叠栅深度报告：叠栅可降银&提效，关注设备&材料新机遇

Investment Rating - The report recommends a focus on the equipment and materials opportunities in the stacked grid technology, specifically highlighting the investment potential in companies like Jing Sheng Mechanical and Shi Chuang Energy [4]. Core Insights - Stacked grid technology is a platform technology that reduces silver usage and improves efficiency. It eliminates the need for main and auxiliary grids and solder strips, utilizing triangular conductive wires and seed layers for conductivity. This results in shorter current paths, reduced resistance, and increased component power [4][10]. - The report estimates that the power of stacked grid + TOPCon components can increase from 630W to 655W, achieving an efficiency improvement of 25-30W [15]. - The technology is currently in the 0-1 industrial stage, with material and equipment costs needing further reduction. It is anticipated that mass production could lower costs by 2-4 cents per watt compared to SMBB and 0BB technologies [4][24]. Summary by Sections 1. Stacked Grid as a Platform Technology - Stacked grid technology offers advantages such as lower resistance, reduced silver consumption, and improved efficiency. The current production method allows for vertical current transmission, which minimizes thermal resistance losses [10][15]. - The use of ultra-fine triangular conductive wires reduces the effective shading area on the battery surface to below 1%, significantly enhancing efficiency [15][17]. 2. Challenges in Conductive Wire Alignment and Equipment - The alignment of conductive wires is a key challenge in the stacked grid process. The technology requires precise welding of triangular conductive wires to the seed layer, which is more complex than traditional methods [4][34]. - The report discusses the need for advanced welding techniques, such as rotary welding, to ensure high yield and efficiency in the production process [40][44]. 3. Industrial Stage and Cost Reduction - The stacked grid technology is in its early industrial phase, with ongoing efforts to reduce costs associated with materials and equipment. The collaboration between Tongwei Co., Jing Sheng Mechanical, and Shi Chuang Energy is expected to accelerate the industrialization of this technology [4][24]. - The report estimates that the annual market space for related equipment could reach approximately 13 billion yuan, while the materials market could be around 7 billion yuan [4][24].