The rise in silver prices drove the photovoltaic silver paste to soar by 10% in a single day, and the iteration of N-type batteries drove the volume and profits of leading companies to rise
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Silver prices have continued to rise in recent days, and the main domestic silver futures contract closed up 3% on Thursday at 6,499 yuan/kg, and hit a new high. Since March, silver has risen more than 10%. Driven by the continuous rise in silver raw materials, the price of domestic photovoltaic silver paste has also risen sharply. According to agency monitoring data, on March 21, the silver paste on the front of the solar fine grid rose 10.14% in a single day, and the latest price has risen to 6918.03 yuan/kg, a new high since December 2013. Photovoltaic silver paste is mainly composed of high-purity silver powder, glass system and organic carrier, of which silver powder accounts for about 90%, which is one of the auxiliary materials with the highest proportion of battery cost.
The PV industry has entered an N-type iteration period, and it is expected that the output of TOPCon cells is expected to surpass PERC in 2024, accounting for about 70%. Compared with PERC batteries, the silver consumption of N-type batteries is nearly 1 times higher. With the rapid penetration of N-type cells, the consumption of photovoltaic silver paste is expected to continue to grow rapidly. Huachuang Securities predicts that the photovoltaic silver paste market space will total 43.8 billion yuan in 2024, a year-on-year increase of +22%, of which the Zhengyin market space will be 42.5 billion yuan, a year-on-year increase of +35%. The consumption and processing cost of N-type battery silver paste are higher than those of PERC, and LECO silver paste has begun to increase in volume, which is expected to drive the volume of silver paste to rise. $Dike Co., Ltd. (SZ300842)$, $Juhe Materials (SH688503)$ and other leading silver paste companies actively deploy upstream to help reduce costs and increase efficiency, hoping to benefit from the high prosperity of the upstream and downstream industries and the increase of market share.
Plus has partnered with NVIDIA to develop next-generation vision models for autonomous driving software
Plus, a global provider of software solutions for autonomous driving, and NVIDIA have reportedly announced a collaboration to develop AI-powered vision models. Plus' state-of-the-art vision models will run on NVIDIA DRIVE Thor™, a safety-compliant, automotive-grade computing platform for future generations of Plus' Level 4 solution, SuperDrive™.
Machine vision technology has now been successfully applied to industrial robots and has become a core key technology. In recent years, the vigorous development of domestic 3C electronics, automobile, new energy, express logistics and other industries has stimulated the expansion demand of related enterprises, and the demand for machine vision has increased significantly. GGII data shows that the global machine vision market size is growing relatively steadily, with a CAGR of 13% in 2022-25 and is expected to reach 127.6 billion yuan in 2025. The market size of the mainland machine vision industry increased from 4.7 billion yuan in 2016 to 13.8 billion yuan in 2021, with a CAGR of 24.14%. Global Internet and semiconductor giants have laid out the field of computer vision, showing that intelligent image processing will be the next arena, which may mean that machine vision technology has ushered in a golden period of development.
In addition, in terms of hardware, Debang Securities Research Report previously sorted out the intelligent driving vision hardware industry chain: (1) CIS: Weir shares, Smartway, Jingfang Technology; (2) high-speed communication chips: Yutai Micro, Longxun shares; (3) Camera modules: Sunny Optics, Lianchuang Electronics, Yutong Optics.
【Investment Focus】
> the first hydrogen energy city train in mainland China has successfully reached the speed test run, and hydrogen energy has become a new engine to promote economic growth
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According to media reports, on the morning of March 21, the first hydrogen energy city train in mainland China independently developed by CRRC Changxin Co., Ltd. was tested on the CRRC Changxin test line in Changchun, and the train successfully ran at a full load of 160 kilometers per hour, realizing the whole system, all scenarios, and multi-level performance verification, marking a new breakthrough in the application of hydrogen energy in the field of rail transit. Industry insiders said that this test is an important milestone in the R&D and application of hydrogen energy technology in the mainland rail transit industry, which will further promote the realization of independent and controllable key technologies of high-end transportation equipment, and provide scientific and technological support for the acceleration of the formation of new quality productivity of transportation equipment in mainland China.
Since 2024, the continuous introduction of hydrogen energy policies has promoted the acceleration of the era of hydrogen energy, and the Ministry of Industry and Information Technology and other seven departments have issued the "Guiding Opinions on Accelerating the Green Development of the Manufacturing Industry", and accelerating the development of the hydrogen energy industry has been written into the government work report for the first time, which is one of the key tasks in 2024. In the future, in the context of the development of new quality productivity, hydrogen energy will be commercialized in many fields, becoming an important way to transform from old energy to new energy. In the hydrogen energy industry chain, you can pay attention to $Sunfly Technology (SZ300423)$, $Meijin Energy (SZ000723)$, etc.
【Exclusive Reference】
> Hanchuan Intelligence: It will actively grasp the combination of charging and swapping and low-altitude economy to strengthen its leading edge
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$Hanchuan Intelligent (SH688022)$ The interactive platform said that the company has explored the application of drones and related industries: in 2022, the company will carry out the research and development of intelligent mobile inspection and inspection smart equipment for drones, which can realize automatic take-off, storage and charging of drones through modules such as central control system, charging system, and remote communication system, so as to meet the needs of all-weather intelligent autonomous inspection of drones, and support up to 4 DJI M300 or Phantom series drones, supporting flight operation task control, three-dimensional scheduling, The channel route planning function can effectively improve the scope and timeliness of UAV inspection.
As an equipment supplier in the field of battery swapping and a pioneer in the battery swap industry, the company will actively grasp the combination of the charging and swapping field and the low-altitude economy, expand its new business and new technologies, and further strengthen its leading advantages. In addition, in addition to the vehicle-end energy replenishment scenario, the company's charging and swapping business has been deployed in other energy replenishment scenarios such as unmanned aerial vehicles, mining construction machinery such as electric train battery swap mode, heavy-duty mining truck swap mode, ship battery swap mode, etc., and has landed applications and mature solutions in individual use scenarios.
> Chengyitong: Exploring the application of brain-computer interface in emerging fields such as rehabilitation medicine
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$Chengyitong (SZ300430)$ According to the official public account of the subsidiary Longzhijie, Chengyitong successfully joined the member units of the Brain-Computer Interface Industry Alliance, and recently participated in the first plenary meeting of the Brain-Computer Interface Industry Alliance in 2024 with its subsidiary Longzhijie Technology. Since 2021, Long Zhijie has carried out exploration in the field of brain science, and has accumulated a wealth of technologies and product models, including the establishment of a joint laboratory of intelligent rehabilitation technology with South China University of Technology, the cooperation of transcranial magnetic navigation system project, and the multi-center research with Hainan University and the University of Saint Joseph, Macau. Longzhijie will always keep a close eye on other cutting-edge BCI technologies, such as the latest generation of non-invasive and invasive BCIs. At the same time, it actively explores the application of brain-computer interface in emerging fields such as rehabilitation medicine, Alzheimer's disease, Parkinson's disease, depression, and sleep disorders.
【Financial News】
> Ministry of Commerce: In the first two months of this year, the mainland's foreign non-financial direct investment was 149.64 billion yuan, a year-on-year increase of 10%.
> China Coal Transportation and Marketing Association: In early March, the output of key monitored coal enterprises completed 55.07 million tons, an increase of 6.5% month-on-month.
Six departments including the State Administration for Market Supervision of >: strictly use food additives for prefabricated dishes to effectively ensure the food safety of prefabricated food products.
> Passenger Car Association: The retail sales of narrow passenger cars in March are expected to be 1.65 million units, and the new energy vehicles are expected to be 750,000 units.
> Yellow River Basin Customs Free Trade Agreement to promote industrial services was officially launched.
> Qualcomm launched the third-generation Snapdragon 7+ mobile platform, which supports a wide range of AI models.
> "Several Measures of Shenzhen Municipality on Promoting the High-quality Development of Ultra-high-definition Video Display Industry Clusters" was issued.
【Announcement Gold Rush】
>$Hairong Cold Chain (SH603187)$: Net profit in 2023 will increase by 41.37% year-on-year, and it is planned to distribute 5.50 yuan in 10 distributions;
>$ Tianan New Materials (SH603725)$: Net profit in 2023 will turn around year-on-year, and it is planned to distribute 10 distributions of 1.7 yuan to increase 4 shares;
>$ Peacebird (SH603877)$: Net profit in 2023 will increase by 127.06% year-on-year, and it is planned to distribute 6 yuan in 10 distributions;
>$ Xinhua Department Store (SH600785)$: Net profit in 2023 will increase by 45.59% year-on-year, and it is planned to distribute 2 yuan for 10 shares.
>$SuperMap Software (SZ300036)$: Signed a strategic cooperation framework agreement with Taizhou Data Industry Group Co., Ltd.
>$GEM (SZ002340)$: Signed a strategic cooperation agreement with JD.com Group to jointly build a recycling, digital supply chain and a recycling platform for waste commodities.
>$Baowu Magnesium (SZ002182)$: The subsidiary signed a cooperation agreement on the development and application of super-large magnesium alloy integrated die castings.
>$Berry Gene (SZ000710)$: A wholly-owned subsidiary, chromosomal copy number variation detection kit, obtained the medical device registration certificate.
>$Haiqi Group (SH603069)$: The major asset restructuring was approved by the Hainan Provincial State-owned Assets Supervision and Administration Commission.
>$Baolong Technology (SH603197)$: Obtained the designation notice for the air suspension system product project, with a total life cycle amount of more than RMB 640 million.
【Dragon and Tiger Stands】
> funds flowed into sectors such as pork and low-altitude economy
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On Thursday, the market fluctuated throughout the day. At the close, the Shanghai Composite Index fell 0.08% to 3,077.11 points, the Shenzhen Component Index fell 0.36% to 9,682.51 points, and the ChiNext Index fell 0.64% to 1,897.09 points. The total turnover of the two cities was 1,067.7 billion yuan, an increase of 67.7 billion yuan from the previous trading day. On the disk, pork, low-altitude economy, precious metals, Sora concept and other sectors were among the top gainers, while automobile dismantling, AI mobile phones, CRO, liquid-cooled servers and other sectors were among the top decliners.
The data of the after-hours Dragon and Tiger list shows that:
$Anoqi (SZ300067)$ was purchased by institutional funds, with a total net purchase amount of 111 million yuan;
$Shifeng Culture (SZ002862)$ was purchased by institutional funds, with a total net purchase amount of 52.2929 million yuan;
$Beiwei Technology (SZ002148)$ was bought by Zhejiang funds, with a total net purchase amount of 51.6353 million yuan;
$Wall Nuclear Materials (SZ002130)$ was bought by institutional funds, with a total net purchase of 45.8997 million yuan;
$Reader Culture (SZ301025)$ was bought by Power Tour, with a total net purchase of 39.5264 million yuan.
【IPO Subscription】
Guanghe Technology: subscription code: 001389, issue price: 17.43 yuan / share, issue price-earnings ratio: 26.32 times. Comparable companies: $Zhongfu Circuit (SZ300814)$.