DKEM(300842) 民生证券·2025-03-02 13:45Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is a leader in N-type silver paste, with significant growth in TOPCon silver paste shipments [1][2] - The company is advancing low-silver metallization and high-copper paste production, with expectations for large-scale production in the second half of the year [2] - The company is deepening its semiconductor paste layout, enhancing its brand influence in the semiconductor electronics industry [3] - Revenue projections for 2025-2027 are estimated at 174.41 billion, 198.26 billion, and 222.79 billion yuan, with corresponding growth rates of 13.6%, 13.7%, and 12.4% [3][4] Financial Summary - In 2024, the company achieved revenue of 15.351 billion yuan, a year-on-year increase of 59.85%, and a net profit attributable to shareholders of 360 million yuan, a decrease of 6.66% [1][4] - The company expects net profits of 5.01 billion, 6.55 billion, and 8.37 billion yuan for 2025, 2026, and 2027, with growth rates of 39.1%, 30.9%, and 27.7% respectively [3][4] - The projected PE ratios for 2025, 2026, and 2027 are 14X, 11X, and 8X [3][4]