DKEM(SZ:300842) Huachuang Securities·2025-09-04 05:45Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company maintains a leading position in silver paste shipments, with high copper paste expected to achieve industrialization breakthroughs [1] - The company is actively promoting low-silver metallization paste development, which is anticipated to benefit from technological iterations [7] Financial Summary - Total revenue for 2024 is projected at 15,351 million, with a year-on-year growth rate of 59.9%. For 2025, revenue is expected to reach 16,578 million, reflecting an 8.0% growth [2] - The net profit attributable to the parent company for 2025 is forecasted at 219 million, a decrease of 39.2% compared to 2024. However, a significant recovery is expected in 2026 with a projected profit of 428 million, representing a 95.6% increase [2] - Earnings per share (EPS) is expected to be 1.54 yuan in 2025, with a projected increase to 3.02 yuan in 2026 and 4.39 yuan in 2027 [2] - The target price for the company's stock is set at 60.36 yuan, compared to the current price of 51.63 yuan [3] Operational Highlights - In the first half of 2025, the company achieved a revenue of 8.34 billion, a year-on-year increase of 9.93%. The net profit for the same period was 7 million, down 70.03% year-on-year [7] - The company shipped 879.86 tons of conductive silver paste in the first half of 2025, with N-type accounting for 95% of the total shipments [7] - The company is advancing the industrialization of high copper paste, which is expected to contribute to performance growth, particularly in the second half of the year [7] - A cash acquisition of 60% of Jiangsu Suote is planned for 696 million, which will enhance market competitiveness and control over the Solamet photovoltaic silver paste business [7]