证券代码：300842 证券简称：帝科股份 公告编号：2024-069 无锡帝科电子材料股份有限公司 2024 年第四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。 特别提示： (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 9 月 13 日（星期五）下午 15:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 9 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为：2024 年 9 月 13 日 9:15-15:00 期间的任意时间。 2. 会议地点：江苏省无锡市宜兴市屺亭街道永盛路 8 号，无锡帝科电子材料 股份有限公司四楼会议室。 3. 会议召开方式：本次会议采用现场投票与网络投票相结合的方式召开。 4. 会议召集人：公司董事会。 5. 会议主持人：董事长史卫利先生。 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 ...

发展受阻。 2024年08月31日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------ ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 7.587 billion yuan in H1 2024, a year-on-year increase of 118.30%, with net profit attributable to the parent company of 233 million yuan, up 14.89% year-on-year [4] - Non-recurring losses impacted short-term profitability, with a total of -117 million yuan in H1 2024, mainly due to fluctuations in silver prices and exchange rates affecting financial assets and liabilities [4] - The company's TOPCon silver paste shipments reached 1,132.05 tons in H1 2024, a year-on-year increase of 76.09%, with TOPCon paste accounting for 87.28% of total shipments [4] - The company's operating cash flow turned positive in H1 2024, reaching 638 million yuan, with expectations of continued improvement in cash flow [4] - The company is expected to achieve revenue of 15.336 billion yuan in 2024, a year-on-year increase of 59.70%, with net profit attributable to the parent company of 549 million yuan [5] Financial Performance - In Q2 2024, the company achieved revenue of 3.942 billion yuan, a year-on-year increase of 104.58%, with net profit attributable to the parent company of 57 million yuan, down 50.89% year-on-year [4] - The company's gross margin in Q2 2024 was 10.99%, an increase of 0.34 percentage points quarter-on-quarter [4] - The company's R&D expenses in 2024 are expected to be 491 million yuan, accounting for 3% of revenue [7] - The company's net profit attributable to the parent company is expected to grow at a compound annual growth rate of 42.34% from 2024 to 2026 [6] Industry and Technology - The company maintains a leading position in the photovoltaic conductive silver paste market, with a focus on N-type TOPCon battery metalization solutions [4] - The company's HJT and IBC paste products are in the stage of mass production, with product performance leading the industry [4] - The company's technological advantages in TOPCon silver paste are expected to be maintained due to ongoing technological iterations [4] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 15.336 billion yuan, 17.517 billion yuan, and 19.448 billion yuan, respectively [5] - The company's 2024-2026 net profit attributable to the parent company is expected to be 549 million yuan, 645 million yuan, and 741 million yuan, respectively [5] - The company's current P/E ratio is 9.03x for 2024, 7.67x for 2025, and 6.68x for 2026 [5] - The company's ROE is expected to be 25% in 2024, 23% in 2025, and 21% in 2026 [6]

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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and market position [1][3]. Core Insights - The company, as a leader in N-type silver paste, is expected to benefit from the N-type iteration and the introduction of LECO technology, which is becoming a standard in TOPCon battery mass production [1]. - In the first half of 2024, the company achieved a revenue of 7.587 billion yuan, a year-on-year increase of 118.30%, and a net profit attributable to shareholders of 233 million yuan, up 14.89% year-on-year [1]. - The company’s silver paste sales reached 1,132.05 tons in the first half of 2024, a 76.09% increase year-on-year, with N-type TOPCon battery products accounting for 87.28% of total sales [1]. Financial Performance - For 2024, the company is projected to generate revenues of 15.71 billion yuan, with a growth rate of 63.6%, and a net profit of 563 million yuan, reflecting a growth rate of 46.0% [2][4]. - The company’s earnings per share (EPS) is expected to rise from 2.74 yuan in 2023 to 4.00 yuan in 2024, with a price-to-earnings (PE) ratio decreasing from 13 to 9 [2][4]. - The report highlights a significant increase in the company's operating profit, which is projected to reach 623 million yuan in 2024, up from 408 million yuan in 2023 [4]. Market Position and Strategy - The company is positioned to deepen its semiconductor paste layout, transitioning its product promotion from small to medium and large clients, enhancing its brand influence in the semiconductor electronics sector [1]. - The company is investing in high-performance electronic materials projects, including a silver nitrate project with an annual output of 5,000 tons, further strengthening its industry position [1].

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 ...