Zhongtai Securities(SH:600918) 智通财经网·2025-11-20 02:57Core Viewpoint - Perovskite tandem solar cells are deemed the inevitable choice for the next phase of photovoltaics, with an expected efficiency of 28% by 2026, presenting a cost-performance advantage over silicon cells [1][3]. Group 1: Efficiency and Cost-Performance - The efficiency ceiling for tandem cells is projected to be 44%, significantly higher than the current silicon route, with mass production efficiency expected to exceed 35% in the long term [1]. - The perovskite tandem cells are anticipated to achieve a premium of 1.28 yuan/W while maintaining a cost of only 1.2 yuan/W, indicating a viable commercial logic and a significant market expectation gap [2]. - As the scale of perovskite production increases and costs decrease, the cost per watt of tandem components is expected to decline further, enhancing their cost-performance ratio compared to silicon [3]. Group 2: Industry Development and Expansion - The perovskite market has been developing for nearly three years, with significant industrial progress despite low capital market attention. By October 2025, nearly 10 companies are expected to have 100MW production lines [4]. - Major industry players like BOE and CATL are investing in GW-level production lines, with several companies already having launched GW lines, indicating a trend towards expansion in the perovskite sector [4]. - The compatibility of perovskite tandem production with silicon capacity suggests that major silicon manufacturers are likely to expand their GW lines by 2026 [4].