帝科股份：3亿现金收购江苏晶凯62.5%股权 抢占AI时代存储产业机遇

Core Viewpoint - The acquisition of 62.5% of Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan marks a significant step for Dike Co., Ltd. in the storage chip industry, aiming to enhance its integrated capabilities in chip application development, wafer testing, and packaging and testing, seizing opportunities in the AI computing power era [1][6] Group 1: Industry Growth and Market Potential - The global DRAM market is projected to grow from 155.1 billion USD in 2024 to 413.9 billion USD by 2029, driven by demand in smartphones, AI servers, automotive electronics, and data centers [2] - The AI computing demand and the wave of smart terminal devices are creating a "super cycle" of growth in the storage industry, leading to persistent shortages and price surges in storage chips [2] Group 2: Strategic Acquisition and Synergies - Jiangsu Jingkai is one of the few companies in China with a complete storage chip packaging and testing service chain, enhancing Dike's capabilities in wafer testing and packaging [3] - The acquisition will provide "dual empowerment" for Dike's storage industry chain, with Jiangsu Jingkai's testing capabilities supporting Yimeng Holdings and vice versa, creating a collaborative development environment [3] Group 3: Valuation and Performance Assurance - The acquisition price of Jiangsu Jingkai was determined to be 4.8 billion yuan for 100% equity, with a purchase price of 300 million yuan for 62.5% equity, based on professional asset evaluation [4] - Performance commitments from Jiangsu Jingkai's original shareholders include a cumulative net profit of 145 million yuan from 2025 to 2028, with specific compensation mechanisms in place to ensure performance delivery [4] Group 4: Financial Impact and Future Outlook - The acquisition will be funded through the company's own or raised funds, ensuring no significant pressure on daily operations and cash flow [6] - The collaboration between Jiangsu Jingkai and Yimeng Holdings is expected to enhance revenue and profitability in Dike's storage segment, aligning with the long-term interests of shareholders [6]