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].

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 ...

事件：公司发布2024 年年度报告和2025 年一季报。2024 年，公司实现营业收入124.88 亿元，同比 +21.35%；实现归母净利润4.18 亿元，同比-5.45%；扣非归母净利润4.06 亿元，同比+2.52%。2025Q1， 公司实现营业收入29.94 亿元，同比+1.38%；归母净利润0.90 亿元，同比+18.24%；扣非归母净利润 0.89 亿元，同比+5.90%。 光伏导电浆料出货增加，保持行业领先地位。报告期内，公司主营产品光伏导电浆料实现收入123.21 亿 元，同比上升20.75%。公司光伏导电浆料出货量为2024 吨，其中N 型光伏导电浆料出货量为1576 吨， 占比达77.87%。光伏导电浆料的收入增加主要原因在于可再生能源转型加快导致全球光伏产业快速发 展，支撑光伏导电浆料市场稳步扩张，以及N 型电池技术升级确定，光伏导电浆料单位耗量略有上升。 研发驱动产品升级，上下游市场深度协同。依靠长期自主研发，公司已构筑品类丰富、迭代迅速的产品 体系，产品线覆盖目前市场上所有主流电池技术路线；公司向上延伸产业链布局，横向拓展产品矩阵， 2024 年，公司拟投资12 亿元在常州建设"高端 ...

21世纪经济报道记者 赵云帆 上海报道 一项关键新能源车产业的突破，悄然隐身于一场新能源车发布会的身后。 近日，上汽集团旗下智己汽车新版L6车型正式对外发布。21世纪经济报道记者注意到，智己L6首次使 用了国内导电银浆企业帝科股份（300842.SZ）的调光膜银浆产品作为其主打功能"瞬感智控"防晒天幕 的关键材料。 另据记者了解，今年3月，帝科电子材料官网公众号推文显示，公司的"湃泰PacTite品牌"正式通过IATF 16949认证，而该"厂牌"产品包括芯片封装银胶、烧结银、AMB钎焊浆料、印刷电子银浆等。调光膜银 浆产品即属于上述车规级印刷电子银浆。 这也意味着，帝科股份或逐步开启车规级产品应用的放量周期——特别是以烧结银、AMB钎焊浆料、 印刷电子银浆为主的汽车银材电子业务。 而以碳化硅为代表的新能源车关键功率半导体模组需求的持续增长，意味着作为模组重要辅材的烧结银 需要补足其国产化短板。 资料显示，碳化硅芯片工作温度高达200℃以上，且开关频率提升10倍，对封装材料的各项性能要求极 高。而烧结银浆材料在先进的烧结技术支持下，能于基板形成致密结构的导热导电层，提供优异的电导 率和热导率，同时减少界面热阻 ...

摘要 ■ 投资逻辑 投资建议： 我们看好全年新技术相关标的在光伏板块中的投资机会，当前时点建议关注以下三条主线：1）有望率先实现盈利修复的头部TOPCon电池企业；2）更具"成长"标签的新技术类设备/组 厂商；3）少银/无银金属化浆料方案供应商。（详细内容请见正文） 投资逻辑： TOPCon路线：电池组件盈利持续修复，头部产能升级有望加速出清进程。 随着分布式结束全额上网时代及新能源全面入市的政策节点将近，Q1后半段开始终端需求持续向好，产业链中下 价格随之修复，根据infolink，2月中旬以来，硅片/电池/组件环节涨幅中枢分别为7%/13%/7%，各环节盈利持续修复，其中TOPCon电池片环节根据我们测算，头部企业210R电池片已有1-2分 净利，综合考虑各型号产品出货比例后，整体仍在盈亏平衡以上，率先实现阶段性盈利转正，技术优势十分明显。同时2025年TOPCon提效降本预期乐观，边缘钝化、栅线优化、背面pol 薄、多分片等技术导入有望助力TOPCon电池效率提升0.5%以上，根据我们测算，截至Q1末头部企业TOPCon电池非硅成本约0.14元/W，预计年底有望降至0.13元/W以下，根据我们判断 TO ...