证券代码：300842 证券简称：帝科股份 公告编号：2025-055 无锡帝科电子材料股份有限公司 第三届董事会第十三次会议决议公告 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"）第三届董事会第十三次 会议于 2025 年 10 月 14 日以现场结合腾讯会议的方式在公司会议室召开，会议 通知及补充通知等相关资料已于 2025 年 10 月 11 日、10 月 13 日通过电子邮件、 微信方式送达全体董事。经全体董事一致同意，本次会议豁免通知时限要求。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， 其中董事史卫利、李建辉、秦舒以腾讯会议方式参会，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， ...

3. 归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股 票； 证券代码：300842 证券简称：帝科股份 公告编号：2025-058 无锡帝科电子材料股份有限公司 关于公司 2024 年限制性股票激励计划限制性股票 4. 本次归属的限制性股票待相关手续办理完成后，公司将发布相关上市流通 的公告，敬请投资者关注。 第一个归属期归属条件成就的公告 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。 重要内容提示： 1. 本次第二类限制性股票拟归属数量：347.5325 万股，占目前公司总股本的 2.45%； 2. 本次符合归属条件的激励对象共计 26 人； 无锡帝科电子材料股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日召开第三届董事会第十三次会议、第三届监事会第十五次会议，审议通过了《关 于公司 2024 年限制性股票激励计划限制性股票第一个归属期归属条件成就的议 案》，董事会认为公司 2024 年限制性股票激励计划（以下简称"本次激励计划"） 限制性股票的第一个归属期归属条件已经成就，同意公司按规定为本次符合归属 条件的 26 ...

Core Viewpoint - The BC battery silver paste market is expected to grow significantly, driven by the transition to new battery technologies in the photovoltaic industry, with a projected market size of $420 million by 2031 and a CAGR of 20.3% from 2025 to 2031 [3][5]. Market Trends - The market share of PERC batteries is projected to decline from 88% in 2022 to 20.5% in 2024, while n-type TOPCon batteries are expected to dominate with a market share of 71.1% [5]. - The BC battery market share is anticipated to increase from 0.2% in 2022 to 5.0% in 2024, indicating a rapid growth phase for BC technology [5]. Drivers of Growth - The BC battery technology is gaining attention due to its ability to significantly enhance power generation and system returns, supported by process optimization, material substitution, and large-scale production [5][6]. - The low-carbon characteristics of BC technology are expected to improve its competitive advantage as global investments in photovoltaic plants increasingly focus on the carbon footprint of components [6]. Competitive Landscape - The top five global BC battery silver paste manufacturers hold approximately 81.0% of the market share, with key players including 日御光伏, 无锡帝科电子材料, 贺利氏光伏 (海天股份), 苏州晶银新材料, and 广州市儒兴科技 [16][17]. - 日御光伏 has seen its revenue from BC silver paste increase from 30.995 million yuan to 518 million yuan from 2022 to 2024, with its revenue share rising from 7.9% to 22.6% [17]. - 无锡帝科电子材料 has been a pioneer in providing BC battery paste since 2020 and is recognized for its rapid technological advancements and market leadership [18]. Technological Developments - The transition to BC batteries involves complex process modifications, including back-side interconnection and laser etching, which pose challenges for silver paste suppliers in terms of meeting new performance criteria [11]. - The introduction of printed silver paste technology offers a potential alternative, reducing silver usage and manufacturing costs while improving efficiency [10]. Future Outlook - The BC battery silver paste market is positioned for long-term growth, driven by technological advancements and increasing market penetration, with significant implications for the photovoltaic industry [5][6].

Core Insights - JinkoSolar has signed a comprehensive strategic cooperation agreement with DKE in Shanghai on October 10, focusing on key areas such as innovative technologies for high-efficiency photovoltaic cell metallization paste and low-silver/no-silver metallization technology for photovoltaic cells [1] Group 1 - The partnership aims to enhance technological innovation in the photovoltaic industry [1] - The collaboration will specifically target advancements in metallization techniques, which are crucial for improving solar cell efficiency [1] - This agreement reflects a growing trend in the solar industry towards collaboration for technological advancements [1]

Market Overview - The photovoltaic equipment sector experienced a decline of 4.89% on October 10, with Airo Energy leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Airo Energy (688717) closed at 74.94, down 14.38% with a trading volume of 128,900 shares [1] - Shangneng Electric (300827) closed at 31.62, down 13.72% with a trading volume of 709,800 shares [1] - Jingsheng Mechanical & Electrical (300316) closed at 42.53, down 10.58% with a trading volume of 570,700 shares [1] - Other notable declines include Jinlang Technology (300763) down 9.19% and Yangguang Power (300274) down 7.79% [1] Capital Flow Analysis - The photovoltaic equipment sector saw a net outflow of 6.917 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.268 billion yuan [3] - Notable stocks with significant capital flow include Foster (603806) with a net outflow of 32.1915 million yuan from institutional investors [3] - Hongyuan Green Energy (603185) had a net inflow of 23.8808 million yuan from institutional investors [3] ETF Information - The Huaxia Sci-Tech 100 ETF (product code: 588800) tracks the Shanghai Stock Exchange Sci-Tech 100 Index and has seen a 5-day change of 3.31% [5] - The ETF's current price-to-earnings ratio is 295.08, with a recent reduction in shares by 27.5 million, and a net inflow of 1.285 million yuan from institutional investors [5]

Investment Rating - The report maintains an "Overweight" rating for the company [3]. Core Insights - The company is a leading enterprise in photovoltaic conductive paste and has strengthened its industry position through the acquisition of Zhejiang Suote. Additionally, the company's semiconductor second curve business is beginning to ramp up, with products in sintered silver and silicon carbide-related fields starting to industrialize [1][7]. - The semiconductor electronic materials business has shown significant growth, achieving revenue of 11.54 million in the first half of 2025, a year-on-year increase of 75.1%. The company is focusing on high-value automotive applications, indicating substantial future growth potential [10][12]. - The acquisition of Shenzhen Yinmeng in 2024 allows the company to enter the storage chip sector, with expected revenues of 0.75 billion and 1.89 billion for 2024 and the first half of 2025, respectively. The storage chip business is anticipated to perform positively due to the industry's rapid development [12][13]. Financial Data and Valuation - Total revenue is projected to grow from 9.603 billion in 2023 to 20.416 billion by 2027, with a compound annual growth rate (CAGR) of 13% [2][23]. - The company's net profit is expected to decline from 386 million in 2023 to 251 million in 2025, before recovering to 737 million by 2027 [2][23]. - The price-to-earnings (PE) ratio is forecasted to decrease from 25.5 in 2023 to 13.3 in 2027, indicating a potential undervaluation as earnings recover [2][23]. Company Developments - The acquisition of Zhejiang Suote for 696 million in cash has been completed, enhancing the company's intellectual property and R&D capabilities, which is expected to improve business scale and profitability [7][8]. - The company has begun to industrialize products related to automotive dimming glass and silicon carbide, indicating a diversification of its product offerings [1][7]. - The semiconductor materials business is gradually expanding, with a focus on high-value applications in the automotive sector, which is expected to drive future growth [10][11].

Group 1 - The core point of the news is that Dike Co., Ltd. has seen a significant increase in its stock price, rising 5.26% on October 9, with a total market value of 10.33 billion yuan and a cumulative increase of 16.88% over six consecutive days [1] - Dike Co., Ltd. specializes in the research, production, and sales of high-performance electronic materials, with its main revenue sources being photovoltaic conductive paste (74.86%), material sales (21.31%), storage chips (2.26%), and semiconductor packaging paste (0.14%) [1] - The stock performance indicates strong investor interest, as evidenced by a trading volume of 582 million yuan and a turnover rate of 6.56% [1] Group 2 - According to data from the top ten holdings of funds, Yimi Fund has a significant position in Dike Co., Ltd., with its Yimi Kaitai Mixed A Fund holding 42,700 shares, accounting for 4.32% of the fund's net value [2] - The Yimi Kaitai Mixed A Fund has generated a floating profit of approximately 155,400 yuan today and a total of 427,000 yuan during the six-day rising period [2] - The fund has shown strong performance this year, with a return of 30.69% and a ranking of 3,375 out of 8,238 in its category [2]

Core Viewpoint - Dike Co., Ltd. (300842) is focusing on breakthroughs in domestic alternatives for power semiconductor packaging materials and automotive electronic materials to challenge the monopolies of companies like Henkel, Heraeus, and Alpha [1] Group 1: Company Strategy - Dike Co., Ltd. aims to achieve coordinated development between semiconductor packaging materials and semiconductor devices [1] - In 2024, the company plans to introduce a senior team from the memory semiconductor industry to enter the core field of memory [1] - The new team specializes in the application development and design of DRAM memory chips, which will leverage unique technological advantages [1] Group 2: Industry Impact - The initiative is expected to help break foreign monopolies in the memory industry and promote rapid development of the domestic memory sector [1] - The domestic memory industry is anticipated to meet the growing demand for memory chips driven by core strategic areas such as AI, big data, 5G, and autonomous driving [1]

Market Overview - The photovoltaic equipment sector rose by 1.48% on September 30, with GoodWe leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Key Performers - GoodWe (688390) closed at 64.69, up 12.68% with a trading volume of 178,400 shares and a turnover of 1.094 billion [1] - DeYee (605117) closed at 81.00, up 7.28% with a trading volume of 322,400 shares and a turnover of 2.540 billion [1] - Other notable performers include ST Quanwang (300093) up 5.68%, Star Energy Technology (688348) up 5.45%, and Dike Co. (300842) up 5.45% [1] Decliners - Yicheng New Energy (300080) fell by 7.14% to 5.46, with a trading volume of 2,205,300 shares and a turnover of 126.3 million [2] - ST Muban (603398) decreased by 4.99% to 8.95, with a trading volume of 343,800 shares and a turnover of 310 million [2] - Other notable decliners include Sunshine Power (300274) down 1.83% and Motewei (688516) down 1.69% [2] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 573 million from institutional investors, while retail investors saw a net inflow of 338 million [2] - Notable net inflows from retail investors were observed in GoodWe (688390) and Dike Co. (300842) [3] - The main net inflow was from Longxi Green Energy (601012) at 253 million, while DeYee (605117) saw a net outflow of 66.3 million from institutional investors [3]

Group 1 - The core point of the news is that the controlling shareholder of Dike Co., Ltd., Shi Weili, has pledged part of his shares for personal funding needs, with no risk of forced transfer or change in control [2][3]. - As of the announcement date, Shi Weili and his concerted actors hold 20.76 million shares of Dike, accounting for 14.65% of the total share capital [2]. - After the pledge, Shi Weili has pledged a total of 5.028 million shares, which is 24.21% of his total holdings and 3.55% of Dike's total share capital [2]. Group 2 - Dike Co., Ltd. was established in 2010 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in June 2020, being the first listed company in China for photovoltaic conductive silver paste [2]. - The company focuses on the photovoltaic new energy sector while also developing semiconductor packaging materials and electronic components [2]. - In the first half of 2025, Dike achieved revenue of 8.34 billion yuan, a year-on-year increase of 9.93%, but the net profit attributable to shareholders decreased by 70.03% to 69.81 million yuan due to a significant rise in silver prices [2]. - The semiconductor packaging material business saw a substantial revenue increase of 75.1% year-on-year, reaching 11.54 million yuan, indicating a dual-driven growth pattern of "photovoltaic + semiconductor" [2].