中信证券：GW级产线招标启动，钙钛矿料成光伏设备公司破局点

Core Viewpoint - Citic Securities believes that 2025 will mark the beginning of the bidding year for GW-level perovskite production lines, with the lower limit of equipment demand being established within three years, while the path towards economic viability is becoming clearer, indicating potential upper limits for the industry [1] Industry Summary - The industry is still in its early development stage, with technology routes not yet converged and the competitive landscape not yet defined [1] - It is anticipated that as GW-level production lines become operational and commercialization accelerates, equipment manufacturers with relevant technological accumulation and a high strategic priority on perovskite will emerge as the frontrunners [1] Company Recommendations - Key recommendations include leading HJT equipment manufacturers, inkjet printing technology providers, as well as leading component equipment manufacturers and complete line solution providers [1] - Attention is also suggested for related PVD and laser manufacturers [1]