Research on the dynamics of copper electroplating industry: strengthening industrial cooperation and
2023-07-05 14:41:05
According to the public number of Robotec: On June 13, 2023, the company held the shipment ceremony of "single GW-level solar cell copper plating equipment", and the RTA-CPH-4000/24000 model copper plating equipment increased the production capacity of a single unit from 600MW to 1GW, reducing the floor space by 20%, which is suitable for HJT, XBC and other high-efficiency battery processes.
Investment Points:
Industrial cooperation has been strengthened, and pilot verification has been accelerated. Strengthen cooperation in the copper electroplating industry chain in 2023: (1) On January 29, Robotec and Guodian Power Investment Group signed the "Strategic Cooperation Agreement Framework" to establish a comprehensive strategic cooperation on VDI electroplating solutions for copper grid wire HJT batteries; (2) On January 30, Dongwei Technology, Guodian Power Investment Group and Guodian New Energy signed the "Strategic Cooperation Framework Agreement on Vertical Continuous Electroplating Solutions for Copper Grid Line Heterojunction Batteries" to establish strategic cooperation on vertical continuous electroplating solutions for copper grid line HJT batteries; (3) According to the public account of Haiyuan Composite, on May 24, Haiyuan Composite, Xinyuan Micro Assembly and Guangxin Materials signed a strategic cooperation agreement on high-efficiency and low-cost N-type battery copper plating metallization technology at the Shanghai SNEC venue to cooperate in the development of N-type battery copper plating technology. We believe that under the background of strengthened industrial cooperation, the pilot verification of copper plating is expected to accelerate in 2023 and enter the stage of low-volume mass production in 2024.
The pilot line is gradually maturing, and the production capacity, cost and yield need to be optimized. Patterning and electroplating are core processes, and multiple solutions are currently being validated at an accelerated pace. In the graphical link, the current progress of ink + LDI industrialization is ahead, and the progress of mask lithography scheme is paid attention to; In the electroplating process, the VDI scheme production cycle and customer verification are relatively leading, and the progress of the horizontal plating scheme is also concerned.
At present, the copper plating pilot line is gradually mature, but the indicators such as production capacity, cost and yield need to be further optimized. In terms of cost, the current cost of equipment and materials is high, equipment cost reduction involves factors such as production scale and business negotiations, and capacity improvement may become an indirect way; Material cost reduction can be achieved through material selection, process optimization, production scale, etc., and the mass production stage is expected to accelerate. In terms of production capacity, the production capacity of all links in the pilot stage is increasing, and the problem of capacity matching needs to be solved. In terms of yield, downstream customers in the early stage of industrialization have a high acceptance of product yield and performance, and the mass production stage needs to be gradually optimized.
Investment Advice In 2023, the cooperation in the copper electroplating industry will be strengthened, and the pilot verification is expected to accelerate, covering for the first time, giving a "recommended" rating. At present, LDI industrialization is expected to take the lead in volume, focusing on core micro-assembly, mask lithography has supply chain advantages, and focuses on Sudaweig. In the electroplating session, VDI solution production cycle and customer verification are relatively leading, focusing on Robotec. In the material link, ink YUAN has significant economic advantages, focusing on Guangxin materials.
Risk Warning The progress of equipment development and verification is not as expected; The progress of material development and verification is not as expected; HJT capacity construction is not as expected; the risk of increased competition in the industry; Downstream customer acceptance is not as good as expected; Focus on the risk of the company's performance falling short of expectations.
Investment Points:
Industrial cooperation has been strengthened, and pilot verification has been accelerated. Strengthen cooperation in the copper electroplating industry chain in 2023: (1) On January 29, Robotec and Guodian Power Investment Group signed the "Strategic Cooperation Agreement Framework" to establish a comprehensive strategic cooperation on VDI electroplating solutions for copper grid wire HJT batteries; (2) On January 30, Dongwei Technology, Guodian Power Investment Group and Guodian New Energy signed the "Strategic Cooperation Framework Agreement on Vertical Continuous Electroplating Solutions for Copper Grid Line Heterojunction Batteries" to establish strategic cooperation on vertical continuous electroplating solutions for copper grid line HJT batteries; (3) According to the public account of Haiyuan Composite, on May 24, Haiyuan Composite, Xinyuan Micro Assembly and Guangxin Materials signed a strategic cooperation agreement on high-efficiency and low-cost N-type battery copper plating metallization technology at the Shanghai SNEC venue to cooperate in the development of N-type battery copper plating technology. We believe that under the background of strengthened industrial cooperation, the pilot verification of copper plating is expected to accelerate in 2023 and enter the stage of low-volume mass production in 2024.
The pilot line is gradually maturing, and the production capacity, cost and yield need to be optimized. Patterning and electroplating are core processes, and multiple solutions are currently being validated at an accelerated pace. In the graphical link, the current progress of ink + LDI industrialization is ahead, and the progress of mask lithography scheme is paid attention to; In the electroplating process, the VDI scheme production cycle and customer verification are relatively leading, and the progress of the horizontal plating scheme is also concerned.
At present, the copper plating pilot line is gradually mature, but the indicators such as production capacity, cost and yield need to be further optimized. In terms of cost, the current cost of equipment and materials is high, equipment cost reduction involves factors such as production scale and business negotiations, and capacity improvement may become an indirect way; Material cost reduction can be achieved through material selection, process optimization, production scale, etc., and the mass production stage is expected to accelerate. In terms of production capacity, the production capacity of all links in the pilot stage is increasing, and the problem of capacity matching needs to be solved. In terms of yield, downstream customers in the early stage of industrialization have a high acceptance of product yield and performance, and the mass production stage needs to be gradually optimized.
Investment Advice In 2023, the cooperation in the copper electroplating industry will be strengthened, and the pilot verification is expected to accelerate, covering for the first time, giving a "recommended" rating. At present, LDI industrialization is expected to take the lead in volume, focusing on core micro-assembly, mask lithography has supply chain advantages, and focuses on Sudaweig. In the electroplating session, VDI solution production cycle and customer verification are relatively leading, focusing on Robotec. In the material link, ink YUAN has significant economic advantages, focusing on Guangxin materials.
Risk Warning The progress of equipment development and verification is not as expected; The progress of material development and verification is not as expected; HJT capacity construction is not as expected; the risk of increased competition in the industry; Downstream customer acceptance is not as good as expected; Focus on the risk of the company's performance falling short of expectations.