Core Viewpoint - The recent launch of the new L6 model by Zhiji Automotive, a subsidiary of SAIC Group, highlights a significant breakthrough in the new energy vehicle (NEV) industry, particularly through the use of conductive silver paste from Dike Co., Ltd. for its key feature, the "instant intelligent control" sunshade [1] Group 1: Industry Developments - The introduction of Dike's silver paste for automotive applications marks the beginning of a potential growth phase for automotive-grade products, especially in the silver material electronic business [1] - The demand for silicon carbide (SiC) power semiconductor modules is increasing, with projections indicating that SiC will become a major selling point for domestic NEVs by 2025 [1][3] - The penetration rate of SiC in domestic NEVs is expected to exceed 26% by the first half of 2024, with both international and domestic companies experiencing significant growth in shipments [3] Group 2: Material Insights - Silver materials are gaining traction in high-power electronic modules due to their superior electrical and thermal conductivity compared to copper, leading to a rapid increase in their usage [3] - The high operating temperatures and switching frequencies of SiC chips necessitate advanced packaging materials, with sintered silver providing excellent thermal and electrical conductivity [4] - The global market for sintered silver is currently dominated by foreign companies, with significant reliance on imports for high-cost automotive electronic raw materials [2][4] Group 3: Company Performance - Dike Co., Ltd. has recently achieved IATF 16949 certification, which is expected to accelerate the adoption of its sintered silver and other materials in NEV applications [5] - Financial data indicates that Dike is projected to achieve a revenue of 15.351 billion yuan in 2024, representing a year-on-year increase of 59.85%, while net profit attributable to the parent company is expected to decline slightly by 6.6% [6] - The company has successfully transitioned from the photovoltaic sector to automotive power electronics, leveraging its expertise in micro-nano silver powder technology [6][7] Group 4: Future Outlook - Dike's strategy includes reducing silver content in its products to lower costs, with plans to produce copper-based solutions that maintain compatibility with existing technologies [8][9] - The anticipated mass application of high-copper paste in TOPCon batteries by the second half of 2025 could further enhance Dike's profitability and market position [9]