【研报】电气设备行业深度报告：异质结开启光伏10年新周期-20200215[22页].pdf

1、 / 10 HITHIT HIT23.5%PERC1% HIT3-4GW HIT HIT 2020 8%HITPERC0.3/W 0.3/W2021 HIT20223 2021 HIT HIT HIT HITN HIT 2020 HIT 2022 100 150 HIT HIT EPS PE 2018A 2019E 2020E 2018A 2019E 2020E 17.13 0.26 1.13 1.23 66 15 14 17.80 0.52 0.75 0.98 34 24 18 71.00 0.96 1.34 2.07 74 53 34 -5% 1% 7% 13% 19% 2019/2 20

2、19/3 2019/4 2019/5 2019/6 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 % 1M 3M 12M 4.21% 21.10% 22.91% 8.50% 19.03% 3.27% 196 19629 15452 56.98 2.29 8961 271 % 56.63 2020-02-02 2020 2019-11-21 2019-07-12 2019 2019-06-28 S0550516050002 (021)20361230 S0550517100002 (021)20361163 2020-02-15 2 /

3、22 1. HIT . 3 1.1. HIT . 3 1.2. HIT . 4 1.3. HIT . 6 2. . 9 2.1. HIT . 9 2.2. . 10 2.2.1. 10 2.2.2. 11 2.2.2.1. . 11 2.2.2.2. . 12 2.2.2.3. . 12 3. PERC2021. 13 4. 2020HIT . 17 5. . 19 6. . 20 3 / 22 1. HIT 1.1. HIT HITHeterojunction with Intrinsic Thin-layer HIT HJT HeterojunctionHDT Heterojunction

4、 Double-side Technology SHJSilicon Hetero-JunctionHIT 1974Walter Fuhs HIT HIT1989HIT 15%1997HIT HIT2010HIT HIT HIT 26.63%2017HITHIT 100MW HIT 1HIT Taiyang News p-n HITp-na-Si:H c-Si TCOHIT 4 / 22 2HIT 3HIT 1.2. HIT HIT 26.63%23.70% PERC PERC8-10HIT TCO HITGW8-10 HIT HIT TCO HIT2-3TCO 4HIT 5 / 22 5PE

5、RC 6HIT + SE + + TCO + 1 HITHIT PERCPERC6m HIT8m-10mHIT p-n HIT 200 900 HIT 8m-10m RCA 2 HIT HIT 5-10nm10nmP-PERC 200nmHIT HIT PECVD HWCVD PECVD 6 / 22 3TCO HITTCO TCO HITTCOITOIWO TCO TCO PVDRPDPVDRPD0.5% 4 HIT200 PHIT TCO 200P 800 1.3. HIT PERCHIT 1 HIT HIT 20178keneka26.6%HIT 20191125.11%PERC 2-3

6、2019 124.06% PERC22.5% 2017-2019PERC0.5%/ Topcon 0.2-0.3%HIT 2017-2019 1%2019HIT 23.5%2-30.5% PERC HIT HIT 740-750mvPERC50mv 7 / 22 7HIT 23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% Keneka(BC)Keneka(BC)Panasonic(BC)Panasonic 2017.82016.92014.42013.2 Taiyangnews 2 HITLIDPIDLID /PLIDHITN LI