Due to the mismatch between supply and demand and other reasons, it is now
Since the beginning of 2025, the photovoltaic silver paste link has been very busy.
On January 1 and 16, Haitian shares and Ningbo Fidelity announced that they would enter the photovoltaic silver paste sector through acquisition (Note: Ningbo Fidelity later terminated cross-border); On
the evening of May 23, Dike announced that it planned to acquire Zhejiang Suote Material Technology Co., Ltd. for 696 million yuan in cash to control the Solamet photovoltaic silver paste business of DuPont Group;
There is a sprint IPO -on May 29 , Royal Photovoltaic submitted its IPO to the Hong Kong Stock Exchange;
On June 16 , the issue of Suzhou Solid Technetium has been inquired, and it intends to raise 8. But then again, why can silver paste sector be so resilient at the bottom of the industry cycle? The silver paste can be divided into different types according to the position, the sintering temperature, the technical route and other dimensions.
With the promotion of the "double carbon" strategy, the photovoltaic industry has achieved rapid development in recent years. According to the data of the International Energy Agency (IEA), by the end of 2024, the cumulative installed capacity of photovoltaic in the world has reached more than 2.2 TW, adding " with the hot development of the photovoltaic industry. The output of photovoltaic cells is also rising. Data show that the output of photovoltaic cells in China has increased from 134.8 GW in 2020 to 654 GW in 2024 . The annual compound growth rate is up to 48.
The demand for photovoltaic silver paste is also rising. According to the 2023-2024 Annual Report on China's Photovoltaic Industry, the global market demand for photovoltaic silver paste increased from 2,990 tons in 2020 to 7,218 tons in 2023, with a compound annual growth rate of 34.
From 13.1 billion yuan in 2020 to 46.8 billion yuan in 2024.
Affected by this, photovoltaic silver paste enterprises have also witnessed explosive growth in performance in recent years.From 2020 to 2024, the performance of Juhe Materials, Dike Shares and Suzhou Solid Technetium all doubled .
According to the report of Insight Consulting, the global silver paste market is expected to grow to 116 billion yuan in the next 2029. About 2% of the market size in 2024.
It can be seen that the photovoltaic silver paste sector still has a large market space. Thorns
hidden in the sun Every coin has two sides. Under the huge market development potential, photovoltaic silver paste enterprises are also facing many challenges.
The first thing to face is the two-sided attack of the material side and the demand side. As
mentioned above, the main costs of silver paste are silver powder, glass oxide, etc. Among them, silver powder is the most critical raw material of silver paste, which accounts for more than 90% of the cost of silver paste. Silver prices have continued to rise
recently. According to the Securities Times, on June 17, local time, the international silver price rose sharply again, and COMEX silver futures price stood at $37/ounce , setting a new 13-year high .
In addition, with the end of the "rush to install", the downstream demand of the photovoltaic industry is bound to fall into a period of sluggish state. Now ", this is undoubtedly very unfavorable for photovoltaic silver paste enterprises to pass on costs.
In the medium term, in recent years, "low silver" and "de-silver" have become one of the major trends in the photovoltaic industry. Chinese photovoltaic companies that have carved
"cost reduction and efficiency enhancement" into their bones have already begun to study how to reduce the cost of silver paste in batteries. At present, China's photovoltaic enterprises have made breakthroughs in replacing silver with copper, optimizing grid lines and improving printing .
Secondly, we have to face the soaring accounts receivable. Although
silver paste enterprises have witnessed rapid growth in revenue this year, there seems to be no great improvement in terms of net profit. The net profit of the
three listed silver paste companies in 2024 showed a downward trend year on year. Among them, the net profit of Suzhou Solid Technetium in 2024 is even the lowest in the past five years.
Data source: Flush Digital New Energy DataBM. As can be seen from the figure below, the accounts receivable of silver paste enterprises have increased rapidly in recent years. This also means that silver paste enterprises have sold a lot of goods, but the money has not been recovered.
Data source: Flush Digital New Energy DataBM. It can be seen from this that the photovoltaic silver paste industry may not be as prosperous as it seems.
浙公网安备33010802003254号