This report is read as follows:
The pilot line of heterojunction perovskite cascade battery is scheduled to be completed by the end of 22 years and put into production in May 233. the target conversion efficiency is more than 28%. Build the integrated competitive advantage of BIPV upstream battery and downstream installation of building materials.
Main points of investment:
Maintain and increase holdings. Maintain the pre-forecast 22-24 EPS0.21/0.26/0.3 yuan growth rate of 24 pounds, 21 pounds, 17 percent, and the business of EPS0.21/0.26/0.3 heterojunction perovskite is underestimated, and the target price is raised to 8.54 yuan, corresponding to 40 times PE in 2022.
The policy promotes the company BIPV to accelerate the landing, and the prospect of photovoltaic development is underestimated. (1) the "carbon peak implementation plan for urban and rural construction" will strive to achieve 50% photovoltaic coverage of the roof of new public buildings / factories in 2025. The National Urban Infrastructure Construction Plan of the 14th five-year Plan promotes the integrated utilization of distributed renewable energy and buildings. (2) at the end of 2021, 65% of the optoelectronic million-flat BIPV intelligent production line was put into production to create an integrated competitive advantage. In July, the rectangular photovoltaic floor tile / silver gray curtain wall photovoltaic project was successful. (3) BIPV Yongfu shares in 2022 PE60, Saint shares PE51, the company PE29 times.
The heterojunction perovskite battery industry will enter a period of rapid development, and the company's competitive advantage is underestimated. The main results are as follows: (1) the economic balance will be achieved by reducing the consumption of low temperature silver paste, the localization of equipment and the cost of silicon wafer. (2) the conversion efficiency of Longji HJT laboratory is 26.5%, and the average mass production efficiency of diamond glass 210size microcrystalline HJT is 24.95%. (3) the average PE102 times of heterojunction perovskite battery target company in 2022 (PE374 times of diamond glass, PE96 times of shares), PE29 times of the company.
The pilot line of heterojunction perovskite cascade battery is scheduled to be completed by the end of 22 and put into production in May 23, with a target conversion efficiency of more than 28%. The main results are as follows: (1) the technical route is to make the heterojunction cell and perovskite laminated solar cell to broaden the absorption spectrum, so as to break through the limit conversion rate of single junction cell. (2) the pilot-line products are designed and produced according to the industry standard 25-year service life, that is, to ensure that the battery can work at 80% higher than its rated efficiency after 25 years. (3) at present, the technical disclosure of various suppliers has been completed, and the purchase orders and entry plans for all kinds of equipment have been promoted one after another, with the target of putting into production in May 23.
Risk tips: raw material price fluctuations, project progress is not as expected, epidemic situation is repeated.