聚和材料(688503)：浆料出货保持稳增 铜浆产品加速落地

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a mixed performance with revenue growth but a decline in net profit for 2024. The increase in revenue is attributed to the growth in the photovoltaic conductive paste market driven by renewable energy transition and technological upgrades in N-type battery technology [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 12.488 billion yuan, a year-on-year increase of 21.35%. However, the net profit attributable to shareholders was 418 million yuan, a decrease of 5.45%. The net profit excluding non-recurring items was 406 million yuan, an increase of 2.52% [1]. - For Q1 2025, the company reported operating revenue of 2.994 billion yuan, a year-on-year increase of 1.38%. The net profit attributable to shareholders was 90 million yuan, an increase of 18.24%, while the net profit excluding non-recurring items was 89 million yuan, an increase of 5.90% [1]. Product and Market Development - The company's main product, photovoltaic conductive paste, generated revenue of 12.321 billion yuan in 2024, reflecting a year-on-year increase of 20.75%. The total shipment of photovoltaic conductive paste reached 2024 tons, with N-type conductive paste accounting for 1,576 tons, representing 77.87% of the total shipments [1]. - The company is investing 1.2 billion yuan to establish a "high-end photovoltaic electronic materials base project" in Changzhou, which will enable large-scale production of electronic-grade metal powders. Additionally, a 300 million yuan investment is planned for a "special electronic functional materials factory and R&D center" [2]. Innovation and Future Growth - The company has pioneered the production of copper paste products for the photovoltaic sector, including pure copper paste and silver-coated copper paste, which significantly reduce battery metallization costs and fragment rates. These products have shown excellent performance in reliability tests and are expected to achieve large-scale shipments, providing new growth momentum for the industry [2]. - Profit forecasts for the company indicate expected net profits of 499 million yuan, 607 million yuan, and 747 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.06, 2.51, and 3.09 yuan, and PE ratios of 15.50, 12.74, and 10.36 times [2].