帝科股份：预计2025年亏损2亿元-3亿元

Core Viewpoint - The company is primarily engaged in the research, production, and sales of conductive paste products used in the metallization of photovoltaic cells, with significant impacts on its financial performance due to non-recurring gains and losses [6]. Financial Performance - The company's net profit attributable to shareholders is affected by non-recurring losses estimated between 400 million to 500 million yuan [6]. - The company incurred a share-based payment expense of approximately 120 million yuan due to the implementation of an equity incentive plan [7]. - Historical net profit and non-recurring profit figures show fluctuations, with a notable increase in revenue from the storage chip business, achieving approximately 500 million yuan in revenue, with a significant growth in the fourth quarter [6][8]. Market Position and Strategy - The company has increased its investment in the storage sector, acquiring Jiangsu Jingkai to enhance its integrated industry layout in chip application development, wafer testing, and chip packaging and testing [6]. - The DRAM market is experiencing a continuous improvement in demand, which has positively impacted the company's storage chip business [6]. Revenue Growth - The revenue from the storage chip business has shown substantial year-on-year growth, particularly in the fourth quarter, where it reached approximately 230 million yuan [6]. - Historical data indicates fluctuations in net profit growth rates, with a significant increase projected for the coming years [8].