Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company's revenue for the first half of 2024 reached 7.587 billion yuan, representing a year-on-year increase of 118.3%. The net profit attributable to the parent company was 233 million yuan, up 14.89% year-on-year, while the net profit excluding non-recurring items was 350 million yuan, showing a significant growth of 154.22% [4][5]. - The sales of silver paste have shown steady growth, with 1,132.05 tons shipped in the first half of 2024, a year-on-year increase of 76.09%. The sales revenue from silver paste reached 6.771 billion yuan, up 105.22% year-on-year, with a notable increase in the proportion of products used in N-type TOPCon batteries [5]. - The company is actively developing next-generation photovoltaic battery metallization paste solutions, which is expected to enhance its market share and broaden its product applications [5]. Financial Summary - In the second quarter of 2024, the company achieved revenue of 3.942 billion yuan, a year-on-year increase of 104.58% and a quarter-on-quarter increase of 8.17%. However, the net profit attributable to the parent company was 57 million yuan, down 50.89% year-on-year and 67.46% quarter-on-quarter [4][5]. - The company reported an investment loss of 108 million yuan in the first half of 2024, primarily due to losses from trading financial assets related to silver futures [5]. - The company is expected to achieve a net profit attributable to the parent company of 500 million yuan in 2024, corresponding to a price-to-earnings ratio of 10 times [5].
帝科股份:银价快涨拖累业绩,上游延伸有望增厚盈利