光伏设备专题研究：技术变革正当时，光伏设备前景可期

请阅读最后评级说明和重要声明 -60%-50%-40%-30%-20%-10%0%10%000300.SH801735.SL投资要点 ➢ ➢ ➢ ➢ ➢ 2 一、工艺技术迭代&装机规模提升驱动光伏设备快速发展 ............................................................. 4 1.光伏设备位于光伏产业链中游 ..................................................................................................................... 4 2.光伏技术快速迭代，技术升级驱动设备更新换代 ........................................................................................ 5 3.受益技术迭代与装机规模提升，光伏设备需求高景气 ................................................................................. 8 二、技术变革正当时，把握核心生产设备增量机会 ...................................................................... 9 1.硅料设备：多晶硅还原炉为主工艺核心生产设备 ........................................................................................ 9 2.硅片设备：单晶炉和切片机价值量占比高 ................................................................................................. 10 3.电池片设备：新技术带来设备新增量 ........................................................................................................ 12 4.组件设备：串焊机和层压机为核心设备 .................................................................................................... 15 三、投资建议 ............................................................................................................................. 18 1.捷佳伟创 .................................................................................................................................................... 18 2.奥特维........................................................................................................................................................ 18 3.晶盛机电 .................................................................................................................................................... 19 4.迈为股份 .................................................................................................................................................... 20 五、风险提示 ............................................................................................................................. 21 ............................................................................................................................................... 4 ........................................................................................................................................... 5 ........................................................................................................................................ 6 ............................................................................................................................................... 7 ................................................................................................................................ 7 ........................................................................................................................................... 9 ....................................................................................................................... 10 ....................................................................................................................... 10 ............................................................................................................................................. 10 ........................................................................................................................................... 11 ........................................................................................................................................... 11 .................................................................................................................................................. 12 ................................................................................................................................ 12 ..................................................................................................................... 12 ............................................................................................................................. 13 ....................................................................................................................................... 14 ........................................................................................................................................... 14 ........................................................................................................................................... 14 3 .................................................................................................................................................. 15 ................................................................................................................................................. 15 .................................................................................................................................. 15 ..............................