DKEM(300842) 东海证券·2024-11-12 07:45Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of RMB 11.509 billion in Q1-Q3 2024, a YoY increase of 88.77%, with net profit attributable to shareholders of RMB 293 million, a slight YoY increase of 0.07% [5] - In Q3 2024, the company's revenue was RMB 3.922 billion, a YoY increase of 49.62%, with net profit attributable to shareholders of RMB 60 million, a YoY decrease of 33.35% [5] - The company's photovoltaic conductive silver paste sales reached 1,581.16 tons in the first three quarters of 2024, a YoY increase of 41.40%, with N-type TOPCon battery conductive silver paste accounting for 87.66% of total sales [5] - The company is expected to achieve full-year sales of 2,000-2,500 tons of photovoltaic conductive silver paste in 2024 [5] - The company maintains a leading position in BC and HJT battery paste technology, with significant advancements in silver-coated copper paste and other silver-reducing technologies [6] - The company's 5,000-ton silver nitrate project in Dongying and Xinyi is expected to be operational in the first half of next year, enhancing supply chain security and reducing raw material costs [6] Financial Performance - The company's revenue for 2024-2026 is forecasted to be RMB 15.297 billion, RMB 17.044 billion, and RMB 19.061 billion, respectively, with YoY growth rates of 59.30%, 11.42%, and 11.84% [7] - Net profit attributable to shareholders for 2024-2026 is projected to be RMB 479 million, RMB 600 million, and RMB 716 million, respectively, with corresponding P/E ratios of 15.66x, 12.52x, and 10.49x [7] - The company's gross margin is expected to remain stable at around 8.95% to 9.82% from 2024 to 2026 [7] - ROE is forecasted to be 5.43%, 6.06%, and 6.49% for 2024-2026, respectively [7] Industry Position - The company is a leading supplier of BC battery paste, with significant market share and technological reserves in n-Poly, p-Poly, and main grid products [6] - The company has achieved large-scale production of 50% silver-coated copper paste and is advancing in the production of 30% silver content paste [6] - The company is actively developing silver-reducing and silver-free conductive paste technologies, focusing on silver-coated copper, copper paste, and other base metal-based technologies [6] Future Outlook - The company's leading position in the industry is expected to be further solidified due to continuous technological iteration and new business development [7] - The company's supply chain security and cost competitiveness are expected to improve with the upcoming silver nitrate project [6]