DKEM(300842) 东吴证券·2025-03-04 12:33Investment 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 359.96 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% year-on-year [8] - The company is focusing on new technology developments, including advancements in low-temperature silver paste and low-temperature silver-coated copper paste, which have shown significant progress [8] - The company expects stable profitability moving forward, with net profit forecasts for 2025-2027 at 450 million, 560 million, and 700 million yuan respectively, reflecting a growth rate of 24% for both 2025 and 2026 [8] Financial Summary - Total revenue is projected to grow from 15.351 billion yuan in 2024 to 21.629 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.07% [1][9] - The net profit attributable to shareholders is expected to increase from 359.96 million yuan in 2024 to 703.46 million yuan in 2027, with a CAGR of approximately 26.50% [1][9] - The earnings per share (EPS) is forecasted to rise from 2.56 yuan in 2024 to 5.00 yuan in 2027 [1][9] - The company maintains a P/E ratio of 20x for 2025, with a target price set at 63.62 yuan [8]