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 ...

Group 1 - The company plans to invest approximately 750 million yuan to construct a 112.5MW wind power project in Shandong, with completion and grid connection expected by 2027 [2] - The investment aligns with the company's strategic development needs and market outlook, exploring resource synergy with the Jinan ABC production base and local renewable energy clusters [2] - The project is expected to generate stable cash flow and new profit growth points through wind power revenue or potential project disposal [3] Group 2 - The company emphasizes the transition from P-type to N-type photovoltaic technology, with a focus on N-type ABC business as a strategic priority [4] - In 2024, the company anticipates ABC component shipments of 6.33GW, representing a year-on-year increase of approximately 1200% [4] - The company is currently operating at full capacity for ABC production but plans to enhance capacity and optimize production processes to meet growing demand [4] Group 3 - The management highlights significant potential for improvement in BC battery and component technology, aiming to enhance product value for customers [5] - The company is conducting research in next-generation technologies, including perovskite-silicon tandem cells and photon recycling, although challenges remain in lifespan and supply chain maturity for full replacement of silicon [5]