DKEM(300842) 东吴证券·2025-03-04 11:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 15.351 billion yuan in 2024, representing a year-on-year increase of 59.85%, while the net profit attributable to shareholders decreased by 6.66% to 360 million yuan [8] - The company has a leading market share in N-type silver paste, with N-type silver paste sales accounting for 89.1% of total silver paste sales in 2024 [8] - Continuous investment in R&D is evident, with R&D expenses reaching 482 million yuan in 2024, an increase of 55.68% [8] - The company is expected to maintain stable profitability as the industry self-discipline continues to progress, with projected net profits for 2025-2027 at 450 million, 560 million, and 700 million yuan respectively, reflecting growth rates of 24% for both 2025 and 2026, and 27% for 2027 [8] Financial Summary - Total revenue forecast for 2024 is 15.351 billion yuan, with a projected growth of 12.59% in 2025 [9] - The net profit attributable to shareholders is forecasted to be 447 million yuan in 2025, with a growth rate of 24.22% [9] - The company’s earnings per share (EPS) is expected to be 3.18 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.05 [9] - The company’s total assets are projected to be 8.005 billion yuan by 2026, with a debt-to-asset ratio of 65.85% [9]