苏州固锝回复深交所问询：毛利率、同业竞争等问题解析

Core Viewpoint - Suzhou Gude Electronic Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, providing insights into key business aspects such as gross margin fluctuations, customer and supplier dependencies, and industry competition [1] Gross Margin Fluctuations and Response Strategies - The company experienced revenue growth but a declining overall gross margin during the reporting period. From 2022 to 2024, revenue increased due to the growth of the photovoltaic silver paste business, while the gross margin decreased. In the first half of 2025, the gross margin was 10.88%, a decrease of 1.30% year-on-year [2] - In the semiconductor business, revenue and gross margin declined from 2022 to 2024 due to industry downturns and market competition. However, in the first half of 2025, the gross margin rebounded to 14.93% due to increased sales and cost reduction efforts [2] - The photovoltaic silver paste business saw revenue growth from 2022 to 2024, but gross margin decreased due to intensified competition and cost pressures. In the first half of 2025, both revenue and gross margin declined due to operational strategy adjustments [2] - The company is enhancing R&D and market promotion in the semiconductor sector, while increasing R&D investment and expanding into overseas markets in the photovoltaic silver paste sector [2] - Integrated circuit packaging and testing products have had negative gross margins since 2023, primarily due to reduced demand in consumer electronics and pricing pressures. However, the company is implementing product upgrades and cost reduction strategies to improve the negative gross margin situation [2] Customer and Supplier Situation - The company has a high concentration of its top five customers, which is typical in the solar cell industry. The relationships with major customers are stable and do not involve significant dependency [3] - Similarly, the top five suppliers also have a high concentration, primarily sourcing photovoltaic silver powder, which aligns with industry characteristics. The relationships with suppliers are stable and do not involve significant dependency [3] Sales Model and Distribution Business - The company primarily operates on a direct sales model. In the semiconductor business, the gross margin from distribution is higher than that from direct sales due to a higher proportion of overseas customers, leading to better pricing and margins [4] - In the photovoltaic silver paste business, the gross margin from direct sales is lower than that from distribution, as distribution products mainly consist of HJT low-temperature silver paste, which has a higher gross margin, although distribution revenue is minimal [4] - Changes in major distributors are minimal, and there are no related party relationships with the company's directors and supervisors. The distribution business is clearly defined and complies with industry norms, with various verification procedures ensuring authenticity [4] Accounts Receivable and Bad Debt Provisions - The company has a reasonable basis for calculating the bad debt provision on an individual basis, considering customer operating conditions and debt settlement agreements. The bad debt provisions at the end of each period are sufficient and are reasonable compared to comparable companies in the industry [5] Prepayments and Inventory Situation - Prepayments mainly consist of advance payments for goods, with a significant reduction in the balance by the end of 2024 due to changes in settlement methods and decreased procurement volumes. The provision for inventory impairment for photovoltaic silver paste products is lower than the industry average, indicating reasonableness, and the company has adequately provided for inventory impairment [6] Fixed Assets and Period Expenses - During the reporting period, the company adequately provided for fixed asset impairment, in line with industry practices. R&D expenses increased due to team building and material investments, while financial expenses remained stable in 2023 and 2024, influenced by interest expenses, revenue, and exchange gains and losses. Sales expenses related to business promotion decreased in 2024 due to reduced sales agency fees in the photovoltaic silver paste business [7] Industry Competition and Financial Investments - There is no significant adverse impact from competition with Suzhou Silicon Energy and Suzhou Jingxun. The company has disclosed commitments and measures to avoid competition, which are complete and feasible. The implementation of the fundraising projects will not introduce significant adverse competition [9] - As of June 30, 2025, the company has financial investments totaling 149.26 million yuan, accounting for 4.88% of the latest net assets attributable to the parent company, which is not considered a large financial investment [9]