DKEM(300842) 民生证券·2025-03-02 14:23Investment 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, expecting to accelerate mass 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 of 360 million yuan, a decrease of 6.66% [1][4] - The projected net profit for 2025 is 501 million yuan, with a growth rate of 39.1% [4][9] - The earnings per share (EPS) for 2024 is estimated at 2.56 yuan, with projections of 3.56 yuan, 4.66 yuan, and 5.95 yuan for 2025, 2026, and 2027 respectively [4][9]