Equity Research: Photovoltaic Equipment Sector

Special Report: The Hidden Threads of BC Technology and the Dawn of Crystalline-Perovskite Tandem Cells

Date: December 29, 2025
Sector: Power Equipment & New Energy / Photovoltaics (PV)
Rating: Overweight (Maintained)
Analyst: Liu Xingwen
Source: Dongguan Securities Research Institute

Executive Summary

The global photovoltaic (PV) industry is currently navigating a critical inflection point characterized by a profound structural transition. After years of aggressive capacity expansion leading to severe supply-demand imbalances and "involutionary" price wars, the sector is shifting from a volume-driven growth model to a quality-and-technology-driven paradigm. This report argues that the industry is entering a new development cycle defined by two primary forces: capital expenditure contraction among laggards and technological differentiation among leaders.

Our analysis highlights that the core investment logic has shifted from broad-based capacity expansion to selective investment in next-generation technologies, specifically Back Contact (BC) cells and Crystalline-Perovskite Tandem cells. The recent policy directives from China’s Central Economic Work Conference to "deeply rectify involutionary competition," coupled with strategic procurement adjustments by state-owned enterprises (SOEs) like China Huaneng Group, signal a decisive move towards high-efficiency, high-value products. These developments are accelerating the exit of low-efficiency产能 (capacity) and creating a premium market for technologically advanced manufacturers.

We maintain an Overweight rating on the PV equipment sector. While upstream manufacturing faces margin compression, equipment suppliers possessing strong R&D capabilities in BC laser processing, low-silver metallization, and perovskite deposition are poised to benefit from the inevitable technology iteration cycle. We recommend focusing on industry leaders with robust cost control, technological moats, and diversified product portfolios, specifically JieJia WeiChuang (300724.SZ), DR Laser (300776.SZ), Maxwell Technologies (300751.SZ), and Autowell (688516.SH).

Key Takeaways

1. Industry Cycle Reset: From "Price War" to "Value War"

• Policy-Driven Consolidation: The Chinese government has escalated its stance on combating "involutionary" competition. The Central Economic Work Conference (Dec 2025) explicitly called for deep rectification of such practices, aiming to restore healthy profit margins and encourage innovation over blind expansion.
• Capital Expenditure Contraction: In 1Q-3Q 2025, capital expenditure in the PV equipment sector fell by 46.4% YoY to RMB 51.86 billion. This sharp decline indicates that future capacity additions will be significantly curtailed, forcing a shift in competitive advantage from scale to technology, brand, and profitability.
• Price Stabilization & Cost Pressure: While polysilicon and wafer prices have rebounded ~40-50% from their lows due to supply-side reforms, module prices remain near historical bottoms (~RMB 0.73/W). However, rising silver prices have increased TOPCon cell costs by ~RMB 0.06/W since October 2025, underscoring the urgent need for low-silver or silver-free metallization technologies.

2. BC Technology: The Immediate Driver of High-Efficiency Premiums

• Market Share Surge: BC (Back Contact) technology is transitioning from a niche application to a mainstream high-efficiency solution. Its market share rose to 5.0% in 2024, up 4.1 percentage points YoY.
• SOE Procurement as a Catalyst: China Huaneng Group’s revised 2026 component tender canceled low-efficiency bids and increased the share of high-efficiency modules (≥23.8% efficiency) to 58.3% (3.5GW). This sets a new industry benchmark, favoring BC and other high-efficiency technologies that can command price premiums in utility-scale projects, not just distributed markets.
• Technological Advantage: BC technology eliminates front-side grid shading, boosting short-circuit current and aesthetic appeal. It serves as a platform technology compatible with PERC, TOPCon, and HJT, offering a clear path to higher efficiencies (theoretical limit ~29.1%).

3. Perovskite Tandem Cells: The Long-Term Disruptor

• Efficiency Records Broken: Crystalline-Perovskite tandem cells are breaking efficiency records, with LONGi Green Energy achieving a certified 34.85% efficiency (NREL, April 2025). This far exceeds the Shockley-Queisser limit for single-junction silicon cells (33.7%).
• Industrialization Accelerating: GW-scale production lines are being established. GCL Optoelectronics unveiled the world’s largest mass-produced perovskite module ($2400mm \times 1150mm$), demonstrating breakthroughs in large-area coating and stability.
• Policy Support: The Ministry of Industry and Information Technology (MIIT) has designated perovskite technology as a core focus for national manufacturing pilot platforms, aiming to bridge the gap between laboratory results and commercial production by 2027.

4. Equipment Suppliers: The Primary Beneficiaries of Tech Iteration

• Demand for New CapEx: As manufacturers pivot to BC and Perovskite, demand is surging for specialized equipment: laser ablation/transfer machines (for BC and low-silver processes), LPCVD/PECVD tools (for tunneling oxide layers), and coating/evaporation equipment (for perovskite layers).
• Competitive Moat: Equipment vendors with integrated solutions and proven track records in mass production (e.g., DR Laser’s laser transfer, JieJia’s wet process/vacuum tools, Maxwell’s HJT/Perovskite lines) are gaining market share at the expense of generic equipment providers.

Industry Analysis: The End of Involution and the Rise of Quality

1.1 Policy Landscape: Rectifying "Involutionary" Competition

The Chinese PV industry, despite holding a dominant global position with a cumulative installed capacity of 886.7 GW by end-2024 (CAGR of 39.8% over the last decade), has suffered from severe internal competition. In 2023-2024, rampant capacity expansion led to prices falling below cash costs, causing widespread losses across the supply chain.

Regulatory Intervention:
* Central Economic Work Conference (Dec 10-11, 2025): The conference upgraded the language from "comprehensive rectification" to "deep rectification" of involutionary competition. This signals stricter enforcement against below-cost bidding and redundant construction.
* Market Supervision Administration Guidance (Dec 26, 2025): In Hefei, regulators explicitly warned against price fraud, collusion, and low-quality competition. They emphasized that power generation companies must prioritize "quality and price" in tenders, effectively mandating a shift away from lowest-bid-only awards.
* Polysilicon Capacity Integration Platform: Established in Dec 2025, this platform, guided by authorities and led by top firms, aims to acquire distressed assets via debt-assumption models. This strategic move is designed to reduce excess supply at the source, stabilize prices, and restore the financial health of the supply chain.

Impact on Pricing:
These measures have begun to yield results. As of December 24, 2025:
* Polysilicon: Dense material prices rebounded ~49% from yearly lows to RMB 52,000/ton.
* Wafers & Cells: Prices rebounded ~36% and ~44% respectively.
* Modules: N-type module prices remain low at ~RMB 0.73/W, but industry leaders argue that prices must exceed RMB 0.80/W to ensure sustainable profitability across all links (silicon, wafer, cell, module, and auxiliaries).

1.2 Capital Expenditure Trends: Structural Contraction

The financial strain on PV manufacturers has led to a dramatic reduction in capital spending. This is a pivotal indicator for the equipment sector.

Data Source: iFinD, Dongguan Securities Research Institute

Interpretation:
1. Profitability Crisis: The sector recorded a net loss of RMB 6.86 billion in the first three quarters of 2025, reflecting the severity of the price war.
2. CapEx Slump: The nearly 50% drop in capital expenditure confirms that manufacturers are halting generic capacity expansion. Future spending will be highly selective, focused exclusively on technologies that offer a distinct efficiency or cost advantage (i.e., BC and Perovskite).
3. Survival of the Fittest: Companies with weak cash flows and outdated technology (mostly P-type PERC) face existential threats. Conversely, leaders with strong balance sheets are using this downturn to invest counter-cyclically in next-gen tech, thereby widening the technological gap.

1.3 Global Demand Outlook

Despite short-term turbulence, long-term demand fundamentals remain robust driven by the global energy transition.
* Penetration Rates: China’s PV penetration rate reached 9.8% in 2024, surpassing the global average. However, compared to leaders like the Netherlands (21%), there is significant room for growth globally.
* Installation Forecasts: Under optimistic scenarios, global new installations are projected to reach 630 GW in 2025 (+18.9% YoY) and 1,078 GW by 2030.
* Grid Integration: Improvements in UHV transmission and distributed energy storage in China are alleviating grid congestion concerns, supporting higher installation targets.

Technology Deep Dive: The Battle for Efficiency

Photovoltaic battery technology is the core engine of cost reduction and efficiency improvement. The industry is currently in the fourth stage of its evolution, moving from P-type PERC dominance to N-type technologies (TOPCon, HJT, XBC) and eventually to Tandem cells.

2.1 BC (Back Contact) Technology: The Current High-Growth Frontier

Technical Overview:
BC technology, including IBC (Interdigitated Back Contact), ABC (All Back Contact), and HPBC (Hybrid Passivated Back Contact), moves both positive and negative electrodes to the rear of the cell.
* Advantages:
* No Front Shading: Eliminates metal grid obstruction on the front, increasing light absorption and short-circuit current ($I_{sc}$).
* Aesthetics: Uniform black appearance is highly valued in distributed residential and BIPV (Building-Integrated PV) markets.
* Efficiency: Theoretical limit of 29.1%, higher than TOPCon (28.7%) and HJT (27.5%).
* Platform Nature: Can be combined with TOPCon or HJT structures to further boost efficiency.

Market Dynamics:
* Rapid Adoption: BC market share grew from <1% in 2023 to 5.0% in 2024.
* Leading Players: LONGi Green Energy and Aiko Solar are the primary drivers. LONGi’s HPBC 2.0 modules have achieved mainstream power outputs of 650-655W. By end-2025, LONGi expects to have 50 GW of BC capacity.
* Shift to Utility Scale: Historically, BC was confined to premium distributed markets due to higher costs. However, the China Huaneng Group tender marks a turning point. By setting a minimum efficiency threshold of 23.8%, Huaneng has opened the massive utility-scale market to BC technology. This scale-up is expected to drive down BC manufacturing costs through economies of scale.

Equipment Implications:
BC manufacturing requires precise laser processing for back-contact patterning. This creates a specific demand for:
* Laser Ablation/Etching Equipment: To create the interdigitated n+ and p+ regions on the rear.
* Maskless Lithography/Laser Patterning: Replacing traditional photolithography to reduce cost and complexity.
* Key Beneficiary: DR Laser (300776.SZ) has developed proprietary laser micro-etching equipment that simplifies BC processes and reduces CAPEX.

2.2 TOPCon and HJT: The Incumbent N-Type Technologies

TOPCon (Tunnel Oxide Passivated Contact):
* Status: Currently the dominant N-type technology, with a 71.1% market share in 2024.
* Process: Adds a tunneling oxide layer and doped polysilicon layer to the rear of the cell.
* Equipment: Requires LPCVD (Low Pressure Chemical Vapor Deposition) or PECVD for the polysilicon layer. JieJia WeiChuang and Laplace are key suppliers. LPCVD is preferred for its superior film quality and uniformity.
* Challenge: High silver consumption. With silver prices rising, TOPCon producers are under pressure to adopt 0BB (Zero Busbar) and Laser Transfer technologies to reduce silver paste usage by 20-50%.

HJT (Heterojunction Technology):
* Status: Market share ~3.3% in 2024. Known for simpler process steps (low temperature) and high bifaciality.
* Equipment: Requires PECVD for intrinsic/amorphous silicon deposition and PVD for TCO (Transparent Conductive Oxide) layers.
* Key Beneficiary: Maxwell Technologies (300751.SZ) offers a complete HJT turnkey solution, including its proprietary PECVD and PVD tools, and has successfully exported entire lines overseas.

2.3 Crystalline-Perovskite Tandem Cells: The Next Generation

Technical Promise:
Perovskite cells use organic-metal halide semiconductors with tunable bandgaps. When stacked on top of crystalline silicon (Tandem structure), they capture different parts of the solar spectrum, pushing theoretical efficiency limits to 43%.

Recent Breakthroughs (2025):
1. Efficiency Records:
* LONGi: 34.85% (Crystalline-Perovskite 2-terminal tandem, NREL certified, April 2025).
* Trina Solar/Jinko: Efficiencies exceeding 34.7%, demonstrating rapid progress in lab-to-fab translation.
2. Industrialization Milestones:
* GCL Optoelectronics: Unveiled the first GW-scale perovskite production line. The debut of a $2400mm \times 1150mm$ full-size module proves that large-area coating and stability issues are being resolved. This size reduces Balance of System (BOS) costs significantly.
* Huaneng Qinghai Project: A MW-level demonstration project has been operational since late 2023, validating performance in high-altitude, high-UV environments.

Policy Tailwinds:
The MIIT’s November 2025 notice on manufacturing pilot platforms explicitly includes perovskite technology. This state-level support aims to accelerate the validation of key manufacturing processes, reducing the risk for commercial adoption.

Equipment Implications:
Perovskite manufacturing introduces entirely new equipment requirements:
* Coating/Deposition: Slot-die coating, evaporation, and ALD (Atomic Layer Deposition) for precise layer formation.
* Laser Patterning: Essential for scribing large-area modules to connect cells in series.
* Encapsulation: Critical for stability against moisture and oxygen.
* Key Beneficiaries:
* JieJia WeiChuang: Secured orders for core flexible perovskite line equipment (cleaning, RPD, PVD, coating).
* Maxwell Technologies: Developed inkjet printing, evaporation, and ALD tools for perovskite/HJT tandem lines.
* DR Laser: Provides laser scribing equipment for TCO and electrode layers on large glass substrates.

Investment Strategy: Focus on Equipment Leaders with Technological Moats

In a contracting CAPEX environment, only equipment suppliers that enable efficiency gains or cost reductions will see order growth. We identify four key investment themes:

1. BC Technology Enablers: As BC penetrates the utility market, demand for laser patterning and back-contact metallization equipment will surge.
2. Low-Silver/No-Silver Solutions: Rising silver prices make laser transfer and copper plating technologies economically vital.
3. Perovskite Industrialization: Early movers in GW-scale perovskite equipment will secure first-mover advantages as the technology matures.
4. Platform Companies: Vendors offering comprehensive solutions across multiple tech routes (TOPCon, HJT, BC, Perovskite) are better positioned to mitigate technology route risks.

Recommended Stocks

1. JieJia WeiChuang (300724.SZ) – Buy

• Core Logic: A leading platform equipment supplier with a comprehensive portfolio covering wet chemistry, vacuum, and intelligent manufacturing.
• Tech Exposure:
  • TOPCon: Market leader in LPCVD and wet process equipment.
  • HJT: Achieved 25.6% efficiency on its pilot line; mass-producing large-chamber RF double-sided microcrystalline tools.
  • Perovskite: Successfully delivered core equipment (coating, VCD flash evaporator) for the first commercial flexible perovskite line.
• Financials: Strong revenue base despite sector headwinds. Positioned to benefit from both TOPCon upgrades and new Perovskite CAPEX.

2. DR Laser (300776.SZ) – Buy

• Core Logic: The undisputed leader in PV laser processing equipment, critical for both BC and low-silver initiatives.
• Tech Exposure:
  • BC Cells: Proprietary laser micro-etching technology replaces complex photolithography, significantly lowering BC production costs and enabling mass adoption.
  • Laser Transfer: Global pioneer in non-contact laser transfer printing. Reduces silver paste consumption by 20-50% while improving line width and aspect ratio. Applicable to TOPCon, HJT, and BC.
  • Perovskite: Laser scribing equipment for large-format modules, ensuring high precision and minimal dead area.
• Client Base: Supplies to all major tier-1 manufacturers (LONGi, Trina, Jinko, JA Solar, etc.).

3. Maxwell Technologies (300751.SZ) – Buy

• Core Logic: The global leader in HJT turnkey solutions and a strong contender in Perovskite tandem equipment.
• Tech Exposure:
  • HJT: Offers a complete GW-level solution including PECVD, PVD, and screen printing. Recent innovations in large-wafer, thin-wafer, and microcrystalline processes have lowered client production costs.
  • Perovskite/Tandem: Expanded product line to include inkjet printing, vacuum drying, evaporation, and ALD tools specifically for perovskite/HJT tandem cells.
• Strategic Advantage: Early R&D investment has created a high barrier to entry in the HJT and tandem segments.

4. Autowell (688516.SH) – Buy

• Core Logic: A niche leader in module assembly and interconnection equipment, expanding into cell processing.
• Tech Exposure:
  • Module Equipment: Leader in multi-busbar stringers and laser-assisted sintering.
  • BC Cells: Developed specific glue-printing equipment for BC battery production.
  • Perovskite: Launched vacuum process equipment for crystalline/perovskite tandems (tunneling layer, transport layer), offering a one-stop solution for dry-process steps.
• Financials: Consistent growth driven by strong relationships with global Tier-1 clients.

Valuation and Ratings

Note: EPS and PE estimates are based on consensus data as of December 26, 2025. The apparent drop in EPS for some companies in 2026 reflects conservative assumptions regarding the transition period of new technologies and potential one-off charges.

Risks / Headwinds

While the outlook for leading equipment manufacturers is positive, investors must consider the following risks:

1. Market Demand Volatility:

   • Global PV installation growth may slow if macroeconomic conditions deteriorate or if trade barriers (tariffs, local content requirements) in the US, Europe, or India intensify.
   • If downstream manufacturers continue to incur losses, they may delay or cancel equipment orders, impacting revenue recognition for equipment suppliers.

2. Intensified Competition:

   • The high margins in specialized equipment (e.g., laser, vacuum) may attract new entrants from the semiconductor equipment sector or new startups.
   • Existing competitors may engage in price wars to secure market share, compressing gross margins for equipment vendors.

3. Inventory Write-Down Risks:

   • Equipment manufacturers typically operate on a "make-to-order" basis with long acceptance cycles. Rapid technological shifts or customer defaults could lead to stranded inventory.
   • If a specific technology route (e.g., a variant of TOPCon) becomes obsolete faster than expected, specialized equipment may face impairment charges.

4. Technology R&D Uncertainty:

   • The transition to BC and Perovskite involves complex engineering challenges. Delays in achieving mass-production yields or stability targets could slow down CAPEX release.
   • If Perovskite stability issues are not resolved commercially by 2027-2028, the anticipated boom in tandem cell equipment may be delayed.

5. Raw Material Price Fluctuations:

   • Continued volatility in silver, copper, and specialty gas prices could impact the cost structure of both equipment manufacturers and their downstream clients, potentially delaying investment decisions.

Detailed Sector Analysis: The Mechanics of the Transition

To provide a deeper understanding for institutional investors, we elaborate on the specific technical and economic drivers shaping the equipment landscape.

A. The Economics of BC Technology Adoption

The primary hurdle for BC technology has historically been cost. The complex back-contact structure requires additional lithography or laser patterning steps compared to standard PERC or TOPCon. However, the equation is changing:

1. Efficiency Premium: With module efficiencies crossing 23.8%, BC modules generate more kWh per square meter. In land-constrained utility projects or high-value distributed roofs, this translates to lower Levelized Cost of Electricity (LCOE), justifying a higher upfront module price.
2. Process Simplification via Laser: Traditional BC manufacturing used photolithography, which is expensive and slow. DR Laser’s innovation allows for direct laser ablation of the passivation layers and doping regions. This removes the need for photoresist, developing, and stripping steps, significantly reducing CAPEX and OPEX.
3. Silver Savings: BC structures often allow for wider rear busbars without shading penalties. When combined with laser transfer printing, silver consumption can be minimized. Given that silver paste accounts for nearly 40% of TOPCon cell non-silicon costs, any reduction here directly improves IRR for manufacturers.

Investment Implication: Equipment vendors that can demonstrate a lower Cost-per-Watt for BC production will win the next round of tenders. DR Laser is currently the best-positioned player in this niche.

B. The Perovskite Commercialization Curve

Perovskite technology is moving from the "Lab" to the "Fab." The key metrics for success are no longer just efficiency, but stability and uniformity at large scales.

1. The Size Challenge: Early perovskite cells were small (<100 cm²). Scaling to module sizes (>2 m²) introduces defects due to uneven coating. GCL Optoelectronics’ success with a $2.4m \times 1.15m$ module proves that slot-die coating and vacuum drying technologies (supplied by JieJia WeiChuang) have matured enough to handle industrial scales.
2. Tandem Integration: The most viable near-term path is not pure perovskite, but Silicon-Perovskite Tandems. This leverages the existing trillion-dollar silicon infrastructure while adding a perovskite top cell.
   • Equipment Synergy: Manufacturers like Maxwell and Autowell are designing tools that integrate seamlessly with existing HJT or TOPCon lines. For example, adding a perovskite coating module to an HJT line. This "add-on" approach lowers the barrier for adoption.
3. Policy Push: The MIIT’s focus on "pilot platforms" means that government-backed consortia will de-risk the initial GW-scale factories. This reduces the financial risk for equipment suppliers, as these projects are likely to proceed regardless of short-term market fluctuations.

Investment Implication: Look for equipment suppliers with proven pilot line references. JieJia and Maxwell have already secured orders for commercial-scale lines, giving them a data advantage over competitors still in the R&D phase.

C. The Role of State-Owned Enterprises (SOEs) in Shaping Technology

The behavior of SOEs like China Huaneng, China Power Investment Corporation, and SPIC is critical. Unlike private developers who may prioritize lowest initial CAPEX, SOEs are increasingly mandated to prioritize long-term asset quality and technological leadership.

• The Huaneng Tender Signal: By canceling low-efficiency bids, Huaneng effectively declared that sub-23.8% efficiency modules are "stranded assets" in the making. This forces all module makers to upgrade their product mix.
• Supply Chain Impact: Module makers cannot upgrade to high-efficiency BC or Tandem modules without upgrading their cell lines. Cell makers cannot upgrade without new equipment. Thus, the SOE procurement policy acts as a pull factor for advanced equipment CAPEX, even in a downcycle.

Company Profiles and Competitive Analysis

JieJia WeiChuang (300724.SZ)

• Business Model: Comprehensive equipment provider. Strong in wet chemistry (cleaning, texturing) and vacuum deposition (LPCVD, PECVD, PVD).
• Competitive Edge: "One-Stop Shop" capability. Customers can source entire lines from JieJia, reducing integration risks.
• Recent Developments:
  • Secured the first order for a flexible perovskite production line’s core equipment.
  • Maintains dominant share in TOPCon LPCVD market.
  • HJT pilot line efficiency hits 25.6%, validating its RPD (Reactive Plasma Deposition) technology.
• Risk: High exposure to TOPCon cycle; if TOPCon capex drops faster than BC/Perovskite rises, short-term revenue may dip.

DR Laser (300776.SZ)

• Business Model: Specialized laser processing equipment.
• Competitive Edge: Proprietary optical homogenization and ultra-fine graphic control technologies. High switching costs for customers once integrated into production lines.
• Recent Developments:
  • Laser transfer equipment is becoming industry standard for silver reduction.
  • BC laser etching equipment is seeing rapid uptake due to LONGi and Aiko’s expansion.
  • Expanding into semiconductor laser applications, diversifying revenue base.
• Risk: Dependence on a few large customers; potential margin pressure if competitors enter the laser transfer space.

Maxwell Technologies (300751.SZ)

• Business Model: HJT and Perovskite turnkey solutions.
• Competitive Edge: First-mover advantage in HJT. Strong IP portfolio in vacuum deposition.
• Recent Developments:
  • GW-level HJT solutions now incorporate large-wafer and thin-wafer capabilities.
  • Full suite of Perovskite equipment (inkjet, evaporation, ALD) ready for commercial deployment.
• Risk: HJT adoption has been slower than TOPCon; high valuation multiples require sustained growth in Perovskite orders to justify.

Autowell (688516.SH)

• Business Model: Module assembly equipment leader, expanding into cell tech.
• Competitive Edge: Strong customer stickiness in module line equipment (stringers, laminators).
• Recent Developments:
  • Launched vacuum equipment for Perovskite tandems.
  • BC-specific glue printing equipment gaining traction.
• Risk: Module equipment market is mature; growth depends on successful penetration into cell processing equipment.

Conclusion

The photovoltaic industry is undergoing a necessary and painful correction. The era of easy growth through capacity expansion is over. The new era will be defined by technological superiority and operational efficiency.

For equipment suppliers, this transition presents a dual challenge: a decline in orders for legacy technologies (PERC, standard TOPCon) and a surge in demand for next-generation solutions (BC, Perovskite, Low-Silver). The companies that have proactively invested in R&D for these new technologies—specifically JieJia WeiChuang, DR Laser, Maxwell Technologies, and Autowell—are well-positioned to capture the remaining CAPEX spend and drive the next wave of industry growth.

We maintain our Overweight rating on the sector, advising investors to focus on these high-conviction names that offer exposure to the structural trends of efficiency enhancement and technological disruption.

Appendix: Technical Glossary

• BC (Back Contact): A solar cell design where all electrical contacts are located on the rear side, eliminating front-side shading.
• TOPCon (Tunnel Oxide Passivated Contact): An N-type cell technology using a thin oxide layer and doped polysilicon to passivate the rear surface.
• HJT (Heterojunction Technology): A cell combining crystalline silicon with amorphous silicon thin films, known for high efficiency and low-temperature processing.
• Perovskite: A class of materials with a specific crystal structure, used in solar cells for their high absorption coefficient and tunable bandgap.
• Tandem Cell: A multi-junction solar cell stacking two or more materials (e.g., Silicon + Perovskite) to capture a broader spectrum of sunlight.
• LCOE (Levelized Cost of Electricity): The average net present cost of electricity generation for a generating plant over its lifetime.
• BOS (Balance of System): All components of a photovoltaic system other than the panels themselves (inverters, mounting, wiring, etc.).

Disclaimer

This report is prepared by Dongguan Securities Research Institute for institutional clients only. The information contained herein is believed to be reliable, but Dongguan Securities does not guarantee its accuracy or completeness. The opinions expressed are subject to change without notice. This report does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investors should make their own investment decisions based on their individual circumstances and risk tolerance. Dongguan Securities and its affiliates may hold positions in the securities mentioned in this report.