光伏电池新技术专题：积微成著，降本增效永不止步

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - Efficiency is the driving force behind technological iteration, with BC and HJT technologies showing a power increase of 20-30W compared to the same version TOPCon single modules, indicating the conditions for technological iteration are met [2][21] - New battery technologies have demonstrated significant efficiency improvements over time, with single crystal batteries replacing multi-crystal batteries and TOPCon batteries replacing PERC batteries, leading to a gradual market exit for multi-crystal technology [5][10] - The penetration rate of new technologies often exceeds market expectations, as seen with TOPCon's rapid adoption [2][19] Summary by Sections 1. Review: Technological Iteration - Efficiency advantages are foundational for technological iteration, with significant potential for further improvements [5] - Premium advantages persist, with high-efficiency batteries maintaining price premiums over lower-efficiency counterparts [8] - The cycle of technological iteration is shortening, driven by demand and capital support [11] 2. BC/HJT New Technology Iteration - The expansion timeline for new technologies shows competitive development among battery technologies [25] - Patent applications reflect the emphasis on technological advancements, with a notable increase in BC technology applications [28] - Efficiency improvement pathways for new technologies are becoming clearer, with BC and HJT technologies exploring distinct performance enhancement routes [32] 3. Investment Recommendations - Recommended companies for BC technology include Longi Green Energy and Jinko Solar, while Tongwei Co. is highlighted for HJT technology [23][27] 4. Cost Reduction Strategies - Cost reduction is a primary goal for new technologies, with HJT and BC technologies already demonstrating excellent mass production capabilities [52] - The cost structure for different technologies is analyzed, showing that TOPCon has the lowest non-silicon costs compared to HJT and TBC [52][54] - BC technology has a clear cost reduction path, focusing on efficiency improvements, equipment investment reductions, and silver-free technology [57]