Focus this week: Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Tiandi Science & Technology Co.Ltd(600582) , Ocean’S King Lighting Science & Technology Co.Ltd(002724) , Sensong International
Core view of this week: recent macro environment fluctuations have a great impact on the stock price of the equipment industry. We believe that the short-term impact has not been eliminated, and the overall judgment continues to fluctuate. At present, the price rise of upstream resource products and the steady growth of the government are still two relatively determined main lines, and the relevant equipment sectors such as coal machinery, oil service, nuclear power and hydrogen energy are expected to benefit.
Theme of this week: photovoltaic heterojunction cell equipment: wet cleaning equipment and PECVD equipment
PECVD and PVD equipment are the key to cost reduction and efficiency improvement of heterojunction batteries. The production of heterojunction battery is mainly divided into four links: 1) cleaning and flocking, 2) amorphous silicon film deposition, 3) TCO film deposition and 4) metallization. The corresponding mainstream equipment includes wet cleaning equipment, PECVD equipment, PVD equipment and screen printing equipment. From the perspective of process, the main purposes of amorphous silicon film deposition and TCO film deposition are to form PN junction and improve light absorption respectively, so they are closely related to the final conversion efficiency of heterojunction battery. In addition, compared with perc process, these two processes are new processes, and it is difficult to realize the coating technology. Therefore, the investment of PECVD and PVD equipment also accounts for a high proportion, accounting for 50% and 25% of the whole line respectively. Although the application of wet cleaning equipment and screen printing equipment in hjt and perc is basically the same, there are some differences in equipment requirements. Therefore, we will also discuss them one by one. This paper will focus on the cleaning and flocking of hjt and the deposition of amorphous silicon film.
Wet cleaning is the first process of hjt battery manufacturing process. The main purpose of this process is to clean the impurities on the surface of silicon wafer and form concave convex surface on the surface of silicon wafer, so as to improve the light absorption efficiency. In terms of technology, the traditional mainstream technology RCA is gradually being replaced by a more efficient and environmentally friendly ozone process because it needs to consume a large number of high-purity chemical reagents, increase the burden of production costs and cause certain environmental pollution. Although the technical difficulty of this link is small and the corresponding equipment investment is low, compared with the traditional perc process, hjt cleaning and cashmere making requires higher etching damage layer thickness and anti sharpening treatment of pile structure. Therefore, perc cleaning and cashmere making equipment is not compatible with hjt cleaning and cashmere making link.
Amorphous silicon film deposition: mainly prepared by PECVD equipment, which is the core process of hjt battery production. The main purpose of this process is to prepare p-n junction. Optional process equipment includes PECVD and HWCVD. At present, PECVD equipment is still the main equipment in China. PECVD is one of the core bottlenecks in the industrialization of hjt technology. At present, Chinese battery manufacturers enlarge the equipment capacity while ensuring the coating quality (sector PECVD to increase the carrier size; or research and develop tubular PECVD equipment, etc.), so as to reduce the production cost of battery chips without increasing the equipment cost as much as possible. In addition, various equipment manufacturers also have some differences in RF system, plasma reactor, carrier preheating mode and silicon wafer transmission. We believe that further cost reduction and efficiency improvement in PECVD may be expected through multi-dimensional deep tapping of potential.
The new technology of amorphous silicon film deposition can be traced around the verification of tubular PECVD and microcrystallization. In terms of cost reduction, it is recommended to pay attention to the verification of tubular PECVD. At present, the project is still in the pilot line stage. After the technology continues to be upgraded and optimized, the overall equipment investment of heterojunction may be significantly reduced; In terms of efficiency improvement, it is suggested to pay attention to the progress of microcrystallization technology. The application of this technology is expected to improve the conversion efficiency of hjt battery by 0.5%. With the rapid breakthrough of new technologies such as amorphous silicon film deposition technology optimization and superimposed metallization, it may significantly promote the installation demand of heterojunction batteries, and relevant equipment enterprises will also take the lead in benefiting.
Investment suggestions: it is suggested to pay attention to Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , J.S.Corrugating Machinery Co.Ltd(000821) , Yingkou Jinchen Machinery Co.Ltd(603396) , etc; And non listed companies such as Junshi energy and ideal wanlihui.
Risk tip: the downstream demand of photovoltaic is less than expected, the path of battery technology changes, and the verification effect of new technology in mass production line is less than expected.
