电力设备行业点评：钙钛矿产业化进展加速

Investment Rating - The industry investment rating is maintained as "Add" [3] Core Viewpoints - Domestic perovskite companies have made breakthroughs in perovskite single-junction and tandem cell efficiency, flexible perovskite modules, and GW lines [1][2] - According to GCL-Poly, the company completed nearly 500 million C1 round financing by the end of 2024, with a record-breaking conversion efficiency of 22.43% for a 2048 cm² perovskite single-junction module at the beginning of 2025 [1] - According to Mylot Energy, a 100 MW perovskite photovoltaic module production line will achieve its first module offline in November 2024, with a power output exceeding 336W and an efficiency of 17.5% [1] - According to Jietai Technology, the conversion efficiency of the self-developed TOPCon/perovskite tandem cell successfully broke through 31.0% in December 2024 [1] - The continuous progress in perovskite cell technology injects momentum into innovation in the photovoltaic industry, laying a solid foundation for large-scale commercial applications in the future [2] Summary by Relevant Sections - Company Breakthroughs: GCL-Poly achieved a conversion efficiency of 22.43% for a large perovskite module, while Mylot Energy's production line produced a module with 336W power output and 17.5% efficiency [1][2] - Market Developments: The first commercial application of a four-terminal perovskite-silicon tandem module was achieved in a 50 MW photovoltaic demonstration project by Xiamen Energy [2] - Future Outlook: The maturation of perovskite cell technology is expected to drive significant advancements in the photovoltaic sector, with major companies set to ramp up production lines and product launches in 2025 [2]