东海证券：晨会纪要-20241207

Key Recommendations - The report highlights the accelerated industrialization of copper paste by Juhe Materials (688503), showcasing the company's technological advantages. The introduction of copper paste in HJT solar cells has shown promising results, reducing silver consumption from 6 mg/W to 0.5 mg/W while maintaining battery efficiency [5][6]. - The semiconductor industry is experiencing rapid growth in both AI cloud and edge computing, with increasing domestic production. The report notes a slight increase in semiconductor demand in November, with a focus on structural opportunities in AIOT, AI computing, and automotive chips [8][9]. Company Analysis: Juhe Materials - Juhe Materials has introduced a pioneering copper paste product for photovoltaic cells, which offers three main advantages: a sintering temperature as low as 300°C, lower line resistance compared to traditional polymer bonding methods, and minimal efficiency loss in battery applications compared to aluminum paste [6][7]. - The company is expected to enhance its performance through the mass production of copper paste, which will improve profit margins and market share due to the cost reduction and technological premium associated with metal substitution [6][7]. Industry Analysis: Semiconductor Sector - The semiconductor market is currently in a weak balance phase, with supply remaining ample and prices for memory modules and chips declining by approximately 10%. The report anticipates a slight recovery in demand in December, particularly in AI servers and new energy vehicles [9][10]. - The report indicates that the domestic semiconductor AIOT sector is benefiting from the recovery of smart home and wearable devices, with strong performance expected in this area [9][10]. - Notable growth in the semiconductor industry is highlighted, with TSMC and SMIC reporting significant revenue increases, indicating a positive trend in the advanced process segment [12][13]. Market Data - As of December 5, 2024, the financing balance in the market is 184.76 billion yuan, with a slight decrease of 8.47%. The Shanghai Composite Index closed at 3368.86 points, reflecting a minor increase of 0.13% [26][27].