Against the backdrop of the continuous expansion of the global new energy industry and the accelerated promotion of semiconductor localization, material companies with both technological barriers and industrialization capabilities are becoming the core focus of the capital market. As an important leading enterprise in the domestic photovoltaic conductive paste field, DKEM has gradually established a dual-driven development pattern of "photovoltaic materials + storage business" in recent years, relying on continuous breakthroughs in high-efficiency photovoltaic conductive materials and strategic layout in the semiconductor storage sector.

The trend of photovoltaic cheap metallization accelerates, and the company's paste business remains at the forefront of the industry

In recent years, with the accelerated penetration of N-type high-efficiency battery technologies such as TOPCon and HJT, the photovoltaic industry has raised higher requirements for the performance, cost, and stability of conductive pastes. Against the backdrop of silver prices remaining high for a long time, "cheap metallization" has become an important direction for cost reduction in the industry, with copper paste replacing part of the silver paste being seen as an important path for the next stage of industrial upgrading.

DKEM has long been deeply engaged in the field of conductive pastes for high-efficiency batteries and has strong technical accumulation in areas such as copper-based cheap metallization. As one of the earlier companies to layout N-type TOPCon battery pastes in China, the company has fully benefited from the first-mover advantage in industry technology iteration.

In the direction of cheap metals, the company's high-copper paste products have achieved continuous debugging and ramp-up of approximately 20GW capacity at strategic customers, with annual capacity expected to reach 20-40GW, and it is anticipated to achieve shipments in the hundred-ton range. Meanwhile, the demand for introduction from other leading downstream customers is also quite strong, and pilot production capacity is actively being laid out. Industry insiders point out that once high-copper pastes achieve large-scale industrialization, they will significantly reduce the non-silicon costs of photovoltaic cells and further enhance economic efficiency. As industry validation continues to advance, high-copper pastes are expected to become one of the most important technological upgrade directions in the industry in the coming years.

In the first quarter of 2026, the company's sales of photovoltaic conductive pastes reached 334 tons, accounting for approximately 96% of total sales, demonstrating the stability of its main business and industry-leading position. Although temporarily affected by fluctuations in silver prices and financial derivatives hedging, the company has still improved the profitability of its main business through product structure optimization and customer structure upgrades, with the gross profit margin of the paste business increasing to over 11% year-on-year.

From the perspective of industry competition, conductive pastes belong to a typical technology-intensive field with a long customer certification cycle. Especially in new battery routes such as TOPCon and HJT, paste products need to balance conductivity, adhesion, reliability, and cost control, so the verification cycle for suppliers by leading customers often lasts for several months or even over a year. DKEM has established long-term cooperative relationships with many mainstream photovoltaic cell manufacturers both domestically and internationally, thanks to its early R&D investment and binding advantages with leading customers. According to brokerage research reports, the company has achieved 100% exclusive supply for line batteries in the U.S. market. DKEM is currently actively promoting its overseas market layout, further expanding its overseas market share through technical services, localized support, and joint development with customers.

Entering the semiconductor storage sector to create a second growth curve In addition to consolidating its main business in photovoltaic materials, DKEM is also actively expanding its second growth curve.

The company has entered the semiconductor storage field through the acquisition of Dream Holdings and Jiangsu Jingkai, officially entering the DRAM storage module and related product market. This layout is seen by the market as an important strategic move for the company to extend from new energy materials to high-end electronic manufacturing.

In recent years, with the upgrade of AI servers, high-performance computing, smart vehicles, and consumer electronics, global storage market demand has continued to recover. According to forecasts from institutions such as TrendForce and WSTS, the global semiconductor market is expected to maintain a growth trend in 2026, with the growth rate of the storage chip market likely to exceed the industry average.

At the same time, under the background of domestic substitution and supply chain security, the demand for domestic storage modules in fields such as domestic servers, industrial control, and smart terminals is continuously increasing. Compared to original wafer manufacturers, third-party module manufacturers have advantages in flexible delivery, strong customization capabilities, and localized services, thus possessing significant growth potential in niche markets.

By entering the storage module business, DKEM further broadens the depth of its industrial chain layout. On one hand, the company can leverage its existing manufacturing system, supply chain management, and customer collaboration capabilities to quickly advance the new business; on the other hand, the high growth and profitability of the storage business are also expected to contribute significantly to the company's performance. In the first quarter of 2026, the company's storage business revenue approached 200 million yuan, becoming a new performance growth point. According to market forecasts, the company's storage business is expected to maintain a high growth rate in the next two to three years and gradually form a scale effect.

Industry insiders believe that with the expansion of AI computing infrastructure and the increasing demand for edge computing, the high-performance storage module market still has significant growth potential. Several brokerage firms point out that DKEM is currently in a critical stage of "main business upgrade + second curve expansion."

Global energy transition and domestic substitution resonance, the company's growth logic is clear

Currently, the global energy transition and technological industry upgrade are forming a long-term resonance. On one hand, driven by the "dual carbon" goals, global photovoltaic installation demand remains robust. Data from the International Energy Agency (IEA) shows that solar energy has become one of the main sources of newly installed electricity globally, and the scale of global investment in new energy is expected to remain high in the coming years. On the other hand, the rapid development of AI, high-performance computing, and smart vehicles is also driving the demand for semiconductors, especially in the storage market.

In this context, companies like DKEM, which have layouts in both new energy materials and semiconductors, are gaining higher market attention.

Looking ahead, DKEM stated that it will continue to adhere to the strategic direction of "technology-driven, global layout, and diversified growth," continuously promoting metal reduction technology innovation in the photovoltaic field, accelerating the layout of the storage business in the semiconductor field, and continuously enhancing its core competitiveness and global market influence.

In the grand era of the new energy revolution and the rise of domestic technology, DKEM's growth story may just be beginning