光伏设备行业之新技术：BC或成平台型技术，去银化持续推进

Investment Rating - The industry investment rating is "Buy" [2]. Core Viewpoints - BC (Back Contact) technology is expected to become an essential platform technology in the future, with advantages in efficiency due to unobstructed front surfaces [2][20]. - The integration of BC with other technologies such as HJT (Heterojunction), TOPCon (Tunnel Oxide Passivated Contact), and perovskite is anticipated, leading to various combinations like HBC, TBC, HPBC, and ABC [2][20]. - The latest advancements in BC technology, such as the Hi-MO X10 distributed component product from Longi Green Energy, have achieved a record efficiency of 25.4% [2]. - The ongoing trend of reducing silver usage in photovoltaic cells is highlighted, with copper paste materials emerging as a significant cost-reduction direction [2][55]. - The report recommends several companies, including Dier Laser, Jiejia Weichuang, Maiwei Co., and Aotwei, for their strong positions in the laser equipment and technology sectors related to photovoltaic applications [2]. Summary by Sections 1. BC Battery: A Path to Cost Reduction and Efficiency Improvement - BC battery technology is a universal platform technology that can integrate with TOPCon, HJT, and perovskite technologies [20]. - The complexity of BC technology lies in the graphic and metallization processes, which require advanced laser equipment [22][23]. 2. Metallization Cost Reduction: A Key Driver for Future Efficiency - Silver paste constitutes a significant portion of component costs, accounting for 10.15% of the total component cost [55]. - Current mainstream technologies for reducing silver usage include copper plating, silver-coated copper, copper paste, 0BB, and multi-busbar technologies [56][60]. - Copper paste is highlighted as a potential ultimate solution for cost reduction in metallization due to its lower cost compared to silver [60][61]. 3. Key Company Recommendations - Dier Laser is recommended for its leading position in laser equipment for photovoltaic applications [2]. - Jiejia Weichuang is noted for its strong technical capabilities across various photovoltaic technologies [2]. - Maiwei Co. is recognized for its leading market share in HJT technology and its advancements in dual-sided microcrystalline equipment [2]. - Aotwei is highlighted for its expertise in string welding machines and its expansion into various equipment sectors [2].