Under the trend of fine line, the permeability of tungsten wire diamond wire increases.
Hay Think learned from relevant listed companies that the current supply of tungsten wire for photovoltaic is in short supply, and it is expected that the upstream capacity will be released from September to October.
Increase of tungsten wire permeability
As the busbar of the diamond wire, the high cost has been one of the resistance factors for the large-scale application of tungsten wire diamond wire compared with carbon steel wire for a long time. "With the cost unchanged, the wire diameter of tungsten wire diamond wire should be more than 5 microns lower than that of carbon steel wire diamond wire, so that new benefits can be obtained." A relevant person in charge of the diamond line enterprise said to Hay Think.
Under the trend of fine wire, the economic benefits of tungsten wire diamond wire are gradually reflected. At present, 38 microns is the mainstream of carbon steel wire and diamond wire products, followed by 36 microns.
Hay Think learned from XMWY Tungsten Technology Corporation (600549. SH) and ZWGX Tungsten High tech Corporation that:
At present, the diameter of tungsten wire bus produced by Xiamen Tungsten Industry in mass production is between 35-40 microns, and the corresponding model of diamond wire is 30-34 microns. The Zigong Company under Sinotungsten Gaoxin has produced 37/36 microns of tungsten wire bus in mass production, and the 35/34/32 microns products with thinner wire diameters are being certified in the market.
"Tungsten wire products have shown certain vitality. With the increase of suppliers' supply, the shipment of our tungsten wire products is also increasing." In the record sheet of investor relations activities disclosed on September 19, Diamond Line leader Daile Xincai (300700. SZ) said so.
The latest research report of China Merchants Securities Nonferrous Group mentioned that thanks to the new application of tungsten wire in the photovoltaic field, the production and sales of domestic tungsten wire increased significantly. From January to April this year, the apparent sales of domestic tungsten wire increased by 57.74%, 153.72%, 37.48% and 41.29% year on year respectively, and the operating rate of tungsten wire enterprises increased from 60% at the beginning of the year to 89%.
The price of silicon material is high, and the coexistence of tungsten wire and carbon wire in the future has gradually become the consensus in the industry. The above person in charge told the Associated Press of Finance: "At present, the wire consumption of carbon steel wire and tungsten wire is almost the same. We believe that tungsten wire and carbon steel wire coexist for a period of time."
SXMC Diamond Wire Technology Corporation, another leading enterprise of electroplating diamond wire in China, pointed out in a recent institutional survey that tungsten wire and carbon steel wire have their own advantages. Tungsten wire is expensive but can be drawn finer. Therefore, in the period of high silicon material price, the use of thinner diamond wire can help save silicon material, but when the silicon material price falls back, the use of carbon steel wire can reduce cutting costs, It is expected that carbon steel wire and tungsten wire will be switched according to market demand in the future, and both will co-exist.
At present, China's diamond wire tungsten wire suppliers are mainly XMWY and ZWGX. At present, the XMWY project has been put into operation with 8.8 billion meters per year, of which 4.5 billion meters are tungsten wires for photovoltaic. The monthly output of ZWGX is about 5.1 billion meters. The new capacity is expected to be released in September October.
XMWY told Hay Think that the production capacity of 20 billion meters/year of fine tungsten wire is expected to be fully released by the end of this month. The project capacity is planned to be used in the photovoltaic field. At that time, the company's total production capacity of fine tungsten wire for photovoltaic will reach 24.5 billion meters/year.
According to ZWGX, the 10 billion meter photovoltaic cutting tungsten wire project is expected to be put into production in October.
At present, the permeability of tungsten wire busbar is mainly limited by production capacity, and the progress is expected to accelerate in the second half of the year. According to the progress of expansion planning of mainstream companies, the permeability of tungsten based diamond wire is expected to be 25% in 2023, and is expected to further increase to 70% in 2025. Assuming that the selling price of tungsten wire decreases from 45 yuan/km to 35 yuan/km after capacity expansion, the market space of tungsten wire in photovoltaic field will be about 9.6 billion yuan in 2025, with a compound annual growth rate of 202%.