贱金属浆料进展积极，助力行业降本破局

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The demand for silver in the photovoltaic sector is significant, with 6,147 tons of silver expected to be used in 2024, accounting for 29% of industrial silver and 17% of total silver demand [5][23] - High silver prices, consistently above 8,000 RMB/kg, are pressuring the photovoltaic industry to reduce costs through the adoption of cheaper metal pastes [8][25] - The industry is exploring various pathways to reduce silver usage, including advancements in copper and aluminum pastes, which are expected to gradually scale up production [9][35] Summary by Sections Silver Demand and Pricing - In 2024, the total global silver demand is projected to reach 36,200 tons, with industrial silver at 21,200 tons and photovoltaic silver at 6,147 tons [23] - The cost of silver in conventional TOPCon batteries has reached approximately 0.07 RMB/W, constituting 45% of the non-silicon costs [25][28] Cost Reduction Strategies - The industry is focusing on both process and material optimization to reduce silver usage, with techniques like full-open screen printing and copper plating gaining traction [25][36] - The market share of silver-coated copper pastes in HJT batteries has reached around 75% in 2024, indicating a shift towards cheaper alternatives [35][38] Exploration of Alternative Materials - Copper pastes are being prioritized due to their cost-effectiveness, with copper prices being approximately 1/100th of silver prices [9][40] - Aluminum pastes have previously been used in PERC batteries and are being considered for BC battery structures, where their performance can be optimized without significant efficiency loss [56][59] Technological Advancements and Company Prospects - Companies like 聚和材料 and 帝科股份 are well-positioned to benefit from the transition to cheaper metal pastes, with significant production and financial stability [10][66][73] - The introduction of new technologies, such as laser-assisted sintering, is expected to enhance the efficiency of TOPCon batteries and improve profitability for companies involved [62][64]