电力设备及新能源行业光伏系列报告（83）：电池环节有望率先实现平衡，技术变革与专利维护都促使机会向领先企业集中

Investment Rating - The report maintains a strong buy rating for several companies in the photovoltaic sector, including JunDa Co., Aisuo Co., and Shijing Technology, among others [11]. Core Insights - The battery segment is expected to achieve supply-demand balance first, with a price turning point already observed. The total battery capacity is approximately 1200 GW, with around 350 GW of P-type capacity being phased out [24][31]. - The current technological transformation in the photovoltaic industry is concentrated in the battery segment, with leading companies benefiting from advancements such as BC, TOPCon+, and silver-free pastes [4][69]. - Leading companies are increasingly focusing on overseas intellectual property protection, which is expected to change the industry ecosystem significantly [65]. Summary by Sections Battery Segment Achieving Supply-Demand Balance - The battery segment is rapidly clearing the market, with a significant shift towards N-type batteries. The P-type capacity is being passively phased out, and the N-type battery's cash cost per watt shows considerable variance among manufacturers [24][25]. - The expansion of battery capacity is expected to slow down significantly due to tightening financing conditions and low profitability, with new capacity additions being limited [3][25]. - The price of battery cells has increased from 0.26 CNY/W to around 0.28 CNY/W, indicating a price turning point [31]. Technological Transformation in Photovoltaics - The main technological breakthroughs are occurring in the battery sector, with BC technology achieving efficiency improvements and TOPCon having significant upgrade potential [4][50]. - The introduction of silver-free pastes is anticipated to reduce non-silicon costs significantly, marking a critical step in cost reduction strategies [57][60]. Intellectual Property Protection - There is a growing emphasis on intellectual property rights among leading companies, with increased investments in patent applications and litigation, particularly in international markets [65][66]. - Recent patent activities indicate a proactive approach by companies to safeguard their innovations and maintain competitive advantages [66]. Investment Recommendations - The report suggests that the battery segment's supply-demand dynamics are favorable, with profitability expected to recover first. Long-term benefits are anticipated for leading companies engaged in technological innovation and intellectual property protection [69].