异质结，开启光伏10年新周期.pdf

Table_MainInfo Table_Title / 10 Table_Summary HIT HITHIT 23.5% PERC 1%HIT 3-4GWHIT HIT20208% HIT PERC 0.3 /W0.3 /W 2021HIT 2022 32021 HITHITHITHIT NHIT 2020HIT2022100150 HITHITTable_CompanyFinance 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 Table_Invest Table_PicQuote -5%1%7%13%19%2019/22019/32019/42019/52019/62019/72019/82019/92019/102019/112019/122020/1Table_Trend % 1M 3M 12M 4.21% 21.10% 22.91% 8.50% 19.03% 3.27% Table_IndustryMarket 196 19629 15452 56.98 2.29 8961 271 % 56.63 Table_Report 2020-02-02 20202019-11-21 2019-07-12 20192019-06-28 Table_Author S0550516050002 (021)20361230 djmnesc S0550517100002 (021)20361163 guyhnesc 2020-02-15 2 / 22Table_PageTop 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. PERC 2021 . 13 4. 2020 HIT . 17 5. . 19 6. . 20 3 / 22Table_PageTop 1. HIT 1.1. HITHIT Heterojunction with Intrinsic Thin-layerHITHJT Heterojunction HDT Heterojunction Double-side TechnologySHJ Silicon Hetero-Junction HIT 1974 Walter Fuhs HITHIT 1989 HIT15% 1997 HITHIT 2010 HITHITHIT26.63% 2017 HIT HIT100MWHIT 1 HIT Taiyang News p-nHIT p-n a-Si:Hc-SiTCO HIT 4 / 22Table_PageTop 2 HIT 3 HIT 1.2. HITHIT26.63% 23.70%PERC PERC 8-10 HITTCOHIT GW 8-10HIT HIT TCO HIT 2-3 TCO4 HIT 5 / 22Table_PageTop 5 PERC 6 HIT +SE+T C O+1 HIT HITPERC PERC 6 mHIT 8 m-10 m HITp-nHIT200900HIT8 m-10 mRCA2 HITHIT5-10nm 10nm P-PERC200nm HITHITPECVDHWCVDPECVD6 / 22Table_PageTop 3 TCO HIT TCOTCOHIT TCO ITO IWOTCOTCOPVD RPD PVD RPD 0.5%4 HIT 200P HITTCO200 P800 1.3. HITPERC HIT1 HITHIT2017 8 keneka 26.6% HIT2019 11 25.11% PERC2-3 20191 24.06% PERC 22.5%2017-2019 PERC 0.5%/Topcon0.2-0.3% HIT2017-20191% 2019 HIT23.5% 2-3 0.5%PERC HITHIT740-750mv PERC 50mv 7 / 22Table_PageTop 7 HIT 2 3 . 5 0 %2 4 . 0 0 %2 4 . 5 0 %2 5 . 0 0 %2 5 . 5 0 %2 6 . 0 0 %2 6 . 5 0 %2 7 . 0 0 %K e n e k a ( B C ) K e n e k a ( B C ) P a n a s o n ic ( B C ) P a n a s o n ic2 0 1 7 . 8 2 0 1 6 . 9 2 0 1 4 . 4 2 0 1 3 . 2Taiyangnews 2 HIT LID PID LID/ P LID HIT NLID PIDITO PID 3 -0.4/ PERC -0.37/HIT -0.25/ HIT60 HIT PERC6% 8 Wind 8 / 22Table_PageTop 4 PERC85% 80%-85% HIT95% 20%HIT 2%-3% 5 HITPERC 170 m-180 m 160mHIT 160 m6 2014 Keneka HITHIT IBC HBC +HIT2018 +HIT28% 2019 +HIT 27.15%15%HIT HIT9 + 10 HIT 0 . 5 0 %0 . 3 0 % 0 . 3 0 % 0 . 3 0 %3 . 0 0 %0 . 0 0 %0 . 5 0 %1 . 0 0 %1 . 5 0 %2 . 0 0 %2 . 5 0 %3 . 0 0 %3 . 5 0 %9 / 22Table_PageTop 1 HIT PERC HIT PERC 25% 23.5% 0.5% 24% 22.5% 0.3% LID PID 1% LID 2%-2.5% 1.5%-2% -0.25/ -0.37/ 90%-95% 80%-85% 200 800 HBC SE N Topcon 2. 2.1. HITHITHIT 2017 HITHIT 4GW HIT2% 2019 500MW HITHITHITHIT HIT HIT10GW 2.5GW HITHIT2 HIT 1GW 600MW REC 600MW 500MW Hevel 260MW 3SUN 250MW 100MW EcoSolifer 100MW 120MW NSP 50MW Sunpreme 400MW 3.98GW Taiyang News 10 / 22Table_PageTop 2.2. HITHITHIT HITHIT2.2.1. GW 3 Singulus Rena,YAC PECVD Indeotec Archers,Ulvac, PVD , RPD Singulus Archers RPD) microtech, 4 HIT PECVD PVD/RPD 1GW YAC Ulvac/HWCVD /RPD Microtech 50MW YAC MB/PECVD REC 600MW MB MB +SMW 15MW /RPD 160MW Singulus Ulvac/HWCVD Microtech 120MW YAC MB 60MW YAC AM Ulvac 60MW Singulus 100MW RPD 100MW Ulvac/HWCVD 200MW YAC 30MW MB 100MW Singulus AM RPD 200MW YAC AM RPD AM GW 7-8