证券代码：300842 证券简称：帝科股份 公告编号：2025-038 无锡帝科电子材料股份有限公司 第三届监事会第十三次会议决议公告 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（以下简称"公司"）第三届监事会第十三 次会议于 2025 年 7 月 25 日以现场会议的方式在公司会议室召开，会议通知等相 关资料已于 2025 年 7 月 20 日通过电子邮件、微信等方式送达全体监事。本次会 议由监事会主席邓铭女士召集并主持，应出席监事 3 人，实际出席监事 3 人。本 次监事会会议的召集、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》 的有关规定，会议合法、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： 1. 审议并通过《关于签署现金收购股权相关补充协议暨关联交易的议案》 公司拟以人民币 69,600.00 万元收购浙江索特材料科技有限公司 60%股权。 本次交易完成后，浙江索 ...

证券代码：300842 证券简称：帝科股份 公告编号：2025-037 无锡帝科电子材料股份有限公司 第三届董事会第十一次会议决议公告 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。 一、 董事会会议召开情况 无锡帝科电子材料股份有限公司（以下简称"公司"）第三届董事会第十一次 会议于 2025 年 7 月 25 日以腾讯会议的方式召开，会议通知等相关资料已于 2025 年 7 月 20 日通过电子邮件、微信方式送达全体董事。本次会议由董事长史卫利 召集并主持，会议应出席董事 5 人，实际出席董事 5 人，公司监事、高级管理人 员列席了会议。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，会议合法、有效。 二、 董事会会议审议情况 与会董事对本次会议需要审议的议案进行了充分讨论，审议通过了以下议案： （一）审议并通过《关于签署现金收购股权相关补充协议暨关联交易的议案》 公司拟以人民币 69,600.00 万元收购浙江索特材料科技有 ...

证券代码：300842 证券简称：帝科股份 公告编号：2025-034 无锡帝科电子材料股份有限公司 关于股东股份减持计划期限届满的公告 公司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。 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 2025 年 2 月 26 日在巨潮资讯网（www.cninfo.com.cn）上披露了《关于持股 5% 以上股东减持股份的预披露公告》（公告编号：2025-003），公司股东上海乾瀛 投资管理有限公司－乾瀛价值成长 7 号私募证券投资基金（以下简称"乾瀛基金"） 计划自减持计划公告之日起 15 个交易日之后 3 个月内以集中竞价交易或大宗交 易的方式合计减持公司股份数量不超过2,110,500股，即不超过公司总股本的1.50% （如遇派息、送股、转增股本、配股等除权除息事项，上述拟减持股份数量将相 应进行调整，但减持股份占帝科股份总股本的比例不变）。 公司于 2025 年 3 月 28 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [64]. Core Insights - The SNEC exhibition showcased over 3,000 solar energy companies, focusing on cost reduction and efficiency improvements amid a period of supply-demand imbalance and price fluctuations in the photovoltaic industry [12][1]. - Companies are emphasizing technological innovation to enhance conversion efficiency and component power, with a notable reduction in large-scale advertising compared to previous exhibitions [12][1]. - The demand for storage solutions is increasing, with companies integrating photovoltaic and storage technologies to offer advanced system solutions [13][2]. - The overall production of components is expected to decrease by approximately 10% month-on-month, with specific price adjustments observed across various materials in the supply chain [14][2]. Summary by Sections Section 1: SNEC Focus on Cost Reduction and Efficiency - The SNEC PV+ exhibition took place from June 11-13, 2025, in Shanghai, covering an area of 380,000 square meters with over 3,000 participating companies, including more than 900 foreign enterprises [12][1]. - Companies are focusing on technological advancements, particularly in battery components, to drive cost reduction and efficiency improvements [12][1]. - Key companies to watch include Aiko Solar and Longi Green Energy, which are leading in BC technology mass production expected to ramp up in the second half of the year [12][1]. Section 2: Market Demand and Price Adjustments - The overall component production is estimated at approximately 53 GW for June, reflecting a month-on-month decrease of about 10% [14][2]. - Silicon material prices have been adjusted downward due to decreased demand, with N-type silicon material prices ranging from 35,000 to 38,000 RMB per ton, averaging 36,700 RMB per ton, a decrease of 2.13% [14][2]. - Prices for silicon wafers and battery cells have also shown slight declines, with specific price variations noted for different sizes of battery cells [14][2]. Section 3: Industry Performance Review - The overall industry index increased by 0.63% this week, while the electric power equipment industry index decreased by 0.46% [15][2]. - The photovoltaic equipment sector saw a decline of 0.75%, with notable fluctuations in individual stock performances within the sector [19][2]. - The current PE (Price to Earnings) ratio for the electric power equipment industry stands at 24x, with the photovoltaic equipment sector at 17x, indicating varying levels of valuation across sub-sectors [25][29].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The overall scale of the industry remains stable, with a decrease in enthusiasm leading to differentiation among companies [12][19]. - Policy expectations are anticipated to strengthen further, driven by public statements from industry leaders [22][23]. - New technologies, particularly BC technology, are gaining attention, while other routes are progressing steadily [26][28]. - Auxiliary materials and equipment are advancing with BC and TOPCon modifications, contributing to efficiency improvements [46][62]. - Inverters are evolving, with a focus on commercial storage solutions and continued iterations in large-scale storage [67][82]. Summary by Sections Overall - The scale of the industry is stable with over 3,500 participating companies and more than 500,000 attendees, showing no significant change from 2024 [19]. - There is a noticeable decrease in overall enthusiasm, with some exhibition spaces left vacant, indicating a divergence in interest between leading and smaller companies [19]. Policy - Industry leaders are actively promoting policy implementation, with initial solutions proposed to address the "internal competition" in the silicon material sector [23]. - The asset-liability ratio in the photovoltaic main industry chain has shown a significant increase, indicating financial pressures [24]. New Technologies - The HIBC technology from Longi has achieved a standard module power of over 700W, while Aiko's ABC modules have a double-sided rate of 80% ± 5% [28]. - The TOPCon route focuses on efficiency improvements, with leading companies showcasing modules with power ratings up to 670W and conversion efficiencies of 24.8% [33]. - HJT technology is also advancing, with Tongwei's HJT module reaching a power output of 790.8W, marking a significant achievement in the sector [41]. Auxiliary Materials & Equipment - Leading manufacturers are launching BC-specific products, including low-weight encapsulation films and high-reflectivity black materials [46]. - The introduction of low-cost metal solutions is becoming a trend, with companies like Jingsilver and Shanghai Silver Paste showcasing their innovations [52]. - Equipment for TOPCon modifications is gaining traction, with edge passivation becoming a mainstream technology [62]. Inverters - The focus on commercial storage products is evident, with new high-power products being prominently displayed at the SNEC exhibition [67]. - The latest large-scale storage solutions, such as the PowerTitan3.0 from Sungrow, feature significant upgrades in capacity and efficiency [82].

Core Viewpoint - The article emphasizes the revolutionary impact of silicon carbide (SiC) and sintered silver technology in enhancing the performance of power semiconductors, particularly in electric vehicles (EVs) and renewable energy applications. The combination of these technologies is crucial for overcoming key challenges such as range and fast charging in EVs, thereby accelerating their market adoption [1][10]. Group 1: Sintered Silver Technology Overview - Sintered silver technology is a new lead-free chip interconnection method that utilizes micron-sized silver particles sintered below 300°C to achieve high-temperature resistance and thermal conductivity [4]. - The technology has evolved since the late 1980s, transitioning from laboratory research to widespread industrial application, driven by advancements in process optimization and material performance [5]. - The core mechanism of sintered silver technology is atomic diffusion, which allows for strong connections at relatively low temperatures, ensuring good electrical and thermal conductivity while maintaining mechanical strength [6]. Group 2: Advantages of Sintered Silver in Power Semiconductors - Sintered silver technology supports high operating temperatures, making it suitable for high-frequency, high-voltage, and high-temperature power modules, effectively transferring heat and maintaining stability in harsh environments [8]. - It offers significantly higher thermal conductivity (over 200 W/m·K) compared to traditional lead-based solders (30-50 W/m·K), enhancing power density in compact applications [8]. - The high melting point of silver (961°C) prevents common fatigue effects seen in solder connections, thus improving reliability in demanding applications such as aerospace and automotive electronics [8]. Group 3: Application in Electric Vehicles - Sintered silver is primarily used in main drive inverters of electric vehicles, with three packaging types: TPAK, HPD, and DCM [11]. - The application of sintered silver technology can enhance overall system efficiency by 8%-12%, allowing vehicles to travel further on the same amount of energy or consume less energy over the same distance [13]. - It significantly improves the reliability and stability of components under extreme conditions, reducing the likelihood of failures in critical systems like battery management and motor controllers [13]. Group 4: Market Potential and Industry Dynamics - The global market for sintered silver in electric vehicles is projected to reach approximately 20 billion yuan by 2030, with the value per vehicle estimated between 300 to 1000 yuan [22]. - Currently, the sintered silver market is dominated by foreign companies, highlighting a gap in domestic production capabilities that could hinder the development of SiC and other power semiconductors [22]. - Wuxi Dike Electronic Materials Co., Ltd. (DKEM®) is positioned as a leading supplier of high-performance electronic pastes, focusing on the development of automotive-grade sintered silver products to meet diverse application needs [22][43].

Market Overview - The A-share market experienced slight fluctuations with the Shanghai Composite Index down by 0.06% to 3382.11, the Shenzhen Component down by 0.18% to 10185.34, and the ChiNext Index down by 0.48% to 2038.87 [2][3] - The total market turnover reached 763.1 billion CNY, with 2223 stocks rising, 275 unchanged, and 2914 declining [3] Sector Performance - The sectors of non-ferrous metals, telecommunications, and petrochemicals saw significant gains, while the new consumption sector, including pet economy, ice and snow tourism, and medical beauty, performed poorly [4] - The Hainan Free Trade Port concept surged, with stocks like Hainan Ruize, Hainan Expressway, and Luoniushan hitting the daily limit [12][18] Key Concepts and Stocks - The storage chip concept stocks rose sharply, with major players like Daway Co. and Haoshanghao hitting the daily limit, and Guokewi increasing by over 12% [8][9] - The "East Data West Computing" initiative and related sectors such as IDC, cloud computing, and AI computing saw collective gains, with stocks like Zhongcheng Technology and Nanling Technology nearing their daily limit [10][11] Hainan Free Trade Port Developments - The State Council approved the Hainan provincial government to approve land use matters, supporting the construction of the Hainan Free Trade Port, which is expected to create strategic opportunities [18] - The Hainan Free Trade Port is approaching a critical milestone with the 2025 deadline for "closure" as outlined in the overall plan [18] Football Concept Decline - The previously hot "Sichuan Super" concept stocks cooled down, with Jinling Sports experiencing a significant drop of 12.9% [19][22] - The football concept index fell by 2.82%, indicating a broader decline in related stocks [23]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 54.31 CNY based on a PE of 20 for 2025 [4][6]. Core Viewpoints - The company has established itself as a leading supplier of photovoltaic conductive pastes, with a focus on low-silver and high-copper paste solutions, which are expected to drive growth in the coming years [3][13]. - The transition from PERC to N-type TOPCon technology in 2024 presents a significant opportunity for the company, as it has a first-mover advantage in developing conductive pastes for this new technology [2][34]. - The company's revenue is projected to grow significantly, with estimates of 164 billion CNY in 2025 and 210 billion CNY in 2027, alongside a steady increase in net profit [4][64]. Financial Performance - The company reported revenues of 96 billion CNY in 2023, with a year-on-year growth of 155%, and is expected to reach 154 billion CNY in 2024, reflecting a 60% increase [1][4]. - The gross margin has remained stable around 10%, with net profit margins showing fluctuations, expected to be 3.9% in 2023 and 2.2% in 2024 [1][4]. - R&D expenses accounted for 3.2% and 3.1% of total revenues in 2023 and 2024, respectively, indicating a strong commitment to innovation [1][4]. Market Position and Strategy - The company is positioned to benefit from the ongoing shift in the photovoltaic conductive paste market, where domestic manufacturers are gaining market share from international players, with a projected market share of 82% by 2024 for leading domestic companies [2][30]. - The introduction of high-copper paste solutions is part of the company's strategy to reduce costs and improve efficiency in the photovoltaic industry, which is under pressure to lower production costs [3][40]. - The company has developed a unique low-silver metallization solution that combines seed layer paste with high-copper paste, which is expected to enhance its competitive edge in the market [3][51].

Core Viewpoint - The cash acquisition by Dike Co., Ltd. raises questions about why the actual controller is voluntarily providing performance guarantees, especially given the company's significant short-term debt pressure and high accounts receivable [1][2][3] Acquisition Details - Dike Co., Ltd. plans to acquire 60% of Zhejiang Suot Material Technology Co., Ltd. for a cash consideration of 696 million yuan, making it a controlling subsidiary [1] - The acquisition targets include Anji Bacuai Equity Investment Fund, Wuxi Zhuyu Equity Investment Fund, and Xinyi Huijin New Energy Venture Capital [1] Performance Guarantee - The actual controller, Shi Weili, who does not hold shares in the target company, has committed to a performance compensation agreement, ensuring that if the net profit of Zhejiang Suot is below 287 million yuan from 2025 to 2027, he will compensate the difference [2][3] Historical Context - Zhejiang Suot previously sought to merge with Dike Co., Ltd. four years ago, but the plan failed due to market changes and regulatory issues [3][4] Financial Implications - The acquisition is expected to increase cash pressure on Dike Co., Ltd., as the cash payment of nearly 700 million yuan comes at a time when the company has significant short-term borrowings exceeding 2.6 billion yuan [9][11] - The company's cash ratio has been declining, with recent figures at 1.28, 0.57, and 0.5 [9] Revenue and Profitability - In 2024, Dike Co., Ltd. reported a revenue of 15.35 billion yuan, a year-on-year increase of 59.85%, but the net profit decreased by 6.66% to 360 million yuan [11] - The company faces substantial accounts receivable pressures, with nearly 4 billion yuan outstanding [11] Related Transactions - There has been a significant increase in related party transactions, with the total amount reaching 2.15 billion yuan in 2024, a 363% increase from 2023 [13] - The revenue and net profit of Zhejiang Suot have also shown a dramatic turnaround, with revenues increasing from 1.26 billion yuan in 2023 to 3.55 billion yuan in 2024 [13]

Overview - The silver powder and silver paste industry in China is experiencing rapid growth due to the development of downstream industries such as photovoltaics and electronic information. In 2024, silver powder production is expected to reach 13,465.8 tons, and silver paste production is projected to be 22,028.9 tons. The demand for silver powder is estimated at 16,445.3 tons, while silver paste demand is expected to be 22,037.1 tons. The market size for silver powder is projected to be 49.32 billion yuan, and for silver paste, it is expected to reach 122.13 billion yuan. The "dual carbon" goals are anticipated to further boost market demand in the photovoltaic sector [1][12]. Market Policies - The Chinese government has implemented various policies to support the development of the new energy industry, which indirectly benefits the silver powder and silver paste market. Key policies include guidelines for promoting photovoltaic power generation, managing land use, and enhancing renewable energy consumption. These initiatives create a broader market space for silver powder and silver paste in the photovoltaic sector [5][7]. Industry Chain - The silver powder and silver paste industry consists of an upstream segment that includes silver mining, silver recycling, and the production of glass oxides and organic solvents. The midstream involves the manufacturing of silver powder and silver paste, while the downstream applications primarily focus on photovoltaics and electronic information sectors, with photovoltaics being the most significant market for silver powder and paste [8][10]. Development Status - The silver powder and silver paste industry is in a golden period of rapid development, driven by the booming photovoltaic and electronic information sectors. In 2024, the silver powder market size is expected to reach 49.32 billion yuan, and the silver paste market size is projected to be 122.13 billion yuan. The growth in the clean energy sector is expected to further enhance the demand for silver powder and paste [12][14]. Competitive Landscape - The domestic market for silver powder and silver paste has historically been dominated by foreign companies, but local firms are increasingly breaking this monopoly through enhanced R&D and improved product quality. Key players in the industry include Suzhou Guder, Dike, Boqian New Materials, and others, primarily located in Jiangsu, Zhejiang, and Guangdong provinces. The trend indicates a growing market share for domestic products in the global market [16][18]. Industry Representative Companies - Dike Electronic Materials Co., Ltd. has become a leading supplier of photovoltaic metallization paste, significantly contributing to the domestic market's growth. In 2024, the company's revenue is expected to reach 15.35 billion yuan, with photovoltaic conductive silver paste accounting for 83.81% of its total revenue [18]. - Suzhou Guder Electronic Co., Ltd. is recognized as a pioneer in the domestic production of photovoltaic cell conductive paste, with a comprehensive product range. The company's revenue in 2024 is projected to be 5.638 billion yuan, with its new energy materials business contributing 4.609 billion yuan [20]. Development Trends - The silver powder and silver paste industry is expected to see continuous technological innovation, focusing on developing new high-efficiency conductive materials and techniques. There will be an emphasis on green production and circular economy practices, with companies increasing investments in environmentally friendly materials and processes to reduce pollution and enhance resource recycling [22].