Focus this week: Qingdao Gaoce Technology Co.Ltd(688556) , Suzhou Sushi Testing Group Co.Ltd(300416) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Zhejiang Hangke Technology Incorporated Company(688006) , Sany Heavy Industry Co.Ltd(600031)
Core view of this week: Recently, under the background of the decline of raw material costs and the repair of the epidemic, the machinery sector oversold and individual stocks rebounded. We believe that after short-term repair, the long-term impact of the epidemic is still worthy of attention. Therefore, we are more optimistic about leading stocks with long-term advantages α Resist industry fluctuations. Optimistic about the detection and construction machinery sector.
Theme of this week: photovoltaic heterojunction cell equipment: TCO coating technology and PVD equipment
This week's theme:
Traditional process magnetron sputtering: the traditional process of TCO coating, with many industry participants in China and abroad. Magnetron sputtering is the mainstream process for preparing transparent conductive film at present. Through glow discharge plasma, ITO target is bombarded and coated under the constraint of magnetic field. This process has many advantages, such as uniform film thickness, easy control, stable coating process and strong adhesion between film and substrate. At present, this process is relatively mature and has many industry participants. Through our combing and analysis, PVD equipment at home and abroad are expanding towards intelligence and low cost, and have many commonalities in performance, including double-sided plating, large-size silicon wafer compatibility, high production capacity and high degree of automation.
New process reactive plasma deposition: a new process of TCO coating. The process characteristics make the photoelectric conversion efficiency have natural advantages. Reactive plasma deposition is a patented technology of Sumitomo heavy industry in Japan. It mainly realizes film deposition by sublimating the target to produce gas. Due to the characteristics of the process, the bombardment of amorphous silicon film is reduced in the coating process, resulting in a 0.6% increase in photoelectric conversion efficiency. Sumitomo transferred the manufacturing and sales rights of RPD equipment in China to Chinese enterprises in 2019. Through secondary technology development, RPD equipment has realized technology upgrading and helped Longji research and development. It has created 25.82% and 26.30% world records twice a week, with strong technology development potential.
Combined process par: it has the advantages of high conversion efficiency and low equipment investment cost, and has great development potential. Due to the low production efficiency and low target utilization of RPD, Chinese enterprises have integrated the advantages of PVD + RPD equipment and set sail for par equipment. In the transparent conductive film in heterojunction Cecep Solar Energy Co.Ltd(000591) battery, the front transparent conductive film is the main light entry surface, which needs to have high light transmittance and conductivity, while the back transparent conductive film is mainly used for conduction. For the new par equipment launched by Chinese enterprises, the front coating adopts new RPD and the back coating adopts PVD. The traditional two RPD equipment, two automation equipment and one turnover machine are integrated into one equipment and one set of automation equipment, reducing the floor area by 50%, reducing the equipment investment cost to the greatest extent and improving the conversion efficiency.
Investment suggestions: 1) to sum up, through the comparison of different implementation paths, each technical route at the current stage has its own advantages and disadvantages. Our judgment is that in the short term, various new processes are still in the exploratory stage, and technologies such as PVD, RPD and par coexist; However, in the medium and long term, the most cost-effective solution will become the mainstream choice in the market. 2) In the event that Chinese equipment enterprises introduce overseas enterprise technology and carry out secondary upgrading, we can see that domestic equipment has significant competitive advantages in technology expansion ability, large-scale application ability and comprehensive application ability. In the medium and long term, domestic photovoltaic equipment enterprises have more obvious late development advantages, and are expected to occupy a higher market share in the field of global photovoltaic equipment and achieve rapid rise. We recommend Suzhou Maxwell Technologies Co.Ltd(300751) , Wuhan Dr Laser Technology Corp.Ltd(300776) , photovoltaic cell equipment enterprises benefiting from the iteration of photovoltaic technology, and pay attention to Shenzhen S.C New Energy Technology Corporation(300724) etc; It is recommended to benefit from the capacity expansion equipment leaders of the photovoltaic industry chain Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Shuangliang Eco-Energy Systems Co.Ltd(600481) , Wuxi Autowell Technology Co.Ltd(688516) , etc.
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.
