DKEM(SZ:300842) Minsheng Securities·2024-03-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Views - The company is positioned to benefit from the production advantages of LECO technology, which is expected to enhance TOPCon battery efficiency by 0.3%-0.6% [7]. - The company has achieved significant revenue growth, with a 2023 revenue of 9.603 billion yuan, representing a year-on-year increase of 154.94% [7]. - The company leads in N-type silver paste production, with sales of 1,713.62 tons in 2023, a year-on-year increase of 137.89% [7]. - The company anticipates a shipment volume of 2,500 to 3,000 tons in 2024, driven by the rapid expansion of TOPCon capacity [7]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 96.03 billion yuan, with a net profit of 3.86 billion yuan, reflecting a year-on-year increase of 2336.51% [7]. - The fourth quarter of 2023 saw a revenue of 35.06 billion yuan, a year-on-year increase of 203.41% [7]. - The company projects revenues of 141.23 billion yuan, 161.49 billion yuan, and 182.54 billion yuan for 2024, 2025, and 2026 respectively [7]. Product Development - The company is at the forefront of N-type silver paste technology, which is expected to drive significant growth in shipments and profitability [7]. - The company has successfully transitioned its semiconductor silver paste products from small to medium and large clients, enhancing its brand influence in the semiconductor industry [7]. Market Position - The company is recognized as a leading player in the domestic photovoltaic silver paste market, poised to benefit from the high demand in the photovoltaic industry and the N-type iteration [7]. - The company has initiated investments in high-performance electronic materials projects, further strengthening its industry position [7].