五矿证券指出，光伏电池金属化工艺正经历从银浆向铜代银方案的技术转型。由于银价持续上涨， 金属化成本在电池总成本中占比已接近30%，铜凭借接近银的导电性及显著成本优势成为降本核心方 向。当前铜代银面临铜氧化和迁移两大技术难点，需通过表面包覆、气体保护及银种子层等方案解决。 预计2025-2026年为铜浆导入期，2027-2028年进入快速渗透期，2030年光伏铜浆需求或达6000吨。铜浆 加工费高于传统银浆，浆料企业盈利有望增厚，但技术壁垒集中于铜粉一致性与抗氧化性，拥有粉体技 术的企业将更具竞争力。 （责任编辑：董萍萍 ） 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅可达20%。该指 数从市场中选取涉及太阳能、风能、电动汽车及储能技术等领域的科技创新企业作为指数样本，以反映 新能源领域技术研发、生产和服务方面具有领先地位企业的整体表现。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff ...

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]

聚和材料（688503.SH）2024 年年报及 2025 年一季报点评 N 型浆料优势显著，持续推进铜浆导入 2025 年 04 月 29 日 事件：2025 年 4 月 27 日，公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 124.88 亿元，同比+21.35%；实现归母净利润 4.18 亿 元，同比-5.45%；实现扣非净利润 4.06 亿元，同比+2.52%。 25Q1 公司实现营业收入 29.94 亿元，同比+1.38%，环比+12.50%；实现归 母净利润 0.90 亿元，同比+18.24%，环比扭亏；实现扣非净利润 0.89 亿 元，同比+5.90%，环比扭亏。 ➢ 银浆出货小幅增长，N 型浆料优势显著。2024 年，公司光伏导电浆料出 货量为 2024 吨，同比增长 1.06%，继续保持行业领先地位， 其中 N 型光伏 导电浆料出货量为 1576 吨，占比达 77.87%；实现收入 123.21 亿元，同比 增长 20.75%；毛利率为 8.56%，同比下降 1.08pct。公司持续研发创新，构 筑涵盖TOPCon、HJT、XBC、钙钛矿等所有主流电池技术路 ...

证券研究报告·公司点评报告·光伏设备 聚和材料（688503） 2024 年报及 2025 一季报点评：出货环比提 升，新技术有望突破 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,290 | 12,488 | 14,240 | 15,810 | 17,854 | | 同比（%） | 58.21 | 21.35 | 14.03 | 11.02 | 12.93 | | 归母净利润（百万元） | 442.08 | 418.01 | 495.58 | 623.34 | 812.03 | | 同比（%） | 13.00 | (5.45) | 18.56 | 25.78 | 30.27 | | EPS-最新摊薄（元/股） | 1.83 | 1.73 | 2.05 | 2.58 | 3.36 | | P/E（现价&最新摊薄） | 17.35 | 18.35 | 15.48 | 12.30 | 9.45 | [Tabl ...