证券研究报告 | 公司点评报告 2025 年 10 月 09 日 帝科股份（300842.SZ） 光伏浆料领军企业，半导体第二曲线开始起量 公司是光伏导电浆料领先企业，收购浙江索特进一步巩固行业地位。同时，公 司第二曲线业务开始起来：a)公司在成立之初便开展半导体电子浆料研发，其 烧结银等产品已经开始放量，碳化硅相关领域产品、汽车调光玻璃配套产品都 已开始产业化。b)进一步拓宽在半导体领域的布局，公司 2024 年就控股了深圳 因梦，延伸到半导体存储领域，未来成长空间较大。维持 "增持"评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 9603 | 15351 | 16425 | 18068 | 20416 | | 同比增长 | 155% | 60% | 7% | 10% | 13% | | 营业利润(百万元) | 408 | 349 | 237 | 444 | 724 | | 同比增长 | -1217% | -14% | -32% | ...

截至发稿，贺文奇累计任职时间2年280天，现任基金资产总规模7808.03万元，任职期间最佳基金回报 45.92%， 任职期间最差基金回报0.33%。 10月9日，帝科股份涨5.26%，截至发稿，报72.88元/股，成交5.82亿元，换手率6.56%，总市值103.32亿 元。帝科股份股价已经连续6天上涨，区间累计涨幅16.88%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，无锡帝科电子材料股份有限公司位于江苏省无锡市宜兴市屺亭街道永盛路8号，成立日期 2010年7月15日，上市日期2020年6月18日，公司主营业务涉及高性能电子材料的研发、生产和销售。主 营业务收入构成为：光伏导电浆料74.86%，材料销售21.31%，存储芯片2.26%，其他1.43%，半导体封 装浆料0.14%。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，易米基金旗下1只基金重仓帝科股份。易米开泰混合A（015703）二季度持有股数4.27万股， 占基金净值比例为4.32% ...

9月29日，帝科股份盘中上涨2.01%，截至13:05，报65.00元/股，成交3.12亿元，换手率3.89%，总市值 92.15亿元。 资金流向方面，主力资金净流入1994.62万元，特大单买入3297.36万元，占比10.57%，卖出3565.59万 元，占比11.43%；大单买入1.03亿元，占比32.93%，卖出8006.25万元，占比25.68%。 帝科股份今年以来股价涨59.63%，近5个交易日涨9.72%，近20日涨28.18%，近60日涨46.59%。 资料显示，无锡帝科电子材料股份有限公司位于江苏省无锡市宜兴市屺亭街道永盛路8号，成立日期 2010年7月15日，上市日期2020年6月18日，公司主营业务涉及高性能电子材料的研发、生产和销售。主 营业务收入构成为：光伏导电浆料74.86%，材料销售21.31%，存储芯片2.26%，其他1.43%，半导体封 装浆料0.14%。 责任编辑：小浪快报 帝科股份所属申万行业为：电力设备-光伏设备-光伏辅材。所属概念板块包括：送转填权、新能源、光 伏玻璃、太阳能、TOPCon电池等。 截至6月30日，帝科股份股东户数2.01万，较上期增加4.11%；人均 ...

Group 1 - The core viewpoint of the news is that Dike Co., Ltd. has seen a significant increase in its stock price, rising 5.12% on September 26, with a total market value of 9.429 billion yuan and a cumulative increase of 6.8% over three days [1] - Dike Co., Ltd. specializes in the research, production, and sales of high-performance electronic materials, with its main revenue sources being photovoltaic conductive paste (74.86%), material sales (21.31%), storage chips (2.26%), and semiconductor packaging paste (0.14%) [1] - The stock has a trading volume of 161 million yuan and a turnover rate of 1.98% [1] Group 2 - Huatai-PineBridge Fund holds a significant position in Dike Co., Ltd., with the Zhongzheng 2000 fund owning 136,800 shares, accounting for 0.3% of the fund's net value, making it the eighth largest holding [2] - The Zhongzheng 2000 fund has achieved a year-to-date return of 28.84% and a one-year return of 67.53%, ranking 1909 out of 4220 and 1221 out of 3824 respectively [2] Group 3 - The fund managers of Zhongzheng 2000 are Liu Jun and Li Mu Yang, with Liu Jun having a tenure of 16 years and 119 days, and Li Mu Yang having a tenure of 4 years and 265 days [3] - Liu Jun's fund has a total asset scale of 466.972 billion yuan, with the best return during his tenure being 132.78% and the worst being -45.64% [3] - Li Mu Yang's fund has a total asset scale of 21.273 billion yuan, with the best return during his tenure being 125.95% and the worst being -45.77% [3]

Group 1 - The core viewpoint of the news is that Dike Co., Ltd. has experienced a significant stock price increase, with a 5.51% rise on September 15, reaching a price of 59.70 yuan per share, and a total market capitalization of 8.463 billion yuan [1] - Dike Co., Ltd. specializes in the research, production, and sales of high-performance electronic materials, with its main business revenue composition being 74.86% from photovoltaic conductive paste, 21.31% from material sales, 2.26% from storage chips, and 0.14% from semiconductor packaging paste [1] - The stock has shown a cumulative increase of 5.99% over the past three days, indicating strong market performance [1] Group 2 - The Huatai-PineBridge fund holds a significant position in Dike Co., Ltd., with 136,800 shares, representing 0.3% of the fund's net value, making it the eighth largest holding [2] - The fund has generated a floating profit of approximately 426,800 yuan today, with a total floating profit of 437,800 yuan during the three-day increase [2] - The fund, known as Zhongzheng 2000, has achieved a year-to-date return of 29.06% and a one-year return of 75.47%, ranking 1562 out of 4223 and 1046 out of 3803 respectively [2] Group 3 - The fund managers of Zhongzheng 2000 are Liu Jun and Li Mu Yang, with Liu Jun having a tenure of 16 years and 108 days, managing assets totaling 466.972 billion yuan [3] - Liu Jun's best fund return during his tenure is 136.72%, while the worst is -45.64% [3] - Li Mu Yang has a tenure of 4 years and 254 days, managing assets of 21.273 billion yuan, with a best return of 106.91% and a worst return of -45.34% [3]

Core Viewpoint - The company 聚和材料 plans to establish a special purpose company (SPC) with 韩投伙伴 to acquire the blank mask business segment of SK Enpulse for approximately 3.5 million RMB, marking a strategic move to diversify into the semiconductor materials sector [1][4]. Group 1: Acquisition Details - The acquisition involves a total investment of 680 billion KRW, with 聚和材料 contributing at least 95% of the funding [1]. - SK Enpulse, a subsidiary of SKC, will spin off its blank mask business into a new company named Lumina Mask [1][3]. - The target company, Lumina Mask, is currently in preparation and will be fully owned by SK Enpulse post-spin-off, with 聚和材料 and 韩投伙伴 acquiring 100% of its shares [3]. Group 2: Financial Performance of Target Company - As of the end of 2024, Lumina Mask is projected to have total assets of 256 million RMB, liabilities of 5.41 million RMB, and net assets of 251 million RMB [3]. - The expected revenue for Lumina Mask in 2024 is 4.30 million RMB, with an anticipated EBITDA loss of 4.63 million RMB and an operating loss of 5.10 million RMB, indicating a phase of financial underperformance [3]. Group 3: Strategic Rationale - 聚和材料 aims to reduce its heavy reliance on the photovoltaic sector, where 99.44% of its revenue currently comes from solar conductive paste [4]. - The acquisition of the blank mask business is seen as a critical step to enter the semiconductor materials market, which is essential for semiconductor manufacturing processes [4]. - The company believes this move will not only fill a gap in the domestic market for key materials but also help in expanding its customer base in the semiconductor industry [4].

Group 1 - The company achieved operating revenue of 8.34 billion yuan in the first half of 2025, a year-on-year increase of 9.93% [1] - The net profit attributable to shareholders was 69.81 million yuan, a decrease of 70.03% compared to the same period last year [1] - The total asset scale reached 9.25 billion yuan, an increase of 18.08% year-on-year [1] Group 2 - The company sold 879.86 tons of photovoltaic conductive paste, a year-on-year decrease of 22.28% [2] - The sales of conductive paste products for N-type TOPCon batteries reached 834.74 tons, accounting for 94.87% of total sales [2] - The company plans to enhance product technology research and market development to maintain its leading position in the photovoltaic battery conductive paste industry [2] Group 3 - The company has successfully achieved mass production of high-copper paste solutions for TOPCon batteries and is progressing towards large-scale production [3] - The silver nitrate project is expected to begin trial production in the fourth quarter of this year, which will enhance supply chain stability and reduce raw material costs [4] - The processing fees for TOPCon silver paste are currently stable, with higher fees for HJT and TBC battery pastes [5] Group 4 - The high-copper paste solution for TOPCon batteries has reduced effective silver consumption by over 50% compared to standard processes [7] - The company has made significant progress in electronic pastes for new energy vehicles, with various products already in mass production for high-end automotive applications [7] - The storage chip business generated sales revenue of 189 million yuan in the first half of 2025, with expectations for continued growth in the second half [8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][13]. Core Insights - The company is a leader in the N-type silver paste industry, with significant sales in photovoltaic conductive paste, particularly for N-type TOPCon batteries, which accounted for 94.87% of total sales [2]. - The company is advancing the mass production of high-copper paste, which has shown over a 50% reduction in silver consumption compared to standard processes, and expects larger shipments in 2026 [2]. - The acquisition of Zhejiang Suote Materials Technology Co., Ltd. is aimed at enhancing the company's competitive edge in photovoltaic paste by enriching its intellectual property and optimizing product layout [3]. - The company is expanding its semiconductor paste business, focusing on high-end applications such as LED and IC chip packaging silver paste [3]. - Revenue projections for 2025-2027 are estimated at 164.66 billion, 180.53 billion, and 203.96 billion CNY, with corresponding growth rates of 7.3%, 9.6%, and 13.0% [3][5]. Financial Summary - For the first half of 2025, the company reported revenue of 8.34 billion CNY, a year-on-year increase of 9.93%, but a significant decline in net profit by 70.03% to 0.70 billion CNY [1]. - The second quarter of 2025 saw revenue of 4.28 billion CNY, up 8.67% year-on-year, while net profit decreased by 38.49% to 0.35 billion CNY [1]. - The company forecasts a net profit of 2.12 billion CNY in 2025, with a projected decline of 41.1% [5][10].

Core Viewpoint - The company's 1H25 performance slightly missed expectations, with revenue growth but significant declines in net profit due to increased share-based payment expenses and tax adjustments [1][2]. Financial Performance - 1H25 revenue reached 8.34 billion, a year-on-year increase of 9.93%, while 2Q25 revenue was 4.28 billion, up 8.67% year-on-year and 5.62% quarter-on-quarter [1]. - 1H25 net profit attributable to shareholders was 70 million, down 70.03% year-on-year, with 2Q25 net profit at 35 million, a decrease of 38.49% year-on-year but a slight increase of 1.59% quarter-on-quarter [1]. - Operating cash flow for 1H25 was 5.36 billion, down 19.90% year-on-year and 37.25% quarter-on-quarter, with a net cash flow from operating activities of -330 million, a significant decline of 151.78% year-on-year and 209.63% quarter-on-quarter [1]. Product and Market Trends - The company sold 879.86 tons of photovoltaic conductive paste in 1H25, a decrease of 22.28% year-on-year, with N-type TOPCon paste accounting for 94.87% of sales [1]. - The gross margin improved to 8.72% in 2Q25, an increase of 1.8 percentage points quarter-on-quarter, indicating a stable performance in the main business [2]. - High copper paste solutions have passed reliability verification and are in mass production with strategic customers, with plans for large-scale production in the second half of the year [3]. Profit Forecast and Valuation - Due to the impact of share-based payment expenses, net profit forecasts for 2025 and 2026 have been reduced by 63.6% and 30.9% to 214 million and 503 million, respectively [4]. - The target price is maintained at 60, corresponding to P/E ratios of 40 and 17 for 2025 and 2026, indicating an upside potential of 18.55% from the current stock price [4].

Core Viewpoint - The company, Dike Co., Ltd. (300842.SZ), reported a strong performance in its 2025 semi-annual earnings, with a revenue of 8.34 billion yuan, reflecting a year-on-year growth of 9.93% and a net profit of 69.81 million yuan, showcasing robust operational resilience [1] Group 1: Financial Performance - In Q2 2025, the company achieved a quarterly revenue of 4.28 billion yuan, a 5.62% increase from Q1's 4.06 billion yuan, and an 8.67% year-on-year growth [1] - The net profit for Q2 2025 was 35.18 million yuan, showing a 1.59% increase compared to the previous quarter [1] Group 2: Semiconductor Business Growth - The semiconductor business has emerged as a new growth engine for the company, with revenue from semiconductor packaging materials reaching 11.54 million yuan, a significant increase of 75.1% year-on-year [2] - The growth is attributed to the company's strategy of penetrating the consumer-grade market and achieving breakthroughs in automotive-grade applications [2] Group 3: Photovoltaic Business and N-Type Technology - The photovoltaic conductive paste remains a key revenue driver, with total sales of 879.86 tons in the first half of the year, of which 834.74 tons (94.87%) were for N-type TOPCon batteries, highlighting the company's technological leadership in this area [2] - The company has deepened its competitive barriers around N-type technology, achieving significant advancements in TOPCon, HJT, and TBC fields, and has successfully implemented various key technologies at scale [3] Group 4: R&D and Technological Advancements - The company has established a comprehensive technology matrix and invested 239 million yuan in R&D during the first half of 2025, focusing on N-type technology iteration and automotive-grade product development [4] - The company has achieved mass production of high-copper paste, significantly reducing costs compared to traditional silver paste, thereby supporting cost reduction and efficiency in the photovoltaic industry [4] Group 5: Strategic Investments and Market Expansion - The company is enhancing its industrial layout through investments in electronic materials projects and has expanded its semiconductor business by acquiring a controlling stake in Wuxi Paitai Electronic Materials Technology Co., Ltd. [5] - The acquisition of Zhejiang Suote Materials Technology Co., Ltd. is expected to enrich the company's intellectual property system and enhance its R&D capabilities [5] Group 6: Market Environment and Future Outlook - The semiconductor market is experiencing rapid growth driven by demand in the electric vehicle and power semiconductor sectors, which is expected to boost the packaging materials market [6] - The company plans to increase its investment in N-type technology R&D and accelerate the mass production of high-copper and silver-free solutions, while also expanding its automotive-grade and power semiconductor product lines [6]