DKEM(SZ:300842) Guolian Securities·2024-08-31 04:40Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved a revenue of 7.59 billion yuan in H1 2024, representing a year-on-year growth of 118.3%. The net profit attributable to shareholders was 230 million yuan, up 14.9% year-on-year, while the net profit excluding non-recurring items reached 350 million yuan, marking a 154.2% increase [2][6]. - The sales volume of photovoltaic silver paste reached 1,132 tons, a 76.1% increase year-on-year, with N-type TOPCon silver paste accounting for 87.3% of total sales, significantly up from 40.7% in the same period last year [2][6]. - The company is increasing its R&D investment to strengthen its technological competitive advantage, with R&D spending reaching 240 million yuan in H1 2024, a 177.4% increase year-on-year, representing 3.2% of total revenue [6]. Financial Performance - In Q2 2024, the company reported a revenue of 3.94 billion yuan, a year-on-year increase of 104.6% and a quarter-on-quarter increase of 8.2%. The net profit attributable to shareholders was 60 million yuan, down 50.9% year-on-year and 67.5% quarter-on-quarter, while the net profit excluding non-recurring items was 160 million yuan, up 169.1% year-on-year but down 19.9% quarter-on-quarter [6]. - The gross margin for the photovoltaic conductive silver paste business was 11.8%, a slight decrease of 0.3 percentage points year-on-year [6]. Revenue and Profit Forecast - The company is expected to achieve revenues of 15.06 billion yuan, 18.11 billion yuan, and 20.94 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 56.8%, 20.3%, and 15.6% [6][7]. - The net profit attributable to shareholders is projected to be 560 million yuan, 730 million yuan, and 800 million yuan for the same years, with growth rates of 44.7%, 30.4%, and 9.5% [6][7].