DKEM(SZ:300842) Changjiang Securities·2025-11-13 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 12.724 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.55%. However, the net profit attributable to shareholders was only 29 million yuan, a significant decline of 89.94% year-on-year. In Q3 2025, the revenue was 4.384 billion yuan, up 11.76% year-on-year and 2.33% quarter-on-quarter, while the net profit was -40 million yuan, down 167.32% year-on-year and 214.7% quarter-on-quarter. The non-recurring net profit attributable to shareholders was 38 million yuan, showing a quarter-on-quarter increase of 59.78% [3][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 12.724 billion yuan, with a year-on-year growth of 10.55%. The net profit attributable to shareholders was 29 million yuan, down 89.94% year-on-year. In Q3 2025, the revenue reached 4.384 billion yuan, reflecting an 11.76% year-on-year increase and a 2.33% quarter-on-quarter increase. The net profit was -40 million yuan, a decline of 167.32% year-on-year and 214.7% quarter-on-quarter. The non-recurring net profit attributable to shareholders was 38 million yuan, with a quarter-on-quarter growth of 59.78% [3][10]. Market Position and Strategy - The company has seen an increase in market share for its silver paste products, which has helped offset the weaker production schedules in downstream battery manufacturing. The overall sales volume of photovoltaic paste remained stable with slight growth, including the sales volume after the consolidation of Sote. The processing fees for silver paste remained stable quarter-on-quarter, contributing to the growth in non-recurring net profit [10]. Acquisition and Future Outlook - The company announced the acquisition of Jiangsu Jinkai's equity, which will make Jiangsu Jinkai a subsidiary and included in the consolidated financial statements. This acquisition is expected to enhance the integration of the storage industry chain. The acquired company has guaranteed net profits of no less than 1 million yuan, 35 million yuan, 48 million yuan, and 61 million yuan for the years 2025 to 2028, indicating confidence in the future prospects of the storage business and the company's performance [10].