2024 年5 月，公司公告拟出资不超1.975 亿美元参与Maxeon 重组并实现控股并购，交易完成后对Maxeon 持股比例由22.39%提升到至少50.1%。近日，公司公告Maxeon 重组获美国外国投资委员会批复，本次交易涉及的CFIUS 审查已完成，公司将继续推进业务组合与重点区域市场的重大战略重组。Maxeon 作为TCL 中环深度参与国际能源转型的重要战略支点，具备两大核心竞争力：①拥有IBC 电池-组件专利、Topcon 电池工艺等多项专利，在全球形成较强的知识产权保护能力，公司通过收购Maxeon 实现对BC 专利收购，保障公司在新一轮技术升级中具备专利优势。②具有全球范围较强的品牌与渠道优势，公司通过收购Sunpower 商标等无形资产，进一步提升公司全球品牌影响力。Core views:
The path to cost reduction and efficiency is clear, and BC is expected to lead a new round of technological upgrading. As a new direction for upgrading N-type battery technology, BC has a clear path to cost reduction and efficiency improvement: including POLY thinning, introduction of laser sintering, hypoxic silicon wafers, boron diffusion control, and full screen technology, etc., which increase BC components by 30W compared to Topcon modules, and have the power difference requirements for technical upgrades. In terms of cost reduction: 0BB and large-scale equipment all have room to reduce costs. Furthermore, the establishment of the BC ecosystem accelerates cost reduction, efficiency and scale advantages, and the non-equipment of BC process barriers is expected to prolong the dividend period of the BC industry chain.
Maxeon Holdings lays out BC's new technology and global strategy to help the company move through the PV cycle.
In May 2024, the company announced that it plans to invest no more than $0.1975 billion to participate in the Maxeon restructuring and achieve a holding merger and acquisition. After the transaction is completed, the Maxeon shareholding ratio will increase from 22.39% to at least 50.1%. Recently, the company announced that Maxeon's restructuring was approved by the US Committee on Foreign Investment. The CFIUS review involving this transaction has been completed, and the company will continue to promote major strategic restructuring of its business portfolio and key regional markets. As an important strategic fulcrum for TCL Zhonghuan's deep participation in the international energy transition, Maxeon has two core competencies: ① It has many patents such as IBC battery-module patents and Topcon battery technology, and has formed strong intellectual property protection capabilities around the world. Through the acquisition of Maxeon, the company has acquired BC patents to ensure that the company has a patent advantage in the new round of technological upgrading. ② It has strong global brand and channel advantages. By acquiring intangible assets such as the Sunpower trademark, the company further enhances the company's global brand influence.
Furthermore, the company reached cooperation with VI, a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF), to jointly build a 20GW silicon wafer project in Saudi Arabia. The global strategy helped the company move through the cycle.
Profit forecasting and investment advice. As a leading enterprise in the global silicon wafer industry, the company expects a marginal improvement in supply and demand in the photovoltaic industry in 2025, and the recovery in industrial chain prices will drive the company's profitability to recover. The company's net profit for 2024-2026 is estimated to be -6.89/1.64/2.91 billion yuan respectively. Tongwei Co., Ltd., Longji Green Energy, Jinko Energy, and Jingao Technology were selected as comparable companies, and the company was given 30xPE in 2025, corresponding to a reasonable value of 12.15 yuan/share, giving it an “increase in holdings” rating.
Risk warning. New energy installations fall short of expectations; profitability restoration falls short of expectations; risk of changes in overseas trade policies.
