中信证券：2025年或将成为BC电池实现从1到10快速放量的元年

Core Viewpoint - CITIC Securities believes that BC batteries, by placing both the emitter and electrode on the back, can achieve higher conversion efficiency and overall power output [1] Group 1: Market Potential - The photovoltaic leader program is expected to significantly benefit high-efficiency batteries represented by BC [1] - Considering the accelerated capacity construction of leading companies in BC, 2025 is anticipated to be a pivotal year for BC batteries, marking a rapid increase from 1 to 10 in production volume [1] - The compound annual growth rate (CAGR) of BC module shipments is projected to reach 85% over the next three years, with a market penetration rate expected to rise to around 20% by 2027, resulting in a market space exceeding 120 billion yuan [1] Group 2: Investment Opportunities - It is recommended to pay attention to investment opportunities in battery cells, equipment, and auxiliary materials that will benefit from the increasing demand for BC [1]