光伏银粉龙头建邦高科赴港IPO：现在光伏产业链上逆势赚钱 未来如何应对下游“减银、无银”趋势

Core Viewpoint - The photovoltaic silver powder industry is experiencing price increases, contrasting with the overall decline in the photovoltaic sector, with Jianbang High-Tech Co., Ltd. being a leading player in this niche market [1][2]. Company Overview - Jianbang High-Tech was established in March 2010, with its subsidiary, Jianbang Colloidal Materials, focusing on high-tech renewable energy and advanced materials [2]. - The company has become one of the first domestic producers capable of manufacturing silver powder compatible with TOPCon battery LECO technology by Q4 2023 [2]. Financial Performance - Jianbang High-Tech's revenue and net profit have shown significant growth: - 2022: Revenue of 1.759 billion RMB, Net Profit of 24.2 million RMB - 2023: Revenue of 2.782 billion RMB, Net Profit of 59.89 million RMB - 2024: Revenue projected at 3.495 billion RMB, Net Profit projected at 79.03 million RMB [2][4][5]. Market Dynamics - The global demand for photovoltaic silver powder is increasing, with production expected to rise from approximately 2,700 tons in 2020 to about 6,600 tons by 2024, reflecting a compound annual growth rate (CAGR) of 25% [5]. - The sales revenue for photovoltaic silver powder is projected to grow at a CAGR of 35% during the same period, driven by rising silver prices [5]. Price Trends - The average price of silver nitrate, a key raw material for silver powder, is expected to rise from 0.31 million RMB/kg in 2020 to 0.40 million RMB/kg by 2024 [5]. - The price of photovoltaic silver powder is anticipated to increase from 0.47 million RMB/kg to 0.65 million RMB/kg during the same timeframe, with future projections suggesting it could reach approximately 0.93 million RMB/kg by 2029 [9]. Competitive Landscape - The industry is witnessing a shift towards silver-coated copper powder as a cost-effective alternative to silver powder, with companies like Jianbang High-Tech exploring new product lines to adapt to market changes [10][11]. - Domestic companies, including Jianbang Colloidal Materials and Boqian New Materials, are making significant advancements in the photovoltaic silver powder sector, gradually increasing their market share and breaking foreign monopolies [10].