Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company is positioned as a leader in the photovoltaic silver paste market, with comprehensive technology solutions and a strong focus on research and development to maintain its competitive edge [1][3]. - The copper paste technology is highlighted as a key area of focus, with significant potential for cost reduction in photovoltaic cells by replacing silver with copper [1]. - The company has a rich technical reserve in metallization solutions, particularly in TOPCon, IBC, and HJT technologies, which are expected to drive future growth [1]. Summary by Sections Investment Highlights - The report emphasizes the importance of metallization cost reduction in photovoltaic cells, with various technologies like silver-coated copper and copper plating being explored [1]. - The copper paste technology faces challenges such as oxidation and diffusion, but the company is actively addressing these issues through partnerships and research [1]. Technical Leadership - The company has established itself as a leader in high-performance electronic materials, with a focus on N-type TOPCon, HJT, and IBC technologies [1]. - The copper paste technology is expected to achieve industrialization breakthroughs first in HJT cells due to their unique structure, which simplifies the manufacturing process [1]. Financial Forecast and Valuation - The report maintains profit forecasts for 2024-2026, projecting net profits of 515 million, 630 million, and 724 million yuan respectively, with corresponding EPS of 3.66, 4.48, and 5.15 yuan per share [2][3]. - The company is expected to maintain a strong P/E ratio, projected at 13, 11, and 9 for the years 2024-2026 [2].

上海市通力律师事务所 关于无锡帝科电子材料股份有限公司 2024 年第六次临时股东大会的法律意见书 致: 无锡帝科电子材料股份有限公司 上海市通力律师事务所(以下简称"本所")接受无锡帝科电子材料股份有限公司(以下 简称"公司")的委托, 指派本所纪宇轩律师、卓海萍律师(以下简称"本所律师")根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和 规范性文件(以下统称"法律法规")及《无锡帝科电子材料股份有限公司章程》(以下简称 "公司章程")的规定就公司 2024 年第六次临时股东大会(以下简称"本次股东大会")相 关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公 ...

Group 1: Sales and Production Forecast - The company expects a total shipment volume of 2000-2500 tons for the year 2024, with a projected sales volume of 1,581.16 tons in Q1 2024, representing a year-on-year increase of 41.40% [2] - Of the total sales, 1,386.40 tons (87.66%) are attributed to N-type TOPCon battery silver paste products, maintaining the company's leading position in the industry [2] Group 2: Product Development and Market Position - The company has been supplying BC battery silver paste since 2020 and is recognized as the first domestic supplier of BC battery paste, with ongoing investments in R&D and market expansion [2][3] - The company is a major supplier for mass production of BC batteries and is actively developing potential customers, contributing positively to future performance [3] Group 3: Research and Development in Copper and Silver Paste - The company is focusing on low-silver technologies, including copper paste, and has established partnerships with leading industry players to develop copper paste technology [3] - The company has achieved large-scale production of silver-coated copper paste with 50% silver content and is advancing lower silver content technologies [3] Group 4: Impact of New Technologies on Profitability - The company has made technological reserves for innovations in the photovoltaic industry, which are expected to enhance the profitability of silver paste products through the introduction of new technologies [3]

Group 1: Company Performance and Sales Forecast - The company expects a total shipment volume of 2000-2500 tons for the year 2024, maintaining a strong market position in the photovoltaic sector [2] - In Q1 2024, the company achieved sales of 1,581.16 tons of photovoltaic conductive silver paste, representing a year-on-year increase of 41.40% [2] - The sales of N-type TOPCon conductive silver paste accounted for 1,386.40 tons, which is 87.66% of the total sales volume [2] Group 2: Product Development and Market Position - The company has been supplying BC battery silver paste since 2020 and is recognized as the first domestic supplier of this product [2] - The company is a leading supplier in the BC battery sector, with significant advancements in product performance and market share [3] - The company actively collaborates with potential customers and serves as a benchmark supplier for several BC clients [3] Group 3: Technological Innovations and Cost Management - The single watt consumption of BC silver paste is higher compared to TOPCon silver paste, but the company is working on solutions to reduce silver consumption [3] - The company is focusing on low-silver technologies, including copper paste, and has established partnerships to develop these technologies [3] - Due to overall pressure in the photovoltaic industry, the processing fees and profit margins for silver paste have decreased compared to earlier in the year [4] Group 4: Future Outlook and Competitive Strategy - The company plans to increase R&D investment to maintain its competitive edge in the rapidly evolving silver paste industry [3] - Innovations in battery technologies, such as TBC, HJT, and HBC, are expected to enhance the processing fees of corresponding paste products [4] - The introduction of new technologies is anticipated to positively impact the company's profitability in the future [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is a leading domestic manufacturer of TOPCon photovoltaic conductive silver paste, with expected revenue growth from 2024 to 2026 projected at 142.81 billion, 173.00 billion, and 185.00 billion yuan respectively, and net profit expected to reach 4.85 billion, 6.24 billion, and 7.13 billion yuan [4][5] - The company has set ambitious revenue and net profit targets in its stock incentive plan, reflecting confidence in future profit growth [4] Financial Performance Summary - For Q3 2024, the company reported operating revenue of 3.922 billion yuan, a year-on-year increase of 49.62%, but a quarter-on-quarter decrease of 0.50% [3] - The net profit attributable to shareholders for Q3 2024 was 60 million yuan, down 33.35% year-on-year, but up 4.81% quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 7.60%, a decrease of 3.39 percentage points from the previous quarter [3] - The company increased its sales expenses ratio to 1.31%, reflecting a greater effort in business promotion [3] Revenue and Profit Forecast - The company forecasts revenue growth rates of 48.71%, 21.14%, and 6.94% for the years 2024, 2025, and 2026 respectively [5] - The projected net profit growth rates are 25.70%, 28.70%, and 14.27% for the same years [5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 3.45 yuan, 4.43 yuan, and 5.07 yuan respectively [5] Key Financial Metrics - The company’s price-to-earnings (PE) ratios are projected to be 13.36, 10.38, and 9.09 for 2024, 2025, and 2026 respectively [4][5] - The return on equity (ROE) is expected to be 24.84%, 25.84%, and 24.53% for the years 2024, 2025, and 2026 respectively [5]

关于向金融机构申请综合授信额度的公告 证券代码：300842 证券简称：帝科股份 公告编号：2024-092 无锡帝科电子材料股份有限公司 二、 对公司的影响 本次申请综合授信额度是公司及子公司实现业务发展及经营的正常所需，通 过金融机构授信的融资方式为自身发展补充流动资金，有利于改善公司财务状况， 对公司日常性经营产生积极的影响，进一步促进公司业务发展，符合公司和全体 股东的利益。 三、 监事会意见 经审核，监事会认为：公司及子公司于授信额度有效期内拟向金融机构申请 不超过人民币 60 亿元的综合授信额度，符合公司业务发展实际情况，有利于提 高公司决策和执行效率，符合公司整体利益，不存在损害公司及股东利益的情形， 监事会同意上述议案。 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"）于 2024 年 11 月 12 日分别召开第三届董事会第六次会议和第三届监事会第八次会议，审议通过了 《关于向金融机构申请综合授信额度的议案》，同意公司及子公司于授信额度有 效期内向金融机构（包括但不限于银行、融资租赁公司、商业保 ...

证券代码：300842 证券简称：帝科股份 公告编号：2024-091 无锡帝科电子材料股份有限公司 关于开展金融衍生品交易业务的公告 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。 重要内容提示： 1. 交易品种：结合实际业务情况，公司拟开展的金融衍生品交易业务主要包 括远期结售汇、外汇期权、外汇掉期等外汇衍生产品以及白银期货/期权合约。 2. 交易金额：外汇衍生产品的时点余额不超过 20 亿元，白银期货/期权合约 投入的保证金额度不超过 1 亿元，授权有效期内可以循环滚动使用。 3. 交易目的：公司在日常经营过程中涉及外币业务，进出口业务主要结算币 种是美元、欧元、日元等。受国际政治、经济等不确定因素影响，外汇市场波动 较为频繁，为有效规避外汇市场的风险，防范汇率大幅波动对公司业绩造成影响， 锁定汇兑成本，公司根据生产经营的具体情况，适度择机开展外汇衍生品交易业 务；同时，公司产品主要原材料为银粉，为规避生产经营中使用的原材料银价大 幅波动给公司经营带来的不利影响，保证经营业绩相对稳定，公司通过白银期货 /期权合约进行对冲操作，通过利用合理的金融工具锁定成 ...

证券代码：300842 证券简称：帝科股份 公告编号：2024-089 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 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。 2024 年 8 月 27 日，公司召开的第三届董事会第二次会议、第三届监事会第 二次会议以及 2024 年 9 月 13 日召开的 2024 年第四次临时股东大会审议通过了 《关于增加 2024 年度日常关联交易预计的议案》，根据公司战略规划及经营发 展需要，结合公司实际情况，董事会同意公司增加 2024 年度日常关联交易预计 额度 70,000 万元。具体内容详见公司披露于巨潮资讯网上《关于增加 2024 年度 日常关联交易预计的公告》（公告编号：2024-066）。 2024 年 11 月 12 日，公司召开的第三届董事会第六次会议以 4 票同意、0 票 反对、0 票弃权、1 票回避表决的结果审议通过了《关于增加 2024 年度日常关联 交易预计的议案》，关联董事史卫利已回避表决。根据公司战略规划及经营发展 需要，结合公司实际情况，董事会同意公司增加 2024 ...

无锡帝科电子材料股份有限公司 关于开展金融衍生品交易业务的可行性分析报告 一、公司开展金融衍生品交易业务的背景、目的 公司在日常经营过程中涉及外币业务，进出口业务主要结算币种是美元、欧 元、日元等。受国际政治、经济等不确定因素影响，外汇市场波动较为频繁，为 有效规避外汇市场的风险，防范汇率大幅波动对公司业绩造成影响，锁定汇兑成 本，公司拟根据生产经营的具体情况，适度择机开展外汇衍生品交易业务；同时， 公司产品主要原材料为银粉，为规避生产经营中使用的原材料银价大幅波动给公 司经营带来的不利影响，保证经营业绩相对稳定，公司拟通过白银期货/期权合 约进行对冲操作，通过利用合理的金融工具锁定成本，降低风险，提高公司竞争 力。 二、公司开展金融衍生品交易业务概述 1. 交易品种 结合实际业务情况，公司拟开展的金融衍生品交易业务主要包括远期结售汇、 外汇期权、外汇掉期等外汇衍生产品以及白银期货/期权合约。 公司在充分保障日常经营性资金需求、不影响正常经营活动并有效控制风险 的前提下，使用部分自有资金开展金融衍生品交易业务，有利于提高公司应对外 汇波动风险的能力，防范汇率波动带来对公司经营带来的不利影响；有利于规避 原材料 ...