DKEM(SZ:300842)2026-01-21 01:02Group 1: Financial Performance - The company expects a net profit loss of 200 million to 300 million yuan for 2025, compared to a profit of 360 million yuan in the same period last year [2] - The net profit after deducting non-recurring gains and losses is projected to be between 160 million and 240 million yuan, a year-on-year decrease of 63.56% to 45.34% from the previous year's profit of 439 million yuan [2] Group 2: Competitive Advantages - The company's storage business has significant competitive barriers due to its integrated design capabilities, specialized testing equipment, and long-term collaborations with leading SOC chip design companies [3] - The company maintains a unique technological advantage with proprietary testing equipment that is not sold externally, creating hardware barriers [3] Group 3: Product and Market Strategy - The storage business primarily targets B-end customers, with brands such as Jingkai and Yinmeng for external sales [3] - The company plans to balance its focus between photovoltaic and storage sectors, aiming to become a leading third-party DRAM storage module enterprise within two to three years [3] Group 4: Industry Outlook and Mergers - The storage business is expected to grow continuously over the next three years, driven by market demand and the company's core competitive strengths [5] - The company has acquired 51% of Yinmeng Holdings in 2024 and plans to acquire 62.5% of Jiangsu Jingkai in 2025, completing an integrated supply chain for the storage industry [5] Group 5: Risk Management - The company does not directly bear the risks of significant fluctuations in silver prices, utilizing silver futures to hedge against price volatility [6] - The storage business's lack of wafer production capacity is mitigated by its integrated processing capabilities, ensuring diverse wafer procurement to meet production needs [7]