Founder Securities released a research report saying that Otway released the news that 0BB technology has broken through the technical bottleneck on TOPCon, with single-chip silver consumption reduced by ≥ 10% and component power increased by ≥ 5W. It can be combined with high-speed welding system for flexible operation to ensure high yield. The company has completed more than 120 relevant patent applications and has reached the conditions for mass production of TOPCon0BB welding processes. At present, head battery component manufacturers are actively laying out 0BB technology, the future with the TOPCon and HJT0BB welding process mass production, downstream component manufacturers are expected to further reduce the cost, and thus ease the pressure on component profitability.

Founder Securities views are as follows:

0BB technology helps the industry to reduce costs and increase efficiency.

0BB process is a further upgrade of SMBB technology, in the metal electrode screen printing link to cancel the main grid, screen printing fine grid, and optimize the width and spacing of the sub-grid, reduce the shading area, increase the amount of light absorption, and ultimately improve the overall power of photovoltaic. In the component link, the part where the original main grid and the sub-grid are attached to gather current is replaced by a polymer film or welding belt (wire) embedded with metal wires, and the battery chips are interconnected. Compared with SMBB, OBB can reduce the silver paste by about 20%-30%. In this process, the number of finer welding strips will be increased, thereby reducing circuit loss, promoting component power improvement, increasing bus contact points, and reducing power attenuation caused by hidden cracks.

0BB technology has come to the inflection point of mass production, and related equipment and material manufacturers are expected to benefit.

otway, as a leading enterprise of string welding machine, has a global market share of more than 70%. through continuous experience accumulation and research and development improvement, its products have the performance advantages of high efficiency, high precision and high stability. with the increasing requirements of TOPCON/HJT battery to reduce silver paste consumption, the company has developed SMBB string welding machine and 0BB string welding machine, at present, the company's more AM050E/F series of products can achieve TOPCon this 0BB program transformation and upgrading. In addition, the sub-grid in the components using 0BB technology not only plays a connecting role, but also plays a converging role, so the performance indicators of the welding belt also put forward new requirements, the process is more difficult, the relevant welding belt enterprises are expected to benefit.

0BB technology application scenarios continue to expand, downstream enterprises to accelerate the layout.

in April 2023, oriental sunrise announced that the 4GW high-efficiency 25.5% heterojunction 0BB battery had successfully completed the first line, realizing the first application of 0BB in GW-class mass production line. In May, Dongfang Risheng and Aikang Technology launched HJT components with 0BB technology, with power as high as 741.456W and 730W. In August 2023, a new N-type technology new DAON3.0 high-efficiency BBF main-grid-free component with TOPCon3.0plus was released, marking the application of main-grid-free technology in TOPCon direction. At present, head battery component manufacturers are actively laying out 0BB technology, the future with the TOPCon and HJT0BB welding process mass production, downstream component manufacturers are expected to further reduce the cost, and thus ease the pressure on component profitability.

it is suggested to pay attention: 0BB technology is expected to bring about an increase in unit profit in the welding belt industry, paying attention to yubang new materials (301266.SZ), witten electric (688226.SH), etc. 0BB is expected to bring replacement equipment demand to string welding machines and related equipment enterprises, paying attention to otwei (688516.SH-SZ), etc. The non-dispensing scheme will increase the demand for membrane crown material (3806.60; 0BB for downstream battery component enterprises to bring cost-effective, profit is expected to improve, pay attention to the relevant downstream battery component enterprises: Jingke Energy (688223.SH), Oriental Sunrise (300118.SZ), Jingao Technology (002459.SZ), Tianhe Solar Energy (688599.SH) and so on.

Risk Warning: Technological innovation risk, increased market competition risk, 0BB progress is not as expected.