DKEM(SZ:300842)2024-04-16 16:00Investment Rating - The report maintains an "Outperform" rating for the company [28][46][68] Core Views - The company's revenue has grown rapidly, achieving 9.603 billion yuan in 2023, a year-on-year increase of 154.94%, with a net profit attributable to shareholders of 386 million yuan, marking a turnaround from losses to profits [20][49] - The strong performance is attributed to robust demand in the global photovoltaic market and the rapid industrialization of N-type cells, which significantly boosted silver paste sales [20][29] - The gross profit margin for 2023 was 11.14%, an increase of 2.34 percentage points year-on-year, driven by the higher technical difficulty and processing fees of N-type silver paste [20][29] Financial Summary - Revenue and profit forecasts for 2024-2026 are projected at 13.975 billion yuan, 15.764 billion yuan, and 17.977 billion yuan respectively, with net profits expected to be 621 million yuan, 779 million yuan, and 902 million yuan [49][68] - The diluted EPS is forecasted to be 4.43 yuan, 5.56 yuan, and 6.43 yuan for the years 2024, 2025, and 2026 respectively [49][68] - The company is expected to maintain high growth in profitability due to the increasing volume of TOPCon products and the acceleration of silver powder localization [49][68] Market Position - The company has achieved significant sales in photovoltaic conductive silver paste, with a total of 1713.62 tons sold in 2023, a 137.89% increase year-on-year [43] - The sales of silver paste for N-type TOPCon batteries reached 1008.48 tons, accounting for 58.85% of total silver paste sales, indicating a leading position in the industry [43][67]