DKEM(SZ:300842)2026-01-28 02:05Summary of Conference Call Notes Company and Industry Involved - The conference call discusses 帝科股份 (Dike Co., Ltd.), focusing on its involvement in the storage and high copper silver paste industries. Core Points and Arguments 1. Market Underestimation of Storage Business The company believes its storage business is still undervalued by the market, with significant potential for valuation improvement. The focus is on DDR4/DDR5 and LPDDR4/LPDDR5 DRAM chip design, targeting products for OTT set-top boxes, AIoT, and mobile devices [1] 2. Acquisition of 因梦控股 In September 2024, the company acquired 因梦控股, marking its official entry into the storage industry [1] 3. Acquisition of 江苏晶凯 In November 2025, the company plans to acquire 江苏晶凯, which possesses advanced packaging technologies and testing capabilities for DRAM, including multi-layer stacking and ultra-thin die packaging [1] 4. Technological Edge in Storage B Products 江苏晶凯 is noted for its technical barriers in handling storage B products, being the only company in the industry that covers the entire process from core equipment to product algorithm optimization [2] 5. Revenue Projections for 江苏晶凯 - 2024 revenue is projected at approximately 200 million yuan with a gross margin of around 30-40% - 2025 revenue is expected to reach 500 million yuan, with a net profit of about 130 million yuan and a gross margin of 60% - By 2027, the target is to ship 50-70 million units with a profit of 2-3 USD per unit [2] 6. Future Plans for Memory Products The company plans to extend its product line to include CXL memory pools and server memory products by 2027, with an investment goal of generating 2-3 billion yuan in revenue by 2028 [2] Other Important but Potentially Overlooked Content 1. Risk Factors The company highlights potential risks including slower-than-expected capacity expansion by original manufacturers, increased industry competition, and a slowdown in storage price increases [3]