DKEM(SZ:300842) Xin Lang Cai Jing·2026-01-19 10:31Core Viewpoint - The company, Dike Co., Ltd., is expected to report a net loss of 200 to 300 million yuan for the fiscal year 2025, a significant decline from a profit of 360 million yuan in the same period last year, primarily due to non-recurring losses and high leverage expansion strategies [1][3]. Financial Performance - The net loss is attributed to non-recurring losses impacting net profit by approximately 400 to 500 million yuan [1]. - The company's asset-liability ratio reached a new high of 81.75% as of September 2025, indicating increased financial strain [3]. - The company reported a significant decline in sales volume of photovoltaic conductive paste, with a total of 879.86 tons sold in the first half of 2025, a year-on-year decrease of 22.28% [3]. Acquisition Strategy - Dike Co., Ltd. has been actively pursuing cash acquisitions, including a 60% stake in Zhejiang Suote for 696 million yuan and an 80% stake in Zhejiang Jinko New Materials for 80 million yuan, with the latter transaction showing a premium of 299.08% over book value [1][2]. - The company announced a major acquisition of a 62.5% stake in Jiangsu Jinkai Semiconductor Technology for 300 million yuan, with an impressive valuation increase of 930.28% [2][3]. Business Challenges - The company's core business in photovoltaic conductive paste is facing challenges, with a significant drop in gross margin from 11.83% in the first half of 2024 to 8.73% in the first half of 2025, a decrease of 3.1 percentage points [3]. - The competitive landscape in the photovoltaic industry is intensifying, leading to increased cost pressures on downstream customers, which in turn compresses profit margins [4]. New Growth Areas - The storage chip business is emerging as a new growth point, generating 1.89 billion yuan in revenue in the first half of 2025, accounting for 2.26% of total revenue [6]. - The company aims to build a complete industry chain from chip design to packaging and testing, with the storage chip business achieving approximately 230 million yuan in revenue in the fourth quarter [7]. Risks and Future Outlook - The high acquisition costs and the financial performance of acquired companies pose risks, as seen with Jiangsu Jinkai, which reported a loss of 372,000 yuan in the first four months of 2025, while the promised net profit for the year is significantly lower than previous levels [7]. - The company is attempting to drive future growth through both photovoltaic and semiconductor sectors, but faces ongoing profitability pressures in its core business while the semiconductor segment is still in the cultivation phase [7].