抛3亿元并购 帝科股份押注存储芯片

Core Viewpoint - In 2024, the photovoltaic silver paste giant Dike Co., Ltd. (300842) is making significant investments in the storage chip industry, including a recent acquisition of a 62.5% stake in Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, despite facing financial pressures [1][2][3]. Group 1: Acquisition Details - Dike Co. plans to acquire a 62.5% stake in Jiangsu Jingkai for 300 million yuan, with a high valuation increase of 930.28% [2][3]. - The acquisition involves familiar parties, as Jiangsu Jingkai's stakeholders are connected to Dike's previous acquisition of 51% of Yimeng Holdings [1][5]. - The deal does not constitute a related party transaction or a major asset restructuring [2]. Group 2: Financial Performance and Market Reaction - Following the announcement, Dike's stock price fell over 14% at one point, closing down 4.76% at 64.42 yuan per share, with a total market value of 9.132 billion yuan [2][3]. - The financial data shows that Jiangsu Jingkai reported a net profit of approximately 13.54 million yuan in 2024 but incurred a loss of 3.72 million yuan in the first four months of 2025 [3][6]. - Dike's accounts receivable have surged, reaching 4.204 billion yuan by mid-2025, accounting for 45.46% of total assets, raising concerns about cash flow and short-term debt repayment risks [7][8]. Group 3: Industry Outlook - Dike's entry into the storage chip market is seen as a strategic move to enhance its competitive advantage amid the rapid growth of the domestic storage industry and the increasing demand for high-capacity storage products driven by AI technology [6][8]. - The company anticipates continued growth in its storage chip revenue, with a reported income of 189 million yuan in the first half of 2025, reflecting a significant increase from the previous year [6][8].