DKEM(SZ:300842) Soochow Securities·2025-05-26 09:37Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company plans to acquire 60% of Zhejiang Suote for 696 million yuan, which will enhance its industry position and enrich its patent portfolio [8] - The acquisition is expected to strengthen the company's competitiveness, as Zhejiang Suote has established long-term partnerships with leading firms in the photovoltaic industry [8] - The estimated valuation for Zhejiang Suote is approximately 1.16 billion yuan, with a performance commitment of no less than 287 million yuan in net profit over three years [8] - The report forecasts the company's net profit for 2025-2027 to be 390 million, 520 million, and 670 million yuan respectively, with growth rates of 9%, 33%, and 28% [8] Financial Projections - Total revenue is projected to reach 15.35 billion yuan in 2024, with a year-on-year growth of 59.85% [8] - The company's diluted EPS is expected to be 2.54 yuan in 2024, increasing to 4.72 yuan by 2027 [8] - The P/E ratio is forecasted to be 16.17 in 2024, decreasing to 8.70 by 2027 [8]