隆基股份：引領(lǐng)電池創(chuàng)新技術(shù)，擴產(chǎn)提速龍頭地位強化 12月24日公司公告投資建設(shè)寧夏樂葉年產(chǎn)3GW單晶電池項目，電池技術(shù)采用公司特有的電池工藝，業(yè)內(nèi)尚無先例。本次電池項目3GW，總投資13.97億元，預計2021年12月全面投產(chǎn)。電池技術(shù)尚無先例，彰顯龍頭實力：本次設(shè)備及系統(tǒng)投資額12.7億元，折算單GW投資達到4.23億元，遠超普通PERC投資；預計技術(shù)路線為PERC+技術(shù)，轉(zhuǎn)換效率預計24%+，超出當前PERC23%效率。公司極其重視電池研發(fā)，自17年以來，電池轉(zhuǎn)換效率每年持續(xù)刷新世界紀錄，公司此次在單晶環(huán)節(jié)的大量研發(fā)成果大規(guī)模產(chǎn)業(yè)化將推動公司在電池片這個此前相對同質(zhì)化的環(huán)節(jié)形成差異化優(yōu)勢，彰顯龍頭實力。 先知在今年11月調(diào)整時強調(diào)組件行業(yè)龍頭被嚴重低估，市場未意識到其碾壓式的存在，未來光伏行業(yè)市值最大的上市公司一定是組件公司，而且是有現(xiàn)金流的，控制上游的組件公司（供給寬松能壓價，供給緊張能鎖材料產(chǎn)能），動力電池上下游格局的今天，就是組件的明天。明年這個趨勢會越來越強。

       高效契合公司發(fā)展理念，一體化龍頭搶占先機：反觀公司組件發(fā)展歷程，“高效”是隆基組件特色，本次高效電池技術(shù)的導入和量產(chǎn)，一方面契合公司高效的發(fā)展理念，另一方面可充分發(fā)揮公司在產(chǎn)業(yè)鏈的競爭優(yōu)勢，實現(xiàn)上下游聯(lián)動發(fā)展，利用一體化優(yōu)勢迅速向下游推廣，成為份額再提升的關(guān)鍵利器，在組件集中度快速提升背景下鞏固和加強組件龍頭地位。 電池新技術(shù)擴產(chǎn)再提速，龍頭實力凸顯：公司此前在曲靖公告投資建設(shè)10GW24%以上轉(zhuǎn)換效率電池產(chǎn)能，預計22年投產(chǎn)，本次新技術(shù)投產(chǎn)再加速至21年末，彰顯龍頭速度，也表現(xiàn)出公司對于新技術(shù)的堅定信心與強大實力。

       公司已經(jīng)完成了從單晶龍頭像光伏組件（全產(chǎn)業(yè)鏈）龍頭的蛻變，無論是品牌，供應鏈控制能力，現(xiàn)金流能力都有質(zhì)的變化，2020年將成為全球組件出貨排名第一的公司，在Q3-Q4原材料大幅度波動的情況下，隆基顯示出超強的供應鏈控制能力，組件單w盈利1毛以上，幾乎雙倍于同行，硅片端產(chǎn)能持續(xù)擴大，成本顯著低于同行。2021年公司將在全產(chǎn)業(yè)鏈進一步與競爭對手拉開差距。初步計算，明年硅片組件盈利多一分錢，有10億以上的業(yè)績彈性。

Longji Co., Ltd. : Leading battery innovation technology, enhancing the leading position of production expansion and speed enhancement. On December 24, the company announced the investment and construction of Ningxia Leye annual production of 3GW single crystal battery project, battery technology using the company's unique battery process, the industry has no precedent. This 3GW battery project, with a total investment of 1.397 billion yuan, is expected to be fully put into production in December 2021.Battery technology without precedent, highlight the leading strength: the equipment and system investment of 1.27 billion yuan, converted single GW investment reached 423 million yuan, far more than ordinary PERC investment; The expected technical route is PERC+ technology, and the conversion efficiency is expected to be 24%+, exceeding the current PERC23% efficiency.The company attaches great importance to battery research and development. Since 17 years, the battery conversion efficiency has continuously broken the world record every year. The large-scale industrialization of a large number of research and development results in the single crystal link of the company will promote the company to form a differentiated advantage in the previously relatively homogenized link of the battery sheet, highlighting the leading strength. Prophet in November to adjust when stressed components industry leading grossly undervalued, the market is not aware of the existence of the rolling type, the photovoltaic industry's biggest listed companies must be components company, and have the cash flow, control the upstream components company (can supply easing demand, supply tension can lock material capacity), power battery pattern of upstream and downstream of today, is the component of tomorrow.This trend will get stronger and stronger next year.

Efficient bonding company development concept, the integration of leading ahead: in contrast, component development company, is "efficient" longji component characteristics, the efficient import of battery technology and production, on the one hand fit company efficient development philosophy, on the other hand can give full play to the company's competitive advantage in the industrial chain, realize the upstream and downstream linkage development, take advantage of the integration of rapid downstream promotion, be share to improve the key technique, the component concentration of components under the background of rapid ascension to consolidate and strengthen the leading position. Battery new technology expansion and speed up, leading strength highlights: the company previously announced in Qujing investment and construction of more than 10GW24% conversion efficiency battery production capacity, is expected to be put into production in 22 years, the new technology production is accelerated to the end of 21, highlights the leading speed, but also shows the company's firm confidence and strong strength for the new technology.

Company has completed from single crystal leader as the metamorphosis of pv modules (the whole industrial chain) leading, whether it is a brand, supply chain control, cash flow ability has a qualitative change, 2020 shipment of components will become the world number one company, in Q3 - Q4 raw materials under the condition of large swings, longji showed remarkable feats of supply chain control, single component w profits more than one hair, almost double the counterparts, silicon side capacity continues to expand, the cost is significantly lower than their peers. In 2021, the company will further open the gap with competitors in the whole industry chain.Preliminary calculation, next year silicon wafer components profit more than one cent, more than 1 billion performance flexibility.