宇邦新材分析师会议 调研日期：2025年09月26日 调研行业：有色金属 参与调研的机构：中信证券、杭银理财、合晟资产、兴全基金、 兴业证券等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START S ...

编号：2025-006 投资者关系活动类别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓名 中信证券：吴子祎、林劼、孙璐；杭银理财：李芳芳；合晟资产： 李嘉璎；兴全基金：黄煜杰；兴业证券：杨森 时间 2025年09月26日 10:00-11:00 地点 公司会议室 上市公司接待人员姓名 董事、副总经理、董事会秘书 林敏女士 证券事务代表 秦慧芸女士 投资者关系活动主要内容 介绍 1、公司在超导材料领域有什么业务规划？ 答：近期，公司设立了参股子公司无锡苏能超导材料科技有限 公司。旨在依托公司自身的技术积淀、工程化能力助力科研团队实 现超导材料研究成果的产业化转化。公司将发挥自身优势，围绕该 材料的生产制造与市场推广进行业务布局。 2、公司多层复合焊带产品的销售状况如何？ 答：多层复合焊带是公司率先向市场推出的前瞻产品，目前公 司在该产品的竞争中保持着较高的市场份额。同时，公司的研发团 队还在进一步开展多层复合焊带产品的技术研究与应用。 3、安徽宇邦焊带生产项目的建设进度如何？ 答：安徽宇邦的基建项目已完成，具 ...

（来源：研报虎） 多层复合焊带助力BC组件降本，有望受益于BC技术发展。公司紧随光伏技术发展前沿，深耕新技术应 用领域，始终致力于为客户提供更具竞争力的产品及创新解决方案。公司研制的多层复合焊带已经率先 在BC组件上被验证为更优化的焊带降本方案。该产品通过多层复合材料结构设计、界面优化技术及复 合材料间组织调控技术等多项核心技术攻关，为光伏组件综合成本下降带来重要突破。 投资建议：虽然产业链价格急速下降引起市场竞争压力骤增，但公司仍然保持正盈利。随着"反内卷"政 策推进，光伏产业链价格自6月以来显著反弹，辅材的价格压力也有望缓解。公司多层复合焊带随着BC 技术发展放量，有望贡献超额盈利。预计公司2025~2027年归母净利润分别为0.86、1.41、1.72亿元，对 应PE分别为43.9、26.8、22.0X，调整为"增持"评级。 风险提示：反内卷政策推进不及预期，铜、锡等原材料价格波动，行业竞争加剧，多层复合焊带出货不 及预期等。 事件：公司25H1实现营业收入15.18亿元，同比下降9.77%；实现归母净利润0.36亿元，同比增长 0.18%。25Q2单季度实现营业收入8.80亿元，同比下降10.49%； ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the photovoltaic (PV) industry, specifically the development and market penetration of BC (Bifacial Cell) components in comparison to Topcon technology [1][2][20]. Core Insights and Arguments - **Market Penetration**: BC components have a penetration rate of approximately 20% in the high-end distributed market in Europe, while the domestic market penetration is only between 5% and 10% [1][2]. - **Price Comparison**: BC components are generally priced higher than Topcon components, with a domestic price premium of about 0.1 CNY per watt for distributed applications and 0.05 CNY for centralized applications. In Europe, the premiums are approximately 0.2 CNY and 0.1 CNY, respectively [2]. - **Efficiency and Power Output**: BC components theoretically offer a power increase of 25-30 watts and a generation efficiency improvement of 20-25% compared to Topcon, although these figures require practical validation [1][3]. - **Production Capacity**: By the end of 2024, Aiko is expected to reach nearly 10 GW capacity, while Longi aims for 50 GW of second-generation BC capacity, with an expected output of 20 GW in 2025 [4]. - **Outsourcing Model**: The outsourcing model allows companies to rapidly scale production and reduce costs, but it also tests supply chain management capabilities [5]. - **Cost Structure**: BC components have higher costs due to greater silver paste usage and depreciation costs, with overall component costs being about 0.05 CNY per watt higher than Topcon [1][7]. - **Technological Advancements**: New materials and technologies, such as the introduction of multi-layer composite solder strips by Yubang, are expected to enhance the efficiency and production of BC components [8][9]. Additional Important Insights - **Policy Impact**: The introduction of stricter efficiency requirements, such as the 24.2% power requirement in Shaanxi, indicates a growing emphasis on efficiency improvements in the industry [18][19]. - **Challenges in Production**: The main challenges in BC production include achieving stable mass production and high yield rates, with current yields around 95-96% [7][23]. - **Future of BC Technology**: While BC technology is gaining traction, it is unlikely to completely replace Topcon in the short term due to existing capacities and market dynamics. Both technologies are expected to coexist for the foreseeable future [20][21]. - **Patent Risks**: There are potential patent risks associated with BC technology, particularly from Maxson's patents, but these are not expected to significantly hinder market entry for other companies [29]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future prospects of the BC technology within the photovoltaic industry.

Core Points - The stock price of Yubang New Materials (301266) decreased by 3.19% to 30.93 yuan as of May 23, 2025, with a market capitalization of 3.399 billion yuan [1] - The company is focusing on expanding its overseas market and enhancing global customer service capabilities in 2025 [2] - The company has a leading position in the multi-layer composite welding strip technology, set to launch the product in 2024 [5] - The conversion price of Yubang convertible bonds has been adjusted from 36.94 yuan to 36.84 yuan, effective from May 30, 2025 [3][5] Market Performance - As of May 23, 2025, Yubang New Materials' stock closed at 30.93 yuan, down from 31.95 yuan the previous week, with a weekly high of 32.65 yuan and a low of 30.93 yuan [1] - The company's total market value is ranked 53rd out of 63 in the photovoltaic equipment sector and 3845th out of 5148 in the A-share market [1] Product and Technology - The company has over 80% of its production capacity dedicated to interconnection strips, with flexible production lines capable of producing various types of welding strips [1] - The multi-layer composite welding strip has a higher technical threshold, and the company possesses advanced technology and a high market share in this product category [1][5] Strategic Initiatives - In 2025, the company aims to actively explore overseas high-quality customers and maintain close technical exchanges and product development services with downstream clients [2]

Group 1: Market Position and Product Development - The multilayer composite welding strip has a high technical threshold, requiring advanced material design and production techniques. The company launched this product in 2024, achieving a significant market share due to its advanced technology and mature production capabilities [1]. - The company's photovoltaic welding strip products are primarily divided into interconnection strips and busbars, with interconnection strips accounting for over 80% of production capacity. The production line is flexible, allowing for the manufacturing of various types of welding strips based on orders [1]. Group 2: Strategic Initiatives for 2025 - Expanding into overseas markets is a key strategic direction for the company in 2025. The company aims to actively seek high-quality overseas clients and enhance its global customer service capabilities [1]. - In terms of new product promotion, the company plans to maintain close technical communication and product development services with downstream clients, accelerating the application of more profitable products to sustain innovation and market competitiveness [1]. Group 3: Investor Relations Activity - The investor relations activity did not involve any undisclosed significant information [2].

Group 1 - The core viewpoint of the article highlights that a well-known private equity firm, Guangzhou Jinkong Asset Management Co., conducted research on a listed company, Yubang New Materials, indicating positive developments in the company's performance and strategic direction [1][2]. - Yubang New Materials reported a quarter-on-quarter recovery in profits, primarily driven by the increased volume of multilayer composite welding strips and a rise in overseas orders contributing to profitability [1]. - The company is experiencing a strong order situation and maintains a high capacity utilization rate, indicating robust operational performance [1]. Group 2 - The company is focusing on optimizing its product structure, particularly by enhancing the production capacity of more profitable welding strip products, while dynamically adjusting its strategic planning in line with industry trends [1]. - Yubang New Materials is actively expanding its overseas market presence, targeting high-quality component customers in regions such as Southeast Asia, Europe, Africa, and South America [1]. - The company aims to enhance customer loyalty and expand its overseas sales scale through product reliability, technological advancement, brand influence, and service responsiveness [1].

Group 1: Financial Performance - The company's Q1 profitability improvement is primarily driven by the increased volume of multi-layer composite welding strips and the growth in overseas orders contributing to profitability [1] - The multi-layer composite welding strips have maintained a relatively strong profitability due to increased penetration in XBC component applications [1] - The company has a good order situation for Q2, with a high capacity utilization rate [2] Group 2: Market Strategy - The company is actively expanding its overseas market presence, targeting high-quality component customers in regions such as Southeast Asia, Europe, Africa, and South America [2] - The strategy includes enhancing customer loyalty through product reliability, technological advancement, brand influence, and service responsiveness [2] - The company plans to continuously optimize its product structure, focusing on welding strip products with stronger profitability [2]

Group 1: Business Performance - The company's overseas orders increased by 32% quarter-on-quarter in Q1 2025, indicating strong market demand [1] - In Q1 2025, the company's revenue was 639 million CNY, a decrease of 8.75% year-on-year, while net profit attributable to shareholders was 33.635 million CNY, down 2.84% year-on-year [3] - The company's overseas sales revenue increased by 20% in Q1 2025, contributing to improved profitability [14] Group 2: Product Development and Standards - The company has actively participated in the standardization of photovoltaic soldering ribbon products, contributing to national and industry standards [4] - The company is focusing on continuous R&D to optimize product structure and introduce new products, including reflective films and solder paste for the photovoltaic industry [6] Group 3: Financial Management and Risks - The company established a comprehensive risk management system to ensure transparent decision-making and protect shareholder interests [2] - In 2024, the company made a provision for bad debts amounting to 37.25 million CNY, which reduced net profit by the same amount [9] Group 4: Future Strategies and Market Outlook - The company plans to focus on the photovoltaic industry, enhancing profitability and risk control while balancing output and profit [6] - The global photovoltaic market is expected to continue growing, driven by increasing demand for clean energy and supportive policies [15] Group 5: Corporate Governance and Compliance - The company operates in compliance with legal regulations and has provided independent directors with necessary resources to fulfill their duties [5] - The company has a clear dividend policy, distributing a total of 46.8 million CNY in cash dividends from 2022 to 2023, with plans to distribute 10.99 million CNY in 2024 [14]