" Global crystalline silicon looks at China, China crystalline silicon looks at Sichuan, and Sichuan crystalline silicon looks at Leshan.". "Leshan, Sichuan, is the birthplace of Tongwei Group, the leading photovoltaic company.". Here, Tongwei Group has grown from a feed leader to a photovoltaic overlord! (For details, click: 
III, 2017 ~ 2022: Cell, Accelerated expansion of polysilicon silicon wafer and module business
3.
Chengdu Phase II 2GW high-efficiency monocrystalline battery project was launched in early 2017 and in September 2017; In November 2017, Hefei and Chengdu 20GW high-efficiency crystalline silicon battery projects (10GW each) with a total investment of 12 billion yuan were launched, and Chengdu Phase III 3.2GW and Hefei Phase II 2.3GW were put into operation in November 2018. In 2018, the cell design capacity will reach 10.
In 2019, the construction of Chengdu Phase IV 3.8G W High-efficiency Crystalline Silicon Cell Project and Meishan Phase I 7.5G W High-efficiency Crystalline Silicon Cell Project will be started, and the design capacity will reach 14.
Tongwei shares disclosed the Development Plan of High Purity Silicon and Solar Cell Business 2020-2023, and put forward the target of 80-100GW cell production capacity in 2023. The target was 4-5 times the company 's actual production capacity at that time, marking Tongwei's investment in the photovoltaic field from "small steps forward" to "radical expansion" .
Subsequently, Tongwei started construction of an annual output of 30 GW high-efficiency solar cells and supporting projects in Jintang, Chengdu. At the same time, Tonghe New Energy (Jintang) Co., Ltd. was established with Trina Solar Energy to build a project with an annual output of 40000 tons of high-purity crystalline silicon, 15g W high-efficiency crystalline silicon batteries and 15g W chips. In 2022, Meishan 32GW high-efficiency crystalline silicon battery project was signed, and with the release of production capacity, Tongwei's battery production capacity exceeded 70 GW in 2022. Hefei 7GW + Chengdu Shuangliu 10GW + Chengdu Jintang 30GW + Meishan 23.
Table 2: Designed production capacity
of cells put into production by Tongwei during 2017 ~ 2022 Data source: Digital New Energy DataBM. Com
Figure 2:2016 ~ Data source of actual cell production capacity
of Tongwei Co., Ltd. in 2022: Digital New Energy DataBM.com
3.2 Polysilicon: The layout of Leshan, Baotou and Baoshan regions
is different from the continuous expansion of cell production capacity every year. Before 2017, Tongwei's capacity improvement in the field of polysilicon mainly relied on internal technological innovation to improve production efficiency. In 2018, Leshan Phase I was 25,000 tons, and Baotou Phase I was 2.
It was not until 2020 that the construction of new polysilicon projects was re-promoted. Leshan Phase II 35000 tons, Baoshan Phase I 40000 tons and Baotou Phase I 45000 tons of high-purity silicon projects have been signed successively to re-recognize the pace of expansion, and put forward the development target of silicon material production capacity of 220-290000 tons in 2023, and the production capacity of 2021-2022 will be released one after another until the end of 2022. The actual production capacity of Tongwei's polysilicon is 260000 tons per year (according to the design capacity). Leshan 96,000 tons + Baotou 7.
Table 2: Designed polysilicon production capacity
of Tongwei from 2017 to 2022 Data source: Digital New Energy DataBM. Com
Figure 2: Actual polysilicon production capacity of Tongwei from 2016 to 2022
Data source: Digital New Energy DataBM.com
3.The slicing project belongs to Tonghe New Energy (Jintang) Co., Ltd. , which is a joint venture between Tongwei and Trina Solar Energy. It will be put into operation in 2021 and adopt 210 large-size technical routes. In August
2023, Tongwei announced that it would invest in 16GW rod pulling, slicing and battery projects in Emei City and Wutongqiao District of Leshan, with a total production of 20 billion yuan.
It can be seen that in the silicon wafer sector, Tongwei shares will still mainly serve its own battery business in the future, giving full play to its industrial chain integration advantages.
3. In 2019, Tongwei Hefei 5G W High Efficiency Module Project will be launched.
After the accumulation of technology in the early stage and the expectation of the growth of demand for photovoltaic modules in the future, Tongwei shares will further increase its investment in the field of modules in 2022, complete the technical renovation project of 8GW photovoltaic intelligent factory, and increase the production capacity of modules to 14GW. At the same time, in September and December, it was announced that 25 GW photovoltaic module projects would be built in Yancheng and Nantong, Jiangsu respectively.
4. From 2023 to 2026, the integration of modules, polysilicon and cells will be fully expanded
in 2022. Tongwei's cell production capacity is 70GW , polysilicon production capacity is 260,000 tons , and silicon wafer production capacity is 15GW . The production capacity of modules is 14 GW , and the sales revenue of photovoltaic sector (excluding power stations) is 1118.2021-2022
. The rising price of silicon materials and the production capacity have greatly increased the proportion of photovoltaic business revenue. The company's total revenue reached an all-time high.
Figure 3: Proportion
of Tongwei's PV product revenue to total revenue Data source: Digital New Energy DataBM.
Especially in the polysilicon sector, the further expansion of competitors' production capacity will intensify the competition for market share. The pace of capacity expansion of Tongwei shares is also significantly faster than previous stage. By the end of September 2023, Tongwei Co., Ltd. plans to build year", with the release of Tongwei Co., Ltd. By the end of the year, the production capacity of modules is expected to reach 80 GW , rapidly occupying the second place in the world, and becoming the global photovoltaic leader in the integrated development of modules, polysilicon and cells.
Table 2: By the end of September 2023, the list
of projects under construction and proposed by Tongwei Co., Ltd. Data source: Digital New Energy DataBM
. Liu Hanyuan , chairman of Tongwei Group, took "Comparative Study of Various New Energy Sources and Strategic Choice of Energy in China" as a research topic when he was studying for DBA Doctor of Business Administration at the School of Economics and Management of Peking University. He believed that solar photovoltaic power generation would become the main development direction of clean energy in the future, and then entered the photovoltaic industry. The year
before, Germany implemented the New Renewable Energy Law, and the photovoltaic power generation market flourished. This year is also considered to be the world's
strategic vision is not enough. The key to success is to have strategic strength in the ups and downs of the market. Since 2008, the photovoltaic industry has been affected by the sharp drop in external demand and domestic demand, the continuous release of production capacity and the impact of import dumping, the price of silicon materials has continued to decline, and the industry profits have been depressed. Many early silicon enterprises, such as Xinguang Silicon Industry, have fallen into shutdown and reorganization.
During this period, Tongwei Group, on the one hand, tried its best to maintain the development of silicon business, reduce costs and expand capacity through technological transformation and efficiency improvement , on the other hand, entered the field of solar cells and boldly went against the trend . This shows that even in the downturn of the market, the company is still firmly optimistic about the future development of the photovoltaic industry.
In the field of batteries, Tongwei's solar cell products were polycrystalline silicon cells in the initial stage of acquisition, and the output of polycrystalline silicon cells accounted for 93% of the company's total output in 2016. Tongwei increased its investment in polycrystalline silicon batteries, and rapidly increased the proportion of monocrystalline silicon batteries to 53 in 2018.
(2) Top-down layout,
from trichlorosilane to polycrystalline silicon, from polycrystalline silicon to solar cells, from solar cells to modules. The layout of Tongwei shares/Tongwei Group in the photovoltaic field is gradually advancing from upstream to downstream. Silicon materials and cells are the two links with the highest technology content in the photovoltaic industry chain, with large investment in silicon materials and rapid iteration of cell technology. Whoever has mastered the production technology of silicon materials with lower cost is bound to be one step ahead of his peers and have the right to speak in the industry.
From 2005 to 2008, silicon material resources were in short supply, which was a typical "silicon as king era". The acquisition of silicon material resources was the key to downstream competition and expansion. After 2008, silicon materials fell into surplus and entered the stage of cost as king. Tongwei's technological transformation in 2015 greatly reduced the production cost of silicon materials. Since 2015, the gross profit rate of silicon materials has been the highest in Tongwei's photovoltaic products, while the lowest cost has been below 40000 yuan/ton , which benefits from its strategic choice and cost advantages .
Figure 2: Gross profit margin
of Tongwei's silicon material business from 2015 to 2022 Data source: Digital New Energy DataBM. At the same time, the acquisition of the cell business can be said to be a big bottom, which has rapidly improved the business valuation and brought stable cash flow. After
laying the leading role of silicon materials and batteries, and when the profits of silicon materials business are greatly increased, they choose to enter the component link . A substantial increase in the profit of silicon materials will inevitably bring about a new round of expansion of production capacity, and the price of silicon materials will inevitably decline, so it is inevitable to further control the downstream through the extension of the industrial chain.
(3) Continuous technological innovation
Tongwei's polysilicon business has undergone several rounds of technological transformation, especially the third round of technological transformation with an investment of 600 million yuan at the end of 2013, which was a bold investment in the market environment at that time. As a result, the production cost of silicon materials was reduced from 140000 yuan/ton to 80000 yuan/ton in 2015, and the production capacity was greatly increased, which laid the foundation for the later development.
In this process, it not only reduces costs and increases production, but also trains technicians. For this reason, the headquarters of Yongxiang Polysilicon Technological Reform Project won the "Yongxiang Technological Reform Tackling Award" and awarded 15 million yuan, which greatly stimulated the company's technological innovation.
In the battery component sector, Tongwei shares continue to maintain technical testing and accumulation, component production capacity has been rapidly improved by a large margin, and shingled components have been mass-produced. Research and development of "TNC" (Tongwei N-passivated contact cell Tongwei N-passivation contact cell) technology (TOPCon technology), with conversion efficiency exceeding 25.1%; Research and development of "THC" (Tongwei HJT Cell) technology (HJT technology), battery efficiency up to 26. In addition to the parallel mass production of HJT and TOPcon technology batteries, the company also develops and innovates in IBC, perovskite and tandem batteries.
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