2023 is a milestone year for the photovoltaic industry . In March, the cumulative installed capacity of photovoltaic surpassed that of hydropower, becoming the second largest power source in China for the first time. At the same time, the competition for the new route of photovoltaic cells has also taken shape.
TOPCon takes the lead in large-scale production capacity due to its obvious economic and cost-effective advantages in the short term. Organizations predict that the production capacity of TOPCon cells in 2023 will be about 249GW, accounting for 73.7% of the total production capacity of N-type cells, occupying an absolute advantage. The unit consumption of silver paste
for N-type batteries is higher. With the industrialization of N-type batteries and the increase of penetration rate, the demand for domestic silver paste has been greatly increased under the stimulation of seeking cost reduction and efficiency enhancement.
As the leading domestic photovoltaic silver paste enterprise, Dike (300842) has also ushered in excellent development opportunities under this wave, and has formed cooperation with many well-known photovoltaic industry manufacturers. Its comprehensive strength, market position and operating efficiency have been improved to varying degrees.
01 Since the volume and price of conductive silver paste increased
in 2022, photovoltaic cell technology has been rapidly upgraded from P-type PERC battery to N-type TOPCon and HJT battery technology, especially TOPCon battery technology has entered the industrial explosion period.
As the N-type high-efficiency battery technology requires the use of conductive silver paste on both sides and there is a differentiated demand, the rapid development of N-type battery technology has significantly promoted the increase in the use of conductive silver paste. In addition to the increase of unit silver paste consumption, the higher technical difficulty of TOPCon battery silver paste and HJT battery low-temperature silver paste also bring about the increase of unit silver paste processing cost.
In the photovoltaic industry chain, photovoltaic conductive silver paste products are mainly used in the metallization of photovoltaic cells, and are the key materials of photovoltaic cells and even the whole photovoltaic products.
It can be said that the performance of photovoltaic conductive silver paste directly determines the photoelectric conversion efficiency of photovoltaic cells and the output power of photovoltaic modules, and is the key core material for photovoltaic industry chain to achieve efficiency improvement and cost reduction through technological innovation. The main product
of Dike Co., Ltd. is conductive silver paste for crystalline silicon solar cells, while providing customers with metallization solutions for solar cells. At present, the company has mastered a number of core technologies represented by glass system, organic system and silver powder system, and has formed a series of photovoltaic conductive silver paste products.
The products have conquered many well-known manufacturers in the photovoltaic industry, including Jingke Energy, Trina Solar Energy, Jingao Solar Energy, Tongwei Solar Energy, Aixu Technology, Jietai Technology, Hanhua New Energy, Zhengtai New Energy and so on.
On June 14, Dike announced that the company had considered and approved the Bill on the Appointment of Deputy General Manager and Secretary of the Board of Directors, which was nominated by the chairman and general manager of the company and examined by the nomination committee of the board of directors. The board of directors of the company agreed to appoint Peng Min as deputy general manager and secretary of the board of directors of the company. Born in November 1985,
Peng Min worked in Founder Securities Co., Ltd. and Zhongnan Publishing Media Group Co., Ltd. from December 2009 to August 2015; From January 2016 to April 2022, he successively served as the deputy general manager, director and secretary of the board of directors of Kaiyuan Education Technology Group Co., Ltd.; from October 2022 to now, he has served as an independent director of Youkeshu Technology Co., Ltd. Since November 2022, he has been the chairman and assistant general manager of the company.
From his resume, as a "post-85 generation", Peng Min has rich working experience in finance, media, education, science and technology and other industries. It is understood that in the photovoltaic industry, R & D and management personnel of high-end technical posts are the "fragrant baboons" that major new energy enterprises compete for. Such talents not only need interdisciplinary background knowledge, but also need to understand the overall design and operation and maintenance of the production line.
Industry insiders analysis, in the future, the demand for talents in the photovoltaic industry will continue to increase year by year. At the same time, with the integration and development of photovoltaic power generation and construction, transportation, agriculture and other fields, compound talents will be more scarce at the application level. Previous annual reports
of Dike have pointed out that during the reporting period, targeted R & D technicians and sales managers needed by the company were introduced, and staff training programs were strengthened to improve the overall quality, innovation ability, modern management ability and decision-making ability of employees, so as to form a multi-level talent structure. After
consulting the company's annual report, Shengma Finance and Economics found that the management of Dike shares was "younger" and the talent structure was rich. In addition to Peng Min, the new secretary of the post-85 generation, three of the current directors of Dike shares are also "post-85", born in 1989, 1986 and 1988 respectively. The current members of the board of supervisors
of Dike are all young blood, among which the chairman of the board of supervisors was born in 1991, only 34 years old, and the other two supervisors are 29 and 38 years old respectively. At present, the senior management of Dike is mainly 28-40 years old. From the perspective of specialization, the younger and professional management team is expected to bring more enthusiasm and innovative thinking to the company and inject vitality into its development. In
2003, the stock price rose by more than 80%
. In addition to new products and personnel, the stock price performance this year can also be said to be "full of vitality".
Opening the K-line chart, we can find that the company's share price has been rising all the way since this year. On March 20, the company's share price closed at 45.08 yuan per share, with the lowest price at 42.50 yuan per share. Since then, the share price of Dike has been rising steadily, and in the past three months, it has gone through four rising ranges. As of June 21, it closed at 81.52 yuan per share, with a total market value of 8.172 billion yuan.
In just three months, the stock price has risen by 84.56%.
On June 19, Dike issued a record of investor relations activities. When asked about the stock price fluctuation, the company said that it has been striving to improve the company's R & D innovation ability, product competitiveness, business performance and sustainable development ability, through steadily advancing various work, striving to improve the efficiency of operation and management, creating value for shareholders and returning investors.
Although the company's short-term valuation continues to reach new heights, the secondary market is still looking forward to the follow-up performance of Dike shares, whether in terms of market heat or institutional attention. Haitong International Research Daily pointed out that considering that the company's TOPCon products are expected to rapidly increase profits, the company was given 18 times PE in 2024, corresponding to a target price of 111 yuan, covering for the first time the "better than big market" rating.
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