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隆基股份交流总结(李振国访谈)
返回列表 来源: 研报易 发布日期: 2021.03.29 浏览次数:

1. 未来十年,行业最大的变革机会?
未来二十到三十年,光伏行业是快速增长的行业。光伏满足新增电力需求,未来 2050 年预计全球一百万亿度电力的总需求,包括光伏制氢等solar for solar 的应用场景,总的用电需求中 60%-70%由清洁能源提供。站在当前时点,预计 2025年全球光伏新增装机 300GW 2030年新增装机 1000GW
2. 当资金无限供给,光伏行业的发展会出现何种加速?
目前造成光伏成本仍然较高的原因,包括非技术成本和资金成本等,例如地方政府的土地租金可能有 2 -5 / 度电。资金收益成本也是国内的项目成本较高的原因。葡萄牙的光伏新增装机几乎没有土地成本,资金成本极低,所以出现了 1.3美分的电价水平。
3.2021 年光伏硅片、电池、组件的产能供给超过300GW ,但是市场需求大概率在 200GW以内,行业短期的竞争格局如何?
行业各环节产能释放可能会受到硅料、玻璃供给的制约,减缓目前在建产能的建设进度,所以目前来看的产能规模可能不一定会实际落地。
4. 公司对硅料库存的处理和判断?
公司判断一季度和二季度的硅料情况不会特别紧张,一二季度预计每个季度 30GW多的需求,上半年合计不超过 70GW 。下游考虑到后面的需求可能比较旺盛,担心上游硅料不足导致硅片环节紧缺,产业链的管道也在进行加库存,所以看到2021 年一季度的硅片供需比以往年份更加紧张。

5. 光伏未来场景应用设想?
光伏未来的应用场景较多,例如光伏屋顶:未来居民光伏屋顶的需求、工商业屋顶的 BIPV 需求。中国的光伏屋顶需求和海外不同,海外屋顶大多有独立产权,并且用户的用电成本也较高,因此光伏项目的经济性已经非常好。中国屋顶市场特点是有屋顶的农村用户对应的实际用电需求较小,而实际有比较高的用电需求用户一般是没有独立产权的屋顶的,所以中国对屋顶项目的经济性要求非常高。海外需求增长很快,但是公司最大的发展还是来自地面电站,屋顶市场的市占率提升没有地面电站快,因为屋顶用户对现有品牌或者先发优势的龙头公司粘性较大。

6. 未来十年隆基的发展目标和定位?
公司认为最核心的还是技术领先,保持量产转换效率或者发电的度电成本做到最低。产能方面,硅片是最核心的环节,市占率达到 40-50% ;组件环节市占率达到30% 左右。若专业化公司在现有的条件下仍可以生存,公司会保持硅片的外销比例,但如果下游专业化公司失去生存能力,公司会迈向更深度的一体化。技术的领先性方面,绝对领先的程度可能会有所收敛,但是相对领先的程度仍会保持。

7. 针对未来的技术变化,公司如何保持领先?
1 )在技术研发和储备,公司全行业投入最多,包括HJT 等多种 N型电池技术,公司目前的技术储备可以随时实现量产,但是目前考虑到新型电池技术的经济性,所以没有大规模进行量产。针对行业最前沿的技术,公司最低保持季度频率跟踪和推进。
2 )颗粒硅方面。公司比较看好颗粒硅,目前颗粒硅的主要问题是粉尘含量高,碳含量高,容易断晶,含氢导致容易渐硅,这些问题十分确定都可以解决,因为十年前颗粒硅是用在半导体产品生产上的,但是用在光伏领域的时候要求低成本解决这些问题。用量方面,颗粒硅可以用到 80% 左右都没问题。公司近年来和协鑫等有持续推进,只有含氢量这个问题目前还没有完全解决。天宏硅业万吨投资较高,协鑫表示 7 亿元/ 万吨的投资,公司对这个数据目前还没办法确定。
3 N 型硅料方面:国内目前还没有一家有合格的 N 型硅料产品提供的企业, N 型硅料都在使用瓦克等进口产品。
4 )电池方面:根据公司公告的电池投资额,市场可以对电池技术有个初步的判断,但是目前公司还不能公布具体的技术路线。

8. 团队的人才培养和储备是否支持公司的快速发展?
公司认为未来发展风险主要是两个: 1 )超出认知边际的黑科技; 2 )企业的组织和管理风险。公司在早期创业时积累了一些核心人员,对于后面行业的持续创新,公司会针对性地提供一些平台和机会,为目前的团队和人员提供创新创业的机会,公司会给予资源上的大力支持。

9. 针对硅片行业的进入者和行业格局的判断?
公司在硅片尺寸方面研究地比较透彻, 2021 Q2 公司硅片产能 100GW ,其中 95GW 可以生产 210 大尺寸的产品,公司的产能甚至在改造后可以生产 240 尺寸的硅片。
电池和组件方面,公司没有生产 182 尺寸以上尺寸的产能预留,新购买的设备也没有预留 210 尺寸产品的兼容性。

10. 美国和欧美等对新疆硅料的制裁对行业的影响?
美国、欧洲等地区即使跟进这个限制政策,对总需求的影响也并不大。公司有专门的团队对海外贸易政策进行研究,会对这个政策作出最好的处理。

11. 公司创始时的发展初心及现在的目标是否发生变化?
1 )从个人角度, 1990 年到 2000 年,主要是满足家庭和个人经济需求,后面发展就是个人价值的实现。 2009 年公司实现千人规模的年会,开始意识到企业和个人的发展对员工的意义,就是为 3 万多人创造了职业发展的平台。到目前为止,从个人和家庭的角度,个人没有减持公司股份的需求。
2 2006 年开始对行业和公司的发展进行深入的思考,光伏发展本质就是发电成本的不断降低,当时就判断是单晶的技术路线; 2013-2014 年,已经意识到光伏会成为全球最便宜的能源,当时思考的是光伏的在未来全球发展中应该扮演的角色,以及如何处理它的不稳定性等问题。 2018 5 月份,到剑桥去上课,在剑桥的课程有讲到 2050 年的地球发展以及对地球未来的担忧,公司那个时候就开始提出 solar for solar 理念,以实现对地球生态的修复。
3 )总结企业未来发展的 5 个关键点:要有社会责任感和价值观;顺应或者引领社会发展趋势;一切以客户为中心;保持对外学习开放的心态;有效的组织。

12. 电池技术的未来发展趋势?
单结硅电池的理论转化效率是 29% ,不超过 26% 的量产效率技术路线在未来几年基本都会实现,主要就是成本的要求。双结电池理论达到 41% 的效率,量产效率是 30% 以上,上面一层目前来看是钙钛矿技术,下面是晶硅路线,其中钙钛矿层提供 17-18% 的效率贡献,但是不稳定,未来十年公司争取在这个领域实现突破。

13. 未来光伏最大发展潜力的领域?
1 )公司正在研究和分析光伏产业链未来的发展趋势,通过产业链上下游以及辅材等多个领域的分析,公司去发现产能短缺的环节,在这些领域去进行参股或者进入这些领域。
2 )公司会结合在单晶硅片通过设备来建立的护城河的经验,应用到电池等其他环节,来保持自己的核心竞争力。

1. What is the biggest change opportunity in the industry in the next decade?

In the next 20 to 30 years, the photovoltaic industry is a fast growing industry. Photovoltaic meets the new electricity demand. In the future 2050, it is estimated that the global total demand of 100 trillion kilowatt-hours of electricity, including photovoltaic hydrogen production and other solar for solar application scenarios, 60% to 70% of the total electricity demand will be provided by clean energy. Standing at the current point, it is expected that the new installed capacity of global PV will be 300GW in 2025 and 1000GW in 2030.

2. When the capital supply is unlimited, what kind of acceleration will the development of the photovoltaic industry appear?

At present, the cost of photovoltaic is still high, including non-technical costs and capital costs, such as local government land rent may be 2-5 cents per kilowatt-hour. The cost of capital income is also the reason for the high cost of domestic projects. New PV installations in Portugal have almost no land costs and very low capital costs, so the 1.3-cent price level has emerged.

3. In 2021, the production capacity supply of photovoltaic silicon wafers, cells and modules will exceed 300GW, but the market demand is likely to be less than 200GW. What is the short-term competition pattern of the industry?

The release of production capacity in all sectors of the industry may be restricted by the supply of silicon materials and glass, which slows down the construction progress of the current production capacity under construction. Therefore, the current production capacity scale may not necessarily be actually realized.

4. How does the company deal with and judge the silicon stock?

The company judges that the silicon material situation in the first quarter and the second quarter will not be particularly tight. The demand for the first quarter and the second quarter is estimated to be more than 30GW each quarter, and the total demand for the first half of the year will not exceed 70GW. Considering that the demand may be relatively strong in the future, the downstream is concerned about the shortage of wafer links caused by the lack of silicon materials in the upstream. Pipes in the industrial chain are also being stockpiling, so we see that the supply and demand of wafers in the first quarter of 2021 is more tight than in the previous years.

5. Future scenarios of photovoltaic applications?

There are many application scenarios of photovoltaic in the future, such as photovoltaic roof: the demand of residential photovoltaic roof in the future, the BIPV demand of industrial and commercial roof. The demand for photovoltaic roofs in China is different from overseas, where most roofs have independent property rights and the cost of electricity for users is higher, so the economics of photovoltaic projects have been very good. The characteristics of China's roof market are that rural users with roofs have relatively small actual demand for electricity, while those with relatively high actual demand for electricity generally have roofs without independent property rights. Therefore, China has very high economic requirements for roof projects.Overseas demand is growing rapidly, but the biggest development of the company is from surface power stations. The market share of the rooftop market is not increasing as fast as that of surface power stations, because rooftop users are more sticky to existing brands or leading companies with first-mover advantage.

6. Longji's development goals and positioning in the next ten years?

The company believes that the most important thing is to keep the conversion efficiency of mass production or the cost per kilowatt hour of power generation to a minimum. Capacity, silicon wafer is the most core link, the market share reached 40-50%; The market share of component links reached about 30%. If the specialized firms can survive under the current conditions, the firm will maintain the proportion of silicon wafers sold abroad, but if the downstream specialized firms lose their viability, the firm will move towards deeper integration. In terms of technological leadership, the absolute degree of leadership may be reduced, but the relative degree of leadership will remain.

7. How can the company stay ahead of future technological changes?

1) In terms of technology research and development and storage, the company has invested the most in the whole industry, including various N-type battery technologies such as HJT. The company's current technical reserve can realize mass production at any time. However, considering the economy of new battery technology, it has not carried out mass production on a large scale. For the most cutting-edge technology in the industry, the company maintains a minimum quarterly frequency tracking and promotion.

2) Particle silicon. Company more bullish on silicon particles, particles high content of silica dust is the main issue, carbon content is high, easy to broken crystal, hydrogen leads to easy to silicon, pretty sure all of these problems can be solved, because ten years ago, silicon particles is used in the production of semiconductor products, but when used in the field of photovoltaic (pv) requires low cost solutions to these problems. In terms of dosage, granular silicon can be used about 80% is no problem. In recent years, the company has made continuous progress with GCL, but the problem of hydrogen content has not been completely solved. Tianhong Silicon has a relatively high investment of ten thousand tons. GCL said that the investment is 700 million yuan/ten thousand tons. The company has not yet determined the data.

3) N-type silicon: At present, there is not a qualified enterprise providing N-type silicon products in China, and N-type silicon is all using imported products such as Wacker.

4) Battery: according to the battery investment announced by the company, the market can have a preliminary judgment on the battery technology, but the company is not yet able to announce the specific technical route.

8. Does the talent training and reserve of the team support the rapid development of the company?

The company believes that there are mainly two development risks in the future: 1) the dark technology beyond the cognitive margin; 2) Organization and management risks of the enterprise. The company has accumulated some core personnel in the early stage of entrepreneurship. For the continuous innovation in the following industries, the company will provide some platforms and opportunities for the current team and staff to innovate and start a business, and the company will provide strong support in resources.

9. The judgment on the entrants and industry pattern of silicon wafer industry?

The company has a thorough research on the size of silicon wafers. In 2021, Q2's silicon wafer production capacity will be 100GW, of which 95GW can produce products with a large size of 210. The company's production capacity can even produce 240-size silicon wafers after modification.

In terms of batteries and components, the company has no reserved capacity for production of larger than 182 sizes, nor has it reserved the compatibility of the newly purchased equipment with 210 sizes.

10. What is the impact of the sanctions imposed by the United States, Europe and the United States on the silicon industry in Xinjiang?

Even in the United States, Europe and other regions, the effect of such restrictions on aggregate demand would be modest. The company has a special team to study the overseas trade policy, will make the best deal with this policy.

11. Has the company's founding vision and its current goals changed?

1) From an individual point of view, from 1990 to 2000, it was mainly to meet the economic needs of families and individuals, and the subsequent development was the realization of personal value. In 2009, the company realized the annual meeting with a scale of 1,000 people, and began to realize the significance of enterprise and personal development to employees, which is to create a platform for career development for more than 30,000 people.So far, from an individual and household perspective, there is no need for individuals to reduce their holdings in companies.

2) In 2006, I began to think deeply about the development of the industry and the company. The essence of photovoltaic development is the continuous reduction of power generation cost, so I judged it to be the technical route of single crystal at that time. From 2013 to 2014, it was realized that photovoltaic would become the cheapest energy in the world. At that time, I was thinking about the role that photovoltaic should play in the future global development, and how to deal with its instability.In May 2018, the company began to propose the concept of Solar for Solar, which aims to restore the Earth's ecology, after taking a class in Cambridge, where the course covers the development of the Earth in 2050 and concerns about the Earth's future.

3) Summing up five key points for the future development of the enterprise: having a sense of social responsibility and values; Conform to or lead the trend of social development;Everything is customer-centric; Keep an open mind for foreign learning; Effective organization.

12. What are the future trends of battery technology?

The theoretical conversion efficiency of single junction silicon cells is 29%, and the technical route of mass production efficiency of no more than 26% will basically be realized in the next few years, mainly due to cost requirements. The double junction cell theory reaches 41% efficiency, and the mass production efficiency is more than 30%. At present, the upper layer is perovskite technology, and the lower layer is crystal silicon route, in which the perovskite layer provides 17-18% efficiency contribution, but it is not stable. In the next decade, the company will strive for a breakthrough in this field.

13. What are the areas with the greatest potential for photovoltaic development in the future?

1) The company is studying and analyzing the future development trend of the photovoltaic industry chain. Through the analysis of the upstream and downstream of the industry chain, auxiliary materials and other fields, the company will find out the links of production capacity shortage, and participate in or enter into these fields.

2) The company will combine the experience of building moats on monocrystalline silicon wafers through equipment and apply it to other links such as batteries to maintain its core competitiveness.




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