电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -17% -8% 1% 10% 18% 27% 36% 45% 2025.02 2025.06 2025.10 2026.02 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：全年新增装 机超 300GW，关注太空光伏商业化进展》 2026-01-28 《电力设备及新能源行业点评报告："十五 五"国网投资四万亿，国内外电气设备需求 旺盛》 2026-01-20 《电力设备及新能源行业月报：硅片、电池 报价大幅提高，关注细分行业龙头》 2025- 12-26 投资要点： ⚫ 2 月光伏产业指数冲高盘整，细分子行业涨多跌少。截至 2 月 26 日收盘，光伏行业指数上涨 4.41%，大幅跑赢沪深 300 指数，板 块日均成交金额环比基本持平。细分子行业涨多跌少，光伏组件、 导电银浆涨幅居前。协鑫集成、聚和材料、晶盛机电、中利集团、 亿晶光电涨幅 ...

兄弟们！又出大事了，海外光伏又暴涨，这次暴涨跟AI有关 光伏向AI数据中提供能源解决方案，已成为光伏核心公司的新一条增长曲线。 那么，gauge有没有这样的公司，经过深度梳理和挖掘，目前A股仅有7家公司具备光伏向数据中心提供能源解决方案的核心公司。 现在梳理出来供大家参考学习 特别声明：本内容严格限定于学术研究、研讨范畴使用，不构成、亦不隐含任何投资建议、投资引导及投资承诺，请勿作为投资依据。 第一家：泰嘉股份 核心亮点：公司形成了"锯切+电源"双主业发展，锯切业务主要涉及双金属带锯条的研发、制造与销售，产品广泛应用于航空航天、轨道交通等多个制造领 域。 光伏业务：孙公司雅达电子建成了新能源、光伏、储能产品等新的业务增加点，已见成效，并陆续进入量产阶段。 数据中心：公司大功率电源业务主要包括新能源智能光伏/储能电源，另包含一部分数据中心电源、站点能源电源业务。其中，数据中心电源业务主要为服 务器电源模块产品，服务客户为行业头部品牌客户，目前根据客户订单需求，有序生产、出货中。 一家名为vivopower的光伏公司股价在2月14日晚间暴涨48%。 | 龙线 夏视 周 | | VivoPower VVPR | | ...

内容概况：白银是光伏电池金属化的关键材料，用于制备导电银浆。通过丝网印刷工艺将银浆印刷于电 池片表面，经过高温烧结后形成金属电极，起到收集光生电子、汇流并导出电流的作用。相比其他金 属，白银的优势主要体现在：（1）化学稳定性：银在高温烧结和长期户外使用中不易氧化；（2）工艺 成熟度：银浆与丝网印刷工艺配合度较好，产能和良率较高。白银是光伏银浆重要原材料，光伏行业已 成为白银工业需求中增长最快、占比最大的领域，据世界白银协会数据，2019年全球光伏行业白银需求 量仅为2330吨，占全球白银总需求量的7.4%。而伴随着光伏产业的不断扩张，到2024年，全球光伏行 业白银需求量达6147吨，占比达17.0%。2025年在光伏行业加速"去银"进程的背景下，光伏用银需求有 所下降，约为6086吨，同比下降1%。中国作为全球最大的光伏制造国与装机国，光伏领域对白银的需 求强劲，带动作用更加明显。数据显示，2024年中国光伏领域白银需求量近5700吨，占全球光伏领域白 银需求量的比重超92%，充分体现了中国光伏产业的全球主导地位对白银需求的核心拉动作用。价格方 面，2025年第四季度以来，白银价格强势上行不断突破历史高点， ...

Group 1 - BYD has filed an international patent application titled "Silver Powder and Its Preparation Method, Conductive Silver Paste, Electronic Devices, and Electrical Equipment" with the application number PCT/CN2025/112521, which is set to be published internationally on February 12, 2026 [1] - In 2023, BYD has announced a total of 323 international patent applications, representing a 546% increase compared to the same period last year [1] - For the first half of 2025, BYD invested 29.596 billion yuan in research and development, which is a year-on-year increase of 50.84% [1]

Core Viewpoint - Dike Co., Ltd. adopts a production model based on sales orders and a procurement model based on production orders, which helps mitigate risks associated with fluctuations in silver prices [1] Group 1: Production and Procurement Models - The company typically places silver powder procurement orders on the same day it receives sales orders, integrating sales orders, production plans, and inventory status [1] - The pricing of conductive silver paste products and the main silver powder procurement prices are based on the current or similar silver spot prices [1] Group 2: Risk Management Strategies - This pricing model allows the impact of silver spot prices on silver powder procurement costs to be transmitted to downstream customers, thereby reducing the company's direct exposure to significant fluctuations in silver prices [1] - To further mitigate the risk of silver price volatility, the company employs silver futures hedging for the difference between sales orders and procurement orders [1]

Financial Performance - The company expects a net profit loss of 200 million to 300 million yuan for 2025, compared to a profit of 360 million yuan in the previous year [2] - The net profit after deducting non-recurring gains and losses is projected to be between 160 million and 240 million yuan, a year-on-year decrease of 63.56% to 45.34% from 439 million yuan [2] Product Development and Market Strategy - The company is focusing on three battery technologies: mature P-type PERC, mid-term P-type HJT, and long-term perovskite tandem battery technology, with leading conductive paste products already in commercial use [3] - The storage chip business achieved approximately 500 million yuan in revenue, with a significant increase in both revenue and profitability, especially in Q4 with about 230 million yuan in revenue [4] - The company plans to increase its shipment target for 2026 to between 30 million and 50 million units, leveraging existing capacity and price increases to expand revenue and net profit [4] Risk Management - The company employs a production model based on sales orders and a procurement model based on production plans, mitigating risks from silver price fluctuations through hedging strategies [5] - The rapid increase in silver prices has led to significant non-recurring losses, but does not affect the company's long-term operational capabilities [5] Strategic Layout - The company is transitioning its strategic focus from enabling the "energy revolution" to empowering the "technology revolution," expanding its product range into space photovoltaic and commercial aerospace sectors [7] - Through acquisitions, the company has established a comprehensive industry chain in the storage business, aiming to become a leading third-party DRAM storage module enterprise in the next two to three years [7]

Core Viewpoint - Huaguang New Materials is actively involved in the semiconductor industry with its conductive silver paste and tin-based solder materials, currently in the validation phase for its pre-formed high-activity tin solder sheets and conductive adhesive products, which have not yet achieved mass supply [1] Group 1 - The company's tin-based solder materials have been applied in the PCBA process on a large scale [1] - Investors are advised to pay attention to the company's future periodic reports for specific revenue details [1]

Group 1 - The core viewpoint of the article is that Huaguang New Materials (688379) is actively involved in the semiconductor industry through its conductive silver paste and tin-based solder materials [1] - The company is currently advancing the verification of its pre-formed high-activity tin solder sheets and conductive adhesive products in the semiconductor field, although it has not yet achieved mass supply [1]

Core Viewpoint - Huaguang New Materials (688379.SH) is actively involved in the semiconductor industry with its conductive silver paste and tin-based solder materials, currently advancing verification of its pre-formed high-activity tin solder sheets and conductive adhesive products, which have not yet achieved mass supply [1] Group 1: Product Applications - The company's conductive silver paste and tin-based solder materials are applied in the electronic semiconductor industry [1] - The tin-based solder materials developed by the company have been applied in mass production for the PCBA process [1] Group 2: Future Developments - The company is in the process of verifying its pre-formed high-activity tin solder sheets and conductive adhesive products for the semiconductor sector [1] - Investors are advised to pay attention to the company's future periodic reports for specific revenue details [1]

Core Insights - The article highlights the rapid growth and technological advancements of Changzhou Juhe New Materials Co., Ltd., which has become a leading player in the photovoltaic conductive silver paste market, achieving a market share that ranks first globally [1][2] - The company has developed key technologies that break the foreign monopoly in the conductive silver paste industry, which is crucial for the efficiency of solar cells [1] Company Overview - Changzhou Juhe New Materials has established a modern industrial park in Changzhou High-tech Zone, featuring a clean production workshop capable of producing 3,000 tons of conductive silver paste annually [1] - The company was founded by Liu Haidong, who emphasized the importance of developing core technologies to reduce reliance on foreign materials [1] Market Position - As of 2021, Juhe Materials achieved the highest market share in the photovoltaic conductive silver paste sector, maintaining this position for two consecutive years [2] - The company has experienced remarkable growth, reaching a revenue of 29.282 billion yuan over three years from 2022 to 2024, with an average annual growth rate of 23.97% [2] Financial Performance - Juhe Materials has reported cumulative net profits of 1.242 billion yuan and has paid over 426 million yuan in taxes [2] - The company successfully went public on the Sci-Tech Innovation Board in December 2022, with a market valuation exceeding 10 billion yuan [2] Future Prospects - Liu Haidong envisions expanding beyond the photovoltaic sector into high-end electronic materials for strategic emerging industries, including communications, components, automotive electronics, and semiconductors [2]