中信证券：钙钛矿战略优先级较高的设备厂商将率先胜出

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 expected to be established within three years, while the path towards economic viability is becoming clearer, indicating potential upper limits [1] Industry Development - The industry is still in its early development stage, with technology routes not yet converged and the competitive landscape not yet defined [1] - As GW-level production lines become operational and commercialization accelerates, equipment manufacturers with relevant technological accumulation and a high strategic priority on perovskite will likely emerge as winners [1] Recommendations - The focus is on recommending leaders in HJT equipment, inkjet printing technology providers, as well as leaders in component equipment and complete line solution providers [1] - It is suggested to pay attention to related PVD and laser manufacturers [1]