Daejoo Electronic Materials (078600 KQ) Buy: Rising visibility on space solar opportunities

研报英文原文证据摘录

Daejoo Electronic Materials (078600 KQ) Buy: Rising visibility on space solar opportunities

2 July 2026

Daejoo Electronic Materials Equities Chemicals

(078600 KQ)

Buy: Rising visibility on space solar opportunities Korea

◆ New growth opportunities for solar silver paste as Daejoo

MAINTAIN BUY

Electronic Materials stands out as a non-Chinese supplier

◆ Silicon anode to show strong growth from 2Q26e with sales TARGET PRICE (KRW) PREVIOUS TARGET (KRW)

of KRW17.7bn (+47% q-o-q, +16% y-o-y) 155,000 155,000

◆ Maintain Buy with unchanged TP of KRW155,000; growth SHARE PRICE (KRW) UPSIDE/DOWNSIDE

across all key business divisions 95,700 +62.0%

(as of 01 Jul 2026)

Space solar opportunities. We believe the likelihood of Daejoo supplying silver

MARKET DATA

paste for SpaceX solar-cell applications has increased since March (MoneyToday, 9 Market cap (KRWb) 1,502 Free float 69%

March 2026). In our view, Daejoo is a credible candidate as the company stands out as a Market cap (USDm) 968 BBG 078600 KQ

3m ADTV (USDm) 34 RIC 078600.KQ

non-Chinese silver paste producer with track record of producing silver (ag) paste for

solar cells since 2010. The company has been developing silver (ag) pastes that can be FINANCIALS AND RATIOS (KRW)

used in various cell types from PERC to TOPCon then to HJT. SpaceX started up its first Year to 12/2025a 12/2026e 12/2027e 12/2028e HSBC EPS 1334.6 1671.8 2709.4 4336.9

10GW solar production factory in Texas this year and Daejoo shared earlier that it has HSBC EPS (prev) 1334.6 1998.2 2925.7 4126.0

Change (%) 0.0 -16.3 -7.4 5.1

been sending samples to a US-based solar consulting company and an Europe-based Consensus EPS 1615.1 1450.4 2477.5 3321.5

solar equipment company. 1GW of HJT solar cell production requires 12 tons of silver PE (x) 71.7 57.2 35.3 22.1