光伏设备：通威大产能HJT首片流片，大厂扩产有望提速

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating an expectation of performance exceeding the market by over 20% [6]. Core Insights - The report highlights the launch of Tongwei's global innovation R&D center, with the first HJT+THL battery expected to be produced by June 2024, marking a significant advancement in production capabilities [2]. - Tongwei's new HJT technology, combined with proprietary electroplating steel, has achieved a record output power of 765W and a conversion efficiency of 24.63%, showcasing the potential for further efficiency improvements in the industry [3]. - The introduction of 1GW production capacity equipment is anticipated to significantly reduce production costs for battery manufacturers, addressing previous capital expenditure pressures associated with lower capacity equipment [4]. - The report suggests that the declining costs and increasing efficiency of HJT technology could bolster industry confidence in expansion, especially as the profitability of the solar supply chain has been under pressure [5]. Summary by Sections Industry Events - Tongwei's R&D center project commenced on November 30, 2023, with the first production line expected to validate mass production standards by September 2024 [2]. Technology Advancements - The HJT technology has overcome key production challenges, and the new production line is set to enhance efficiency and output [3]. Cost Reduction - The shift to 1GW production lines is projected to lower operational costs significantly, making investments more attractive for manufacturers [4]. Market Outlook - The report emphasizes the potential for HJT technology to lead the next phase of production expansion, particularly as the industry navigates current profitability challenges [5].