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].

[ 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 ...

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（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 ...

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 ...

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 ...

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 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 15% compared to RMB 435 million in the same period of 2023[4]. - The company has set a revenue target of RMB 1.2 billion for the full year 2024, which would represent a growth of 10% compared to 2023[4]. - The company's operating revenue for the reporting period reached ¥7,586,672,469.74, representing a 118.30% increase compared to the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥232,919,227.31, reflecting a 14.89% increase year-on-year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥349,755,580.90, which is a significant increase of 154.22% compared to the previous year[14]. - The net cash flow from operating activities was ¥638,153,868.63, a remarkable turnaround from a negative cash flow of ¥493,139,926.75 in the same period last year, marking a 229.41% improvement[14]. - The company reported a total non-recurring losses of ¥116,836,353.59, primarily due to fair value changes and other operational impacts[17]. - The company achieved operating revenue of 758,667.25 million yuan, a year-on-year increase of 118.30%[25]. - Net profit attributable to shareholders was 23,291.92 million yuan, reflecting a year-on-year growth of 14.89%[25]. - The company reported a total current liabilities of CNY 6,769,417,809.16, compared to CNY 5,367,030,578.01 at the beginning of the period, representing an increase of approximately 26%[110]. Research and Development - The company plans to invest RMB 100 million in R&D for new product development and technology innovation in 2024, aiming to enhance competitive advantage[4]. - In the first half of 2024, the company's R&D investment reached 242.56 million yuan, a 177.40% increase compared to the same period last year[26]. - The company has a strong R&D team, continuously upgrading products to meet market demands and technological changes[25]. - The company aims to enhance the efficiency and cost-effectiveness of P-type PERC cells and strengthen its leadership in N-type TOPCon cell silver paste products[26]. - The company is actively recruiting talent to enhance its research and development capabilities and overall management efficiency[29]. Market Expansion and Strategy - Market expansion efforts include entering two new international markets, with an expected contribution of RMB 50 million to revenue by the end of 2024[4]. - The company is exploring potential mergers and acquisitions to enhance its market position and product offerings, with a budget of RMB 200 million allocated for this purpose[4]. - The company plans to enhance its competitiveness by increasing market share and exploring new business areas amid potential fluctuations in the photovoltaic industry[51]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million CNY allocated for potential mergers[146]. - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[148]. Sustainability and Corporate Responsibility - The company is committed to sustainable practices and aims to reduce carbon emissions by 30% by 2025 as part of its corporate social responsibility strategy[4]. - The company focuses on technological innovation in photovoltaic conductive paste, contributing to global carbon neutrality efforts[63]. - The company has implemented measures to reduce carbon emissions, including optimizing production schedules and promoting energy-saving practices among employees[63]. Financial Management and Risks - The company faces risks including market competition and fluctuations in raw material prices, which could impact future performance[3]. - The company is exposed to market risks due to fluctuations in silver prices and foreign exchange rates, which could impact cash flow and operational stability[43]. - The company has established a strict accounts receivable management system to strengthen collection efforts[55]. - The company has ongoing investments in silver futures and options to hedge against price fluctuations, which are closely related to its operational needs[42]. Shareholder and Governance - The company has established a robust governance structure to protect shareholder rights, ensuring transparency and effective communication with investors[64]. - Employee rights are protected through compliance with labor laws and the provision of various welfare benefits, enhancing employee satisfaction[65]. - The company has maintained stable strategic partnerships with quality customers and suppliers, fostering mutual growth[65]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[63]. Product Development and Innovation - The company aims to enhance its market leadership in N-type TOPCon battery conductive silver paste and HJT battery low-temperature metallization paste[22]. - The company is expanding its product applications in the semiconductor packaging materials sector to diversify its market presence[23]. - The company is focusing on promoting high-margin products such as N-type TOPCon, HJT, and IBC battery conductive silver paste to enhance competitiveness[55]. Financial Reporting and Compliance - The financial statements were approved by the board of directors on August 27, 2024[134]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect the true financial condition as of June 30, 2024[138]. - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[136].

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 ...

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 ...