证券日报网讯 2月26日，苏州固锝在互动平台回答投资者提问时表示，公司子公司新硅能微电子（苏 州）有限公司持续深耕SiC基MOSFET、IGBT系列产品，2025年在车规领域的安全件、服务器电源等应 用方向推出了更有针对性、性能更好的产品。2026年会在更多的新兴领域推出迭代产品。 （编辑 楚丽君） ...

证券日报网讯 2月26日，苏州固锝在互动平台回答投资者提问时表示，公司全资子公司苏州晶银自2021 年开始推出银包铜技术，异质结电池的浆料成本大为降低。2025年银含10%的银包铜浆料产品的光电转 换效率与高银含浆料持平，满足客户需求。光伏银浆的销售主要采取背靠背定价模式，根据客户订单锁 定银价并收取加工费，银价波动导致的风险相对较小。 （文章来源：证券日报） ...

证券日报网讯 2月26日，苏州固锝在互动平台回答投资者提问时表示，公司的参股公司苏州德信芯片科 技有限公司已于2025年12月完成全部搬迁新厂房工作，一期项目规划建设的6英寸功率器件产品线按计 划推进中，设计产能4万片/月；市场开拓方面，公司已全力推进订单储备，目前功率器件意向订单需求 已达到5万片/月，为项目产能释放奠定坚实基础。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 2月25日，苏州固锝在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 户数为111054户。 ...

Summary of Conference Call Notes Company and Industry Focus - The focus is on the photovoltaic (PV) auxiliary materials, specifically silver paste, with a spotlight on Suzhou Goodwe (苏州固锝) as a new player in the T-chain photovoltaic silver paste market, which is characterized by its small market capitalization [1][2] Core Insights and Arguments - Suzhou Goodwe is positioned as a rare manufacturer with silver paste production capacity in Malaysia, which enhances its competitive edge in the market [3] - The first phase of T equipment is expected to see orders placed in Q1-Q2 of 2026, with delivery anticipated by the end of the year, indicating a strong growth trajectory for the company [1] - The PV main industry chain technology is mature, but the bottleneck lies in the battery and its auxiliary materials (silver paste), which are expected to see rapid volume growth [3] - The company ranks third globally in silver paste production and second in low-temperature silver paste, showcasing its technological leadership in the sector [3] - The subsidiary, Crystal Silver, is the first domestic enterprise to achieve mass production of HJT low-temperature silver paste, with a silver content as low as 10% in copper paste materials [3] Market Potential and Financial Projections - The market potential for silver paste in the T 100GW ground and 100GW space projects is significant, with ground projects consuming 12 tons of silver paste per GW (10 tons for TOPCon and 15 tons for HJT) and yielding a profit of 400,000 CNY per ton, translating to a profit of 500 million CNY for 100GW [3] - For space projects, the consumption increases to 18 tons per GW (a 50% increase compared to ground projects), with a profit of 600,000 CNY per ton, leading to a profit of 1.1 billion CNY for 100GW [3] - The total profit increment from silver paste is projected to be 1.6 billion CNY, with the company expected to capture a 40% market share due to its unique overseas production capabilities, resulting in a profit of 640 million CNY, which is valued at a 30x multiple [3] Additional Important Insights - Recent developments include successful sample testing of T, with results expected shortly, indicating ongoing advancements in the company's product offerings [3]

Company and Industry Summary Company: Suzhou Gude - Suzhou Gude is a rare manufacturer with silver paste production capacity in Malaysia [1] - The company ranks third globally in positive silver paste and second in low-temperature silver paste, showcasing technological leadership [1] - Its subsidiary, Jingyin, is the first domestic enterprise to achieve mass production of HJT low-temperature silver paste, with a silver content as low as 10% in silver-coated copper paste [1] Industry Insights - The T equipment is expected to see orders placed in Q1-Q2 of 2026, with delivery anticipated by the end of the year [1] - Following speculation in equipment, the market is expected to expand towards auxiliary materials [1] - The main photovoltaic industry chain technology is mature, with bottlenecks in battery production and auxiliary materials (silver paste) anticipated to see rapid growth [1] Financial Projections - For ground applications, the silver paste consumption is projected at 12 tons per GW (10 tons/GW for TOPCon and 15 tons/GW for HJT), with a profit of 400,000 yuan per ton, leading to a profit of 500 million yuan for 100 GW [1] - For space applications, the silver paste consumption is projected at 18 tons per GW (a 50% increase compared to ground), with a profit of 600,000 yuan per ton, resulting in a profit of 1.1 billion yuan for 100 GW [1] - The total profit increment from silver paste is estimated at 1.6 billion yuan, with the company holding a 40% market share as one of the two enterprises with overseas production capacity, translating to a profit of 640 million yuan [1] - This could lead to a market capitalization increase of 20 billion yuan, potentially doubling the current market value [1] Recent Developments - The company has successfully sent samples for T verification, with results expected soon [1]

Group 1 - The core viewpoint of the news is that Suzhou Gude (SZ002079) reached its daily limit with a price of 11.81 yuan, marking a 9.96% increase and a total market capitalization of 9.573 billion yuan [1] Group 2 - The reasons for the stock surge include the company's strategic transformation, with a neutral to positive overall outlook. It is a leader in photovoltaic silver paste technology and has advantages in new battery materials like TOPCon and HJT, with silver-coated copper paste already in mass production [2] - The semiconductor business is developing steadily, with world-class diode manufacturing capabilities and increased production capacity for small signal devices to meet domestic substitution demands [2] - The company has established an overseas production base in Malaysia, which is expected to benefit from the growth of the overseas photovoltaic market [2] - The company has strong R&D capabilities, holding 237 authorized patents and continuously investing in next-generation technology development [2] - The photovoltaic and semiconductor sectors have recently attracted market attention, with significant capital inflows into these sectors on February 9, leading to a correlated rise in related stocks [2] - Technical analysis indicates that if the stock price breaks through significant resistance levels with increased trading volume, it reflects active capital involvement. Major funds significantly flowed into the stock on that day, driving the price limit [2] - The company's refinancing matters have been approved by the Shenzhen Stock Exchange, which, if successfully implemented, will enhance its financial strength and boost market confidence [2]

Group 1 - The A-share semiconductor market is experiencing a collective surge, with notable stocks such as Guoxin Technology rising over 13% and Xinyuan shares increasing by more than 12% [1] - The semiconductor industry is projected to reach a revenue of $1 trillion for the first time this year, driven by the widespread application of artificial intelligence and computer chips across various economic sectors [1] - The Semiconductor Industry Association (SIA) forecasts that total sales in the semiconductor industry will reach $791.7 billion by 2025, with a further 26% growth expected in 2026 [1] Group 2 - SIA CEO John Neuffer stated that the speed at which the semiconductor market is surpassing the $1 trillion mark is much faster than anticipated, which is a positive sign for the entire business world [1] - The significant demand for new data center computers is generating substantial profits for companies like NVIDIA and Micron Technology, allowing the industry to consistently exceed growth expectations [1] - Previous forecasts suggested that it would take an additional four years for the industry to reach the $1 trillion scale, indicating a remarkable acceleration in growth [1]

Group 1 - The semiconductor sector in the A-share market has shown significant strength, with notable stock increases such as Guoxin Technology rising over 13% and Xinyuan shares increasing over 12% [1] - The semiconductor industry is projected to reach a revenue of $1 trillion this year, driven by the widespread application of artificial intelligence and computer chips across various economic sectors [1] - The Semiconductor Industry Association (SIA) forecasts that total sales in the semiconductor industry will reach $791.7 billion by 2025, with a further 26% growth expected in 2026 [1] Group 2 - SIA CEO John Neuffer stated that the semiconductor market's rapid growth to surpass the $1 trillion mark is a positive sign for the entire business world, with demand for new data center computers significantly benefiting companies like NVIDIA and Micron Technology [1] - Previous forecasts suggested that it would take an additional four years for the industry to reach the $1 trillion scale, indicating a faster-than-expected growth trajectory [1]

Core Viewpoint - Suzhou Goodway anticipates a recovery in heterojunction battery operating rates in 2026 due to high silver prices and the adoption of silver-coated copper paste in Topcon and BC batteries [1] Group 1 - The company has reported that its silver-coated copper products have been tested by multiple clients, with one client already achieving mass production [1] - The company holds an optimistic outlook on shipment trends for 2026 [1]