CMSC: BC large-scale procurement continues to advance, with application scenarios expanding to ground-mounted power stations.

CMSC released a research report stating that in the past, BC's main application area was distributed rooftops. Since 2026, BC's application areas have begun to expand to ground-mounted power stations, and central state-owned enterprises continue to advance the bidding and procurement work for BC sections of ground-mounted power stations. BC is a brand-new platform technology solution that still has room for efficiency improvement and may form differentiation. Leading companies are expected to enjoy the industry's technology dividend. In addition, BC is also being continuously promoted in the distributed field, and its competitiveness is expected to continue. CMSC's main viewpoints are as follows: In the past, BC's main application area was distributed rooftops. Since 2026, BC's application areas have begun to expand to ground-mounted power stations, and central state-owned enterprises continue to advance the bidding and procurement work for BC sections of ground-mounted power stations. BC is a brand-new platform technology solution that still has room for efficiency improvement and may form differentiation. Leading companies are expected to enjoy the industry's technology dividend. In addition, BC is also being continuously promoted in the distributed field, and its competitiveness is expected to continue. Independent BC procurement continues to advance, with scenarios expanding to large-scale power stations Since 2026, central state-owned enterprises have continued to advance BC procurement. Among them, Beijing Energy Group's 2026 N-type BC photovoltaic module framework procurement scale is 2GW; PetroChina's 2026 photovoltaic module framework procurement sets up a 200MW independent BC bid package; Datang Group's 2026-2027 BC module framework procurement scale reaches 4GW; and the South-to-North Water Diversion Group's 2026-2027 module framework procurement sets up a 300MW independent BC bid section. The planned procurement scale of the BC bid sections in the above four projects totals 6.5GW, further reflecting that central state-owned enterprises are continuously advancing BC procurement. In addition, the threshold for BC bidding and procurement has been raised, and bidders' requirements for product performance and supply capacity have gradually become clearer: Beijing Energy Group requires bidding enterprises to have cumulative relevant supply performance of no less than 300MW, while the PetroChina BC bid section requires module power of no less than 635Wp and conversion efficiency of no less than 23.5%. At present, different types of centralized power station projects are successively introducing BC procurement solutions, and their application scope is no longer limited to the distributed field. BC is a brand-new platform technology solution that still has room for efficiency improvement BC's underlying power generation principle is compatible with PERC, TOPCon, HJT, and others. Therefore, the distinction among various BC types mainly lies in substrate selection, interface passivation solutions, etc., forming multiple xBC structures such as PBC, TBC, and HBC. The main differences among different xBC technology routes lie in substrate selection and interface passivation solutions. With the continuous optimization of technologies such as silicon wafers, passivated contacts, and metallization, the BC platform still has technical room for further efficiency improvement. BC is expected to continue its competitiveness in the distributed field While centralized projects successively launch procurement, BC is also applied in distributed scenarios such as airports, industrial and commercial rooftops, and water utility facilities. In 2026, Meilan Airport completed the procurement of approximately 9.95MWp of BC anti-glare modules; industrial and commercial rooftop projects such as Guoneng Chuzhou Ruida, Zhejiang Huadi Special Materials, Hunan Borui Heavy Industry, and Xiamen Tong'an Huierkang also explicitly proposed technical requirements for BC modules. As a result, BC has formed diversified procurement demand covering distributed and some centralized projects. Investment recommendation: Recommendations for attention: Shanghai Aiko Solar Energy, LONGi Green Energy Technology, Jinko Solar, JA Solar Technology, Trina Solar Co., Ltd., TCL Zhonghuan Renewable Energy Technology, and related auxiliary material companies: Changzhou Fusion New Material, Wuxi Dk Electronic Materials Co., Ltd., etc. Risk warning: Industry demand falling short of expectations, risks that BC technology efficiency improvement and cost reduction fall short of expectations, overseas patent and technology route iteration risks, etc.