[Citic Securities: TOPCon battery or tight supply and demand] June 6, CITIC Securities Research report pointed out that according to the capacity planning announced by the enterprise, the new capacity of TOPCon battery is expected to exceed that of 150GW in 2023, but at present, the release of TOPCon battery capacity may not be as expected. We think the main reason is that the process maturity needs to be improved. The differences in the process between TOPCon battery and PERC battery are mainly boron diffusion and oxide layer preparation, in which the uniformity and thickness of the oxide layer and Poly layer will have a certain impact on the conversion efficiency, which needs to be tested constantly to achieve the maturity of the process. Among them, the enterprises that promote R & D and production earlier have a certain lead, and their profitability may also be better than expected. We recommend that we pay attention to the leading battery enterprises, equipment enterprises and materials enterprises.