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帝科股份:公司简评报告:技术优势持续,非经常损益短期影响业绩
Donghai Securities· 2024-09-03 14:30
Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 7.587 billion yuan in H1 2024, a year-on-year increase of 118.30%, with net profit attributable to the parent company of 233 million yuan, up 14.89% year-on-year [4] - Non-recurring losses impacted short-term profitability, with a total of -117 million yuan in H1 2024, mainly due to fluctuations in silver prices and exchange rates affecting financial assets and liabilities [4] - The company's TOPCon silver paste shipments reached 1,132.05 tons in H1 2024, a year-on-year increase of 76.09%, with TOPCon paste accounting for 87.28% of total shipments [4] - The company's operating cash flow turned positive in H1 2024, reaching 638 million yuan, with expectations of continued improvement in cash flow [4] - The company is expected to achieve revenue of 15.336 billion yuan in 2024, a year-on-year increase of 59.70%, with net profit attributable to the parent company of 549 million yuan [5] Financial Performance - In Q2 2024, the company achieved revenue of 3.942 billion yuan, a year-on-year increase of 104.58%, with net profit attributable to the parent company of 57 million yuan, down 50.89% year-on-year [4] - The company's gross margin in Q2 2024 was 10.99%, an increase of 0.34 percentage points quarter-on-quarter [4] - The company's R&D expenses in 2024 are expected to be 491 million yuan, accounting for 3% of revenue [7] - The company's net profit attributable to the parent company is expected to grow at a compound annual growth rate of 42.34% from 2024 to 2026 [6] Industry and Technology - The company maintains a leading position in the photovoltaic conductive silver paste market, with a focus on N-type TOPCon battery metalization solutions [4] - The company's HJT and IBC paste products are in the stage of mass production, with product performance leading the industry [4] - The company's technological advantages in TOPCon silver paste are expected to be maintained due to ongoing technological iterations [4] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 15.336 billion yuan, 17.517 billion yuan, and 19.448 billion yuan, respectively [5] - The company's 2024-2026 net profit attributable to the parent company is expected to be 549 million yuan, 645 million yuan, and 741 million yuan, respectively [5] - The company's current P/E ratio is 9.03x for 2024, 7.67x for 2025, and 6.68x for 2026 [5] - The company's ROE is expected to be 25% in 2024, 23% in 2025, and 21% in 2026 [6]
帝科股份:N型银浆占比持续提升,原材料自供有望优化盈利
Great Wall Securities· 2024-09-02 10:11
Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][9]. Core Views - The company is a global leader in photovoltaic conductive silver paste, focusing on N-type silver paste and low-temperature silver paste products. It is expected to achieve significant revenue growth and improve profitability through self-supply of raw materials and continuous innovation in R&D [1][2]. Financial Performance Summary - **Revenue**: - 2022A: 3,767 million - 2023A: 9,603 million - 2024E: 15,143 million - 2025E: 17,693 million - 2026E: 20,136 million - YoY Growth: 33.8% (2022A), 154.9% (2023A), 57.7% (2024E) [1][3][4]. - **Net Profit**: - 2022A: -17 million - 2023A: 386 million - 2024E: 533 million - 2025E: 765 million - 2026E: 915 million - YoY Growth: -118.4% (2022A), 2336.5% (2023A), 38.2% (2024E) [1][3][4]. - **EPS**: - 2022A: -0.12 - 2023A: 2.74 - 2024E: 3.79 - 2025E: 5.44 - 2026E: 6.50 [1][5]. Key Financial Ratios - **ROE**: - 2022A: -2.2% - 2023A: 28.1% - 2024E: 30.6% - 2025E: 31.1% - 2026E: 27.6% [1][5]. - **P/E Ratio**: - 2022A: -280.1 - 2023A: 12.5 - 2024E: 9.1 - 2025E: 6.3 - 2026E: 5.3 [1][5]. - **P/B Ratio**: - 2022A: 5.3 - 2023A: 3.6 - 2024E: 2.7 - 2025E: 1.9 - 2026E: 1.4 [1][5]. Market Position and Strategy - The company is focusing on increasing the proportion of N-type silver paste, with expectations to enhance market share through technological advancements and product diversification. The company has also invested in self-supply capabilities to mitigate raw material price fluctuations [1][2][3].
帝科股份:2024年半年报点评:扣非净利同比高增,研发有望持续赋能
Southwest Securities· 2024-09-02 05:56
[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年半年报点评 买入 (维持) 当前价:35.75 元 帝科股份(300842)电力设备 目标价:——元(6 个月) 扣非净利同比高增,研发有望持续赋能 [Table_Summary 业绩总结:公司发布 ] 2024 年半年度报告。24H1 公司营收 75.9 亿元,同比 +118.3%;归母净利润 2.3 亿元,同比+14.9%;扣非净利润 3.5 亿元,同比 +154.2%。其中 24Q2 营收 39.4 亿元,环比+8.2%;归母净利润 0.6 亿元,环 比-67.5%;扣非净利润 1.6亿元,环比-19.9%。24Q2公司计提资产减值+信用 减值损失 3400 万元。 N型 TOPCon 电池基本完成迭代,公司 TOPCon银浆出货同比大幅增长。24H1 下游电池环节 TOPCon成为出货主流,根据 SMM 数据至 6月 PERC 排产占比 不到 20%。TOPCon电池银耗较 PERC 更高,电池产量同比增长,因此行业对 银浆需求同比大幅增长。24H1 公司光伏导电银浆销量 1132.05 吨,同比增长 ...
帝科股份:2024半年报点评:N型时代公司充分受益,技术研发优势稳固
Guolian Securities· 2024-08-31 04:40
Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved a revenue of 7.59 billion yuan in H1 2024, representing a year-on-year growth of 118.3%. The net profit attributable to shareholders was 230 million yuan, up 14.9% year-on-year, while the net profit excluding non-recurring items reached 350 million yuan, marking a 154.2% increase [2][6]. - The sales volume of photovoltaic silver paste reached 1,132 tons, a 76.1% increase year-on-year, with N-type TOPCon silver paste accounting for 87.3% of total sales, significantly up from 40.7% in the same period last year [2][6]. - The company is increasing its R&D investment to strengthen its technological competitive advantage, with R&D spending reaching 240 million yuan in H1 2024, a 177.4% increase year-on-year, representing 3.2% of total revenue [6]. Financial Performance - In Q2 2024, the company reported a revenue of 3.94 billion yuan, a year-on-year increase of 104.6% and a quarter-on-quarter increase of 8.2%. The net profit attributable to shareholders was 60 million yuan, down 50.9% year-on-year and 67.5% quarter-on-quarter, while the net profit excluding non-recurring items was 160 million yuan, up 169.1% year-on-year but down 19.9% quarter-on-quarter [6]. - The gross margin for the photovoltaic conductive silver paste business was 11.8%, a slight decrease of 0.3 percentage points year-on-year [6]. Revenue and Profit Forecast - The company is expected to achieve revenues of 15.06 billion yuan, 18.11 billion yuan, and 20.94 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 56.8%, 20.3%, and 15.6% [6][7]. - The net profit attributable to shareholders is projected to be 560 million yuan, 730 million yuan, and 800 million yuan for the same years, with growth rates of 44.7%, 30.4%, and 9.5% [6][7].
帝科股份:2024年半年报点评:N型银浆龙头,享受N型迭代和LECO导入红利
Minsheng Securities· 2024-08-29 11:30
帝科股份(300842.SZ)2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] N 型银浆龙头,享受 N 型迭代和 LECO 导入红利 2024 年 08 月 29 日 事件:2024 年 8 月 27 日,公司发布 2024 年半年报。24H1 公司实现营业收入 75.87 亿元,同比+118.30%;实现归母净利润 2.33 亿元,同比+14.89%;实 现扣非净利润 3.50 亿元,同比+154.22%。24H1 非经常性损益为-1.17 亿元, 其中持有(或处置)交易性金融资产和负债产生的公允价值变动损益约-1.40 亿 元,主要系公司白银期货合约、白银租赁业务以及外汇衍生产品受银点和汇率 波动影响产生投资收益和公允价值变动损益,以及公司投资中芯集成期末计提 公允价值变动损益。 24Q2 公司实现营业收入 39.42 亿元,同比+104.58%,环比+8.17%;实现归 母净利润 0.57 亿元,同比-50.89%,环比-67.46%;实现扣非净利润 1.56 亿 元,同比+169.08%,环比-19.91%。 ➢ TOPCon 银浆出货高增,率先享受 LECO 浆料量产红利 ...
帝科股份:2024中报点评:N型占比80%+,白银套保影响业绩
Soochow Securities· 2024-08-28 18:00
证券研究报告·公司点评报告·光伏设备 帝科股份(300842) 2024 中报点评:N 型占比 80%+,白银套保 影响业绩 2024 年 08 月 28 日 买入(维持) | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 3767 | 9603 | 15310 | 15755 | 17950 | | 同比( % ) | 33.83 | 154.94 | 59.43 | 2.91 | 13.93 | | 归母净利润(百万元) | (17.24) | 385.64 | 515.98 | 597.55 | 703.24 | | 同比( % ) | (118.36) | 2,336.51 | 33.80 | 15.81 | 17.69 | | EPS- 最新摊薄(元 / 股 ...
帝科股份:关于会计政策变更的公告
2024-08-27 11:26
证券代码:300842 证券简称:帝科股份 公告编号:2024-065 (一)本次会计政策变更的原因 2024 年 3 月,财政部颁布了《企业会计准则应用指南汇编 2024》(以下简 称"《应用指南 2024》"),规定保证类质保费用应计入营业成本。由于上述会 计准则的修订,公司需对原采用的相关会计政策进行相应调整,自 2024 年 1 月 1 日起施行。 (二)变更日期 根据上述文件的要求,公司对原采用的相关会计政策进行变更,并按以上文 件规定的起始日开始执行上述会计政策。 (三)变更前采用的会计政策 无锡帝科电子材料股份有限公司 关于会计政策变更的公告 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")于 2024 年 8 月 27 日 召开的第三届董事会第二次会议及第三届监事会第二次会议,审议通过了《关于 会计政策变更的议案》,同意根据中华人民共和国财政部(以下简称"财政部") 的相关规定,对公司会计政策进行变更。本次会计政策变更无需股东大会审议。 现就具体情况公告如下: 一、本次会计政策变更概述 (一)审计 ...
帝科股份:关于增加2024年度日常关联交易预计的公告
2024-08-27 11:26
证券代码:300842 证券简称:帝科股份 公告编号:2024-066 无锡帝科电子材料股份有限公司 关于增加 2024 年度日常关联交易预计的公告 | 单位:万元 | | --- | | | | | | 年度 | 本次增加 | 本次增加 | 年度 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联交易 | | | | 2024 | | | 月已发 | | | 关联方 | 关联交 | 关联交易 | 原预计金额 | 预计金额 | 后的预计 | 1-6 | | 类别 | | 易内容 | 定价原则 | | | 金额(不 | 生金额 | | | | | | (不含税) | (不含税) | 含税) | (不含税) | | 向关联方 | 东莞索 | 销售原 | 参照市场公 | | | | | | 销售产 | | | 允价格双方 | 100,000 | 70,000 | 170,000 | 66,859.92 | | | 特 | 材料 | | | | | | | 品、商品 | | | 协商确定 | | | | | | 向关联方 | 东莞索 | 采购导 ...
帝科股份:关于累计诉讼、仲裁情况的公告
2024-08-27 11:24
证券代码:300842 证券简称:帝科股份 公告编号:2024-068 无锡帝科电子材料股份有限公司 关于累计诉讼、仲裁情况的公告 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。 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")根据 《深圳证券交易所创业板股票上市规则》有关规定,对公司(含全资/控股子公 司)连续十二个月内累计诉讼、仲裁事项进行了统计,具体情况如下: 一、累计诉讼、仲裁事项基本情况 截至本公告披露日前连续十二个月内,公司累计诉讼、仲裁事项涉案金额合 计约为人民币 16,893.34 万元,占公司最近一期经审计净资产绝对值的 12.77%。 案件的主要情况详见本公告附件《累计诉讼、仲裁情况统计表》 特此公告。 无锡帝科电子材料股份有限公司董事会 2024 年 8 月 28 日 二、其他未披露的诉讼、仲裁事项 截至本公告披露日,公司不存在应披露而未披露的其他诉讼、仲裁事项。 三、本次公告的诉讼、仲裁对公司本期利润或期后利润的可能影响 上述公司所涉诉讼、仲裁案件,基本均系公司作为原告方催收货款,公司将 综合运用多种措施强化相关款项的回收 ...
帝科股份:董事、监事和高级管理人员持股变动管理制度
2024-08-27 11:24
第一章 总则 第二章 信息申报、披露及管理 第五条 公司董事会秘书负责管理公司董事、监事和高级管理人员的身份及所持 本公司股份的数据和信息,统一为董事、监事和高级管理人员办理个人 信息的网上申报,并每季度检查董事、监事和高级管理人员买卖本公司 第一条 为加强对无锡帝科电子材料股份有限公司(以下简称"公司"或"本公 司")董事、监事和高级管理人员所持公司股份及其变动的管理,依据 《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》(以下简称"《证券法》")、《深圳证劵交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号—创 业板上市公司规范运作》《上市公司董事、监事和高级管理人员所持本 公司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引 第10号——股份变动管理》等有关法律、法规、规范性文件的有关规定, 特制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员所持本公司股份及其变动 的管理。 第三条 公司董事、监事和高级管理人员所持本公司股份是指登记在其名下和利 用他人账户持有的所有本公司股份;从事融资融券交易的,还包括记载 在其信用账户内的本公司 ...