DKEM(300842) 浙商证券·2024-12-11 10:10Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company is positioned as a leader in the photovoltaic silver paste market, with comprehensive technology solutions and a strong focus on research and development to maintain its competitive edge [1][3]. - The copper paste technology is highlighted as a key area of focus, with significant potential for cost reduction in photovoltaic cells by replacing silver with copper [1]. - The company has a rich technical reserve in metallization solutions, particularly in TOPCon, IBC, and HJT technologies, which are expected to drive future growth [1]. Summary by Sections Investment Highlights - The report emphasizes the importance of metallization cost reduction in photovoltaic cells, with various technologies like silver-coated copper and copper plating being explored [1]. - The copper paste technology faces challenges such as oxidation and diffusion, but the company is actively addressing these issues through partnerships and research [1]. Technical Leadership - The company has established itself as a leader in high-performance electronic materials, with a focus on N-type TOPCon, HJT, and IBC technologies [1]. - The copper paste technology is expected to achieve industrialization breakthroughs first in HJT cells due to their unique structure, which simplifies the manufacturing process [1]. Financial Forecast and Valuation - The report maintains profit forecasts for 2024-2026, projecting net profits of 515 million, 630 million, and 724 million yuan respectively, with corresponding EPS of 3.66, 4.48, and 5.15 yuan per share [2][3]. - The company is expected to maintain a strong P/E ratio, projected at 13, 11, and 9 for the years 2024-2026 [2].