DKEM(SZ:300842) Great Wall Securities·2024-09-02 10:11Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][9]. Core Views - The company is a global leader in photovoltaic conductive silver paste, focusing on N-type silver paste and low-temperature silver paste products. It is expected to achieve significant revenue growth and improve profitability through self-supply of raw materials and continuous innovation in R&D [1][2]. Financial Performance Summary - Revenue: - 2022A: 3,767 million - 2023A: 9,603 million - 2024E: 15,143 million - 2025E: 17,693 million - 2026E: 20,136 million - YoY Growth: 33.8% (2022A), 154.9% (2023A), 57.7% (2024E) [1][3][4]. - Net Profit: - 2022A: -17 million - 2023A: 386 million - 2024E: 533 million - 2025E: 765 million - 2026E: 915 million - YoY Growth: -118.4% (2022A), 2336.5% (2023A), 38.2% (2024E) [1][3][4]. - EPS: - 2022A: -0.12 - 2023A: 2.74 - 2024E: 3.79 - 2025E: 5.44 - 2026E: 6.50 [1][5]. Key Financial Ratios - ROE: - 2022A: -2.2% - 2023A: 28.1% - 2024E: 30.6% - 2025E: 31.1% - 2026E: 27.6% [1][5]. - P/E Ratio: - 2022A: -280.1 - 2023A: 12.5 - 2024E: 9.1 - 2025E: 6.3 - 2026E: 5.3 [1][5]. - P/B Ratio: - 2022A: 5.3 - 2023A: 3.6 - 2024E: 2.7 - 2025E: 1.9 - 2026E: 1.4 [1][5]. Market Position and Strategy - The company is focusing on increasing the proportion of N-type silver paste, with expectations to enhance market share through technological advancements and product diversification. The company has also invested in self-supply capabilities to mitigate raw material price fluctuations [1][2][3].