Group 1 - The company forecasts a revenue of 6.5 billion to 7 billion yuan for 2024, representing a year-on-year growth of 81.02% to 94.95% [1] - The net profit attributable to shareholders is expected to be between 160 million to 200 million yuan, showing a year-on-year increase of 125.63% to 132.03% [1] - Excluding share-based payment expenses, the net profit is projected to be between 510 million to 550 million yuan, reflecting a growth of 202.43% to 210.54% year-on-year [1] Group 2 - The company is focusing on expanding its market presence among top-tier domestic and international mobile phone and PC clients, leading to significant improvements in product sales and overall revenue [2] - In the smart wearable sector, the company has established a competitive advantage with its ePOP storage products, which are characterized by low power consumption, fast response, and compact design [2] - Revenue from smart wearable storage products is expected to reach approximately 800 million yuan in 2024, marking a substantial year-on-year increase [2] Group 3 - The company is increasing its R&D investment, with an estimated R&D expenditure of about 450 million yuan in 2024, which is an increase of approximately 80% compared to the previous year [2] - As of June 30, 2024, the company has obtained 335 domestic and international patents and 44 software copyrights, including 112 invention patents [2] - The company is enhancing its integrated R&D and testing capabilities, particularly in advanced packaging and testing equipment, which is expected to improve its business structure and core competitiveness [3]

Core Viewpoint - The company Bawei Storage (688525) is expected to achieve a net profit of 160 million to 200 million yuan for the fiscal year 2024, a significant recovery from a loss of 624 million yuan in the previous year [1] Group 1: Company Performance - The storage industry is experiencing a recovery, leading to substantial growth in the company's business [1] - The company has successfully expanded its market presence by targeting first-tier mobile phone and PC customers both domestically and internationally, resulting in a significant breakthrough in market and business growth [1] - The company's product sales have increased significantly year-on-year, with operating revenue expected to grow by 81.02% to 94.95% [1]

Financial Projections - The company expects to achieve operating revenue of between 650 million and 700 million yuan in 2024, an increase of 290.92 million to 340.92 million yuan, representing a year-on-year growth of 81.02% to 94.95%[3] - The projected net profit attributable to the parent company for 2024 is between 160 million and 200 million yuan, an increase of 784.36 million to 824.36 million yuan, reflecting a year-on-year growth of 125.63% to 132.03%[3] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between 65 million and 90 million yuan, an increase of 706.76 million to 731.76 million yuan, indicating a year-on-year growth of 110.13% to 114.02%[4] - The company reported a total profit of -742.03 million yuan for 2023, with an operating revenue of 3.59 billion yuan[5] - Non-recurring gains and losses are expected to impact net profit by approximately 95 million to 110 million yuan, primarily from investment income and government subsidies[8] Research and Development - The company has significantly increased its R&D investment, with an estimated R&D expense of approximately 450 million yuan in 2024, representing a year-on-year increase of about 80%[7] Competitive Advantage - The company has established a differentiated competitive advantage in the smart wearable sector, with expected revenue of around 800 million yuan from smart wearable storage products in 2024, showing significant growth[7] Performance Forecast - The company emphasizes that the performance forecast is based on preliminary calculations and has not been audited by an accounting firm, urging investors to be cautious[9] - The company has not identified any significant uncertainties that could materially affect the accuracy of this performance forecast[9] Share-Based Payment - The company anticipates a substantial reduction in share-based payment expenses in 2025, estimated at approximately 345.49 million yuan for 2024[7]

Investment Rating - The report assigns a "Buy-A" rating to the company for the first time [1] Core Views - The company is a leading domestic memory module manufacturer with a competitive edge in R&D and packaging/testing integration [1] - The memory industry is expected to recover, driven by AI demand and cyclical recovery, with prices likely to stabilize and rise by 2025 [2] - The company is actively expanding into advanced packaging and testing, positioning itself as a key player in the semiconductor industry [3] - The company's profitability is expected to improve significantly, with projected net profits of 342/584/784 million yuan for 2024-2026, representing growth rates of 154.8%/70.8%/34.2% [6] Company Overview - The company is a leading domestic memory module manufacturer with a focus on R&D and packaging/testing integration [1] - Its main products include embedded storage, PC storage, mobile storage, industrial/automotive storage, and enterprise-level storage, with embedded, PC, and mobile storage contributing over 90% of revenue [1] - The company has established a comprehensive product system and service, with a strong presence in high-growth sectors such as smart terminals, data centers, and smart vehicles [1] Industry Trends - The memory industry is expected to recover, driven by AI demand and cyclical recovery, with prices likely to stabilize and rise by 2025 [2] - The global advanced packaging market is projected to grow from $46.83 billion in 2023 to $78.55 billion in 2028, with a CAGR of 10.9% [3] - AI server demand is driving growth in high-bandwidth memory (HBM), with the HBM market expected to grow from $5.5 billion in 2023 to $38 billion in 2029, with a CAGR of 38% [65] Financial Performance - The company's revenue for 2024-2026 is projected to be 6.85/9.53/11.99 billion yuan, with year-on-year growth rates of 90.9%/39.1%/25.8% [7] - Net profit for 2024-2026 is expected to be 342/584/784 million yuan, with growth rates of 154.8%/70.8%/34.2% [6] - The company's gross margin is expected to improve significantly, reaching 22.5%/22.7%/22.9% for 2024-2026 [7] Strategic Initiatives - The company is actively expanding into advanced packaging and testing, with a focus on the Greater Bay Area to meet regional demand [3] - The company's advanced packaging and testing project in Dongguan is expected to start production in 2025, with a planned monthly capacity of 20,000 12-inch wafers [3] - The company is leveraging its "5+2+X" strategy to drive long-term growth, focusing on five major application markets and two key growth areas: chip design and advanced packaging [32] Product Portfolio - The company offers a comprehensive range of memory products, including embedded storage, PC storage, mobile storage, industrial/automotive storage, and enterprise-level storage [1] - Embedded storage products are widely used in smartphones, tablets, and IoT devices, with key clients including OPPO, Motorola, and ZTE [57] - The company's enterprise-level storage products, including SSDs and memory modules, are positioned to benefit from the growth of AI servers and data centers [64]

上海市锦天城律师事务所 关于深圳佰维存储科技股份有限公司 2023 年度向特定对象发行 A 股股票的 补充法律意见书（一） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 7-3-1 | 声明事项 | | 3 | | --- | --- | --- | | 正 | 文 | 6 | | 问题 | 1、关于本次募投项目 | 6 | | 问题 | 7.2、关于其他 | 11 | | 问题 | 7.3、关于其他 | 12 | 上海市锦天城律师事务所 补充法律意见书（一） 补充法律意见书（一） 上海市锦天城律师事务所 2023 年度向特定对象发行 A 股股票的 案号：07F20230903 致：深圳佰维存储科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）根据与深圳佰维存储科技股份 有限公司（以下简称"发行人"或"公司"或"佰维存储"）签订的聘用合同，担任发 行人 2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾 问。 本所作为发行人本次发行的专项法律顾问，已出具《上海市锦 ...

目 录 | 一、关于融资规模和效益测算………………………………………第 | | 1—50 | 页 | | --- | --- | --- | --- | | 二、关于经营情况 ……………………………………………… | 第 | 50—102 | 页 | | 三、关于存货…………………………………………………… | 第 | 102—130 | 页 | | 四、关于销售模式……………………………………………… | 第 | 130—155 | 页 | | 五、关于财务性投资 ……………………………………………第 | | 155—168 | 页 | | 六、关于其他 ……………………………………………………第 | | 168—176 | 页 | 关于深圳佰维存储科技股份有限公司 向特定对象发行股票审核问询函中 有关财务事项的说明问询函专项说明 天健函〔2024〕3-140 号 上海证券交易所： 由华泰联合证券有限责任公司转来的《关于深圳佰维存储股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2024〕118 号， 以下简称审核问询函）奉悉。我们已对审核问询函所提及的深圳佰维存储科技股 份有限 ...

关于深圳佰维存储科技股份有限公司 向特定对象发行股票并在科创板上市 申请文件的审核问询函的回复 上海证券交易所： 保荐人（主承销商） 深圳佰维存储科技股份有限公司（以下简称"公司"、"发行人"或"佰维 存储"）收到贵所于 2024 年 10 月 23 日下发的《关于深圳佰维存储科技股份有 限公司向特定对象发行股票申请文件的审核问询函》（审核函（再融资）〔2024〕 118 号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司 （以下简称"华泰联合证券"、"保荐人"）、上海市锦天城律师事务所（以下 简称"发行人律师"）、天健会计师事务所（特殊普通合伙）（以下简称"申报 会计师"）进行了认真研究和落实，并按照问询函的要求对所涉及的事项进行了 资料补充和问题回复，现提交贵所，请予以审核。 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 除非文义另有所指，本问询函回复中的简称与《深圳佰维存储科技股份有限 公司向特定对象发行 A 股股票并在科创板上市募集说明书》（以下简称"募集 说明书"）中的释义具有相同涵义。 本问询函/落实函回复的字体说明如下： | 问询函所列问题 | 黑 ...

证券代码：688525 证券简称：佰维存储 公告编号：2024-098 深圳佰维存储科技股份有限公司 2024 年第五次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 25 日 （二） 股东大会召开的地点：广东省深圳市南山区桃源街道平山社区留仙大道 1213 号众冠红花岭工业南区 2 区 4 栋 3 楼 1 号会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 418 | | --- | --- | | 普通股股东人数 | 418 | | 2、出席会议的股东所持有的表决权数量 | 129,467,724 | | 普通股股东所持有表决权数量 | 129,467,724 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 30.0221 | | 例（%） | | | 普通股股东 ...

锦天城律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳佰维存储科技股份有限公司 2024年第五次临时股东大会的 法律意见书 地址：深圳市福田区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：0755-82816698 传真：0755-82816898 锦天城律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳佰维存储科技股份有限公司 2024 年第五次临时股东大会的法律意见书 致：深圳佰维存储科技股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳佰维存储 科技股份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》 （以下简称《公司法》）、《上市公司股东大会规则》（以下简称《股东大会规 则》）等法律、法规和规范性文件及《深圳佰维存储科技股份有限公司章程》（以 下简称《公司章程》）的有关规定，指派本所律师出席了公司 2024 年第五次临 时股东大会（以下简称"本次股东大会"），就本次股东大会相关事宜发表法律 意见。 为出具本法律意见书，本所律师查阅了按规定需要查阅的文件以及本所律师 认为必须查阅的其他文件。在公司保证提供了本所为出具本法律 ...

Group 1: Company Overview and Market Position - Shenzhen Biwin Storage Technology Co., Ltd. is actively developing QLC high-capacity storage and automotive-grade storage control products, with a wafer-level advanced packaging project set to launch in Dongguan by 2025 [7] - The company has established a comprehensive chip testing solution and is a pioneer in the integrated packaging and testing sector, having built its capabilities since 2010 [10] - The company operates under the brand Biwin and has exclusive global operational authorizations for storage products from HP, Acer, and Lenovo, achieving good market performance [14] Group 2: Industry Trends and Strategic Plans - The storage industry is closely linked to the development of next-generation information technologies such as IoT, big data, and AI, with a significant opportunity for domestic storage chip localization [10] - The company aims to enhance its integrated packaging and testing capabilities, focusing on key areas such as storage solution development and control chip design, to adapt to market changes and increase competitiveness [12] - The Chinese enterprise storage market is expected to grow steadily, with a compound annual growth rate of 4.7% from 2024 to 2028, driven by the adoption of NVMe technology and decreasing SSD prices [15] Group 3: Product Development and Innovation - The company has launched CXL 2.0 DRAM products that connect directly to CXL-compliant backplanes and server motherboards, enhancing server memory capacity and bandwidth [7] - In the AI-driven market, the company has developed high-capacity flash memory and memory products to meet the increasing storage demands of AI applications, including UFS3.1 and LPDDR5/5X for smartphones [14] - The company is committed to continuous R&D investment in chip design and advanced packaging, achieving breakthroughs in key technologies such as its first domestic control chip, SP1800 [14]