证券代码： 002079 证券简称：苏州固锝 苏州固锝电子股份有限公司投资者关系活动记录表 | 投资者关系活动 | 特定对象调研 分析师会议  □ | | --- | --- | | 类别 | □ 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 | 西安博成基金管理有限公司 邵嘉斌、中国银河投资管理有限公 | | 人员姓名 | 司 白文昌、国元创新投资有限公司 张长生等 | | 时间 | 年 月 日 下午 2026 2 27 (周五) 13：30~15:00 | | 地点 | 苏州固锝电子股份有限公司会议室 | | 上市公司接待人 | 苏州固锝电子股份有限公司： | | 员姓名 | 董事、总经理 滕有西 | | | 董事、副总经理兼董事会秘书 李莎 | | | 运营副总经理 徐仁庆； | | | 苏州晶银新材料科技有限公司： | | | 副总经理兼技术总监 周欣山 投资者提出的问题及公司回复情况： | | | 1、问：公司在 2025 年经营性现金流明显改善，资产负债率降低， 主要采取了哪 ...

证券日报网讯 2月26日，苏州固锝在互动平台回答投资者提问时表示，公司全资子公司苏州晶银自2021 年开始推出银包铜技术，异质结电池的浆料成本大为降低。2025年银含10%的银包铜浆料产品的光电转 换效率与高银含浆料持平，满足客户需求。光伏银浆的销售主要采取背靠背定价模式，根据客户订单锁 定银价并收取加工费，银价波动导致的风险相对较小。 （文章来源：证券日报） ...

Core Viewpoint - The surge in silver prices is expected to accelerate the adoption of low-cost metal pastes in the photovoltaic (PV) battery module industry, leading to increased cost differentiation among manufacturers and the potential elimination of outdated production capacity [1][6] Group 1: Silver Price Impact - The price of silver has risen significantly, from approximately 8,000 RMB/kg in mid-2025 to around 19,000 RMB/kg currently, with expectations for continued strength [2] - For TOPCon batteries, a 1,000 RMB/kg increase in silver price corresponds to a cost increase of about 0.01 RMB/W, with current silver paste costs nearing 0.20 RMB/W [2] - HJT manufacturers are expected to reduce silver usage to below 4 mg/W, achieving a cost advantage over TOPCon batteries by more than 0.10 RMB/W [2][3] Group 2: Competitive Landscape - The introduction of low-cost metal pastes is anticipated to accelerate among leading manufacturers, with a critical mass application expected in the second half of 2026 [3] - Second and third-tier manufacturers may face challenges in adopting low-cost metal pastes due to funding and technical limitations, potentially widening the cost gap to over 0.10 RMB/W compared to leading firms [3] Group 3: Intellectual Property Developments - Aiko Solar has signed a patent licensing agreement with Maxeon, paying 1.65 billion RMB over five years for access to BC battery patents, marking a significant step in addressing intellectual property issues in the PV industry [4] - This collaboration is expected to enhance Aiko's competitive position and set a precedent for resolving patent disputes within the industry [4] Group 4: Investment Recommendations - The PV battery module industry is projected to experience accelerated "anti-involution," with recommendations to invest in leading battery module manufacturers, core paste suppliers, and HJT equipment suppliers with sustained competitive advantages [6]

Core Viewpoint - Suzhou Goodway anticipates a recovery in heterojunction battery operating rates in 2026 due to high silver prices and the adoption of silver-coated copper paste in Topcon and BC batteries [1] Group 1 - The company has reported that its silver-coated copper products have been tested by multiple clients, with one client already achieving mass production [1] - The company holds an optimistic outlook on shipment trends for 2026 [1]

Group 1: Financial Performance and Risk Management - Suzhou Jingyin has increased overdue receivables due to the photovoltaic industry's downturn from 2024 to 2025, leading to strategic contraction with severely overdue clients and enhanced collection efforts [1] - The company plans to adjust its client structure by developing new partnerships with several top 10 industry clients, expecting increased production volume in 2026 [1] Group 2: Production and Market Trends - Malaysia Jingyin began production in 2024 and achieved profitability in the same year; however, capacity utilization declined in 2025 due to geopolitical influences [2] - The company anticipates a rapid increase in shipment volumes from its Malaysian facility, benefiting from recent domestic and international policy changes [2] - In 2026, the company expects a rise in shipments of silver-coated copper paste due to higher silver prices, which will also lead to cost reductions for traditional pure silver paste users [2] Group 3: Order Management and Future Outlook - Suzhou Jingyin has signed procurement framework agreements with major clients, but due to volatile silver prices, clients prefer rolling orders based on demand rather than long-term commitments [2] - The Malaysian semiconductor factory is evolving from primarily integrated circuit packaging to a diverse range of packaging forms, positioning itself to leverage overseas market opportunities amid increasing domestic competition [2] Group 4: Compliance and Investor Relations - During the investor relations activity, the company adhered to regulations, ensuring no leakage of undisclosed significant information, and signed the required research commitment letter as per Shenzhen Stock Exchange requirements [3]

Core Viewpoint - The silver price surge is significantly impacting the production costs of the photovoltaic (PV) industry, leading to a restructured cost structure and increased pressure on profitability, with a consensus emerging around the need for silver alternatives in the industry [1]. Group 1: Price Dynamics - The price of silver paste has become the largest variable, with significant increases in January, leading to a rise in the unit production cost of battery cells and modules by 0.03 yuan per watt [2]. - The cost of silver now accounts for 20% of the total production cost of modules, a substantial increase from 7% in Q3 2025 and 11% in Q4 2025, making it the core cost component [2]. Group 2: Impact of Silver Price Surge - The rise in silver prices has redefined the cost structure of the PV industry, with silver paste now constituting over 20% of component costs, compared to less than 10% previously, leading to severe profit compression for companies [3]. - Major companies are expected to report significant losses in 2025, with Tongwei Co. projected to lose 9-10 billion yuan and Trina Solar expected to lose 6.5-7.5 billion yuan, resulting in an overall industry gross margin drop from 15% in 2024 to below 5% [3]. Group 3: Challenges in Price Transmission - Companies are attempting to raise prices in response to cost pressures, but face limitations due to market conditions, with only short-term relief available through export tax rebates [4]. - The market for PV components is characterized by oversupply, limiting the ability of companies to pass on costs to downstream project developers, which may lead to loss of market share if prices are raised individually [6]. Group 4: Technological Evolution and Industry Outlook - The surge in silver prices is accelerating technological innovation in the PV industry, with a focus on reducing silver dependency, which is expected to lead to a market reshuffle [7]. - By 2026, the PV industry is anticipated to operate under increased antitrust regulations and efforts to combat internal competition, with pricing closely following the cost reduction progress of leading companies [7]. Group 5: Investment Strategies - Investment focus is shifting towards companies with high efficiency and low costs, emphasizing the importance of capacity utilization rates and cost reduction progress in improving profitability [7]. - Specific investment directions include short-term solutions like silver-coated copper paste, mid-term solutions such as copper plating, and long-term exploration of pure copper paste [9].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **photovoltaic (PV) industry** and its relationship with **silver prices** and **copper substitution technologies**. The global silver consumption in the PV sector is projected to reach **7,000 tons** by **2025**, corresponding to an annual production of **600-700 GW** of PV modules, with each GW consuming approximately **10 tons** of silver [1][2]. Core Insights and Arguments - **Silver's Role in PV**: Silver is crucial for manufacturing silver paste used in solar cells, enhancing efficiency by reducing contact resistance. The recent surge in silver prices, driven by industrial demand, has significantly impacted the cost structure of PV modules, with silver costs now accounting for nearly **30%** of total costs, surpassing silicon and glass [1][2][3]. - **Copper Substitution Necessity**: The rising silver prices have made copper substitution a pressing need. The copper substitution technologies include: 1. **Silver-coated copper paste**: Currently the most mature and fastest-implementing solution, allowing for a silver content of **20%-30%** while maintaining cost-effectiveness and performance [1][3]. 2. **Electroplated copper**: A long-term ideal solution that eliminates silver entirely, with companies like Aiko achieving mass production [2][4]. 3. **Copper paste**: An emerging solution still in the R&D phase, facing challenges related to oxidation and welding stability [4]. - **Cost Reduction Strategies**: The transition to copper alternatives is expected to accelerate, with silver-coated copper technology projected to increase its market share from **10%-20%** to **45%-50%** by **2026** [5]. Additional Important Insights - **Market Dynamics**: The demand for silver in the PV industry is approximately **18%-20%** of total silver demand, indicating a significant impact on the silver market due to fluctuations in PV demand [2][3]. - **Challenges in Copper Technologies**: The electroplated copper technology faces challenges such as copper oxidation, migration risks, and production stability, which need to be addressed for successful implementation [4][6]. - **Impact on Equipment Manufacturers**: Equipment manufacturers, particularly those producing copper electroplating devices, are expected to see increased orders as the industry shifts towards copper technologies [6][7]. - **Long-term Beneficiaries**: Companies with advanced technologies, quality products, and strong customer relationships are likely to benefit the most from the transition to copper alternatives. This includes firms focused on material R&D and equipment manufacturing [8]. - **Profitability and Market Relationships**: While rising silver prices may increase material costs, they also present opportunities for profit release for silver-coated copper manufacturers. Establishing strong ties with end customers is crucial for the acceptance of new technologies [7][8].

Summary of Key Points from Conference Call Records Industry Overview - The photovoltaic (PV) industry is accelerating the transition from silver to copper in metallization processes, driven by high silver prices. This includes technologies such as silver-coated copper, electroplated copper, and pure copper paste. Silver-coated copper and electroplated copper have already achieved GWh-level production lines, while pure copper paste is still facing technical challenges but is being actively pursued by multiple companies [1][2][3]. Core Insights and Arguments - **Market Projections**: It is expected that 2026 will mark the year of significant adoption of copper in place of silver. If the penetration rates for silver-coated copper and copper paste reach 17.7% and 43% respectively, with battery production at 600 GW and 700 GW, the demand for copper will be approximately 1,000 tons and 2,900 tons for 2026 and 2027 respectively. The processing fee market could reach 1 billion yuan and 2.9 billion yuan in those years [1][3][4]. - **Company Highlights**: - **博迁新材 (Bojian New Materials)** is currently the only company capable of mass-producing nano-grade copper powder for photovoltaic applications. Their PVD method produces high-purity, high-conductivity nano-powders, which could lead to a market size of 20 billion yuan if fully adopted in the PV sector [1][7]. - **Samsung** has signed a nearly 5 billion yuan contract with 博迁新材 for AI server GPU chip capacitors, which positions 博迁新材 as a strong competitor in the AI server market, achieving a 40% market share [1][9]. - **Cost Structure Changes**: The rising price of silver has altered the cost structure of PV components, with silver costs nearing 20% of total component costs. Companies are actively seeking alternatives like copper to reduce metallization costs [1][11][16]. Additional Important Content - **Challenges in the PV Industry**: The main challenges include rising prices of silicon and silver, which have led to increased losses for battery and component manufacturers. The industry urgently needs to reduce costs through metallization innovations [2][11]. - **Technological Developments**: Companies like 聚合 (Juhua) and 帝科股份 (Dike) are making strides in pure copper paste technology and silver seed layer solutions, with expected net profits of 5.2 billion yuan and 4.3 billion yuan respectively for 2026 [3][30][32]. - **Market Dynamics**: The silver market is currently in a tight balance, with supply around 32,000 tons and demand at approximately 36,000 tons. The PV industry's demand for silver is expected to remain high due to the transition to N-type battery technology, which increases silver consumption [12][15]. - **Copper as an Alternative**: Copper is seen as a viable alternative due to its lower cost and stable supply, despite challenges such as oxidation and diffusion at high temperatures. Solutions from other industries, such as PCB and MLCC, may provide insights for overcoming these challenges in the PV sector [18][19]. - **Future Trends**: The global demand for PV is expected to grow rapidly, driven by carbon neutrality policies and energy crises. The industry must seek alternative materials or optimize processes to maintain sustainable development and control costs [12][16]. This summary encapsulates the critical insights and developments within the photovoltaic industry as discussed in the conference call records, highlighting the shift towards copper in metallization processes and the associated market dynamics.

Core Viewpoint - Fuda Alloy Materials Co., Ltd. is experiencing significant growth driven by the expansion of global power infrastructure investments and the booming demand in emerging sectors such as data centers and energy storage, leading to a projected net profit increase of 119.14% to 219.95% in 2025 compared to the previous year [1] Group 1: Business Transformation - The company is transitioning from traditional low-voltage electrical applications to new scenarios involving data centers and energy storage, capturing the growth opportunities presented by the AI-driven surge in power demand [2] - Fuda Alloy has expanded its business with North American data centers, achieving a revenue increase of 507% in the first half of 2025, driven by its robust technology and supply chain resilience [2] - The company’s high-performance electrical contact materials have successfully penetrated the supply chains of major tech giants like Microsoft and Meta, enhancing its market position [2] Group 2: Energy Storage Developments - Fuda Alloy's products, such as silver-tin oxide and silver-copper contact materials, are being supplied to major clients like Sungrow and Huawei for energy storage inverters, showcasing their high performance and reliability [3] - The company is actively engaged in R&D projects aimed at developing new materials for energy storage applications, which are critical for enhancing product value and profitability [3] Group 3: Anticipated Asset Injection - There is market anticipation regarding the potential asset injection from Zhejiang Guangda Electronics, which is under the same controlling shareholder as Fuda Alloy, following a previous attempt to acquire a 51% stake [4] - Guangda Electronics is a leading player in the photovoltaic silver paste sector, with a strong technical position and a diverse product portfolio, which could significantly enhance Fuda Alloy's performance upon integration [5] Group 4: Space Photovoltaics Opportunity - The photovoltaic industry is poised for growth in the space sector, with significant developments anticipated in space solar power, driven by increasing energy demands from satellite deployments [7] - Fuda Alloy and Guangda Electronics are well-positioned to capitalize on this emerging market, leveraging Guangda's advanced technology in low-temperature silver paste and conductive materials [7] - The synergy between Fuda Alloy's electrical contact materials for data centers and Guangda's future space photovoltaic silver paste business aligns with the broader AI-driven demand for computational power [8] Group 5: Future Outlook - Fuda Alloy is at a pivotal moment, balancing steady growth in traditional business with the potential for explosive growth in new sectors, particularly in data centers and energy storage [9] - The anticipated asset injection from Guangda Electronics could further enhance Fuda Alloy's capabilities in the burgeoning space photovoltaic market, marking a transformation into a key player in the AI era [9]

Core Viewpoint - Suzhou Gude's subsidiary, Suzhou Jingyin, is expected to ship nearly 100 tons of silver copper paste in 2024, with a decline anticipated in 2025 due to industry adjustments and a strategic reduction in the customer base to ensure safe accounts receivable [1] Group 1 - The expected shipment volume for silver copper paste in 2024 is close to 100 tons [1] - A decrease in shipment volume is projected for 2025 as the industry undergoes adjustments [1] - The company is actively narrowing its customer base to ensure the safety of accounts receivable [1] Group 2 - Existing customers are being screened to make the collection period more controllable [1]