公司银浆销售稳健增长，2024H1 出货1132.05 吨，同比+76.09%，销售收入为67.71 亿元，同比增长105.22%，其中应用于N 型TOPCon 电池全套导电银浆产品实现销售988吨，占总销售量比例提升至87.28%，处于行业领导地位；N 型HJT 电池低温银浆及银包铜浆料产品已经实现大规模出货，产品性能处于行业领先水平；新型全钝化接触IBC 电池金属化浆料方案加快开发与升级迭代，形成n-Poly 专用银浆、p-Poly 专用银浆及主栅浆料等全套导电银浆产品组合，实现持续规模化量产。Description of the event
Dike Co., Ltd. released its 2024 semi-annual report. 2024H1 achieved revenue of 7.587 billion yuan, up 118.3% year on year; net profit to mother of 0.233 billion yuan, up 14.89% year on year; net profit after deducting 0.35 billion yuan, up 154.22% year on year; of these, 2024Q2 achieved revenue of 3.942 billion yuan, up 104.58% year on year, up 8.17% month on month; net profit to mother of 0.057 billion yuan, a year-on-year decrease 50.89%, down 67.46% from the previous month; net profit without return to mother was 0.156 billion yuan, up 169.08% year on year and 19.91% month on month.
Incident comments
The company's silver paste sales grew steadily. 2024H1 shipped 1132.05 tons, +76.09% year-on-year, and sales revenue was 6.771 billion yuan, up 105.22% year on year. Among them, the full range of conductive silver paste products used in N-type TopCon batteries achieved sales of 988 tons, accounting for 87.28% of total sales volume, and is in a leading position in the industry; N-type HJT battery low-temperature silver paste and silver coated copper paste products have achieved large-scale shipments, and product performance is at the leading level in the industry; the new fully passivated contact IBC battery achieved sales of 988 tons. The metallized paste solution accelerates development, upgrading and iteration, and forms a full range of conductive silver paste product portfolios such as n-poly special silver paste, p-poly special silver paste, and main grid paste to achieve continuous large-scale mass production.
In terms of financial data, 2024H1's investment income and loss was 0.108 billion yuan (loss of 0.084 billion yuan when disposing of transactional financial assets mainly in silver futures contracts), of which Q2 was 0.104 billion yuan. 2024H1 lost 0.057 billion yuan due to changes in fair value (loss of 0.061 billion yuan in silver leasing), of which Q2 was 0.027 billion yuan. 2024H1 credit impairment losses of 0.07 billion yuan, of which Q2 was 0.033 billion yuan, mainly accounts receivable credit impairment losses. The company's expenses for the 2024Q2 period were 0.233 billion yuan, of which R&D expenses were 0.131 billion yuan, and the cost rate for the period was 5.92%, which remained low.
Looking ahead, the company will implement a silver price-neutral hedging strategy to effectively reduce the impact of raw material fluctuations on the company's performance. The company actively lays out the development of next-generation photovoltaic cell metallization paste solutions such as perovskite/crystalline silicon laminated cells, and continues to increase the company's market share; strengthen the development and marketing of semiconductor packaging paste products, continuously expand the application areas and markets of the company's products; invest in projects related to electronic special materials and build high-performance electronic material production lines such as silver nitrate, metal powder, electronic paste, etc., which is highly correlated and collaborative with the company's existing business and development strategy, further enhancing the company's overall competitiveness.
The company is expected to achieve net profit of 0.5 billion yuan in 2024, corresponding to PE 10 times.
Risk warning
1. Deterioration of the competitive landscape;
2. PV installation falls short of expectations.