The Zhitong Finance App learned that Fangzheng Securities released a research report saying that currently 0BB technology has broken through technical bottlenecks on TopCon, reducing single-chip silver consumption by ≥ 10%, increasing component power by ≥5W, and can be combined with high-speed welding systems to ensure high yield. The company has completed more than 120 related patent applications, and has now reached the mass production conditions for the TopCon0BB welding process. Currently, leading battery module manufacturers are actively deploying 0BB technology. In the future, with mass production of Topcon and HJT0BB welding processes, the costs of downstream component manufacturers are expected to drop further, thereby reducing the pressure on module profits.
Fangzheng Securities's views are as follows:
0BB technology helps the industry reduce costs and increase efficiency.
The 0BB process is a further upgrade of SMBB technology. In the metal electrode screen printing process, the main grille and fine screen printing grid are eliminated, and the width and spacing of the secondary grille are optimized, the shading area is reduced, the amount of light absorption is increased, and the overall power of photovoltaics is increased. In the component section, the original main gate is bonded to the part where current is collected, replaced by a polymer film or welding tape (wire) with built-in metal wire, and the cells are interconnected. Compared with SMBB, 0BB can reduce silver paste by about 20%-30%. In this process, the number of finer welding strips will be increased, thereby reducing circuit loss, increasing component power, increasing confluence contact points, and reducing power attenuation problems caused by hidden cracks.
0BB technology has reached an inflection point in mass production, and related equipment and material manufacturers are expected to benefit.
As a leading company of string welding machines, Otewei has a global market share of more than 70%. Through continuous experience accumulation, R&D and improvement, its products already have performance advantages in terms of high efficiency, high accuracy, and high stability. As TOPCON/HJT batteries increase in demand to reduce silver paste consumption, the company has developed SMBB string welders and 0BB string welders. Currently, the company's many AM050e/F series products can be upgraded with Topcon's 0BB solution. In addition, the secondary fence in components using 0BB technology plays both a connecting role and a confluence role, so new requirements have also been put forward for various performance indicators of welding belts. The process is more difficult, and related welding belt companies are expected to benefit.
0BB technology application scenarios continue to expand, and downstream enterprises accelerate layout.
In April 2023, Dongfang Risheng announced that the 4GW high-efficiency 25.5% heterojunction 0BB battery had successfully completed the entire first line, so that 0BB was first used in a GW-class mass production line. In May, Dongfang Risheng and Elken Technology launched HJT modules using 0BB technology. The power can be as high as 741.456W and 730W. In August 2023, a new N-type technology product, Daon3.0 high-efficiency BBF components equipped with TopCon3.0Plus, was released by Xinneng, which indicates the application of fenceless technology in the TopCon direction. Currently, leading battery module manufacturers are actively deploying 0BB technology. In the future, with mass production of Topcon and HJT0BB welding processes, the costs of downstream component manufacturers are expected to drop further, thereby reducing the pressure on module profits.
Recommended attention: 0BB technology is expected to increase profits for welding belt industry units, focusing on Yubang New Materials (301266.SZ), Weiteng Electric (688226.SH), etc.; 0BB is expected to bring replacement equipment needs to string welding machine and related equipment companies, focusing on Autoway (688516.SH), Maiwei (300751.SZ), etc.; non-dispensing solutions will increase demand for membrane materials, focus on Foster (603806.SH), etc.; 0BB brings cost reduction and efficiency to downstream battery module companies and increases profits 688560.SH Improvements are expected. Focus on related downstream battery module companies: Jingke Energy (688223.SH), Dongfang Risheng (300118.SZ), Jingao Technology (002459.SZ), and Tianhe Solar (688599.SH).
Risk warning: Technological innovation risks, increased risk of market competition, 0BB progress falls short of expectations.