DKEM(300842) 华鑫证券·2025-03-30 08:00Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company has a solid industry position and is building long-term barriers through high copper paste materials [1] - In 2024, the company achieved a revenue of 15.351 billion yuan, a year-on-year increase of 59.85%, while the net profit attributable to shareholders was 360 million yuan, a decline of 6.66% [4][5] - The company is a leader in the production of N-type conductive silver paste, with 89.10% of its total silver paste sales used in N-type TOPCon batteries [6] - The company is actively developing low-silver metallization technologies and has made significant progress in pure copper paste [6] Financial Performance - The company forecasts revenues of 18.678 billion yuan, 21.480 billion yuan, and 24.702 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.61 yuan, 4.41 yuan, and 5.39 yuan [7] - The projected PE ratios for 2025, 2026, and 2027 are 13.2, 10.8, and 8.8 times respectively [7] - The company’s gross margin for 2024 is 9.38%, a decrease of 1.76 percentage points year-on-year, while the net margin is 2.34%, down 1.68 percentage points [5]