Intensified Competition in the Downstream PV Cell Segment Leads to Flat Profit Growth for Polymeric Materials in 2024

On February 24, Polymeric Materials released its 2024 performance report. The company achieved a revenue of 12.514 billion yuan in 2024, marking a year-on-year increase of 21.61%. However, the net profit attributable to shareholders was 419 million yuan, a decrease of 5.24%, falling short of earlier forecasts from multiple institutions. For the fourth quarter of 2024, the company reported a net loss of 2.1746 million yuan, a year-on-year decrease of 269.98% and a quarter-on-quarter reduction of approximately 101.78%.

Polymeric Materials specializes in the research, development, production, and sales of advanced electronic pastes, focusing on the new materials and new energy industries. The company’s main product is front-side silver paste for solar cells. Regarding its 2024 performance, Polymeric Materials attributed the profit decline to intensified competition in the downstream photovoltaic cell segment, with the PV industry entering a consolidation phase. Some customer payments were lower than expected, and the company prudently accounted for potential bad debts, which impacted profits.

On the other hand, Polymeric Materials has been investing in the research and industrialization of silver-free pastes. The company was an early mover in the development of silver-free powders, processing technologies, and silver-free pastes and curing techniques. In new technology areas, particularly in 0BB (Zero Busbar) adhesives, Polymeric Materials has designed solutions for various module structures and has achieved large-scale deliveries to key customers. As 0BB module technology scales up, the demand for adhesives is expected to rise significantly in the future.