行 业 及 产 业 电力设备/ 光伏设备 2026 年 02 月 10 日 爱旭股份与 Maxeon 达成专利许 研究支持 李冲 A0230524070001 lichong@swsresearch.com 联系人 李冲 A0230524070001 lichong@swsresearch.com 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 行业点评 ⚫ 事件：爱旭股份与 Maxeon 达成"5 年期 16.5 亿元"的 BC 专利许可，核 心条款为爱旭与 Maxeon 签署 BC 电池与组件专利许可，期限五年、总额 16.5 亿元，许可区域为全球（美国除外），性质为非独家授权，双方同步 撤回相关未决诉讼。该许可协议将推动光伏"反内卷"路径从价格自律转向 知识产权法治化。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bos ...

2026.02. 10 TCL中环子公司Maxeon在BC电池组件等领域具备全球范围内超千项已授权专利，覆盖BC领域的核 心技术和关键环节。 TCL中环认为："本次交易有助于公司协同产业链伙伴共建BC电池技术生态，以差异化产品技术、 优质知识产权助力行业破除内卷式竞争，推动行业健康有序发展。同时也有助于公司推动适度一体化 战略，强化公司在BC电池组件端的市场地位和竞争优势。" 本文字数：1837，阅读时长大约4分钟 作者 | 第一财经 陆如意 光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利 纠纷法律程序后，爱旭股份（600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可 协议》，各自撤回或终止所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至 此，这两家公司为期超过两年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可 费分别于2027年 ...

Core Viewpoint - The patent disputes between Aiko Solar and TCL Zhonghuan's subsidiary Maxeon have concluded, signaling a shift in the photovoltaic industry towards ending internal competition and fostering healthy development [1][3]. Group 1: Patent Licensing Agreement - Aiko Solar and Maxeon signed a patent licensing agreement worth a total of 1.65 billion yuan, with 250 million yuan to be paid in 2026 and the remainder to be paid in installments from 2027 to 2030 [2]. - Aiko Solar will receive approximately 1,000 past and future patents related to BC batteries and components, with no sales limits imposed on Aiko's BC components and batteries by Maxeon [2][3]. - The agreement allows both companies to terminate all pending or potential patent disputes, enabling Aiko Solar to focus on business development and technological innovation [2]. Group 2: Industry Implications - The resolution of patent disputes is expected to eliminate uncertainties that previously affected overseas customers' purchasing decisions regarding ABC components [3]. - Following the agreement, Aiko Solar plans to increase prices for its battery and component products and will charge downstream customers a royalty fee of 0.02 yuan per watt [3]. - The collaboration is seen as a way to promote healthy competition in the photovoltaic industry and to shift the market dynamics towards a more regulated and law-abiding environment [2][3]. Group 3: Industry Trends - The trend of major companies ending patent disputes is viewed as a positive response to the industry's "anti-involution" movement, indicating a shift towards healthier and more orderly development [3][4]. - The Ministry of Industry and Information Technology has emphasized the importance of strengthening intellectual property protection and curbing infringement behaviors as part of the industry's governance efforts [5]. - The industry is currently undergoing a deep adjustment period, with significant challenges remaining in balancing supply and demand, necessitating coordinated efforts to improve market conditions [5].

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

Investment Rating - The industry investment rating is maintained at "Synchronize with the market - A" [1] Core Insights - SpaceX's application for deploying a satellite system with up to 1 million satellites has been accepted by the FCC, which aims to support advanced AI models and related applications [2] - The utilization rate of photovoltaic power generation is projected to reach 94.8% by 2025, with wind power utilization at 94.3% [3] - The National Energy Administration announced that by December 2025, there will be 6,190 new registered photovoltaic power generation projects [4] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Technology (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Longxin Technology (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [3][4] Market Performance - The report indicates a 7.4% year-on-year increase in the national electricity market transaction volume by 2025 [4] - The report highlights a stable price trend for polysilicon, silicon wafers, battery cells, and modules, with no significant fluctuations observed [5][7][8] Investment Suggestions - Key investment directions include: - BC new technology: Aishuo Co., Ltd. - Supply-side focus: Daqo New Energy, Flat Glass Group - Energy storage direction: Haibo Technology, Sungrow Power Supply - Market-oriented direction: Longxin Group - Domestic substitution direction: Quartz Co., Ltd. - Attention to space photovoltaic: Liancheng CNC, Dike Co., Ltd., Longi Green Energy, and others [9]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights significant developments in the wind and solar sectors, including a breakthrough in dry electrode technology by Elon Musk, which is crucial for reducing costs in liquid batteries and mass production of solid-state batteries [6] - The report notes that the wind power index decreased by 1.04%, outperforming the CSI 300 index by 0.30 percentage points, with a current PE_TTM valuation of approximately 27.71 times [4][11] - The solar sector saw a 3.36% increase in the photovoltaic equipment index, with the photovoltaic battery component index rising by 8.10% [4] Summary by Sections Wind Power - The European Commission has initiated an in-depth investigation into Goldwind Technology under the Foreign Subsidies Regulation (FSR), focusing on whether the company benefits from foreign subsidies in the EU market [5][10] - The report indicates that the impact of this investigation on China's wind turbine exports to Europe is limited in the short term, but it introduces uncertainty for future market entries [10] - The report maintains a positive outlook on China's competitive advantage in the wind power industry and its opportunities for international expansion [5][10] Solar Power - A major BC company, Aiko Solar, has signed a patent licensing agreement with Maxeon Solar, allowing Aiko to access all BC battery and component patents outside the U.S. for the next five years [5] - The total patent licensing fee amounts to RMB 1.65 billion, with the first-year payment set at RMB 250 million [5] - This agreement is expected to eliminate a significant barrier to Aiko's overseas sales and indicates high technical barriers in the BC technology sector [5] Energy Storage & Hydrogen - The report emphasizes the high demand for new energy storage solutions, recommending investments in domestic and international large-scale storage companies such as Sungrow Power, Haibo Shichuang, and Shuneng Electric [6] - In the lithium battery sector, the report suggests that the industry is emerging from a price decline cycle, with strong demand driving both volume and profit growth [6] - The report highlights the potential of dry electrode technology to significantly reduce costs and improve battery performance, which could create new opportunities in related equipment and materials [6]

Core Viewpoint - The capital market is experiencing a surge in interest in the photovoltaic sector, particularly driven by Elon Musk's support for space photovoltaic technology, which has led to significant stock price increases in related companies [1][5][15]. Group 1: Market Dynamics - The photovoltaic sector saw a market capitalization recovery of over 200 billion yuan from January 23 to February 9, with leading companies like GCL-Poly and TCL Zhonghuan hitting their daily price limits [4][9]. - Following Musk's endorsement of space photovoltaic technology at the World Economic Forum on January 22, the A-share photovoltaic sector collectively surged [5][7]. - The market is witnessing a rotation of interest from traditional AI and chip sectors to the photovoltaic sector, particularly space photovoltaic concepts [1][2]. Group 2: Industry Challenges - The photovoltaic industry is currently facing an oversupply situation, with the China Photovoltaic Industry Association predicting a decline in new installed capacity in 2026 by 23.81% to 42.86% year-on-year [1][14]. - Many leading photovoltaic companies have reported significant expected losses for 2025, with 73.47% of the 49 companies that disclosed earnings forecasts predicting net losses [13]. - The industry is undergoing a deep adjustment phase, with many companies expressing concerns about the sustainability of stock price increases without corresponding performance improvements [12][13]. Group 3: Space Photovoltaic Technology - Space photovoltaic technology involves deploying large solar power stations in space to convert solar energy into electricity, which can then be transmitted back to Earth or used to power satellites and space stations [6][15]. - While space photovoltaic technology presents significant advantages over ground-based systems, such as uninterrupted sunlight and higher light intensity, it is still in the early stages of technological exploration and faces various challenges [2][15]. - The potential for space photovoltaic technology to become a new growth driver for the photovoltaic industry is acknowledged, but its realization will depend on overcoming technical, cost, and industry chain challenges [17].

Company and Industry Summary Company: Aiko Solar Co., Ltd. (爱旭股份) Key Points - **Patent Licensing Agreement**: Aiko Solar has signed a licensing agreement with Maxeon, acquiring all BC battery and module patents outside the United States for the next five years, which does not involve reverse licensing. Both parties have agreed to withdraw or terminate all ongoing or pending legal proceedings related to the licensed patents and products [1] - **Total Licensing Fee**: The total patent licensing fee amounts to RMB 1.65 billion, to be paid in installments over five years, with the first-year fee set at RMB 250 million [1] - **Cost-Effective Patent Acquisition**: The company has obtained patent authorization at a relatively low cost and is initiating a new patent charging model to pass on costs. Assuming a total shipment of approximately 150 GW for ABC components from 2026 to 2030, the corresponding patent fee is estimated to be around RMB 0.01 per watt [2] - **Product Pricing Strategy**: Following the patent collaboration, Aiko Solar plans to increase the prices of all its products by RMB 0.02 per watt as part of the patent fee strategy, aiming to foster a healthy industry order that respects intellectual property and technological innovation [2] Additional Important Information - **Legal Proceedings**: The agreement includes a clause that prevents either party from taking actions that would conflict with the granted licenses during the five-year term [1] - **Market Expansion**: The breakthrough in patent compliance is expected to open up overseas market opportunities for Aiko Solar, potentially increasing its market share and revenue [1] This summary encapsulates the critical aspects of Aiko Solar's recent developments regarding patent licensing and its implications for the company's market strategy and financial outlook.

Summary of the Conference Call on 帝尔激光 (Dier Laser) Industry and Company Overview - The conference call discusses the solar energy industry, specifically focusing on 帝尔激光 (Dier Laser) and its role in the photovoltaic (PV) sector, particularly in the BC (Bifacial Cell) technology segment [1]. Core Points and Arguments - **Patent Licensing Agreement**: 爱旭股份 (Aixu Co.) has signed a patent licensing agreement with Maxeon Solar, which eliminates uncertainties related to potential patent disputes. This agreement facilitates smoother entry of BC products into global markets outside the United States, leveraging cost advantages associated with low-silver and silver-free technologies to expand sales [1]. - **BC Technology Value**: 帝尔激光's value in the BC cell segment is estimated at 0.6-0.8 billion CNY per GW, while the module segment is valued at 0.3-0.4 billion CNY per GW. The total value per GW reaches the billion CNY level. The company holds a 100% market share in the mass production of BC technology, benefiting from the expansion of BC production and the increase in value [1]. - **Non-Solar Business Growth**: The advanced packaging sectors, including TGV (Through Glass Via), PCB (Printed Circuit Board) ultra-fast laser drilling, and semiconductor applications, are expected to reach a turning point in growth. Orders for 2026 are projected to reach around 1 billion CNY, creating a second growth curve while continuously optimizing the profit structure [1]. - **Profit Forecast**: The expected performance for 2026 and 2027 is projected to be 700 million CNY and 900 million CNY, respectively, corresponding to price-to-earnings (PE) ratios of 35X and 27X [1]. Other Important Insights - The call emphasizes the strengthening of the photovoltaic core business as it emerges from a low point, indicating a positive outlook for the sector [1]. - The focus on non-photovoltaic business segments highlights the company's strategy to diversify and enhance its revenue streams, which may mitigate risks associated with reliance on a single industry [1].

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses **Aixu Co., Ltd.** and its collaboration with **Maxeon Solar** in the **photovoltaic (PV) industry** [1] Core Points and Arguments - **Patent License Agreement**: Aixu Co., Ltd. signed a patent license agreement with Maxeon Solar, which eliminates uncertainties related to potential patent disputes. This agreement facilitates smoother entry of BC products into global markets outside the United States, leveraging cost advantages associated with low-silver and silver-free technologies [1] - **BC Product Value**: The value of BC battery cells is estimated at **0.6-0.8 billion CNY per GW**, while the value of components is around **0.3-0.4 billion CNY per GW**. The total value per GW reaches the billion CNY level. Aixu Co., Ltd. holds a **100% market share** in the mass production of BC products, benefiting from the expansion of BC production and the increase in value [1] - **Non-PV Business Growth**: The advanced packaging sectors, including TGV/PCB ultra-fast laser drilling and semiconductors, are approaching a growth inflection point. Orders for 2026 are expected to reach the **10 billion CNY** level, contributing to the establishment of a second growth curve while continuously optimizing the profit structure [1] Other Important but Possibly Overlooked Content - The emphasis on the **cost advantages** of low-silver and silver-free technologies indicates a strategic focus on reducing production costs, which may enhance competitive positioning in the global market [1] - The mention of **non-PV business** growth highlights the company's diversification strategy, which may mitigate risks associated with reliance on the PV sector alone [1]