隆基股份：引领电池创新技术，扩产提速龙头地位强化 12月24日公司公告投资建设宁夏乐叶年产3GW单晶电池项目，电池技术采用公司特有的电池工艺，业内尚无先例。本次电池项目3GW，总投资13.97亿元，预计2021年12月全面投产。电池技术尚无先例，彰显龙头实力：本次设备及系统投资额12.7亿元，折算单GW投资达到4.23亿元，远超普通PERC投资；预计技术路线为PERC+技术，转换效率预计24%+，超出当前PERC23%效率。公司极其重视电池研发，自17年以来，电池转换效率每年持续刷新世界纪录，公司此次在单晶环节的大量研发成果大规模产业化将推动公司在电池片这个此前相对同质化的环节形成差异化优势，彰显龙头实力。 先知在今年11月调整时强调组件行业龙头被严重低估，市场未意识到其碾压式的存在，未来光伏行业市值最大的上市公司一定是组件公司，而且是有现金流的，控制上游的组件公司（供给宽松能压价，供给紧张能锁材料产能），动力电池上下游格局的今天，就是组件的明天。明年这个趋势会越来越强。

       高效契合公司发展理念，一体化龙头抢占先机：反观公司组件发展历程，“高效”是隆基组件特色，本次高效电池技术的导入和量产，一方面契合公司高效的发展理念，另一方面可充分发挥公司在产业链的竞争优势，实现上下游联动发展，利用一体化优势迅速向下游推广，成为份额再提升的关键利器，在组件集中度快速提升背景下巩固和加强组件龙头地位。 电池新技术扩产再提速，龙头实力凸显：公司此前在曲靖公告投资建设10GW24%以上转换效率电池产能，预计22年投产，本次新技术投产再加速至21年末，彰显龙头速度，也表现出公司对于新技术的坚定信心与强大实力。

       公司已经完成了从单晶龙头像光伏组件（全产业链）龙头的蜕变，无论是品牌，供应链控制能力，现金流能力都有质的变化，2020年将成为全球组件出货排名第一的公司，在Q3-Q4原材料大幅度波动的情况下，隆基显示出超强的供应链控制能力，组件单w盈利1毛以上，几乎双倍于同行，硅片端产能持续扩大，成本显著低于同行。2021年公司将在全产业链进一步与竞争对手拉开差距。初步计算，明年硅片组件盈利多一分钱，有10亿以上的业绩弹性。

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.