Zhonghuan (002129) Company Research: Layout IBC Efficient Technology Rapid Manufacturing Transformation

Zhonghuan (002129) Company Research: Layout IBC Efficient Technology Rapid Manufacturing Transformation

Event: On November 11, 2019, Central Shares announced that the company plans to cooperate with Total. Total expands its global solar business outside Sunpower, which is controlled by the United States and Canada, to MAXEON established in Singapore.

8480% of the shares became the second shareholder of the new company.

Sunpower: Beyond shingles, IBC technology cannot be ignored.

Sunpower is a solar technology provider in the United States, focusing on the development and application of photovoltaic technology.

The shingle technology developed by the company is one of the most distinctive advanced new technologies on the market.

Beyond that, the company has been involved in IBC (Cross Back Contact) battery technology for many years.

In 2016, the company’s IBC battery conversion efficiency exceeded 25%. In the first half of 2019, the company launched a new generation of IBC battery products, MAXEON Gen5, for the company’s A series module sales, and the mass production module conversion efficiency reached 21.

twenty two.

3%, which is much higher than the conversion efficiency of mainstream components in the current market.

The company’s A series of products mainly compete in markets such as household photovoltaics or decentralized photovoltaics, which have high unit cost and resist high conversion efficiency demand.

After the split, MAXEON and Sunpower complement each other. MAXEON focuses on the manufacture and sales of high-end photovoltaic cell modules.

According to the company announcement, the main body of this split MAXEON mainly includes Singapore headquarters and R & D centers, battery factories in Malaysia and the Philippines, factories of Chinese battery and module joint ventures (20% equity of Huansheng PV (Jiangsu) Co., Ltd.), Mexico and FranceModule factories, sales centers in Switzerland and sales companies in more than ten countries.

MAXEON will continue to use the “Sunpower” brand to sell its IBC products to markets other than the United States and Canada, and sell its products to the United States and Canadian markets through a multi-year exclusive supply agreement signed with SunPower.PV sells shingled module products to the international market.

Zhonghuan entered the market, laid out high-efficiency technology, extended applications downstream of the industrial chain, and promoted the gradual progress of manufacturing.

This time, Central Shares contributed 2.

$ 9.8 billion to 1.

54x PB subscribed for MAXEON 南京夜网 28.

8480% of the shares became its second shareholder.

The subscription will promote the new company to continue to expand the production capacity of Maxeon Gen5.

At the same time, the technology and application prospects of Zhonghuan Co., Ltd. in the transition to silicon wafers and the advantages of Sunpower’s IBC battery technology and shingle module technology are combined to reduce costs and increase efficiency, and accelerate the progress of global parity Internet access.

Zhonghuan’s extension to the downstream of the photovoltaic industry chain will help its silicon wafer products get better downstream applications and feedback.

Sunpower’s overseas visibility will also help speed up the manufacturing process of Central.

Performance forecast: Expected company 2019?
Revenue will reach 185 in 2021.



390,000 yuan, net profit attributable to mother 11.



690,000 yuan, an increase of 77 in ten years.

9% / 48% / 54.

3%, corresponding to PE29.



9 times.

Risk reminders: 2020 silicon wafer capacity release is higher than expected, silicon wafer price changes are lower than expected; overseas installations are lower than expected; forecast deviations and estimated risks.