DKEM(300842) 华创证券·2025-03-03 10:00Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company achieved a revenue of 15.351 billion yuan in 2024, representing a year-on-year increase of 59.85%. However, the net profit attributable to shareholders decreased by 6.66% to 360 million yuan, with a gross margin of 9.38% [2][4]. - The company continues to lead in the conductive silver paste industry, with a shipment of 2,037.69 tons in 2024, an increase of 18.91% year-on-year. The N-type TOPCon battery conductive silver paste accounted for 89.1% of the total shipments [8]. - The company is actively pursuing the development and industrialization of low-silver metallization technology, aiming to enhance profitability through product innovation and market expansion [8]. Financial Summary - In 2024, the company reported total revenue of 15,351 million yuan, with a projected growth rate of 59.9% for 2025, followed by 14.1% in 2026 and 16.7% in 2027 [4]. - The net profit attributable to shareholders is expected to grow to 501 million yuan in 2025, 645 million yuan in 2026, and 744 million yuan in 2027, with respective growth rates of 39.3%, 28.5%, and 15.4% [4]. - The earnings per share (EPS) are projected to increase from 2.56 yuan in 2024 to 5.28 yuan by 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 20 in 2024 to 10 in 2027 [4]. Market Position and Strategy - The company is expanding its product applications in the semiconductor sector, enhancing its market presence through the acquisition of a 51% stake in Shenzhen Yimeng Holdings Technology Co., Ltd., which focuses on storage chip business [8]. - The report highlights the company's commitment to R&D and market development, maintaining its leading position in the photovoltaic battery conductive paste industry [8].