Industry Overview - The global photovoltaic (PV) industry is experiencing significant growth due to the implementation of "dual carbon" strategies, with expectations of over 5,500 GW of new installed capacity from 2024 to 2030, 80% of which will come from solar energy [1] - The Chinese photovoltaic silver paste market is projected to grow from 13.1 billion RMB in 2020 to 46.8 billion RMB by 2024, and further to 116 billion RMB by 2029, with a compound annual growth rate (CAGR) of 19.9% from 2024 to 2029 [1] Company Performance - Zhejiang Guanda Electronics Technology Co., Ltd. (Guanda Electronics) has demonstrated strong R&D and market capabilities, ranking second in the global back silver paste market and fifth in the global front silver paste market as of 2023 [2] - Guanda Electronics has successfully developed a complete set of N-type TOPCon silver paste technology and is producing xBC silver paste, while also preparing for next-generation technologies such as silver-coated copper paste and HJT low-temperature silver paste [2] Technological Advancements - The mainstream technology route for photovoltaic silver paste is shifting from PERC to TOPCon, with N-type batteries expected to account for 95.4% of global PV battery shipments by 2029 [2] - Guanda Electronics has achieved full self-research and production capabilities for three core raw materials: silver powder, glass powder, and organic carriers, making it the only domestic manufacturer with a complete industry chain [3] Market Strategy - The company focuses on customized silver paste production, adapting formulations to meet the diverse needs of different battery manufacturers and their production processes [3] - Guanda Electronics is also expanding into other electronic paste applications, including those for electronic components, automotive electronics, aerospace, and communications, having already achieved mass production of communication filter products [3] Future Outlook - Guanda Electronics is positioned as a key player in the domestic photovoltaic paste market, contributing to the transformation of the global PV industry and supporting the development of new production capabilities [4]