光伏行业新技术专题研究（二）：BC电池平台型技术优势明显，关注龙头商业化进程

Investment Rating - The report maintains a "Strong Buy" rating for the power equipment and new energy sector [1] Core Viewpoints - BC battery technology shows significant platform advantages and is expected to accelerate commercialization [5][6] - The BC battery has a promising development outlook, although challenges related to process complexity remain [7][18] - The BC battery is primarily applied in high-value distributed photovoltaic markets, with expansion into centralized scenarios anticipated [18][19] - Leading companies are expanding production in the BC technology route, while other battery manufacturers are closely following [22][23] Summary by Sections 1. BC Battery Technology Advantages - BC batteries are designed with all electrodes on the back surface, maximizing light utilization and reducing optical losses, leading to higher efficiency [5][7] - Compared to mainstream TOPCon products, BC batteries have a 1% higher absolute efficiency and a 4.76% increase in installed capacity per unit area [13] - The complexity of BC battery production increases costs, but leading companies like Longi and Aiko are advancing in commercialization, with large-scale production expected by 2025 [5][6][22] 2. Market Demand and Equipment Needs - The development of BC batteries is expected to drive demand for related equipment and materials, with the market scale projected to exceed 700 billion yuan over the next three years [5][30] - The investment required for BC battery production is significantly higher than for mainstream TOPCon batteries, with a single GW investment nearing 400 million yuan [30][34] - The equipment market for BC batteries, including deposition and metallization equipment, is anticipated to grow substantially, with several segments expected to exceed 100 billion yuan [30][33] 3. Investment Recommendations - The report suggests focusing on BC battery manufacturers, upstream core equipment manufacturers, and material suppliers as potential investment opportunities [5][6]