu Securities released a research report saying that perovskite industrialization is progressing at an accelerated pace, and giants are joining & breaking through the mass production point. The three stages of future battery technology industrialization are HJT, HJT+ copper plating, and HJT+ perovskite lamination. The focus is on Maiwei Co., Ltd. (300751.SZ), Mannster (301325.SZ), Delon Laser (688170.SH), and Jiejia Weichuang (300724.SZ). It is recommended to focus on Olid (688378.SH), JPT (), Jingshan Light Machinery (000821.SZ), Dir Laser (300776.SZ), etc. 688025.SH

Incident 1: On November 22, display panel leader BOE launched a perovskite photovoltaic project.

Incident 2: On November 23, GCL Optoelectronics broke another world record. The efficiency of the 1×2m perovskite single module reached 18.04%. The efficiency of the 1×2m perovskite single module was certified and reported by the China Institute of Metrology.

The main views of Dongwu Securities are as follows:

The industrialization of perovskite is accelerating, and giants have joined & efficiency has broken through mass production points: BOE is another perovskite photovoltaic group after BYD, Great Wall, Warner, China Nuclear, etc.; this time, GCL's 2m² module has broken 18%, marking that GCL Optoelectronics has successfully crossed the 18% conversion efficiency threshold. The next step is to focus on the development of a new generation of perovskite laminated modules. GCL Optoelectronics GW grade production line is perovskite crystal silicon laminated modules; leading companies GCL Optoelectronics, Fiberna Optoelectronics, and Aurora have fallen through tenders The first single line is expected to be put into operation in 24/25.

HJT+ perovskite lamination is the main track in the future: the three stages of future battery technology industrialization are HJT, HJT+ copper plating, and HJT+ perovskite lamination.

(1) The HJT+ perovskite layer amplifies the advantages of the two in terms of voltage and current: HJT batteries have high voltage and low current, and the perovskite+HJT stack is connected in series, which can output ultra-high voltage to improve conversion efficiency. The two stacks can take advantage of the high filling factor and high opening voltage of HJT batteries, while making up for the disadvantages of HJT in terms of current;

(2) The structure of HJT is more suitable for lamination than TopCon: Currently, the P-I-N type is the mainstream structure for laminated batteries, and HJT is also the P-I-N structure; however, the TopCon structure is the opposite type N-P; if you want to do lamination, you need to use the reverse type;

(3) TopCon and perovskite laminating equipment require relatively many changes: Judging from the device side, HJT's subsequent equipment has not changed much; only some equipment needs to be added after PVD to achieve lamination.

Risk warning: Technology progress falls short of expectations, increased competition, etc.