The Zhitong Finance App learned that China Merchants Securities released a research report saying that in the past, the main application area of BC was distributed roofing. Since 2026, the application field of BC has begun to expand to terrestrial power plants, and central state-owned enterprises have continued to push forward the bidding process for the BC section of ground power plants. BC is a new platform technology solution. There is still room for efficiency improvement, and differentiation may occur. It is expected that leading companies will enjoy industry technology dividends. In addition, BC continues to be promoted in the distributed field, and competitiveness is expected to continue.
The main views of China Merchants Securities are as follows:
In the past, the main application area of BC was distributed roofing. Since 2026, BC's application field has begun to expand to terrestrial power plants, and central state-owned enterprises continue to promote bidding for the BC section of terrestrial power plants
BC is a new platform technology solution. There is still room for efficiency improvement, and differentiation may occur. It is expected that leading companies will enjoy industry technology dividends. In addition, BC continues to be promoted in the distributed field, and competitiveness is expected to continue.
BC's independent procurement continues to advance, and the scenario expands to large-scale power plants
Since 2026, central state-owned enterprises have continued to promote BC procurement. Among them, Jingneng Group's 2026 N-BC PV module frame procurement scale was 2GW; CNPC 2026 PV module frame procurement set up 200MW; Datang Group's 2026-2027 BC module frame procurement scale reached 4GW; and South-to-North Water Transfer Group 2026-2027 module frame procurement set 300 MW BC independent section. The total planned procurement scale of the BC bid for the above four projects reached 6.5 GW, further reflecting that central state-owned enterprises are continuing to promote BC procurement. In addition, the BC bidding threshold has been raised, and the tenderer's requirements for product performance and supply capacity have gradually become clear: Jingneng Group requires the bidding company to have a cumulative relevant supply performance of not less than 300MW, while the CNPC BC section requires no less than 635wp of module power and a conversion efficiency of not less than 23.5%. Currently, different types of centralized power plant projects have successively introduced BC procurement solutions, and their scope of application is not limited to distributed fields.
BC is a new platform technology solution, and there is still room for efficiency improvement
BC's underlying power generation principle is compatible with PERC, TopCon, HJT, etc. Therefore, the differentiation of various types of BC is mainly based on substrate selection, interface passivation scheme, etc., to form various xBC structures such as PBC, TBC, and HBC. The main differences between the different xBC technology routes are substrate selection and interface passivation schemes. As technologies such as silicon wafers, passive contact, and metallization continue to be optimized, the BC platform still has technical space to further improve efficiency.
BC is expected to continue to be competitive in the distributed field
While centralized projects are starting procurement one after another, BC is also being used in distributed scenarios such as airports, industrial and commercial roofs, and water facilities. In 2026, Meilan Airport completed procurement of about 9.95 MWp of BC anti-glare components; industrial and commercial roof projects such as Guoneng Chuzhou Ruida, Zhejiang Huadi Special Materials, Hunan Borui Heavy Industries, and Xiamen Tong'an Huierkang also clearly put forward technical requirements for BC modules. As a result, BC has developed diversified procurement requirements covering distributed and partially centralized projects.
Investment suggestions: Recommended attention: Aixu Co., Ltd., Longji Green Energy, Jinko Energy, Jingao Technology, Tianhe Solar, TCL Central and related auxiliary materials companies: Juhe Materials, Dike Co., Ltd.
Risk warning: Industry demand falls short of expectations, BC technology efficiency and cost reduction falls short of expected risks, overseas patents and technology route iteration risks, etc.