光伏设备行业点评报告：国内外HJT产业化加速，看好龙头设备商受益

Investment Rating - The industry investment rating is "Overweight" (Maintain) [9] Core Viewpoints - The domestic expectations are gradually changing, with positive signals released by companies such as Trina Solar and Canadian Solar [9] - The overseas market, particularly the U.S., is a key focus, with HJT technology being the optimal solution for the U.S. market [10] - Domestic policies are experiencing marginal changes, promoting the development of new technologies driven by capacity and demand [11] - Investment recommendations emphasize focusing on HJT complete line equipment companies, particularly Maiwei [11] Summary by Sections Company Performance - Trina Solar recently achieved a record HJT cell efficiency of 27.08%, utilizing advanced technologies and large-area n-type silicon substrates [1] - Canadian Solar has increased R&D investment in next-generation HJT technology, with mid-test efficiencies reaching 26.60% and expected to improve to 26.7-26.8% by Q4 2024 [1] Cost Structure - There are significant differences in the cost structure of photovoltaic production between the U.S. and China, with U.S. factories facing higher CAPEX and operational costs [2] - The investment for a single GW factory in the U.S. can reach up to $80 million, which is 8 to 10 times higher than in China [2] Policy and Market Dynamics - The Ministry of Industry and Information Technology in China has revised regulations to support advanced capacity and technology, aiming to avoid blind expansion in the industry [3] - The 2015 "Photovoltaic Leader" initiative in China is expected to promote new technology adoption through advanced technology demonstration projects [3]