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]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company achieved a revenue of 15.351 billion yuan in 2024, representing a year-on-year increase of 59.85%. However, the net profit attributable to shareholders decreased by 6.66% to 360 million yuan, with a gross margin of 9.38% [2][4]. - The company continues to lead in the conductive silver paste industry, with a shipment of 2,037.69 tons in 2024, an increase of 18.91% year-on-year. The N-type TOPCon battery conductive silver paste accounted for 89.1% of the total shipments [8]. - The company is actively pursuing the development and industrialization of low-silver metallization technology, aiming to enhance profitability through product innovation and market expansion [8]. Financial Summary - In 2024, the company reported total revenue of 15,351 million yuan, with a projected growth rate of 59.9% for 2025, followed by 14.1% in 2026 and 16.7% in 2027 [4]. - The net profit attributable to shareholders is expected to grow to 501 million yuan in 2025, 645 million yuan in 2026, and 744 million yuan in 2027, with respective growth rates of 39.3%, 28.5%, and 15.4% [4]. - The earnings per share (EPS) are projected to increase from 2.56 yuan in 2024 to 5.28 yuan by 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 20 in 2024 to 10 in 2027 [4]. Market Position and Strategy - The company is expanding its product applications in the semiconductor sector, enhancing its market presence through the acquisition of a 51% stake in Shenzhen Yimeng Holdings Technology Co., Ltd., which focuses on storage chip business [8]. - The report highlights the company's commitment to R&D and market development, maintaining its leading position in the photovoltaic battery conductive paste industry [8].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is a leader in N-type silver paste, with significant growth in TOPCon silver paste shipments [1][2] - The company is advancing low-silver metallization and high-copper paste, expecting to accelerate mass production in the second half of the year [2] - The company is deepening its semiconductor paste layout, enhancing its brand influence in the semiconductor electronics industry [3] - Revenue projections for 2025-2027 are estimated at 174.41 billion, 198.26 billion, and 222.79 billion yuan, with corresponding growth rates of 13.6%, 13.7%, and 12.4% [3][4] Financial Summary - In 2024, the company achieved revenue of 15.351 billion yuan, a year-on-year increase of 59.85%, and a net profit of 360 million yuan, a decrease of 6.66% [1][4] - The projected net profit for 2025 is 501 million yuan, with a growth rate of 39.1% [4][9] - The earnings per share (EPS) for 2024 is estimated at 2.56 yuan, with projections of 3.56 yuan, 4.66 yuan, and 5.95 yuan for 2025, 2026, and 2027 respectively [4][9]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is a leader in N-type silver paste, with significant growth in TOPCon silver paste shipments [1][2] - The company is advancing low-silver metallization and high-copper paste production, with expectations for large-scale production in the second half of the year [2] - The company is deepening its semiconductor paste layout, enhancing its brand influence in the semiconductor electronics industry [3] - Revenue projections for 2025-2027 are estimated at 174.41 billion, 198.26 billion, and 222.79 billion yuan, with corresponding growth rates of 13.6%, 13.7%, and 12.4% [3][4] Financial Summary - In 2024, the company achieved revenue of 15.351 billion yuan, a year-on-year increase of 59.85%, and a net profit attributable to shareholders of 360 million yuan, a decrease of 6.66% [1][4] - The company expects net profits of 5.01 billion, 6.55 billion, and 8.37 billion yuan for 2025, 2026, and 2027, with growth rates of 39.1%, 30.9%, and 27.7% respectively [3][4] - The projected PE ratios for 2025, 2026, and 2027 are 14X, 11X, and 8X [3][4]

Financial Performance - In 2024, the company achieved a revenue of 15.351 billion CNY, an increase of 59.85% compared to the previous year [1] - The net profit attributable to shareholders was 359.96 million CNY, a decrease of 6.66% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 439.10 million CNY, an increase of 28.03% year-on-year [1] - Total assets reached 7.832 billion CNY, a year-on-year growth of 15.43% [1] - Net assets increased by 26.48% year-on-year, totaling 1.674 billion CNY [1] Product Sales and Market Position - The company sold 2,037.69 tons of photovoltaic conductive silver paste, an increase of 18.91% year-on-year [1] - Sales of silver paste products for N-type TOPCon batteries reached 1,815.53 tons, accounting for 89.10% of total sales in this category, maintaining industry leadership [1] Technological Advancements - The company is actively developing low-silver and silver-free technologies to reduce metallization costs and strengthen its market position [2] - The N-type HJT battery low-temperature silver-coated copper paste is being mass-produced, with a focus on developing lower silver content products [2] - High copper paste designs for TOPCon and TBC batteries are expected to enable large-scale production in the second half of the year [5] Cash Flow and Financial Management - The significant improvement in cash flow from operating activities is attributed to better management of accounts receivable and strategic procurement practices [6] - The company aims to enhance its market share by focusing on high-quality leading customers in 2025 [7] Cost Structure and Future Outlook - The processing fees for TOPCon silver paste remain stable, while HJT and TBC paste processing fees are higher [8] - The company is evaluating the impact of recent photovoltaic industry policies on its 2025 shipment targets [7]

证券代码：300842 证券简称：帝科股份 公告编号：2025-012 无锡帝科电子材料股份有限公司 关于提请股东大会授权董事会全权办理 以简易程序向特定对象发行股票相关事宜的公告 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"）于 2025 年 2 月 27 日召开第三届董事会第七次会议，审议通过了《关于提请股东大会授 权董事会全权办理以简易程序向特定对象发行股票相关事宜的议案》。根据《中 华人民共和国公司法》《中华人民共和国证券法》等法律法规及公司章程的有关 规定，拟提请公司股东大会授权公司董事会全权办理以简易程序向特定对象发行 融资总额不超过人民币三亿元且不超过最近一年末净资产百分之二十的股票（以 下简称"本次发行"）的相关事宜，授权有效期为 2024 年年度股东大会通过之日 起至 2025 年年度股东大会召开之日止。本议案尚需提交公司股东大会审议，现 将有关情况公告如下： 2.发行股票的种类、数量和面值 向特定对象发行融资总额不超过人民币三亿元且不超过最近一年末净资产 百分之二十的中国境内上 ...

JONTEN CERTIFIED PUBLIC ACCOUNTANTS （LIMITED LIABILITY PARTNERSHIP） __ 永 一、 内部控制审计报告・・・・・・・・・・・・・・・・・・・・・・ ····· 1 无锡帝科电子材料股份有限公司 内部控制审计报告 中天运会计师事务所（特殊普通合伙） 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控 制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是帝科股份 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审 计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 中天运会计师事务所（特殊普通合伙）JONTEN CPAS 内部控制审计报告 中天运[2025]控字第 90001 号 无锡帝科电子材料股份有限公司全体股东： 按照《企业内 ...

无锡帝科电子材料股份有限公司 审计报告 中天运[2025]审字第 90005 号 中天运会计师事务所（特殊普通合伙） JONTEN CERTIFIED PUBLIC ACCOUNTANTS LLP 中天运会计师事务所（特殊普通合伙）JONTEN CPAS 目 录 | 1、 | 审计报告 | ………………………………………………1 | | --- | --- | --- | | 2、 | 合并资产负债表 | ………………………………………5 | | 3、 | 母公司资产负表 | ………………………………………7 | | 4、 | 合并利润表 | ……………………………………………9 | | 5、 | 母公司利润表 | …………………………………………10 | | 6、 | 合并现金流量表 | ………………………………………11 | | 7、 | 母公司现金流量表 | ……………………………………12 | | 8、 | 合并所有者权益变动表 | ………………………………13 | | 9、 | 母公司所有者权益变动表 | ……………………………15 | | | 10、财务报表附注 | ……………………………………… ...

无锡帝科电子材料股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 作为无锡帝科电子材料股份有限公司(以下简称"公司")的独立董事，根据 《公司法》、《证券法》、《上市公司独立董事管理办法》、《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》、《无锡帝科电子 材料股份有限公司章程》及《无锡帝科电子材料股份有限公司独立董事制度》等 相关法律、法规、规章的规定和要求，本人在 2024 年度任职期间，勤勉、尽责、 忠实履行职务，按时出席相关会议，对各项议案进行认真审议，对公司重大事项 发表了独立意见，充分发挥了独立董事及各专门委员会委员的作用，切实维护了 公司和股东的利益。现就本人在 2024 年度履行独立董事职责的情况报告如下： 报告期内，本人因连续担任公司独立董事满六年，于 2024 年 6 月 14 日公司 召开 2024 年第三次临时股东大会选举完成董事会换届选举后正式卸任，不再担 任公司任何职务。 现就本人在 2024 年度任职期间履行独立董事职责的情况报告如下： 一、本人基本情况 本人唐建荣，1963 年 12 月生，中国国籍，博士学历。1990 年 7 月至今 ...

无锡帝科电子材料股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 作为无锡帝科电子材料股份有限公司（以下简称"公司"）的独立董事，根 据《公司法》、《证券法》、《上市公司独立董事管理办法》、《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》、《无锡帝科电 子材料股份有限公司章程》及《无锡帝科电子材料股份有限公司独立董事制度》 等相关法律、法规、规章的规定和要求，本人在 2024 年度任职期间，勤勉、尽 责、忠实履行职务，按时出席相关会议，对各项议案进行认真审议，对公司重大 事项发表了独立意见，充分发挥了独立董事及各专门委员会委员的作用，切实维 护了公司和股东的利益。现就本人在 2024 年度履行独立董事职责的情况报告如 下： 一、本人基本情况 本人李建辉，1968 年 2 月出生，硕士研究生，高级会计师、中国注册会计 师、中国注册评估师。历任羊城晚报社会计师，岭南会计师事务所总经理助理， 光领会计师事务所所长、主任会计师，广州市建筑集团有限公司副总会计师、高 级会计师，广州建筑股份有限公司财务负责人，广州金融控股集团有限公司派驻 财务总监，现任光领会计师事务所主任会 ...