Market Review
In the current period (from May 16 to May 20), the CSI 300 rose 2.2% and the machinery sector rose 3.6%, ranking eighth among the 28 Shenwan industries. In terms of subdivided industries, laser processing equipment increased the most, up 8.3%; The largest decline was 1.1%.
This week’s view
The capacity expansion of TOPCON, a number of photovoltaic manufacturers, was beneficial to the demand for equipment.
Recently, several photovoltaic manufacturers have announced their TOPCON production expansion plans and progress, which has started large-scale mass production, which will benefit the equipment demand. Specifically, 1) Jingke Energy said that the production capacity of 16gwn TOPCON battery projects put into operation in Hefei, Anhui and Haining, Zhejiang in the first quarter of this year climbed smoothly, and it is optimistic about the input and output of subsequent n-type TOPCON batteries, and will continue to expand the production capacity of n-type batteries. Moreover, the production capacity of newly put into operation large-scale TOPCON battery has exceeded 24.6% and the yield is close to the perc mass production level. At the same time, the company announced that its 182n TOPCON conversion efficiency has been tested and certified by the third party of the Chinese Academy of metrology, and the full area battery conversion efficiency has reached 25.7%. 2) Hainan Drinda Automotive Trim Co.Ltd(002865) disclosed that it is building an 8GW TOPCON production line in Chuzhou, Anhui Province, which is scheduled to be put into operation in June and reach production within the year. In the whole year, it should have a production capacity of 16 ~ 17gw (8 + 8.5) by the end of this year. At the same time, the company said that at present, the conversion efficiency of TOPCON can reach more than 24.5% and the yield can reach about 98%. 3) A new energy said that it has built 6Gw of n-type capacity, and the battery mass production efficiency of TOPCON production line has exceeded 24.6%. According to the production expansion plan and construction progress, the production capacity of a new energy n-type is expected to reach 20GW by the end of this year.
Investment suggestions:
In the process of continuously expanding the production of TOPCON by photovoltaic manufacturers, it will benefit the equipment demand. We mainly recommend equipment manufacturers Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Yingkou Jinchen Machinery Co.Ltd(603396) , Wuhan Dr Laser Technology Corp.Ltd(300776) , Qingdao Gaoce Technology Co.Ltd(688556) and Wuxi Autowell Technology Co.Ltd(688516) !
Risk tips
Macroeconomic fluctuations, external demand fluctuations.
