Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][3]. Core Views - The company is a leading player in the photovoltaic conductive paste sector, capitalizing on opportunities during multiple iterations of domestic production, mono and multi-crystalline transitions, and the switch to N-type technology, resulting in rapid business expansion [7][11]. - The innovative TOPCon high-copper paste solution utilizes silver-coated copper powder to significantly reduce costs by replacing a large proportion of silver powder with lower-cost copper, which is compatible with high-temperature processes while maintaining electrical performance and reliability [7][11]. - If the company successfully collaborates with downstream customers, mass production is expected within the year, which will enhance both scale and profitability [1][7]. Financial Data and Valuation - The company forecasts total revenue of 9.6 billion RMB in 2023, growing to 15.4 billion RMB in 2024, representing a year-on-year increase of 155% and 60% respectively [2]. - The projected net profit attributable to shareholders is expected to reach 385 million RMB in 2023 and 360 million RMB in 2024, with significant growth anticipated in subsequent years [2]. - The company maintains a high return on equity (ROE) of 21.5% and a debt-to-asset ratio of 78.6% [3][2]. Company Overview - Established in 2010, the company focuses on the research, production, and sales of conductive paste for photovoltaic cells, becoming the first domestic company to list in this sector in 2020 [11][12]. - The company has expanded into the semiconductor field since 2019, leveraging its core technology platform to introduce packaging and printed electronic pastes [11][21]. - The company has maintained a strong R&D focus, with R&D expenses consistently accounting for 3-4% of total revenue [24][11]. Market Position and Growth - The company has achieved a leading position in the N-type paste market, with a significant increase in shipments, particularly in 2023, where sales volume surged by 138% to 1714 tons [40][42]. - The company is actively involved in the technological iteration of photovoltaic materials, adapting to the rapid transition from P-type to diverse N-type technologies, which enhances its competitive edge [40][42]. - The anticipated completion of the silver nitrate project in 2025 is expected to further stabilize the supply chain and reduce material costs [40][41].

证券代码：300842 证券简称：帝科股份 公告编号：2025-018 无锡帝科电子材料股份有限公司 2024 年年度权益分派实施的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案等情况 1. 公司 2024 年年度股东大会审议通过的利润分配方案为：以公司现有股本 140,700,000 股为基数，向全体股东每 10 股派发现金红利 3.00 元（含税），合计 派发现金红利 42,210,000.00 元（含税），本次利润分配不转增股本，不送红股。 上述分配方案公布后至实施前，公司总股本由于股权激励限制性股票、回购 注销等原因而发生变动的，则以实施分配方案股权登记日时享有利润分配权的股 份总额为基数，按照现金分红总额固定不变的原则对分配比例进行调整。 2. 本次实施的分配方案与 2024 年年度股东大会审议通过的分配方案及其调 整原则一致。 3. 本次实施的分配方案距离 2024 年年度股东大会审议通过的时间未超过两 个月。 二、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 140,700,000 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company has a solid industry position and is building long-term barriers through high copper paste materials [1] - In 2024, the company achieved a revenue of 15.351 billion yuan, a year-on-year increase of 59.85%, while the net profit attributable to shareholders was 360 million yuan, a decline of 6.66% [4][5] - The company is a leader in the production of N-type conductive silver paste, with 89.10% of its total silver paste sales used in N-type TOPCon batteries [6] - The company is actively developing low-silver metallization technologies and has made significant progress in pure copper paste [6] Financial Performance - The company forecasts revenues of 18.678 billion yuan, 21.480 billion yuan, and 24.702 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.61 yuan, 4.41 yuan, and 5.39 yuan [7] - The projected PE ratios for 2025, 2026, and 2027 are 13.2, 10.8, and 8.8 times respectively [7] - The company’s gross margin for 2024 is 9.38%, a decrease of 1.76 percentage points year-on-year, while the net margin is 2.34%, down 1.68 percentage points [5]

证券代码：300842 证券简称：帝科股份 公告编号：2025-017 无锡帝科电子材料股份有限公司 关于股东权益变动暨持股比例降至 5%以下的提示性公告 公司原持股 5%以上股东上海乾瀛投资管理有限公司－乾瀛价值成长 7 号私 募证券投资基金保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1. 本次权益变动系信息披露义务人持股数量减少及持股比例被动稀释，不触 及要约收购。 2. 本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股东、 实际控制人发生变化。 3. 本次权益变动后，信息披露义务人上海乾瀛投资管理有限公司－乾瀛价值 成长 7 号私募证券投资基金（以下简称"乾瀛基金"）持有公司股份 7,034,900 股，占公司当前总股本 4.9999%，不再是公司持股 5%以上股东。 无锡帝科电子材料股份有限公司（以下简称"公司"）于近日收到股东乾瀛 基金出具的《简式权益变动报告书》，获悉于 2025 年 3 月 26 日至 2025 年 3 月 28 日，股东乾瀛基金通过集中竞价交易方 ...

无锡帝科电子材料股份有限公司 简式权益变动报告书 上市公司名称：无锡帝科电子材料股份有限公司 股票上市地点：深圳证券交易所 股票简称：帝科股份 股票代码：300842 信息披露义务人：上海乾瀛投资管理有限公司（代表上海乾瀛投资管理有限公 司－乾瀛价值成长7号私募证券投资基金） 注册地址：中国（上海）自由贸易试验区富特北路211号302部位368室 通信地址：上海市浦东新区康桥镇康巴路118弄绿宝园五期36号 股份变动性质：持股数量减少及持股比例被动稀释（持股比例降至5%以下） 签署日期：2025 年 03 月 28 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》（简称"《公司法》"）、 《中华人民共和国证券法》（简称"《证券法》"）、《上市公司收购管理办法》 （简称"《收购办法》"）、《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》（简称"《15 号准则》"）及相关的法律、法规编制本报 告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行也不违 反信息披露义务人章程或内部规定中的任何条款，或与之相冲突。 三、依据《证券法》、《收购办法》的规定， ...

Group 1: Strategic Positioning and Market Outlook - The company has established a strategic focus on high copper paste solutions through long-term R&D and collaboration with leading TOPCon clients, creating a significant first-mover advantage [1] - The global photovoltaic (PV) market is expected to continue growing, with the company poised to benefit from this trend by increasing its market share among leading clients [1] - The company anticipates steady growth in its shipment volume for 2025, driven by the ongoing expansion of global PV installations [1] Group 2: Cost Structure and Pricing Models - The processing fees for TOPCon silver paste have remained stable, while HJT and TBC battery pastes incur higher processing fees [2] - The pricing model for high copper paste is expected to shift from a processing fee model to a product pricing model as technology advances and costs decrease [4] - High copper paste has a higher cost compared to heterojunction silver-coated copper paste due to more complex processing and reliability requirements [5] Group 3: Technical Barriers and Innovations - The introduction of high copper paste is expected to create higher industry barriers due to the technical complexities involved in its application and the need for specialized processing [3] - The company is currently in a leading position regarding the reliability and market promotion of copper-containing pastes, leveraging its existing advantages in the TOPCon, TBC, and HJT paste markets [3] - The company is investing in silver nitrate and metal powder projects to enhance supply chain security and reduce raw material costs, which will strengthen its competitive edge [7] Group 4: Financial Management and Risk Mitigation - As of the end of 2024, the company's foreign currency loan balance is approximately 390 million RMB, and it is actively managing foreign exchange risks through derivatives [7] - The company is focusing on domestic silver powder alternatives to reduce reliance on imported materials and mitigate the impact of exchange rate fluctuations [7]

Group 1: Company Performance - In 2024, the company sold 2,037.69 tons of photovoltaic conductive silver paste, an increase of 18.91% compared to the previous year [2] - The sales of N-type TOPCon battery conductive silver paste products reached 1,815.53 tons, accounting for 89.10% of total silver paste sales, maintaining industry leadership [3] - The company achieved a revenue of 1,535,057.15 thousand RMB in 2024, a growth of 59.85% year-on-year, and a net profit of 43,910.39 thousand RMB, up 28.03% [6] Group 2: Strategic Initiatives - The company plans to continue increasing R&D investment to enhance product performance and service levels, while actively exploring new technology fields [3] - The company has entered the storage chip market through the acquisition of 51% of Shenzhen Yimeng Holdings Technology Co., Ltd., which focuses on embedded storage chip applications [4] - The company is developing high copper paste for N-type HJT batteries and expects to achieve large-scale production in the second half of the year [5] Group 3: Risk Management and Financial Strategy - The company incurred a loss of 50 million RMB from silver leasing, which is a strategy to mitigate silver powder procurement costs and price volatility [4] - The company employs silver futures hedging to manage the price fluctuation risks associated with silver powder procurement [5] - A shareholder return plan for 2024 includes a cash dividend of 3.00 RMB per 10 shares, totaling 42,210 thousand RMB [6][7] Group 4: Investor Relations and Governance - The company emphasizes the protection of minority shareholders' rights and adheres to legal regulations for corporate governance [7] - The company has established a three-year shareholder return plan (2024-2026) to ensure stable dividends and reflect shareholder interests [7] - The independent director commits to enhancing communication and cooperation within the board to protect the interests of all shareholders, especially minority ones [7]

2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：300842 证券简称：帝科股份 公告编号：2025-016 无锡帝科电子材料股份有限公司 特别提示： 1. 本次股东大会未出现否决议案的情形； 2. 本次股东大会不涉及变更以往股东大会已通过的决议的情形。 一、会议召开和出席情况 (一) 会议召开情况 1. 会议召开的日期、时间： 现场会议时间：2025 年 3 月 20 日（星期四）下午 14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 3 月 20 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为：2025 年 3 月 20 日 9:15-15:00 期间的任意时间。 2. 会议地点：江苏省无锡市宜兴市屺亭街道永盛路 8 号，无锡帝科电子材 料股份有限公司四楼会议室。 3. 会议召开方式：本次会议采用现场投票与网络投票相结合的方式召开。 4. 会议召集人：公司董事会。 (二) 会议出席情况 1. 出席 ...

上海市通力律师事务所 关于无锡帝科电子材料股份有限公司 2024 年年度股东大会的法律意见书 致: 无锡帝科电子材料股份有限公司 上海市通力律师事务所(以下简称"本所")接受无锡帝科电子材料股份有限公司(以下 简称"公司")的委托, 指派本所纪宇轩律师、说钰律师(以下简称"本所律师")根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和规 范性文件(以下统称"法律法规")及《无锡帝科电子材料股份有限公司章程》(以下简称"公 司章程")的规定就公司 2024 年年度股东大会(以下简称"本次股东大会")相关事宜出具 法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发 ...

Summary of the Conference Call for 帝科股份 Company Overview - The conference call discusses 帝科股份, a leading company in the field of high-purity copper powder and silver-coated copper technology, particularly in the photovoltaic (PV) industry [3][4]. Key Industry Insights - The development of low-temperature metallization has evolved from low-resistance metallization, with a focus on cash metallization processes [3]. - The company is positioned to address significant challenges in the transition from silver to copper in PV cell metallization, including oxidation resistance, diffusion barrier issues, and suitable sintering process designs [4]. Core Points and Arguments - **High Copper Paste Technology**: 帝科股份 has developed high copper paste that combines seed layer paste with upper layer paste, achieving a silver content of approximately 20%, with plans to reduce it to around 10%, significantly lower than the current industry standard of 30% to 50% [3][5]. - **Strategic Partnerships**: The company has established strategic collaborations with top ten leading customers to validate high copper conductive material technology and enter large-scale production [3][12]. - **Market Growth Projections**: Expected growth drivers for 2025 include large-scale deployment of BC cells, capacity enhancements due to new strategies, and the market introduction of high copper materials [3][24]. - **Technical Barriers**: The company maintains a competitive edge through unique design features, including special glass powder systems, copper powder systems, and surface treatment techniques that are difficult for competitors to replicate [9][10]. Additional Important Insights - **Cost Efficiency**: The high copper paste design aims to provide cost competitiveness while conserving silver resources, which is crucial for customer affordability [3][5]. - **Product Reliability**: The company employs silver metal passivation and dual protection designs to enhance the reliability and efficiency of new copper-containing conductive pastes [10]. - **Future Product Development**: Plans to further reduce silver content to below 8% are in place, with ongoing verification of copper conductive materials facing oxidation challenges [14]. - **Market Positioning**: The company anticipates that its new products will maintain a high market position due to their unique properties and the technical barriers involved in their production [22]. Financial Outlook - The initial pricing strategy for new products, such as fluorescent powder paste, is set at approximately 5,000 yuan per kilogram, with expectations to lower it to below 4,000 yuan as production scales up [15][16]. - Despite potential price reductions, the company expects to maintain good profitability due to effective market demand and cost control measures [17]. Conclusion - 帝科股份 is strategically positioned to leverage its technological advancements and partnerships to capture significant market share in the photovoltaic industry, with a strong focus on cost efficiency, product reliability, and innovative solutions to meet evolving customer needs [24][25].