以下文章来源于凤凰网股票 ，作者IPO观察哨 凤凰网股票 . 凤凰网股票，价值投资者家园。凤凰网股票为全球华人投资者提供24小时权威、独到的市场资讯和行情产品，并始终关注中国资本市场的发展与变化。 凤凰网财经《IPO观察哨》 01 15年从地方小厂到全球银粉亚军 建邦高科成立于2010年，总部位于山东济南，核心产品为光伏银粉，主要用于生产光伏银浆（光伏电池的关键原材料） 。成立15年来，公司踩着中 国光伏产业扩张的鼓点，从一家地方小厂成长为年销594.1吨银粉的行业龙头， 2024年占全球近 10%市场份额 ， 产品覆盖PERC、TOPCon、 HJT等主流电池技术路线。 在全球光伏年新增装机量突破400GW大关的狂欢中 ，一家中国银粉巨头却陷入尴尬境地——建邦高科近日递交港股招股书，却被市场质疑"躺在白 银上的生意还能做多久"。 这家占据全球近10%市场份额的光伏银粉龙头，一边是年入40亿的亮眼营收，一边是毛利率不足4%的"纸片利润"， 同时面临客户集中度高、现金 流承压等问题。公司此次赴港上市，计划募集资金用于技术升级、设备更新及海外市场拓展。 选择港股或因A股对单一产品依赖型企业审查趋严，而港股能为其海 ...

Core Insights - The company reported a revenue of 12.488 billion in 2024, a year-on-year increase of 21.4%, while the net profit attributable to shareholders was 418 million, a decrease of 5.4% [1] - The fourth quarter of 2024 saw a revenue of 2.661 billion, a year-on-year decline of 7.9% and a quarter-on-quarter decline of 13.1%, with a net profit of -3 million, a significant drop of 340.6% year-on-year and 102.5% quarter-on-quarter [1] - The first quarter of 2025 showed a revenue of 2.994 billion, a year-on-year increase of 1.4% and a quarter-on-quarter increase of 12.5%, with a net profit of 90 million, up 18.2% year-on-year and a remarkable 3012.0% quarter-on-quarter [1] Revenue Breakdown - In 2024, the photovoltaic conductive paste business generated a revenue of 12.32 billion, a year-on-year increase of 21%, with a shipment of 2024 tons, a slight increase of 1% [2] - The revenue growth outpaced shipment growth due to a significant rise in silver powder prices, with a unit price of 6087 yuan/kg [2] - Other electronic specialty paste business achieved a revenue of 70 million, a substantial increase of 170%, with a gross margin of 22.3%, up 6.7 percentage points year-on-year [2] Product Development and Future Growth - The company is continuously upgrading its product iterations and accelerating the introduction of new technologies to create future growth curves [3] - New products are being introduced to customers, with mass production expected to accelerate, including a packaging positioning adhesive developed for new photovoltaic components [3] - The company has made breakthroughs in "seed layer + copper paste" technology, achieving comparable battery efficiency to silver paste under the same silver consumption conditions, with small batch shipments already initiated [3] - The company anticipates benefiting from the trend towards reduced silver or silver-free materials in the industry, which is expected to enhance the penetration rate of low-cost metal pastes [3] Profit Forecast and Investment Rating - The company has revised its profit forecast, expecting net profits attributable to shareholders of 500 million, 600 million, and 690 million for 2025-2027, reflecting year-on-year growth of 18%, 22%, and 15% respectively [3] - The current stock price corresponds to price-to-earnings ratios of 16, 13, and 11 for the years 2025, 2026, and 2027 [3] - The investment rating is maintained at "Buy" [3]