当多数企业仍在细线印刷、银铜浆料等降银技术中挣扎时，爱旭股份凭借以终为始的战略布局，已率先卡位"无银"关键工艺，在行业内率先量产导入了全自 主产权的铜电镀技术，为行业开辟了可持续发展新路径。 在即将过去的2025年国际贵金属市场，除了风光无两的黄金外，白银也在2025年末掀起了一波上涨浪潮。COMEX白银价格指数在2025年12月的第一天涨至 58美元/盎司，年内几近翻倍，较2024年初更是涨幅超140%。 而作为光伏导电浆料最通用的材料方案，银价的上涨也使光伏企业苦不堪言——银浆已经取代硅材料，成为光伏组件最大的单一材料。更严峻的是，高端银 粉长期被日本企业垄断，蕴藏着被"卡脖子"的风险。 技术、效率上的进步是带领行业走出内卷，迈向高质量发展的必经之路，而成本端的精益突破将令落后的技术和产能被快速洗牌。对于光伏企业而言，如何 做到降银乃至无银，已经成为下一步发展的必答题。而在行业中率先大规模量产无银金属化方案的爱旭股份（600732）（600732.SH），无疑交出了一份优 秀的答卷。 降银方案的实践与困局 当前铜、铝等贱金属价格不足银的1%，且铜的导电性仅次于银，成为替代银的最优选择。目前减银方案有着不同 ...

Core Viewpoint - Beteli's IPO application has been accepted, aiming to raise 793 million yuan for special conductive materials and expansion projects, despite significant growth in revenue and net profit, underlying risks remain unrecognized by the market [1][2]. Financial Performance - Revenue increased from 635 million yuan in 2022 to 2.521 billion yuan in 2024, while net profit rose from 16.53 million yuan to 97.50 million yuan [1][2]. - Silver powder business saw revenue surge from 60 million yuan in 2022 to 1.682 billion yuan in 2024, constituting 66.79% of main business income [2][4]. Business Structure and Risks - The company's reliance on silver powder has increased significantly, with low gross margins of 1.75% and 1.82% in 2023 and 2024 respectively, indicating vulnerability [4][5]. - The share of high-margin organic silicon materials has decreased from 57.86% to 19.68%, leading to a halving of overall gross margin from 20.32% to 10.92% [4][6]. Customer and Supplier Concentration - Customer concentration risk is notable, with the top five customers accounting for 72.25% and 68.32% of sales in 2023 and 2024, respectively [7][8]. - Major customers are also competitors in the conductive paste market, creating potential instability in long-term partnerships [9]. - Supplier concentration is high, with over 93% of purchases from the top five precious metal suppliers, limiting bargaining power [9][11]. Cash Flow Issues - Despite profit growth, operating cash flow has deteriorated, with net cash outflows of 37.51 million yuan in 2023 and 164 million yuan in 2024 [12][14]. - Accounts receivable and inventory have risen significantly, indicating potential liquidity issues [14][15]. Technological Risks - The silver powder business faces risks from technological advancements in the photovoltaic industry, particularly the shift towards copper plating processes that may replace silver [18][26]. - Sales volume of silver powder decreased by 11.99% in 2024, contrasting with competitors' growth [18][19]. Governance and Human Resources - The ownership structure raises concerns, with the controlling shareholder holding 37.26% and a special agreement affecting decision-making [20][22]. - Employee education levels are low, with 58.29% holding only a diploma or lower, which may impact innovation capabilities [23][24]. Regulatory Scrutiny - Regulatory inquiries focus on industry growth potential, competitive landscape, and the company's ability to sustain profitability, indicating concerns about future performance [27][28].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 12.488 billion yuan in 2024, representing a year-on-year growth of 21.35%. However, the net profit attributable to shareholders decreased by 5.45% to 418 million yuan. The first quarter of 2025 showed a revenue of 2.994 billion yuan, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 12.50%, with a net profit of 90 million yuan, up 18.24% year-on-year [1][2]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 12.488 billion yuan, with a net profit of 418 million yuan. The first quarter of 2025 saw revenue of 2.994 billion yuan and a net profit of 90 million yuan [1][5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 14.136 billion yuan, 15.213 billion yuan, and 16.401 billion yuan, respectively, with corresponding net profits of 496 million yuan, 658 million yuan, and 840 million yuan [4][11]. Product Development - The company has maintained its leading position in the photovoltaic conductive paste market, with a total output of 2,024 tons in 2024, a year-on-year increase of 1.06%. The N-type conductive paste accounted for 77.87% of the total output, generating revenue of 12.321 billion yuan, up 20.75% year-on-year [2][3]. - The introduction of copper paste products is expected to accelerate, with the company having developed mass-producible copper paste for photovoltaic applications, which has shown competitive efficiency compared to silver paste [3][4]. Market Position and Strategy - The company is positioned as a leader in the photovoltaic paste industry, with ongoing innovations and a comprehensive solution for various mainstream battery technologies. The expansion into copper paste is anticipated to enhance profitability as the industry seeks cost reductions [2][4]. - The company is also developing non-photovoltaic conductive paste products, enhancing its product portfolio and market reach [3].