新股前瞻|全球市占率27%，光伏导电浆料龙头聚和材料（688503.SH）冲刺“A+H”

Core Viewpoint - The photovoltaic industry is undergoing a structural shift from "silicon dominance" to "silver reduction," with domestic semiconductor material substitution entering a critical phase. Advanced material companies are facing dual challenges of upgrading their main business and cross-industry breakthroughs. Jiangsu Juhua New Materials Co., Ltd. (Juhua Materials) has submitted a listing application to the Hong Kong Stock Exchange to strengthen its photovoltaic business and accumulate momentum for its semiconductor material layout [1]. Group 1: Company Overview - Juhua Materials, established in 2015, is a research-driven advanced materials company focusing on photovoltaic conductive materials and other electronic materials. The company has developed a product matrix covering all mainstream routes, including TOPCon, PERC, HJT, and X-BC, aligning its product structure with industry trends [2]. - As of September 30, 2025, Juhua Materials ranked first globally in photovoltaic conductive paste sales, with a market share of 27% [2]. Group 2: Financial Performance - The company reported revenues of approximately 10.23 billion RMB, 12.39 billion RMB, and 10.61 billion RMB for the years ending December 31, 2023, 2024, and the first nine months of 2025, respectively. The growth was primarily driven by increased demand for TOPCon paste and rising silver prices [11]. - However, profit margins are under pressure, with gross margins of 9.2%, 7.8%, and 6.5% for the respective periods, and net profit margins declining from 4.3% in 2023 to 2.2% in the first nine months of 2025 [11][13]. Group 3: Market Dynamics - The global photovoltaic conductive paste market is projected to grow from 14.7 billion RMB in 2020 to 50.4 billion RMB in 2024, with an expected compound annual growth rate (CAGR) of 16.2% from 2025 to 2029. The overseas market is anticipated to expand significantly, particularly in Southeast Asia, the Middle East, and India [5]. - The market for blank mask plates in China is expected to reach 2.9 billion RMB in 2024 and grow to 7.6 billion RMB by 2029, with a CAGR of 25.1% from 2025 to 2029 [9]. Group 4: Strategic Initiatives - Juhua Materials is pursuing a dual growth strategy by expanding into the semiconductor materials sector through strategic acquisitions. The company plans to acquire the blank mask plate business from South Korea's SK Enpulse for 34.5 billion RMB, aiming to enhance its semiconductor material capabilities [7]. - The acquisition is expected to facilitate domestic production of high-end semiconductor materials and contribute to the localization of the supply chain, addressing key bottlenecks in the industry [7][8]. Group 5: Challenges and Opportunities - The company faces challenges related to cash flow and liquidity, with negative operating cash flows reported for the years 2023 to 2025. The reliance on bank acceptance bills for financing highlights the liquidity pressure [15]. - Despite these challenges, the company maintains a competitive edge through its research and development capabilities, with over 20 billion RMB invested in R&D and a strong patent portfolio [3].