CMSC released a research report stating that in the past, BC was mainly applied in distributed rooftops. Since 2026, BC's application areas have begun to expand to ground-mounted power stations, with central state-owned enterprises continuing to advance the bidding and procurement work for BC segments at 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 technological dividend. In addition, BC is also being continuously promoted in the distributed sector, and its competitiveness is expected to continue.
The main views of CMSC (ASX: 06099) are as follows:
In the past, BC was mainly applied in 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 segments at 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 technological dividend. In addition, BC is also being continuously promoted in the distributed sector, and its competitiveness is expected to continue.
Independent BC Procurement Continues to Advance, Scenarios Expand 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; China National Petroleum Corporation's 2026 photovoltaic module framework procurement includes a 200MW independent BC 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 includes a 300MW independent BC section. The planned procurement scale of the BC sections in the above four projects totals 6.5GW, further reflecting that central state-owned enterprises are continuously advancing BC procurement.
In addition, the bidding threshold for BC has been raised, and tendering parties have gradually clarified their requirements for product performance and supply capacity: Beijing Energy Group requires bidding enterprises to have cumulative relevant supply performance of no less than 300MW, while the China National Petroleum Corporation BC section requires module power of no less than 635Wp and conversion efficiency of no less than 23.5%. Currently, different types of centralized power station projects are successively introducing BC procurement solutions, and their application scope is no longer limited to the distributed sector.
BC Is a Brand-New Platform Technology Solution with Room for Further 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, and so on, 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 continuous optimization of technologies such as silicon wafers, passivation contacts, and metallization, the BC platform still has technical room for further efficiency improvement.
BC Is Expected to Continue Its Competitiveness in the Distributed Sector
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 Recommendations: Attention is suggested to: Aiko Solar, LONGi Green Energy, JinkoSolar, JA Solar, Trina Solar, TCL Zhonghuan, and related auxiliary material companies: Juhe Materials, Dike Shares, and others.
Risk Warnings: Industry demand falling short of expectations, risks that BC technology efficiency improvement and cost reduction fall short of expectations, overseas patents and technology route iteration risks, and others.
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