Reducing costs and increasing efficiency are crucial for the photovoltaic industry. Taking household photovoltaics as an example, in its business model, photovoltaic companies will rent photovoltaic power stations from residential users. The cost of photovoltaic enterprises covers multiple aspects such as equipment depreciation, rent, operation and maintenance, and insurance, while the main source of income comes from electricity prices. Since 2019, China's household photovoltaics have gradually entered the era of "grid parity", which means that the electricity subsidies for household photovoltaic power plants are decreasing year by year, and market forces are gradually becoming the core driving force for industry development. In short, only when the unit income exceeds the unit cost can the relevant participants realize benefits.
The vigorous development of household photovoltaics is attributed to the joint efforts of the entire Chinese crystalline silicon photovoltaic industry chain.. In 2023, the increase in silicon supply has led to a significant decrease in prices, resulting in a 30% reduction in the cost of photovoltaic modules. This decrease not only increases the internal rate of return of investment in photovoltaic power generation by at least 2 percentage points, but also greatly stimulates the vitality of the photovoltaic power generation market. Nowadays, even in areas with poor lighting resources, photovoltaic power generation has significant investment value. With the continuous advancement of photovoltaic technology throughout the entire industry chain, efficient and low-cost photovoltaic products will continue to drive further expansion of the photovoltaic power generation market.
From an industrial perspective, data released on the official website of the Ministry of Industry and Information Technology shows that the microgrid in Yangzonghai Aluminum Industrial Park can save up to 20.8 million yuan in electricity costs annually by constructing 6MW distributed photovoltaics and achieving full self use of power generation, while reducing fossil energy consumption by 7616 tons of standard coal and carbon dioxide emissions by 35347 tons. This case fully demonstrates the dual economic and environmental benefits of new energy generation in industrial green microgrids.
At present, China has established the world's most complete industrial chain from industrial silicon to photovoltaic product applications, and world-class leading enterprises have emerged in multiple key links. According to customs data, China's photovoltaic module production has been ranked first in the world for 16 consecutive years. At the same time, the global proportion of production and capacity of polycrystalline silicon, silicon wafers, solar cells, modules, etc. exceeds 80%.
In terms of technological evolution, although China's photovoltaic modules have occupied a high share globally, related enterprises still maintain a spirit of excellence. Currently, the photovoltaic industry is transitioning from PERC technology to new and efficient photovoltaic cell technology. As the conversion efficiency of PERC cells approaches the theoretical limit, new high-efficiency cell technologies such as TOPCon, XBC, HJT with higher conversion efficiency have entered the industrialization stage, which is expected to further promote the sustainable development of the photovoltaic industry.
In the field of photovoltaic manufacturing, the scale of production capacity has become a key consideration for enterprise layout. Several listed companies, such as JinkoSolar and GCL Integrated, have joined the TOPCon battery industry. Recently, Hengdian Dongci has also joined the competition for N-type TOPCon batteries and actively promoted the construction of related production capacity. Compared to PERC cells, TOPCon cells have upgraded their infrastructure, with the main differences reflected in the preparation of boron diffusion, tunneling oxidation, and doped polycrystalline silicon layers. Due to the transformation of the substrate silicon wafer from P-type to N-type, boron diffusion is required on the substrate surface to prepare P+emitter, which requires the addition of boron diffusion equipment. Meanwhile, the backside structure is composed of tunneling oxidation and doped polycrystalline silicon layers, which requires the introduction of new equipment such as LPCVD.
It is worth mentioning that Laplace, a core equipment supplier for advanced photovoltaic production capacity, has a product lineup that includes boron diffusion equipment, LPCVD equipment, as well as thermal process equipment such as phosphorus diffusion, oxidation, and annealing equipment, and coating equipment such as PECVD. According to the registration draft, Laplace's innovative low-voltage horizontal boron diffusion technology has successfully promoted the mass production of N-type photovoltaic cells and helped industry leaders break the TOPCon photovoltaic cell conversion efficiency world record more than ten times.
Let's take a look at XBC technology again. This technology was researched and confirmed by the Hamelin Institute for Solar Energy (ISFH) in Germany, and its theoretical limit for photoelectric conversion efficiency is as high as 1%, exceeding the TOPCon technology by 7%. The unique feature of XBC technology lies in its beautiful surface design (without gate lines) and power generation gain advantages, making it significantly competitive and valuable in the market. At present, Longi Green Energy and Aixu Shares are the main market participants in the XBC technology route, with Longi Green Energy launching HPBC battery cells (P-type) and Aixu Shares launching ABC battery cells (N-type).
It is worth mentioning that Laplace has also been deeply involved in the market promotion of XBC technology. According to Laplace's IPO response letter, as of the end of June 2023, the company has sold HPBC production line equipment to Longi Green Energy, with an order sales value of up to RMB 0.6 billion; At the same time, the sales of ABC production line equipment with Aixu Co., Ltd. are also actively promoted, with an order sales value of 2.7 billion yuan. Financial data shows that Laplace's operating revenue in 2023 is 9.8 billion yuan, with a year-on-year growth rate of 187%; Its net profit attributable to the parent company also achieved significant growth, reaching 3.8 billion yuan, with a year-on-year growth rate soaring to 247%. Such performance undoubtedly demonstrates Laplace's strong strength and broad prospects in the field of photovoltaic equipment.
