DKEM(300842)2025-03-26 07:36Group 1: Strategic Positioning and Market Outlook - The company has established a strategic focus on high copper paste solutions through long-term R&D and collaboration with leading TOPCon clients, creating a significant first-mover advantage [1] - The global photovoltaic (PV) market is expected to continue growing, with the company poised to benefit from this trend by increasing its market share among leading clients [1] - The company anticipates steady growth in its shipment volume for 2025, driven by the ongoing expansion of global PV installations [1] Group 2: Cost Structure and Pricing Models - The processing fees for TOPCon silver paste have remained stable, while HJT and TBC battery pastes incur higher processing fees [2] - The pricing model for high copper paste is expected to shift from a processing fee model to a product pricing model as technology advances and costs decrease [4] - High copper paste has a higher cost compared to heterojunction silver-coated copper paste due to more complex processing and reliability requirements [5] Group 3: Technical Barriers and Innovations - The introduction of high copper paste is expected to create higher industry barriers due to the technical complexities involved in its application and the need for specialized processing [3] - The company is currently in a leading position regarding the reliability and market promotion of copper-containing pastes, leveraging its existing advantages in the TOPCon, TBC, and HJT paste markets [3] - The company is investing in silver nitrate and metal powder projects to enhance supply chain security and reduce raw material costs, which will strengthen its competitive edge [7] Group 4: Financial Management and Risk Mitigation - As of the end of 2024, the company's foreign currency loan balance is approximately 390 million RMB, and it is actively managing foreign exchange risks through derivatives [7] - The company is focusing on domestic silver powder alternatives to reduce reliance on imported materials and mitigate the impact of exchange rate fluctuations [7]