Investment strategy
Based on the dimensions of equipment bidding and payment, the production expansion of TOPCON in 2022 continues to exceed expectations. According to our research, the bidding scale of TOPCON industrial chain is rapidly expanding, and it is expected that TOPCON will occupy the new technology outlet in 2022. We believe that the scale corresponding to the Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) winning the order of Jingke may exceed 40gw (i.e. according to the industrial chain research, the investment in a single GW of laser equipment is about 20 million yuan), which also confirms that the expansion of the industry is continuing to exceed expectations.
Laser equipment is expected to fully benefit from the production expansion process of TOPCON. Compared with perc, the single GW investment of laser equipment in TOPCON has increased significantly, mainly because the boron expansion + Se process is difficult to phosphorus expansion + Se. With the expansion of TOPCON, the market space of laser equipment in photovoltaic field is expected to continue to improve. It is suggested to focus on Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Han’S Laser Technology Industry Group Co.Ltd(002008) .
Risk tips
1. The production expansion of TOPCON was less than expected. If the production expansion of TOPCON is less than expected, it will affect the application of laser equipment.
2. The promotion of laser technology was not as expected. If the application of laser technology is less than expected, it will affect the order of relevant subject matter.
3. Performance of competitive category technology. If the competitive technology progresses smoothly, it will have an impact on the application of laser technology.
