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| 2020 02 21 2020 N P N TopCon N 2000 + P N N P N P N N N-Pert TopCon IBC TopCon TopCon TopCon N TopCon 23% LG REC perc+se perc TopCon perc TopCon TopCon 1GW 22.5 /GW TopCon TopCon N 24% REC perc N 2000 + N 2025 P N 300 2100 N 10% P N N 2000 N P N S0680518030001 wanglei1gszq yangrunsigszq 1 1 2020-02-16 2 EV 1 2020-02-09 3 2020-02-06 -16% 0% 16% 32% 2019-02 2019-06 2019-10 2020-02 300 2020 02 21 P.2 EPS P E 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E 300724 0.96 1.32 1.98 2.16 81.91 59.57 39.71 36.40 300751 - 3.29 4.99 7.33 9.62 36.42 44.26 30.17 22.97 600438 0.52 0.74 0.97 1.27 37.31 26.22 20.00 15.28 600546 0.11 0.53 0.64 0.67 116.91 24.26 20.09 19.19 300118 0.26 1.20 1.36 1.66 65.46 14.18 12.51 10.25 300393 - 0.52 0.74 1.19 1.63 28.90 25.27 15.73 11.53 601012 0.71 1.37 1.65 2.09 46.83 24.27 20.15 15.91 002129 0.23 0.40 0.60 0.92 84.04 48.33 32.22 21.01 2020 02 21 P.3 P N .4 1.1 .4 1.2 P N .5 TopCon .9 2.1 28.7% 23% . 10 2.2 perc . 12 . 13 3.1 24%. 16 3.2 . 18 . 20 4.1 . 20 4.2 . 20 4.3 . 21 4.4 N . 21 . 22 1 /mwh .4 2 .6 3 N N .7 4 P perc N .7 5 N .8 6 TopCon .9 7 SiO2/SiNx . 10 8 SiO2/SiNx . 10 9 TopCon . 11 10 TopCon . 11 11 TopCon . 12 12 PERC+SE vs TopCon . 12 13 TopCon LPCVD . 13 14 . 14 15 . 14 16 . 15 17 Perc . 15 18 . 16 19 . 16 20 PECVD . 17 21 TCO . 17 22 . 18 23 HJT . 18 24 . 19 25 . 19 26 . 20 2020 02 21 P.4 P N 1.1 BOS Lazard 2019 40 /MWH 1 /mwh Lazard 2020 2020 15 2019 50% 10 2021 2020 02 21 P.5 2 1.2 P N 20092011 20132017 2018 PERC PERC 2020 02 21 P.6 2 Lazard BP 1 2 3 2 N P P N N P N P 12 N N P N 0 20 40 60 80 100 120 140 0 50 100 150 200 250 300 350 400 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 GW /MWH 改良西门子法降 低多晶硅料成本 单晶趋势兴起 PERC 加速单晶对 多晶替代 2020 02 21 P.7 N P 3 N N 1 N N P
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