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].

证券代码：300842 证券简称：帝科股份 公告编号：2025-015 无锡帝科电子材料股份有限公司 关于举办 2024 年度网上业绩说明会的公告 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。 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 03 月 21 日 前 访 问 网 址 https://eseb.cn/1mAdr7cuj6g 或使用微信扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 无锡帝科电子材料股份有限公司（以下简称"公司"）已于 2025 年 02 月 28 日在巨潮资讯网（www.cninfo.com.cn）上披露了《2024 年年度报告》及其摘要。 为使广大投资者更全面深入地了解公司发展战略、经营业绩等情况，公司定于 2025 年 03 月 21 日（星期五）15:00-16:30 在"价值在线"（www.ir-online.cn） 举办公司 2024 年度网上业绩说明会，与投资者进行沟通和交流，广泛听取投资 者的意见和建议。 一、说明会召开的时间、地点和方式 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown steady performance with a significant increase in revenue and a leading position in the photovoltaic conductive silver paste market. The company is expected to achieve mass production of high copper paste in the second half of the year [5][8] - The company reported a total revenue of 15.35 billion yuan for 2024, representing a year-on-year growth of 59.85%. However, the net profit attributable to the parent company was 360 million yuan, a decrease of 6.66% year-on-year [8] - The company maintains a strong market position with 89.10% of its conductive silver paste sales being used in N-type TOPCon batteries, indicating a robust demand for its products [8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.35 billion yuan, with a year-on-year growth of 59.85%. The net profit attributable to the parent company was 360 million yuan, down 6.66% year-on-year. The fourth quarter of 2024 saw a revenue of 3.84 billion yuan, up 9.57% year-on-year [8] - The company expects revenues of 17.08 billion yuan, 19.03 billion yuan, and 21.32 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.26%, 11.43%, and 12.03% [5][8] Market Position and Product Development - The company has a strong market presence in the photovoltaic sector, with 2037.69 tons of conductive silver paste sold in 2024, an increase of 18.91% year-on-year. The sales of TOPCon silver paste reached 1815.53 tons, accounting for 89.10% of total sales [8] - The company is collaborating with leading clients to develop high copper paste, which is expected to enter mass production in the latter half of the year. This development is anticipated to enhance the company's technological barriers and market competitiveness [8] Valuation Metrics - The projected earnings per share (EPS) for the company are 3.56 yuan, 4.34 yuan, and 4.99 yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings (P/E) ratios are 13.89x, 11.39x, and 9.92x [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady performance, with high copper paste expected to achieve mass production [1] - The company reported a revenue of 15.35 billion yuan for 2024, a year-on-year increase of 59.85%, while the net profit attributable to shareholders was 360 million yuan, a decrease of 6.66% [8] - The company maintains a leading position in the photovoltaic conductive silver paste market, with sales of 2,037.69 tons in 2024, an increase of 18.91% year-on-year [8] - The company is expected to benefit from ongoing technological advancements and new business developments, with projected revenues of 17.08 billion yuan, 19.03 billion yuan, and 21.32 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 11.26%, 11.43%, and 12.03% [8] Summary by Sections Financial Performance - The company achieved a total revenue of 15.35 billion yuan in 2024, with a year-on-year growth of 59.85% [8] - The net profit attributable to shareholders was 360 million yuan, down 6.66% year-on-year [8] - The company’s gross profit margin for 2024 was 9% [9] Sales and Market Position - The company sold 2,037.69 tons of photovoltaic conductive silver paste in 2024, with 1,815.53 tons (89.10%) used for N-type TOPCon batteries, maintaining industry leadership [8] - In Q4 2024, the company achieved sales of 456.53 tons of silver paste, with 429.13 tons (94.00%) being TOPCon silver paste [8] Technological Development - The company is collaborating with leading clients to develop high copper paste, which is expected to enter mass production in the second half of the year [8] - The company is enhancing its technological barriers through innovative designs and applications for high copper paste [8] Future Projections - The company is projected to achieve net profits of 501 million yuan, 611 million yuan, and 702 million yuan for 2025, 2026, and 2027 respectively [8] - The current P/E ratios are estimated at 13.89x for 2025, 11.39x for 2026, and 9.92x for 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified for the next six months [1]. Core Views - The company has experienced significant growth in silver paste shipments, with high copper paste materials continuing to break through [1]. - In the semiconductor sector, the company achieved revenue of 14.113 million yuan in 2024, representing a year-on-year increase of 56.7% [2]. - The company is positioned as a global leader in photovoltaic paste materials, with ongoing advancements in high copper paste technology enhancing its technical barriers [8]. Financial Summary - The company reported a revenue of 15.350 billion yuan in 2024, a year-on-year increase of 59.9%, while the net profit attributable to the parent company was 359.96 million yuan, down 6.7% year-on-year [8]. - The company’s revenue is projected to grow to 16.919 billion yuan in 2025, with a growth rate of 10.2%, and further to 21.542 billion yuan by 2027 [3][11]. - The earnings per share (EPS) are expected to increase from 2.56 yuan in 2024 to 5.19 yuan by 2027 [3][11]. - The return on equity (ROE) is forecasted to be 20.58% in 2024, increasing to 22.57% by 2027 [3][11]. Business Segments - The photovoltaic conductive silver paste segment is expected to generate revenue of 12.864 billion yuan in 2024, with a growth rate of 41.7% [9]. - The conductive adhesive business is anticipated to grow significantly, with revenue projected to increase from 14.1 million yuan in 2024 to 50.8 million yuan by 2027 [9]. - The company is focusing on enhancing its technology in high copper paste materials, which includes the development of new formulations and processing techniques [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 15.35 billion yuan in 2024, representing a year-on-year increase of 59.85%. However, the net profit attributable to the parent company was 360 million yuan, a decrease of 6.66% year-on-year [2][5]. - In Q4 2024, the company reported a revenue of 3.842 billion yuan, which is a year-on-year increase of 9.57% but a quarter-on-quarter decrease of 2.06%. The net profit for this quarter was 67 million yuan, down 27.83% year-on-year but up 11.94% quarter-on-quarter [2][5]. Financial Performance - The company sold 2,037.69 tons of photovoltaic conductive silver paste in 2024, an increase of 18.91% from the previous year. Among this, 1,815.53 tons were for N-type TOPCon battery products, accounting for 89.10% of total sales, leading the industry [10]. - The company has focused on managing accounts receivable effectively, with a total of 117 million yuan in credit impairment losses and asset impairment provisions [10]. - The company is actively developing low-silver metallization technologies to adapt to market changes, with a series of product solutions designed for the transition from silver to copper [10]. Market Position and Strategy - The company is a pioneer in the industrialization of laser-enhanced sintering metallization technology and continues to lead the development and upgrade of TOPCon technology [10]. - The company has established long-term cooperative development with leading clients for high-copper paste designs, aiming for large-scale production in the second half of the year [10].

Core Viewpoint - Dike Co., Ltd. (300842) is collaborating with leading customers to develop high copper paste materials, aiming for large-scale production in the second half of the year [1] Group 1 - The company has established long-term cooperative development with leading customers for high copper paste materials [1] - The company has introduced design and application solutions for high copper paste materials targeting TOPCon and other high-temperature batteries [1] - The company is actively promoting related solutions for application in TBC battery fields [1]

Group 1: Company Performance and Market Strategy - The company is currently unable to accurately predict the total shipment target for 2025 due to the need for further evaluation of policy impacts and downstream customer operating rates [1] - The primary goal for this year is to focus on serving high-quality leading customers to enhance market share [1] - The company’s semiconductor packaging slurry revenue exceeded 10 million RMB for the first time in 2024, indicating a strong market development effort [2] Group 2: Product Development and Innovation - The company has made significant progress in high copper paste development, with plans for large-scale production expected in the second half of the year [1] - Collaboration with leading customers has led to the development of high copper paste solutions for TOPCon and TBC battery applications [1] - The company is focusing on optimizing core technical capabilities in conductive, thermal, and adhesive materials, aiming for further innovation in semiconductor packaging [2] Group 3: Pricing and Supply Chain - The pricing model for high copper paste is expected to shift from a processing fee model to a direct product pricing model as technology advances and costs decrease [4] - The company utilizes a diverse supplier structure for raw materials needed in high copper paste production, enhancing technical barriers through unique surface treatments and formula enhancements [5] Group 4: Customer Relations and Financial Management - The company maintains stable payment terms for downstream customers, with dynamic assessments based on customer credit status [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 15.351 billion yuan in 2024, representing a year-on-year increase of 59.85%, while the net profit attributable to shareholders decreased by 6.66% to 359.96 million yuan [8] - The company has a leading market share in N-type silver paste, with N-type silver paste sales accounting for 89.1% of total silver paste sales in 2024 [8] - Continuous investment in R&D is evident, with R&D expenses reaching 482 million yuan in 2024, an increase of 55.68% year-on-year [8] - The company is focusing on new technology developments, including advancements in low-temperature silver paste and low-temperature silver-coated copper paste, which have shown significant progress [8] - The company expects stable profitability moving forward, with net profit forecasts for 2025-2027 at 450 million, 560 million, and 700 million yuan respectively, reflecting a growth rate of 24% for both 2025 and 2026 [8] Financial Summary - Total revenue is projected to grow from 15.351 billion yuan in 2024 to 21.629 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.07% [1][9] - The net profit attributable to shareholders is expected to increase from 359.96 million yuan in 2024 to 703.46 million yuan in 2027, with a CAGR of approximately 26.50% [1][9] - The earnings per share (EPS) is forecasted to rise from 2.56 yuan in 2024 to 5.00 yuan in 2027 [1][9] - The company maintains a P/E ratio of 20x for 2025, with a target price set at 63.62 yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 15.351 billion yuan in 2024, representing a year-on-year increase of 59.85%, while the net profit attributable to shareholders decreased by 6.66% to 360 million yuan [8] - The company has a leading market share in N-type silver paste, with N-type silver paste sales accounting for 89.1% of total silver paste sales in 2024 [8] - Continuous investment in R&D is evident, with R&D expenses reaching 482 million yuan in 2024, an increase of 55.68% [8] - The company is expected to maintain stable profitability as the industry self-discipline continues to progress, with projected net profits for 2025-2027 at 450 million, 560 million, and 700 million yuan respectively, reflecting growth rates of 24% for both 2025 and 2026, and 27% for 2027 [8] Financial Summary - Total revenue forecast for 2024 is 15.351 billion yuan, with a projected growth of 12.59% in 2025 [9] - The net profit attributable to shareholders is forecasted to be 447 million yuan in 2025, with a growth rate of 24.22% [9] - The company’s earnings per share (EPS) is expected to be 3.18 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.05 [9] - The company’s total assets are projected to be 8.005 billion yuan by 2026, with a debt-to-asset ratio of 65.85% [9]