智通财经APP获悉，中信证券发布研究报告称，光伏导电浆料主要用于光伏电池的金属化环节，直接影 响电池的性能。目前银浆是导电浆料的主流选择，但受N型技术银浆单耗上升及白银价格中枢上移的影 响，银浆降本需求迫切。以银包铜、电镀铜和高铜/纯铜浆料为代表的新型光伏浆料产业化进程不断加 速，预计到2030年新型浆料的市场空间有望超过150亿元，对应CAGR约60%，铜浆料有望于2025Q4实 现量产导入，推荐技术和规模领先的龙头企业。 光伏导电浆料：制备电极的关键原材料 贱金属替代指用铜、铝、镍等价格低廉的金属材料取代传统的银，是光伏电池金属化降本的重要方向。 铜的电导率仅次于银，而在成本上仅为银的1%，成为目前贱金属替代的主流选择。铜浆料替代的方案 有银包铜、电镀铜、纯铜/高铜浆料等，其中银包铜技术已较为成熟，主要用于HJT、HBC等低温电池 方向，未来采用高温银种子层+低温固化银包铜浆料的方式有望进一步拓展其在高温电池的应用，目前 银包铜在向更高比例的铜占比(比如70%铜)的方案推进；电镀铜可以实现降本和增效的双重增益，但目 前仍存在工艺复杂，量产良率较低等问题，目前主要用于BC电池的提效领域；纯铜浆料可以近似实现 ...

Core Insights - The report from CITIC Securities highlights the critical role of conductive pastes in the metallization process of photovoltaic cells, which directly impacts cell performance [1] - Currently, silver paste is the mainstream choice for conductive pastes, but there is an urgent need to reduce costs due to rising single consumption of silver paste in N-type technology and increasing silver prices [1] - The industrialization of new types of photovoltaic pastes, represented by silver-coated copper, electroplated copper, and high copper/pure copper pastes, is accelerating [1] - It is projected that by 2030, the market space for new types of pastes will exceed 15 billion yuan, corresponding to a CAGR of approximately 60% [1] - Copper pastes are expected to achieve mass production by Q4 2025, and the recommendation is to focus on leading companies with advanced technology and scale [1]

Group 1 - The photovoltaic industry chain is experiencing price increases, with polysilicon manufacturers raising prices to a range of 45,000 to 50,000 yuan per ton, although actual transactions at this level have not yet been observed [1] - There is a strong determination among polysilicon manufacturers to maintain prices, and some downstream companies may accept slight price increases to avoid future risks of further price hikes [1] - The macro-level supply-side clearing guidance is expected to provide a framework for the industry's "anti-involution," but actual implementation may take time [1] Group 2 - Zhongyuan Securities suggests focusing on "capacity clearing" and "new technology iteration" as two main lines for investment [2] - In terms of capacity clearing, attention should be paid to leading companies in the polysilicon and photovoltaic glass sectors, particularly those with significant losses and clear capacity clearing expectations [2] - New technology advancements, particularly in BC cells and perovskite cell commercial applications, are also highlighted as areas of interest [2]

Core Viewpoint - The supplementary legal opinion addresses the inquiries raised by the Shenzhen Stock Exchange regarding Suzhou Goodwill Electronics Co., Ltd's application for a specific stock issuance, highlighting the company's financial performance and challenges in its semiconductor and photovoltaic silver paste businesses [2][3][4]. Financial Performance - The company's main business revenue for the reporting periods was 3.26 billion, 4.07 billion, with growth rates of 17.21%, 14.36%, 10.23%, and 10.75% respectively [3]. - The gross profit margins for the semiconductor and photovoltaic silver paste businesses have shown a downward trend, primarily due to significant increases in key raw material prices, particularly silver powder [3][4]. - The gross profit margins for integrated circuit packaging and testing products were recorded at 8.01%, -2.57%, -12.55%, and -0.19%, indicating a continuous negative trend since 2023 [3]. Customer Concentration - The sales amount to the top five customers accounted for 59.90%, 62.13%, 71.44%, and 66.93% of total sales revenue during the reporting periods [4]. - The company primarily employs a direct sales model supplemented by distribution, with distribution revenue contributing 14.02%, 11.70%, 8.47%, and 11.19% to total revenue [4]. Accounts Receivable and Bad Debt Provisions - The accounts receivable balances at the end of each reporting period were 749.03 million, 1.03 billion, 1.12 billion, and 973.91 million, with bad debt provisions of 30.13 million, 28.57 million, 80.41 million, and 78.45 million respectively [4][12]. - The increase in bad debt provisions in 2024 was primarily due to the company's consideration of debt restructuring agreements with major customers, leading to a provision rate of 13.85% for certain accounts [4][12]. Inventory and Prepayments - The company's inventory values at the end of each reporting period were 384.97 million, 473.14 million, and 471.76 million [4]. - The prepayment amounts at the end of each reporting period were 75.55 million, 78.51 million, and 79.99 million [4]. Fixed Assets and Utilization - The book value of fixed assets at the most recent reporting period was 666.61 million, with impairment provisions of 16.76 million [5]. - The company experienced underutilization of production capacity in its semiconductor discrete devices, integrated circuit packaging, and photovoltaic silver paste products, with some years showing utilization rates below 70% [5]. Research and Development Expenses - The company reported period expenses of 284.69 million, 146.09 million, 200.69 million, and 32.81 million, with financial expenses of -7.72 million, 10.28 million, 10.53 million, and 5.62 million [5]. - Sales expenses were primarily composed of salaries and promotional expenses, with promotional expenses recorded at 45.59 million, 52.41 million, 21.32 million, and 3.42 million [5]. Industry Context - The company operates in the semiconductor and photovoltaic sectors, facing challenges such as supply-demand imbalances and increased competition [10]. - The photovoltaic industry is particularly affected by external factors such as tariffs and sourcing policies, impacting the company's customer base and financial stability [10].

Core Viewpoint - Suzhou Guder Electronic Co., Ltd. is planning to raise funds through a specific issuance of A-shares to finance projects related to solar electronic paste production, small signal product packaging and testing, and the establishment of an innovation research institute, while also supplementing working capital [1][2][3]. Fundraising Projects - The funds raised will primarily be allocated to the following projects: 1. Annual production of 500 tons of solar electronic paste at Suzhou Jingyin New Materials Technology Co., Ltd. 2. Small signal product packaging and testing project 3. Establishment of the Guder (Suzhou) Innovation Research Institute 4. Supplementing working capital [3][18]. Industry Risks - The semiconductor industry in China is experiencing cyclical fluctuations, with 2023 sales reaching 1,669.66 billion yuan, a year-on-year increase of only 2.2%, marking the lowest growth rate in nearly a decade [3][5]. - The sales of semiconductor discrete devices reached 441.97 billion yuan, also reflecting a 2.2% year-on-year increase, while the integrated circuit packaging and testing sector saw a negative growth for the first time in ten years, with sales of 293.22 billion yuan [3][5]. - The company's semiconductor business revenue for 2023 was 1.002 billion yuan, a decline of 20.88% year-on-year [3][5]. Market Competition - The semiconductor discrete device and integrated circuit packaging and testing sectors in China are highly competitive, with major international players holding significant market shares. The domestic market is the largest globally, attracting more competitors, which may lead to increased market competition [6][7]. Solar Paste Industry - The solar paste industry is closely tied to the fluctuations in the photovoltaic sector, which has seen rapid growth due to supportive policies since 2014. However, international trade policies and market dynamics can adversely affect the demand for solar paste products [5][7]. - The company has established a leading market position in the solar paste industry, but increasing competition may impact its market share and profitability [7][9]. Financial Performance - The company reported revenues of 3,268.20 million yuan, 4,087.35 million yuan, and a declining profit trend over the reporting periods. The comprehensive gross margin has decreased due to cyclical fluctuations in the semiconductor and solar paste industries, changes in market supply and demand, and increased R&D investments [14][12]. - The company’s inventory and accounts receivable have shown significant balances, indicating potential risks related to inventory management and collection of receivables, which could adversely affect financial performance [12][13].

佰维存储 20250610 Q&A 光伏行业目前的供需情况如何？ 截至 2025 年第一季度末，光伏产业链各个环节仍处于严重过剩状态。组件、 电池、硅片和硅料四个主要环节的名义产能均超过 1,200 吉瓦，而 2025 年组 件产量预期在 650-700 吉瓦之间，主产业链各环节的名义产能约为今年组件产 量的两倍。辅材环节如胶膜和玻璃的年度供应量在 800-900 吉瓦之间，其中玻 璃情况稍好，名义产能约 800 吉瓦，但由于光伏玻璃在建产能较多，未来预期 市面主要含铜浆料方案包括地科开发的高铜浆料和聚合开发的纯铜浆料。 地科高铜浆料采用银包覆和银种子层技术，定价 4,000-5,000 元/公斤， 每瓦节省约 0.5 分；聚合纯铜浆料采用非银材料包覆，定价 2,500- 3,000 元/公斤，需专用烧结炉，成本节省也约为 0.5 分/瓦。 高铜浆料和纯铜浆料均在积极推广。高铜浆料因抗氧化性和防止扩散风 险可靠性较高，进展较快，Topcon 组件龙头企业已加快导入节奏，预 计 2026 年出货量可达小几百吨，加工费显著提升。纯铜浆料也在持续 推进中，若成功将带来更大成本节省空间，建议关注地科及聚合相关标 的发 ...

抢装结束后价格探底，关注技术迭代及政策推动出清 - 光 伏 6 月月报 20250609 摘要 光伏产业链各环节名义产能普遍过剩，组件产能约为实际需求的两倍， 预计未来几个季度将持续，但开工率下降或将改善库存，尤其在硅料环 节。 硅料价格持续探底，N 型硅料价格已接近现金成本，多数产能面临亏损。 受国内抢装潮结束影响，硅料价格下跌空间有限，部分企业已开始减产 应对。 短期内光伏需求受政策影响较大，下半年整体需求偏淡，但 10-12 月国 内集中式需求或带来小幅复苏。电池技术迭代是产能出清的重要推动力。 TOPCon 电池技术持续发展，通过技术升级提高量产功率，但设备改造 投资成本较高，资金不足的企业面临淘汰风险。晶科能源计划在 2025 年底完成 40%以上产能改造。 BC 电池技术在分布式市场具有优势，隆基和爱旭积极扩产。BC 电池平 均量产功率高于 TOPCon，盈利能力较强，尤其在欧洲市场溢价明显。 Q&A 光伏行业目前的供需情况如何？ 截至 2025 年第一季度末，光伏产业链各个环节处于严重过剩状态。光伏组件、 电池、硅片和硅料四个主产业链环节的名义产能均超过 1,200 吉瓦，而今年 （2025 年 ...

Group 1 - The company, Suzhou Guder, focuses on the semiconductor and photovoltaic sectors, with products used in various fields including aerospace, automotive, and clean energy [1] - In 2024, the company plans to accelerate the iteration of automotive-grade products and develop specialized IGBTs for photovoltaic inverters, while establishing a dual-cycle production capacity system in Southeast Asia [1] - The company’s subsidiary, Suzhou Jingyin, is a leading supplier of photovoltaic cell conductive paste and has pioneered the domestic production of solar cell silver paste [1] Group 2 - In 2024, the company’s silver pastes for PERC, TOPCon, and HJT batteries are expected to maintain high performance and stability, with XBC battery paste sales doubling [2] - The company indicates that despite many photovoltaic companies facing losses due to significant price drops, Suzhou Jingyin is less affected by industry cycles due to fast inventory turnover and stable gross margins [2] - The subsidiary in Malaysia has commenced production in 2024 and achieved profitability, with the overseas capacity expansion aimed at capturing market opportunities despite domestic overcapacity [2] - The company is actively monitoring new technologies in the photovoltaic paste sector to ensure it can adapt to market trends [2]

晶科能源 20250507 摘要 • 晶科能源持续推进产线升级，已完成上饶和山西部分车间的改造，标准产 线组件效率达 23.8%-24%，功率 640-645 瓦，预计上半年上饶产线可实 现 645 瓦（双波）和 650 瓦（单波）功率，领先竞争对手半年以上。 • Topcon 3.0 技术导入顺利，通过三合一技术提升功率 10-15 瓦，计划二 三季度开发 650-660 瓦新型产品，并将在 SAMT 展会发布。该技术更好 地支持贵金属，包括银包铜，热斑温度显著降低。 • 公司计划年底（2025 年）和明年（2026 年）逐步释放 3.0 版本，通过隐 形栅线、低温电池和叠层技术等方案进一步提升效率，其中 Topcon 与钙 钛矿叠层已认证效率超 34%，目标三年内实现量产。 • 银包铜技术量产进展顺利，前期评估结果正向，一倍可靠性测试与常规银 浆无明显差别，两倍 PCT 测试无问题，预计年内完成 1-2 个车间改造，占 比 20%-40%产能，明年实现全产品导入，风险较低。 • 高效 TOPCon 与 BC 电池功率差距缩小，目前高效 TOPCon 功率达 640- 645 瓦，与 BCC 相差约 5 瓦 ...

丨证券研究报告丨 公司研究丨点评报告丨帝科股份（300842.SZ） [Table_Title] 银价变动拖累业绩，高铜浆料放量在即 报告要点 [Table_Summary] 帝科股份发布 2025 年一季报，2025Q1 实现收入 40.56 亿元，同比增长 11%；归母净利 0.35 亿元，同比下降 80%；扣非归母净利 0.65 亿元，同比下降 66.72%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 帝科股份（300842.SZ） cjzqdt11111 帝科股份发布 2025 年一季报，2025Q1 实现收入 40.56 亿元，同比增长 11%；归母净利 0.35 亿元，同比下降 80%；扣非归母净利 0.65 亿元，同比下降 66.72%。 事件评论 丨证券研究报告丨 2025-05-05 公司研究 ...