Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of RMB 11.509 billion in Q1-Q3 2024, a YoY increase of 88.77%, with net profit attributable to shareholders of RMB 293 million, a slight YoY increase of 0.07% [5] - In Q3 2024, the company's revenue was RMB 3.922 billion, a YoY increase of 49.62%, with net profit attributable to shareholders of RMB 60 million, a YoY decrease of 33.35% [5] - The company's photovoltaic conductive silver paste sales reached 1,581.16 tons in the first three quarters of 2024, a YoY increase of 41.40%, with N-type TOPCon battery conductive silver paste accounting for 87.66% of total sales [5] - The company is expected to achieve full-year sales of 2,000-2,500 tons of photovoltaic conductive silver paste in 2024 [5] - The company maintains a leading position in BC and HJT battery paste technology, with significant advancements in silver-coated copper paste and other silver-reducing technologies [6] - The company's 5,000-ton silver nitrate project in Dongying and Xinyi is expected to be operational in the first half of next year, enhancing supply chain security and reducing raw material costs [6] Financial Performance - The company's revenue for 2024-2026 is forecasted to be RMB 15.297 billion, RMB 17.044 billion, and RMB 19.061 billion, respectively, with YoY growth rates of 59.30%, 11.42%, and 11.84% [7] - Net profit attributable to shareholders for 2024-2026 is projected to be RMB 479 million, RMB 600 million, and RMB 716 million, respectively, with corresponding P/E ratios of 15.66x, 12.52x, and 10.49x [7] - The company's gross margin is expected to remain stable at around 8.95% to 9.82% from 2024 to 2026 [7] - ROE is forecasted to be 5.43%, 6.06%, and 6.49% for 2024-2026, respectively [7] Industry Position - The company is a leading supplier of BC battery paste, with significant market share and technological reserves in n-Poly, p-Poly, and main grid products [6] - The company has achieved large-scale production of 50% silver-coated copper paste and is advancing in the production of 30% silver content paste [6] - The company is actively developing silver-reducing and silver-free conductive paste technologies, focusing on silver-coated copper, copper paste, and other base metal-based technologies [6] Future Outlook - The company's leading position in the industry is expected to be further solidified due to continuous technological iteration and new business development [7] - The company's supply chain security and cost competitiveness are expected to improve with the upcoming silver nitrate project [6]

无锡帝科电子材料股份有限公司 第三届监事会第七次会议决议公告 证券代码：300842 证券简称：帝科股份 公告编号：2024-086 本公司及监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、监事会会议召开情况 无锡帝科电子材料股份有限公司（以下称"公司"）第三届监事会第七次会 议于 2024 年 11 月 11 日以现场方式在公司会议室召开，公司于 2024 年 11 月 6 日通过电子邮件、微信等方式通知了全体监事。本次会议由监事会主席邓铭女士 召集并主持，会议应出席监事 3 人，实际到会监事 3 人。本次会议的召集、召开 符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、规范性 文件和《无锡帝科电子材料股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，会议决议合法、有效。 二、监事会会议审议情况 与会监事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： （一）审议通过《关于对公司 2023 年限制性股票激励计划预留授予激励对 象名单的核查意见及公示情况说明的议案》 根据《上市公司股权激励管理办法》（以下简称"《管理办法》" ...

证券代码：300842 证券简称：帝科股份 编号：2024-006 无锡帝科电子材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|---------------------------------------------|--------------------------------------------------------------------------------| | | | | | | | 特定对象调研 □分析师会议 | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | | 现场参观 □其他（电话会议） | | 参与单位名称 | 博颐投资等 9 人 | 中金公司、浙商证券、海通证券、弘毅远方基金、国泰基金、 | | 时间 | 2024 年 11 月 7 日 -11 月 8 日 | | | 地点 | 公司会议室 | | | 上市公司接待 人员姓名 | 副总经理、董事会秘书：彭民先生 应用技术部 & | 市场部副总经理：南亚雄先生 | | | 1 、公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 11.509 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 88.77%. The net profit attributable to the parent company was 293 million yuan, a slight increase of 0.07% year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 3.922 billion yuan, up 49.62% year-on-year, but down 0.5% quarter-on-quarter. The net profit attributable to the parent company was 60 million yuan, down 33.35% year-on-year, but up 4.81% quarter-on-quarter [4][5]. - The company has a strong position in silver paste sales, although Q3 2024 saw a decrease in shipment volume due to weak production schedules in the battery industry. The impact of rising silver prices on performance has diminished, but the decline in silver paste processing fees has negatively affected the company's results [5]. - The company has implemented a neutral hedging strategy for silver prices to mitigate the impact of raw material price fluctuations on its performance. It is actively developing next-generation photovoltaic battery metallization paste solutions and expanding its product applications in semiconductor packaging [6]. Financial Summary - The company is expected to achieve a net profit attributable to the parent company of 500 million yuan in 2024, corresponding to a price-to-earnings (PE) ratio of 13 times [6]. - The current stock price is 46.84 yuan, with a total share capital of 1.407 billion shares and a net asset per share of 11.16 yuan [7]. - The company’s financial projections indicate total revenue of 11.209 billion yuan for 2024, with a gross profit of 1.113 billion yuan, reflecting a gross margin of approximately 10% [10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][15]. Core Views - The company reported a revenue of 11.509 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 88.77%. The net profit attributable to shareholders was 293 million yuan, a slight increase of 0.07% year-on-year [1]. - The company is experiencing short-term pressure on profitability due to industry challenges and fluctuations in silver prices, but it remains a leader in conductive silver paste shipments [1]. - The company is actively expanding its product applications, particularly in the semiconductor sector, and is the first domestic supplier to provide a complete solution for BC battery silver paste [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.922 billion yuan, a year-on-year increase of 49.62%, but a quarter-on-quarter decrease of 0.50%. The net profit for Q3 was 60 million yuan, down 33.35% year-on-year [1]. - The gross margin for Q3 2024 was 7.60%, down 3.00 percentage points year-on-year, while the net profit margin was 1.53%, down 1.90 percentage points year-on-year [1]. - The company expects to ship between 2,000 to 2,500 tons of silver paste for the year, maintaining its industry-leading position [1]. Financial Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 392 million yuan, 501 million yuan, and 645 million yuan, respectively, with corresponding price-to-earnings ratios of 16, 12, and 10 times [1][2]. - The target price is set at 53.43 yuan, based on a 15x PE ratio for 2025 [1].

未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权D壳股份将保留追究其法律责任的权利D壳股份不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间首先介绍参与本次交流会的领导有 副总经理财务总监王总副总经理董事会秘书彭总应用技术部市场部副总经理郎总接下来有请公司领导发言谢谢谢谢陈总那么各位投资人大家晚上好那么我是地口股份的总益彭明更新也是于昨天晚上 记录了根思2024年的三季度的报告那么我现在就根思的一到三季度的相关情况跟各位投资人做一个简要的汇报首先就是根思一到三季度实现营业收入是115.09亿元那么腾笔是增长了88.77%那么其中主营业务收入是97.72亿元腾笔是增长了67.19 归属于上市公司股东的净利润为2.93亿元那么腾笔增长0.07%那么扣非的归属于上市公司股东的净利润为4.07亿元那么腾笔增长65%截至到2024年的三季度末根思的准资产规模达到了86.39亿元腾笔增长27.34% 那么净资产呢为15.7亿元同比增长18.64%那么报告其内呢公司的经营人的增速低于营业收入的增速主要呢是 ...

Financial Performance - The company achieved a revenue of 11.509 billion CNY in Q3 2024, representing an increase of 88.77% compared to the same period last year [1] - Net profit attributable to shareholders reached 292.8615 million CNY, up by 65.00% year-on-year [1] - Total assets as of September 30, 2024, amounted to 8.639 billion CNY, a year-on-year growth of 27.34% [1] - Net assets increased by 18.64% to 1.570 billion CNY [1] Product Sales and Market Position - In Q1 2024, the company sold 1,581.16 tons of photovoltaic conductive silver paste, a year-on-year increase of 41.40% [1] - Sales of N-type TOPCon battery conductive silver paste accounted for 87.66% of total sales, solidifying the company's leading position in the industry [1] - The company anticipates a total shipment volume of 2,000 to 2,500 tons for the entire year of 2024 [2] Research and Development - The company is focusing on enhancing its R&D efforts in the conductive silver paste sector to maintain its competitive edge in the photovoltaic battery market [2] - Investments in silver nitrate projects are expected to be completed by mid-2025, aimed at securing supply chain stability and reducing raw material costs [3] Market Trends and Challenges - The overall processing fees for silver paste have been under pressure due to challenges in the photovoltaic industry, but potential positive changes could alleviate this pressure [3] - The company is exploring opportunities in the semiconductor sector, with plans to develop products for LED and IC chip packaging [3] Strategic Initiatives - The company is committed to developing low-silver and silver-free technologies, focusing on sustainable metalization routes [3] - Continuous collaboration with downstream customers is planned to innovate and validate solutions in battery and component applications [3]

上海信公轶禾企业管理咨询有限公司 关于 无锡帝科电子材料股份有限公司 2023 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 独立财务顾问： 二〇二四年十月 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声 明 3 | | --- | --- | | 第二章 | 释 义 5 | | 第三章 | 基本假设 6 | | 第四章 | 本激励计划履行的审批程序 7 | | 第五章 | 本次限制性股票的预留授予情况 9 | | | 一、限制性股票的预留授予情况 9 | | | 二、本次实施的股权激励计划与股东大会审议通过的股权激励计划差异情况 10 | | 第六章 | 本次限制性股票授予条件说明 11 | | | 一、限制性股票授予条件 11 | | | 二、董事会关于符合授予条件的说明 11 | | 第七章 | 独立财务顾问的核查意见 13 | 2 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 第一章 声 明 上海信公轶禾企业管理咨询有限公司接受委托，担任无锡帝科电子材料股份 有限公司（以下简称"帝科股份""上市公司"或"公司"）2023 年限制性股 票激励计划（以 ...

证券代码：300842 证券简称：帝科股份 公告编号：2024-084 《无锡帝科电子材料股份有限公司 2023 年限制性股票激励计划》（以下简称 "《激励计划》"或"本激励计划"）规定的限制性股票预留授予条件已经成就， 根据无锡帝科电子材料股份有限公司（以下简称"公司"、"帝科股份"）2023 年第二次临时股东大会授权，公司于 2024 年 10 月 29 日召开第三届董事会第五 次会议及第三届监事会第六次会议，审议通过了《关于向公司 2023 年限制性股 票激励计划激励对象预留授予限制性股票的议案》等议案，确定以 2024 年 10 月 29 日为预留授予日，以 24.87 元/股的授予价格向符合授予条件的 6 名激励对象 授予 89.7765 万股预留第二类限制性股票。现将有关事项说明如下： 一、本激励计划简述及已履行的相关审批程序和信息披露情况 1. 限制性股票预留授予日：2024 年 10 月 29 日 2. 限制性股票预留授予数量：89.7765 万股 3. 限制性股票预留授予价格：24.87 元/股 4. 限制性股票预留授予人数：6 人 5. 股权激励方式：第二类限制性股票 6. 股票来源：公司 ...

证券代码：300842 证券简称：帝科股份 公告编号：2024-085 无锡帝科电子材料股份有限公司 关于调整 2021 年、2023 年限制性股票激励计划第二类限制 性股票授予价格及数量的公告 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。 无锡帝科电子材料股份有限公司（以下简称"公司"或"帝科股份"）于 2024 年 10 月 29 日召开第三届董事会第五次会议和第三届监事会第六次会议，审议通 过《关于调整 2021 年、2023 年限制性股票激励计划第二类限制性股票授予价格 及数量的议案》，同意公司将 2021 年限制性股票激励计划（以下简称"2021 年 激励计划"）限制性股票授予价格由 32.51 元/股调整为 22.65 元/股，已授予但尚 未归属的限制性股票数量由 40.00 万股调整为 56.00 万股；将 2023 年限制性股票 激励计划（以下简称"2023 年激励计划"）首次及预留授予限制性股票授予价格 由 35.62 元/股调整为 24.87 元/股，将已授予但尚未归属的首次授予限制性股票 数量由 290.3300 万股调整为 406.4 ...