投资要点5%886053.TI0%➢-5%-10%➢-15%-20%➢-25%-30%➢-35%➢-40%请阅读最后评级说明和重要声明000300.SH一、BC电池结构优势凸显，产业化进程加速...............................................................................31.BC电池即背接触电池，兼容性较好...........................................................................................................32.结构优势明显，具备多重优势.....................................................................................................................33.BC电池研究历史悠久，龙头入局有望加速产业化......................................................................................5二、制备工艺流程复杂，产业化壁垒高........................................................................................61.BC电池的生产制造难度大、壁垒高...........................................................................................................62.激光技术有望缩短工序，激光设备重要性显著提升....................................................................................6三、投资建议...............................................................................................................................81.隆基绿能......................................................................................................................................................82.爱旭股份......................................................................................................................................................83.帝尔激光......................................................................................................................................................9四、风险提示.............................................................................................................................11......................................................................................................................................................3.....................................................................................................................................................3..................................................................................................................................4.........................................................................................................................................4...............................................................................................................................................4...............................................................................................................................................5....................................................................................................................................7....................................................................................................8................................................................................................8..................................................................................................9..............................................................................................9................................................................................................10............................................................................................10...........................................................................................................................................62⚫3⚫4⚫⚫⚫⚫100%90%80%70%60%50%40%30%20%10%0%2017201820192020202120222023E2024E2025E2027E2030EPERCBSFN-TOPCon异质结(HJT)IBC其他5⚫⚫⚫⚫⚫671,40070%160120%1,200100%1,00060%14080%60%80050%12040%60020%40040%1000%20030%80020%604010%200%0营业收入YOY净利润YOY8400140%252500%2000%350120%201500%1000%300100%500%0%25080%15-500%20060%15040%1010020%5500%0-20%0-5营业收入YOY净利润YOY914100%590%1290%480%1080%470%70%360%860%350%650%240%440%230%230%120%020%110%10%00%20190%2023Q1-320192020202120222023Q1-3202020212022营业收入净利润YOYYOY101112