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光伏"反内卷"进行时,帝科股份等下游银浆企业将迎来估值修复

Industry Overview - The photovoltaic industry is undergoing a "de-involution" movement, with significant policy and market changes aimed at improving industry valuation [1] - Central government meetings have emphasized the need to address low-price competition and promote the orderly exit of outdated production capacity [1] - The recent policies are expected to help the photovoltaic industry transition from price wars to high-quality development [1] Market Dynamics - The prices along the photovoltaic industry chain are stabilizing and recovering, particularly in the upstream silicon material segment, which is crucial for supply-demand balance [1] - The recovery in silicon material prices indicates optimistic market expectations for supply-side improvements and suggests that the industry's profitability bottom may have passed [1] Technological Innovation - Technological innovation is becoming the core driver as the industry shifts from "price competition" to "value competition," with conductive silver paste being a key material affecting solar cell efficiency and reliability [2] - The market demands higher performance from silver paste, including high conductivity and printing precision, while also focusing on cost reduction through innovative processes [2] Company Spotlight - Dike Co., Ltd. (300842) is a leading player in the domestic photovoltaic conductive silver paste industry, demonstrating strong resilience during industry adjustments [3] - The company has aligned its product development with emerging high-efficiency battery technologies, achieving recognition from mainstream battery manufacturers for its low-silver consumption and high-reliability products [3] - Dike Co., Ltd. is also at the forefront of developing alternative materials, successfully industrializing low-silver content products and collaborating with leading customers on technology innovations to reduce costs [3] Future Outlook - The "de-involution" policies are seen as the core driver for medium to long-term profitability recovery in the photovoltaic industry, with a focus on addressing below-cost competition and promoting industry self-discipline [3] - Recent price increases in the market are driven by these policies, and there is optimism regarding the impact of capacity consolidation and industry self-regulation on supply dynamics [3]