苏州固锝：定增进入提交注册阶段，双赛道布局契合行业景气周期

Core Viewpoint - The semiconductor and photovoltaic industries are experiencing dual benefits from increased policy support and accelerated technological iteration since 2026, positioning them for structural growth and new opportunities [1]. Semiconductor Industry - The national "14th Five-Year Plan" identifies the semiconductor sector as a core area for strengthening and compensating for weaknesses, with a significant fund of 350 billion yuan supporting its development [1]. - The company has over 30 years of experience in semiconductor packaging and testing, establishing a mature technology and diverse application scenarios, particularly in automotive electronics, which is a key growth driver due to the rise of electric vehicles and smart driving [2]. Photovoltaic Industry - The photovoltaic sector is entering a critical phase with the full replacement of N-type technology, where TOPCon and HJT technologies are leading the market, and the integration of energy storage and distributed scenarios is becoming a new growth engine [1]. - The company has built significant technological and market advantages in the photovoltaic silver paste sector, ranking third globally in silver paste market share and second in low-temperature silver paste shipments [2]. Company Developments - The company has successfully passed the review for its private placement, aiming to raise 887 million yuan for projects related to solar electronic paste production, small signal product packaging and testing, and an innovation research institute [4]. - The planned increase in production capacity for photovoltaic silver paste from 800 tons to 1,300 tons will align with the expansion needs of N-type battery production [4]. Global Market Strategy - To meet global market demands, the company has established semiconductor and integrated circuit packaging factories in Malaysia and Suqian, Jiangsu, ensuring flexible supply chain responses and stable deliveries [3]. - The company is optimistic about the semiconductor industry's recovery from 2026 to 2027, anticipating that the trend of domestic substitution will be unstoppable [4]. Investment Outlook - The successful implementation of the private placement is expected to drive simultaneous growth in scale and efficiency for the company in both the photovoltaic and semiconductor sectors, potentially providing new value returns for investors in the long term [5].