DKEM(300842) 财通证券·2024-11-12 10:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is a leading domestic manufacturer of TOPCon photovoltaic conductive silver paste, with expected revenue growth from 2024 to 2026 projected at 142.81 billion, 173.00 billion, and 185.00 billion yuan respectively, and net profit expected to reach 4.85 billion, 6.24 billion, and 7.13 billion yuan [4][5] - The company has set ambitious revenue and net profit targets in its stock incentive plan, reflecting confidence in future profit growth [4] Financial Performance Summary - For Q3 2024, the company reported operating revenue of 3.922 billion yuan, a year-on-year increase of 49.62%, but a quarter-on-quarter decrease of 0.50% [3] - The net profit attributable to shareholders for Q3 2024 was 60 million yuan, down 33.35% year-on-year, but up 4.81% quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 7.60%, a decrease of 3.39 percentage points from the previous quarter [3] - The company increased its sales expenses ratio to 1.31%, reflecting a greater effort in business promotion [3] Revenue and Profit Forecast - The company forecasts revenue growth rates of 48.71%, 21.14%, and 6.94% for the years 2024, 2025, and 2026 respectively [5] - The projected net profit growth rates are 25.70%, 28.70%, and 14.27% for the same years [5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 3.45 yuan, 4.43 yuan, and 5.07 yuan respectively [5] Key Financial Metrics - The company’s price-to-earnings (PE) ratios are projected to be 13.36, 10.38, and 9.09 for 2024, 2025, and 2026 respectively [4][5] - The return on equity (ROE) is expected to be 24.84%, 25.84%, and 24.53% for the years 2024, 2025, and 2026 respectively [5]