买入（维持） ◼ 风险提示：原材料上涨超预期、需求增长不及预期、竞争加剧等。 -21% -16% -11% -6% -1% 4% 9% 14% 19% 24% 29% 2023/5/4 2023/8/31 2023/12/28 2024/4/25 帝科股份 沪深300 | --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 14.23 | | 资产负债率 (%,LF) | 80.81 | | 总股本 ( 百万股 ) | 140.70 | | 流通 A 股 ( 百万股 ) | 125.10 | 请务必阅读正文之后的免责声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|-------|-------|-----------------------------|-------|-------|-------|-------| | 现金流量 ...

证券代码：300842 证券简称：帝科股份 无锡帝科电子材料股份有限公司 投资者关系活动记录表 编号：2024-003 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 具体名单详见附件 时间 2024年4月28日 地点 进门财经（https://www.comein.cn/home/index） 上市公司接待 董事、副总经理、财务总监：王姣姣女士 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 一、简要介绍2024年第一季度公司经营情况 公司始终聚焦核心技术创新，立足市场最新技术前沿，随 着N型TOPCon电池的快速产业化，公司应用于N型TOPCon电 池的全套导电银浆产品出货量大幅增加，公司2024年第一季度 营业收入与净利润双双实现快速增长，进一步巩固公司在光伏 投资者关系活 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company is positioned to benefit from the rapid growth in TOPCon silver paste shipments, with expectations to enjoy the production benefits of LECO technology [5]. - The company is a leader in N-type silver paste and is expected to capitalize on the iteration benefits of N-type technology [5]. - The first quarter of 2024 showed significant revenue growth of 135.38% year-on-year, reaching 3.644 billion yuan, and a net profit increase of 103.71% year-on-year, amounting to 176 million yuan [5]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 15.487 billion yuan, 18.534 billion yuan, and 21.534 billion yuan, respectively, with growth rates of 61.3%, 19.7%, and 16.2% [5][17]. - The net profit attributable to shareholders is forecasted to be 682 million yuan in 2024, 831 million yuan in 2025, and 984 million yuan in 2026, with corresponding growth rates of 76.9%, 21.9%, and 18.4% [5][17]. - The company’s PE ratios are projected to be 10X, 8X, and 7X for the years 2024, 2025, and 2026, respectively [5][17]. Market Position and Strategy - The company is expected to achieve a shipment volume of 2,500 to 3,000 tons in 2024, representing a year-on-year increase of over 45% compared to 1,714 tons in 2023 [5]. - The introduction of LECO technology is anticipated to enhance the efficiency of TOPCon batteries by 0.3%-0.6%, with the company being a leading supplier of the necessary silver paste [5]. - The company is expanding its semiconductor paste offerings, transitioning from small to medium and large clients, and is investing in high-performance electronic materials projects [5].

Financial Performance - The company's revenue for Q1 2024 reached ¥3,644,461,187.45, representing a 135.38% increase compared to ¥1,548,338,008.73 in the same period last year[5] - Net profit attributable to shareholders was ¥175,728,979.22, up 103.71% from ¥86,263,701.13 year-on-year[5] - The basic earnings per share (EPS) increased to ¥1.75, a 103.49% rise from ¥0.86 in the same period last year[5] - Operating profit for Q1 2024 was ¥187,688,304.39, up 109.8% from ¥89,259,597.83 in Q1 2023[26] - The total comprehensive income for Q1 2024 was ¥173,468,208.27, up from ¥84,743,509.13 in the previous year, reflecting a growth of 104.4%[27] Cash Flow - The net cash flow from operating activities improved significantly to ¥386,355,941.69, compared to a negative cash flow of ¥496,407,977.27 in the previous year, marking a 177.83% increase[5] - Cash flow from operating activities generated a net inflow of ¥386,355,941.69, a turnaround from a net outflow of ¥496,407,977.27 in the same quarter last year[29] - The net cash flow from investment activities was -41,522,922.85 CNY, compared to 11,775,545.56 CNY in the previous year[30] - Cash inflow from financing activities totaled 660,979,705.55 CNY, while cash outflow was 813,251,763.90 CNY, resulting in a net cash flow of -152,272,058.35 CNY[30] - The net increase in cash and cash equivalents was 207,928,027.17 CNY, compared to a decrease of -107,656,216.53 CNY in the previous year[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,537,615,743.43, an 11.10% increase from ¥6,784,718,315.13 at the end of the previous year[5] - Total liabilities increased to ¥6,091,487,678.38, up from ¥5,443,030,450.74, indicating a rise of 11.9%[24] - The total current liabilities increased to CNY 6,019,985,109.84 from CNY 5,367,030,578.01, representing an increase of about 12.1%[23] - The company’s non-current assets totaled CNY 553,348,696.92, up from CNY 518,374,753.50, marking an increase of approximately 6.4%[23] Expenses - Operating costs increased to CNY 3.256 billion, a rise of 137.14% due to expanded sales scale[10] - R&D expenses surged to CNY 111.815 million, reflecting a 201.44% increase as the company strengthened its R&D team and product development efforts[10] - The company incurred financial expenses of ¥17,534,272.00, which increased from ¥12,671,599.24 in the same period last year[26] - Sales expenses reached CNY 41.648 million, up 181.65% as the company intensified its marketing efforts[10] - Management expenses rose to CNY 12.933 million, a 99.24% increase due to higher employee compensation and intermediary fees[10] Investments and Financing - The company reported a net cash outflow from investing activities of CNY 41.523 million, a decrease of 452.62% compared to the previous period[10] - The net cash outflow from financing activities was CNY 152.272 million, a 141.27% increase due to higher cash payments for debt repayment[10] - The company plans to distribute a cash dividend of CNY 8.00 per 10 shares, totaling CNY 80,400,000.00, and will also increase its capital stock by 4 shares for every 10 shares held[18] - The company has approved a plan to issue shares to specific investors, with a total financing amount not exceeding CNY 300 million, which is capped at 20% of the latest net assets[20] Other Information - The company plans to continue leveraging its TOPCon technology to enhance product performance and increase market share in the solar energy sector[9] - The company did not undergo an audit for the first quarter report[31] - The company has adopted new accounting standards starting from 2024[31]

证券代码：300842 证券简称：帝科股份 公告编号：2024-041 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 （三）变更前采用的会计政策 本次变更前，公司执行财政部发布的《企业会计准则—基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 （四）变更后采用的会计政策 本次会计政策变更后，公司将按照《准则解释第 17 号》要求执行。其他未 变更部分，仍按照财政部前期颁布的《企业会计准则—基本准则》和各项具体会 计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定执行。 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 4 月 26 日 召开的第二届董事会第二十九次会议及第二届监事会第二十九次会议，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）本次会计政策变更的 ...

无锡帝科电子材料股份有限公司（以下简称"公司"）第二届董事会第二十 九次会议于 2024 年 4 月 26 日以通讯方式在公司会议室召开。会议通知等相关资 料已于 2024 年 4 月 21 日通过电子邮件、微信等方式送达全体董事。本次会议由 董事长史卫利先生召集并主持，应出席董事 9 人，实际出席董事 9 人，公司监事、 高级管理人员列席了会议。本次董事会的召集、召开符合《中华人民共和国公司 法》及《无锡帝科电子材料股份有限公司章程》等相关法律法规的规定，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《关于公司<2024 年第一季度报告>的议案》 董事会认真审议了公司《2024 年第一季度报告》，认为公司《2024 年第一 季度报告》的编制和审议程序符合法律、行政法规、中国证监会和深圳证券交易 所的有关规定，报告内容真实、准确、完整地反映了公司实际经营情况，不存在 虚假记载、误导性陈述或重大遗漏。 证券代码：300842 证券简称：帝科股份 公告编号：2024-039 无锡帝科电子材料股份有限公司 第二届董事会第二十九次会议决 ...

证券代码：300842 证券简称：帝科股份 公告编号：2024-040 无锡帝科电子材料股份有限公司 第二届监事会第二十九次会议决议公告 本公司及监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、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"）第二届监事会第二十 九次会议于 2024 年 4 月 26 日以通讯方式在公司会议室召开。会议通知等相关资 料已于 2024 年 4 月 21 日通过电子邮件、微信方式送达全体监事。本次会议由监 事会主席邓铭女士召集并主持，会议应出席监事 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》（以下简称 "《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 因此，监事会同意公司本次会计政策变更。具体内容详见公司同日披露于巨潮资 讯网（www.cninfo.com.cn）上的《关于会计政策变更的公告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。表决通过。 三、备查 ...

关于对无锡帝科电子材料股份有限公司 的年报问询函 创业板年报问询函〔2024〕第 15 号 无锡帝科电子材料股份有限公司董事会 ： 我部在对你公司 2023 年度报告事后审查中关注到以下 情况： 深 圳 证 券 交 易 所 1.2021 年至 2023 年，你公司经营活动产生的现金流量 净额分别为-2.59 亿元、-1.97 亿元、-10.51 亿元，归属于 上市公司股东的净利润（以下简称"净利润"）分别为 0.94 亿元、-0.17 亿元、3.86 亿元。 请你公司结合业务模式、销售收款模式、采购付款模式 以及存货政策等，量化分析你公司连续多年累计经营活动现 金流净额与净利润差异较大的原因及合理性，并对比同行业 公司经营状况，说明是否存在远低于同行业平均水平的情况， 公司盈利质量是否显著低于同行业公司。请会计师核查并发 表明确意见。 2.报告期内，你公司主营的光伏导电银浆业务收入为 1 90.78 亿元，较上年增长 167.65%，毛利率为 11.66%，较上 年增加 2.07 个百分点。此外，材料销售业务收入为 4.52 亿 元。请你公司： （1）说明光伏导电银浆业务主要客户名称及销售金额， 说明近三年主 ...

Investment Rating - The report maintains an "Outperform" rating for the company [28][46][68] Core Views - The company's revenue has grown rapidly, achieving 9.603 billion yuan in 2023, a year-on-year increase of 154.94%, with a net profit attributable to shareholders of 386 million yuan, marking a turnaround from losses to profits [20][49] - The strong performance is attributed to robust demand in the global photovoltaic market and the rapid industrialization of N-type cells, which significantly boosted silver paste sales [20][29] - The gross profit margin for 2023 was 11.14%, an increase of 2.34 percentage points year-on-year, driven by the higher technical difficulty and processing fees of N-type silver paste [20][29] Financial Summary - Revenue and profit forecasts for 2024-2026 are projected at 13.975 billion yuan, 15.764 billion yuan, and 17.977 billion yuan respectively, with net profits expected to be 621 million yuan, 779 million yuan, and 902 million yuan [49][68] - The diluted EPS is forecasted to be 4.43 yuan, 5.56 yuan, and 6.43 yuan for the years 2024, 2025, and 2026 respectively [49][68] - The company is expected to maintain high growth in profitability due to the increasing volume of TOPCon products and the acceleration of silver powder localization [49][68] Market Position - The company has achieved significant sales in photovoltaic conductive silver paste, with a total of 1713.62 tons sold in 2023, a 137.89% increase year-on-year [43] - The sales of silver paste for N-type TOPCon batteries reached 1008.48 tons, accounting for 58.85% of total silver paste sales, indicating a leading position in the industry [43][67]

证券代码：300842 证券简称：帝科股份 公告编号：2024-037 无锡帝科电子材料股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议的情形。 一、会议召开和出席情况 (一) 会议召开情况 1. 会议召开的日期、时间： 现场会议时间：2024 年 4 月 16 日（星期二）下午 14:00 6. 本次股东大会的召集、召开程序符合《中华人民共和国公司法》《上市 公司股东大会规则》《深圳证券交易所创业板股票上市规则》等有关法律、行政 法规、部门规章、规范性文件和《无锡帝科电子材料股份有限公司章程》等规定。 (二) 会议出席情况 1. 出席会议的总体情况 出席本次股东大会现场会议和网络投票表决的股东及股东代理人共计 11 人， 代表股份 32,966,989 股，占公司总股份的 23.4307％。 2. 出席现场会议情况 出席本次股东大会现场会议的股东及股东代理人 6 人，代表股份 32,769,957 股，占 ...