4月29日晚间，隆基绿能（601012）(601012.SH)发布了2024年年报和2025年一季报。财报显示，2024年，公司实 现营业收入825.82亿元。2025年一季度，公司营收136.52亿元。 在光伏行业技术迭代加速的背景下，BC(背接触)技术路线正获得行业广泛认可与重点布局。作为行业领军企业， 隆基绿能已率先完成技术突破——其HPBC2.0量产线目前已经全线贯通，电池良率稳定在97%的高水平。 随着2025年BC产能加速释放，叠加规模化及持续新技术导入带来的提效降本，BC技术正加速驶入大规模应用和 生态圈协同发展的快车道。作为行业内率先布局BC技术路线的龙头企业，隆基绿能凭借先发优势与技术沉淀，有 望在这场技术商业化变革中抢占战略高地，率先收获BC技术路线带来的市场红利。 BC生态圈渐成产能将达50GW 财报数据显示，2025年首季，公司实现硅片出货23.46GW(其中对外销售11.26GW)；电池组件出货量16.93GW(其 中BC组件销量4.32GW)。 展望全年，隆基绿能方面指出，将以创造卓越客户价值，追求经营效益为目标，深耕重点战略市场，预计2025年 实现硅片出货量120GW，组件出货 ...

Core Insights - The photovoltaic (PV) industry is experiencing rapid technological iteration, particularly with the emergence of Back Contact (BC) technology, which has achieved a world record efficiency of 27.81% for monocrystalline silicon solar cells [2][8] - BC technology is projected to capture a market share of 62% by 2030, driven by its efficiency and cost advantages over existing technologies like TOPCon [2][4] Group 1: Technological Advancements - BC technology has eliminated the shading effect of traditional front electrodes, maximizing light absorption and enhancing conversion efficiency [3] - Recent breakthroughs have significantly reduced the production costs of BC cells, making them competitive with other high-efficiency technologies [3][4] - The manufacturing cost difference between BC and TOPCon is now controlled within 0.05 USD/W, with expectations that BC costs will be lower than TOPCon in the near future [4] Group 2: Market Dynamics - Major players in the PV industry, including Longi Green Energy and Aiko Solar, are shifting their focus towards BC technology, indicating a trend towards its mainstream adoption [5][6] - The industry is witnessing a rapid increase in production capacity for BC technology, with projections suggesting a tenfold increase by 2025 [7] Group 3: Industry Challenges and Solutions - The industry has resolved significant technical bottlenecks, allowing for large-scale promotion of BC technology [9] - There is a cautionary note regarding the potential for overcapacity similar to what occurred with TOPCon technology, emphasizing the need for strategic deployment of BC technology [9] Group 4: Collaboration and Adoption - BC components have been included in major state-owned enterprise tenders, indicating growing acceptance in the market [10] - Collaboration across the supply chain is essential for the successful commercialization of BC technology, with calls for industry participants to take initiative in adopting new technologies [10]

Core Viewpoint - Longi Green Energy reported a significant decline in revenue and a shift to loss in 2024, primarily due to irrational price competition and a mismatch in supply and demand within the solar industry [1][2]. Financial Performance - In 2024, Longi Green Energy achieved operating revenue of 82.582 billion yuan, a year-on-year decrease of 36.23% [1]. - The company incurred a loss of 8.618 billion yuan, marking a transition from profit to loss [1]. Industry Context - The solar industry is facing increased competition, leading to overall pressure on the performance of solar companies [2]. - Many leading companies in the solar supply chain reported losses in the previous year [2]. Research and Development - Longi Green Energy continues to invest heavily in R&D, with approximately 5 billion yuan allocated in 2024, representing 6% of its operating revenue [2]. - The company maintains a leading position in various battery technology tracks, holding over 400 patents in the BC battery component field [2]. BC Technology Development - The BC battery technology is experiencing rapid cost reduction and efficiency improvements, with manufacturing costs expected to align with or fall below those of TOPCon technology within a year [3]. - Longi Green Energy's HPBC2.0 components have achieved a maximum production efficiency of 24.8%, making it the highest efficiency product globally [3]. Production Capacity and Future Outlook - In 2024, Longi Green Energy's BC product shipment exceeded 17 GW, with plans to reach 50 GW in HPBC2.0 battery and component capacity by the end of 2025 [4]. - The company anticipates silicon wafer shipments of 120 GW and component shipments of 85 to 90 GW by 2025, with BC components expected to account for over one-quarter of total shipments [4].

Core Viewpoint - Trina Solar believes that despite the current pressure on profitability across the photovoltaic (PV) industry chain, all segments have reached a price bottom, and terminal market demand continues to be released [1][5]. Financial Performance - In 2024, Trina Solar reported revenue of 80.282 billion yuan, a year-on-year decrease of 29.21%, with a net loss of 3.443 billion yuan, a year-on-year increase in loss of 162.30% [1]. - In Q1 2025, Trina Solar, along with major competitors, reported net losses, with Trina Solar's loss at 1.32 billion yuan, the lowest among its peers [1]. Reasons for Loss - The decline in PV module prices and the provision for credit and asset impairments are the two main reasons for Trina Solar's losses [3]. - In Q1 2025, Trina Solar made provisions for credit and asset impairments totaling 359 million yuan, including credit impairment losses of 73 million yuan and asset impairment losses of 285 million yuan [3]. - In 2024, the total provision for credit and asset impairments was 3.106 billion yuan, with credit impairment losses of 508 million yuan and asset impairment losses of 2.598 billion yuan [3]. Strategic Initiatives - To meet overseas localization demands, Trina Solar is strategically investing in overseas light manufacturing, establishing a smart tracking manufacturing plant in Saudi Arabia, and securing multiple GW-level orders to enhance local delivery and service efficiency [3]. - The company has achieved over 5.7 GW in domestic wind-solar-storage project indicators and has shipped 7.3 GW of mounting systems, ranking among the top five in Europe, Latin America, and the Middle East [4]. Industry Competition and Future Outlook - The PV industry is currently divided into three technology camps: the TOPCon camp represented by Trina Solar and Jinko Solar, the BC camp represented by Longi Green Energy, and the heterojunction camp represented by Huasun and Dongfang Risheng [5]. - Trina Solar expects TOPCon technology to maintain its dominant position in the coming years, with potential efficiency improvements through various technological advancements [5]. - The company is also focusing on new perovskite PV technology to enhance the efficiency of perovskite-silicon tandem cells, with theoretical conversion efficiencies exceeding 30% [5]. - The competition in the PV industry is anticipated to shift from a focus on single PV module supply to the delivery of integrated solar-storage system solutions and comprehensive management capabilities [5]. - According to the China Photovoltaic Industry Association (CPIA), the Chinese market is expected to add 215 GW to 255 GW of new installations in 2025, with global new installations projected to reach 531 GW to 583 GW, driven by rapid demand growth in emerging markets [6].

当日，中国电力企业联合会、德国莱茵TÜV集团、鉴衡认证中心、爱旭股份、隆基绿能联合于北京发 布了《背接触（BC）电池技术发展白皮书》(下称《白皮书》）。 这是光伏行业首份BC技术发展白皮书。上述机构认为，这标志着这一"单结硅太阳能电池终极形态"技 术正式进入规模化应用新阶段。 目前国内光伏电池技术层面，TOPCon技术占据主流，BC相对小众，主要是隆基绿能、爱旭股份 (600732.SH)、TCL中环(002129.SZ)等企业在量产推广。BC技术的推崇者普遍认为，BC组件效率高、发 电能力更强，具有更优的功率温度系数、更好的抗衰减性能等，可靠性更高。 BC电池(Back Contact Cell) 是一种通过将电池的正负电极全部置于背面、正面无任何栅线遮挡的光伏电 池技术。 智通财经记者｜马悦然 "目前，BC技术的成熟比重约能达到80%的水平，未来还会有一些优化的空间，但是大的堵点、卡点问 题已经没有了，完全可以真正在行业里大规模推广。" 4月27日，光伏龙头隆基绿能(601012.SH)创始人、总裁李振国表示。 国务院国资委原行业协会商会工作局局长张涛在上述会上提出，BC技术深度发展与成熟需要社会协同 共 ...

Core Viewpoint - The joint release of the "BC Technology Industry White Paper" by several organizations highlights the advancements in BC technology batteries, which have achieved a mass production efficiency of over 27%, surpassing TOPCon technology by 1.6% [1] Group 1: Technology Advancements - BC technology batteries have reached a mass production efficiency of 27% [1] - This efficiency is 1.6% higher than that of TOPCon (Tunnel Oxide Passivated Contact) batteries [1] - The theoretical efficiency limit of BC technology is 29.1%, approaching the theoretical efficiency ceiling of crystalline silicon [1] Group 2: Market Positioning - The maturity and cost competitiveness of BC technology are now comparable to traditional routes [1]

Core Viewpoint - Longi Green Energy is advancing in the BC technology field, launching the upgraded Hi-MO 9 module equipped with BC2.0 technology, aiming to lead the photovoltaic industry towards higher efficiency, reliability, and returns [2][3]. Group 1: Technology Advancements - The Hi-MO 9 module has begun mass production, showcasing significant technological breakthroughs: conversion efficiency increased to 24.8%, bifacial rate over 80%, and power output reaching 670W, which enhances the capacity by 6.4% compared to TOPCon products [3][4]. - The company has accumulated orders of 30GW for its HPBC series modules, with a backlog exceeding 40GW, covering over 30 countries and regions [3][6]. Group 2: Market Position and Strategy - Longi Green Energy initiated the "BC revolution" in 2021 and fully transitioned to BC technology in 2023, with plans for comprehensive mass production of BC second-generation products by 2025 [5][8]. - The company is expected to achieve 50GW of BC second-generation capacity by the end of the year, supported by a complete BC industrial chain from upstream equipment to downstream modules [7]. Group 3: Industry Outlook - The photovoltaic industry is anticipated to see a significant increase in BC technology adoption, with projections indicating that by 2025, domestic BC shipments could approach 50GW, achieving a market penetration rate of 7% [7][8]. - The global BC module shipment volume is expected to exceed 160GW by 2027, with a compound annual growth rate (CAGR) of 85% from 2024 to 2027, leading to a market size exceeding 120 billion yuan [7].

Core Viewpoint - The company is advancing its solar cell technology with significant efficiency improvements and plans for new product launches, while also adapting to market demands and optimizing production capabilities [1][5][6]. Group 1: Technology and Product Development - As of February 2025, the company's GPC2.0 battery efficiency is expected to exceed 27.5%, with a new GPC3.0 product anticipated to launch in Q2 2024, targeting efficiencies above 27.8% [1][5]. - The company has established production capabilities of 30GW for high-efficiency modules and 16GW for N-type TOPCon batteries across three bases by the end of 2024 [3]. - The company is focusing on BC technology alongside TOPCon to meet diverse market demands, with a growing number of patents filed for GPC products [5][6]. Group 2: Market Position and Financial Outlook - The company has seen a historical high in the revenue contribution from its module business, while the system integration business's share has decreased [3]. - The company anticipates a net profit of approximately 55 million to 80 million yuan for 2024, with a net profit of 10 million to 50 million yuan after excluding non-recurring gains [8]. - The company has adjusted its order strategy to focus on domestic markets, achieving significant success in large-scale bidding projects, leading to a substantial increase in module shipment volume and market share [8]. Group 3: Strategic Initiatives - The company plans to raise 4.842 billion yuan through a private placement to fund a 10GW battery project and support working capital [5]. - The company is also upgrading part of its TOPCon production lines to BC battery capacity, with an initial planned capacity of 12GW [5]. - The company aims to balance its market focus between domestic and international markets, projecting a future demand split of 50% each [8].

Group 1: BC Equipment and Manufacturing Industry - BC is currently the most visible expansion direction, with leading manufacturers planning to add 40-65 GW/year of BC capacity from 2024 to 2027, alongside a significant increase from the existing 780 GW TOPCon upgrades [1] - BC technology offers significant equipment flexibility, primarily involving 2-3 laser processes and 1 coating process, with a notable increase in the use of LPCVD equipment [1] - Risks include slower-than-expected technological advancements in BC, reduced willingness to upgrade battery capacity, and potential market competition deterioration [1] Group 2: Banking Sector and Debt Market - Some commercial banks have recently sold bonds from OCI and AC accounts to realize floating profits, which may amplify market impacts in a volatile debt market [2] - The current selling behavior of banks is not expected to trigger a market panic, with short-term adjustments facing less pressure compared to long-term [2] Group 3: Policy and Economic Impact - Hohhot has introduced new childbirth subsidy details, with the maximum subsidy reaching 100,000 yuan per child, indicating a potential nationwide rollout of similar policies [4] - If extrapolated nationwide, the fiscal subsidy scale is estimated to reach 901 billion, 1,363 billion, and 1,825 billion yuan from 2025 to 2027, still falling short of international standards [4] Group 4: Defense and Aerospace Industry - The 2025 Government Work Report highlights deep-sea technology for the first time, indicating a focus on deep-sea development and potential investment opportunities in acoustic and titanium materials [6] - Risks include accelerated competition among countries, potential underperformance in enterprise capacity expansion, and fluctuations in raw material costs [6] Group 5: Coal Industry - The coal sector has seen improved expectations, leading to a rise in stock prices, driven by high dividend styles, stable thermal coal prices, and optimized stock structures [8] - The bottom price expectation for coal is becoming clearer, with potential price increases if demand improves and inventory decreases [8] Group 6: Property Services Sector - The historical issues facing private property service companies have dissipated, with strong dividend attractiveness and sustainable cash flow [10] - The upcoming 2024 annual reports are expected to confirm high dividends and a vision for stable long-term development [10] Group 7: Tin Industry - The suspension of mining operations by Alphamin Resources in the Democratic Republic of Congo could lead to a significant reduction in global tin supply, potentially increasing tin prices above 300,000 yuan/ton [12] - The expected supply gap in 2025 may widen due to the suspension and slower-than-expected recovery of Myanmar's tin mines [12] Group 8: New Materials in Military Industry - Defense spending is projected to grow by 7.2% in 2025, indicating a recovery in demand for military materials and potential valuation recovery for upstream companies [13] - The military industry is at a turning point, with significant demand expected to be released in 2025 [13]

Core Viewpoint - The article emphasizes the significant growth potential of Back Contact (BC) battery technology in the photovoltaic industry, highlighting its high technical barriers and economic viability, with major manufacturers planning substantial capacity expansions from 2024 to 2027 [1][2][4]. Capacity Expansion - Major manufacturers are expected to add 40-65 GW/year of BC capacity from 2024 to 2027, with existing TOPCon capacity of 780 GW undergoing upgrades for greater output [1][4]. - The planned capacity for leading domestic BC manufacturers includes Longi Green Energy at 107.5 GW, with incremental additions projected for the years 2024 to 2027 [5]. Economic Viability - The cost of mature production capacity is around 0.69 CNY/W, while BC technology offers a premium of 0.05-0.1 CNY/W, indicating a favorable economic outlook [2][4]. - The estimated market space for BC laser equipment is projected to reach 4.75 billion CNY by 2027, while the market for BC coating equipment is expected to reach 6.5 billion CNY [4]. Technological Advancements - BC technology requires significant upgrades in laser and coating equipment, with laser device value increasing from 4-20 million CNY/GW in TOPCon to 50-60 million CNY/GW in BC [6][7]. - LPCVD coating technology is anticipated to see increased adoption due to its suitability for BC applications, with its penetration rate expected to rise significantly [8]. Investment Opportunities - The article suggests that BC technology will create investment opportunities in laser and coating equipment, as leading manufacturers are likely to upgrade their capacities in a counter-cyclical manner [10].