DKEM(300842) 长江证券·2025-03-07 03:56Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 15.35 billion yuan in 2024, representing a year-on-year increase of 59.85%. However, the net profit attributable to the parent company was 360 million yuan, a decrease of 6.66% year-on-year [2][5]. - In Q4 2024, the company reported a revenue of 3.842 billion yuan, which is a year-on-year increase of 9.57% but a quarter-on-quarter decrease of 2.06%. The net profit for this quarter was 67 million yuan, down 27.83% year-on-year but up 11.94% quarter-on-quarter [2][5]. Financial Performance - The company sold 2,037.69 tons of photovoltaic conductive silver paste in 2024, an increase of 18.91% from the previous year. Among this, 1,815.53 tons were for N-type TOPCon battery products, accounting for 89.10% of total sales, leading the industry [10]. - The company has focused on managing accounts receivable effectively, with a total of 117 million yuan in credit impairment losses and asset impairment provisions [10]. - The company is actively developing low-silver metallization technologies to adapt to market changes, with a series of product solutions designed for the transition from silver to copper [10]. Market Position and Strategy - The company is a pioneer in the industrialization of laser-enhanced sintering metallization technology and continues to lead the development and upgrade of TOPCon technology [10]. - The company has established long-term cooperative development with leading clients for high-copper paste designs, aiming for large-scale production in the second half of the year [10].