中银证券中银晨会聚焦

Core Insights - The report highlights the acceleration of BC battery technology industrialization, driven by cost reduction and improved process maturity, showcasing its high power, low decay, and excellent temperature coefficient performance [2][5]. Industry Overview - The National Energy Administration's recent notification aims to enhance the development of the power grid, emphasizing the acceleration of renewable energy integration and consumption, which is expected to boost the demand for power grid construction [6]. - The notification outlines four key tasks to optimize renewable energy utilization, which may lead to increased investment in the power grid and sustained high demand for power equipment [6]. Market Dynamics - The BC technology is identified as a platform technology that can enhance efficiency by approximately 1 percentage point through structural design changes, making it compatible with other new technologies for continuous efficiency improvement [5]. - The report anticipates that the market for laser equipment related to BC technology could reach approximately 34 billion and 35 billion in 2024 and 2025, respectively, driven by the expected increase in new capacity [26]. Product Insights - BC components are expected to maintain a premium of over $0.20 per watt in the high-end distributed market, reflecting their aesthetic value and potential for increased market share in specific applications [26]. - The economic viability of BC components in centralized markets is gradually improving, with expectations that efficiency gains will offset power generation losses from the back side [26].