Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][6] Core Insights - The company has announced that its enterprise-level storage products have passed validation from multiple clients and achieved small-scale sales. The revenue forecast for 2024 is projected to be between 45-50 billion yuan, representing a year-on-year growth of 153%-182%. The net profit attributable to shareholders is expected to be between 3.4-4.0 billion yuan, a year-on-year increase of 1260%-1500% [4][6] - The company has completed the layout of four major product lines in 2024, including mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, leading to a significant increase in revenue [6] - The company has developed nine self-researched main control chips covering mobile storage and SATA SSDs, with ongoing research for PCIe and embedded control chips [6] Financial Data and Profit Forecast - The total revenue for 2024 is expected to be 48.6 billion yuan, with a year-on-year growth rate of 173.7%. The net profit attributable to shareholders is forecasted to be 3.97 billion yuan for 2024, with a significant increase in R&D expenses impacting profit margins [5][6] - The company’s revenue is projected to reach 9.05 billion yuan in 2025 and 12.15 billion yuan in 2026, with corresponding net profits of 769 million yuan and 1.03 billion yuan respectively [5][6] - The report adjusts the profit forecast for 2024-2026, with net profit estimates revised to 3.97 billion yuan for 2024, 7.69 billion yuan for 2025, and 10.31 billion yuan for 2026 [6]

Group 1: Product Specifications and Development - The company customizes enterprise-level SSD storage products based on client needs, covering various dimensions such as interface type, protocol standards, storage capacity, read/write speed, power consumption, and lifespan [2] - The company is expanding its enterprise storage product matrix while keeping an eye on cutting-edge product development trends [2] Group 2: Market Characteristics and Supply Chain Management - The storage industry exhibits cyclical characteristics, influenced by supply-demand relationships, original factory capacity strategies, and technological iterations [2] - The company employs a demand-driven procurement model for raw materials, supplemented by maintaining some inventory to ensure business flexibility and support R&D verification and client testing [3] Group 3: Production Capacity and Supply Chain Resilience - The company relies on its own testing production lines and strategic partnerships with wafer and packaging factories, ensuring high flexibility in capacity allocation [4] - A comprehensive supply chain management system has been established to mitigate market fluctuations, including deep strategic collaborations with upstream suppliers and regular supply chain stress tests [4] Group 4: Competitive Positioning and R&D Efforts - The company's enterprise storage products are evaluated based on firmware development, main control chip design, material research depth, supply chain management, and after-sales service capabilities [5] - The company has formed a professional enterprise-level business and R&D team, significantly increasing R&D investment, and has achieved initial market validation for some products in terms of performance consistency and failure rate control [5] Group 5: Team Structure and Market Response - In 2024, the company continued to build its enterprise-level business and R&D teams by establishing branches in key industrial hubs, attracting experienced professionals from well-known companies [6] - Current storage prices remain stable, influenced by upstream capacity adjustments and normalized downstream inventory levels, with expectations for improved supply-demand relationships in the future [7]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][8]. Core Insights - The company is expected to achieve revenue between 4.5 billion and 5 billion yuan in 2024, representing a year-on-year growth of 153.39% to 181.55%. The projected net profit attributable to shareholders is estimated to be between 340 million and 400 million yuan, indicating a staggering year-on-year growth of 1260.08% to 1500.10% [3][8]. - The company is accelerating the development of enterprise-level SSD products and has initiated preliminary discussions with several domestic cloud service providers [4][8]. - The storage prices have entered a gradual increase phase since Q3 2023, which is expected to stimulate a new round of inventory demand as AI investments continue to rise [5][8]. Summary by Sections Financial Performance - The company forecasts revenues of 1.776 billion yuan in 2023, growing to 4.557 billion yuan in 2024, 5.606 billion yuan in 2025, and 7.222 billion yuan in 2026, with growth rates of 49.2%, 156.6%, 23.0%, and 28.8% respectively [10][11]. - The net profit attributable to shareholders is projected to recover from 25 million yuan in 2023 to 374 million yuan in 2024, 510 million yuan in 2025, and 739 million yuan in 2026, with growth rates of -62.8%, 1396.9%, 36.2%, and 45.0% respectively [10][11]. Product Development - The company has developed a comprehensive range of storage modules, including solid-state drives (SSDs), embedded storage, memory products, and mobile storage, achieving full category coverage [3][8]. - The company is focusing on high-performance PC SSDs, with a new M.2 2280 PCIe 4.0x4 NVMe SSD that boasts read speeds exceeding 7000MB/s and capacities ranging from 512GB to 4TB [4][8]. Market Trends - The ongoing AI investment race among global tech companies is enhancing the demand for enterprise-level storage solutions, which is expected to improve the overall market conditions for storage products [5][8]. - As the consumption end has established normal inventory levels, a new round of inventory demand is anticipated with the introduction of AI PCs and AI smartphones into the market [5][8].

证券代码：001309 证券简称：德明利 公告编号：2025-018 深圳市德明利技术股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 二、 对公司经营的影响 公司本次使用暂时闲置的募集资金进行现金管理，是在确保公司募集资金投 资项目所需资金和保证募集资金安全的前提下进行的，不存在变相改变募集资金 用途的行为，不影响募集资金项目正常进行，有利于提高资金使用效率，减少财 务费用，降低运营成本，获得一定的投资收益，符合公司及全体股东的利益。 三、 投资风险及风险控制措施 深圳市德明利技术股份有限公司（以下简称"公司"）于 2025 年 1 月 21 日 召开第二届董事会第二十六次会议、第二届监事会第二十四次会议，审议通过了 《关于使用暂时闲置的募集资金进行现金管理的议案》，同意公司在确保不影响 募投项目建设进度的情况下，使用不超过 50,000.00 万元人民币的暂时闲置募集 资金进行现金管理，现金管理方式为投资安全性高、流动性好的投资产品（包括 但不限于结构性存款、定期存款、通知存款、大额存单等）。该 ...

Group 1: Company Overview and Market Position - Shenzhen Demingli Technology Co., Ltd. focuses on enterprise-level storage products, which are crucial for servers, data centers, and cloud computing, emphasizing reliability, stability, security, and compatibility [2] - The company has established a professional team for enterprise-level business and R&D, enhancing product testing lines and leveraging supply chain resources to ensure reliable products and comprehensive storage management solutions [2] Group 2: Business Development and Future Outlook - In 2024, the company plans to continue engaging with multiple internet, server, and cloud service providers to validate products, aiming for increased sales driven by AI applications and national policies promoting domestic storage market growth [2] - The embedded storage business has seen significant growth due to long product lifecycles and high customer switching costs, with the company focusing on customized solutions and achieving mainstream customer certifications [3] Group 3: Product Innovations and Market Trends - The company has developed automotive-grade storage products to meet the rising demand from the smart vehicle sector, with ongoing collaborations with automotive manufacturers and Tier 1 suppliers [4] - The storage industry is cyclical, with 2024 expected to see price fluctuations; however, demand from AI and smart driving technologies is anticipated to improve supply-demand dynamics, potentially leading to an upward industry cycle [4][5] Group 4: Inventory and Manufacturing Strategies - The company maintains a neutral inventory strategy, optimizing inventory structure to support new customer and product development while ensuring efficient procurement of quality flash and memory chips [5] - The smart manufacturing base in Futian has been completed and is operational, enhancing the efficiency of enterprise-level SSD product development and customer validation through advanced testing lines [6] Group 5: Chip Development and Technological Advancements - The company has successfully mass-produced its self-developed SD6.0 storage card controller chip and is progressing with SATA SSD controller chip adaptation, with plans for further development in PCIe SSD, UFS, and eMMC controller projects [6]

上市公司名称：深圳市德明利技术股份有限公司 信息披露义务人：淮安金程源企业管理合伙企业（有限合伙） 住所及通讯地址：江苏省淮安市淮安区石塘镇幸福路117号 权益变动性质：累计被动稀释、减持后，持股比例减少至5%以下 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号—权益变动报告书》《证券期货法律适用意见第19号——〈上市公司收购管 理办法〉第十三条、第十四条的适用意见》及其他相关法律、法规及规范性文件 的规定编写本报告书。 股票上市地点：深圳证券交易所 股票简称：德明利 股票代码：001309 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号—权益变动报告书》的规定，本报告 书已全面披露信息披露义务人在德明利拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在德明利拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行 ...

证券代码：001309 证券简称：德明利 公告编号：2025-017 深圳市德明利技术股份有限公司 关于持股 5%以上股东权益变动及持股比例变动触及 1%整数倍 的提示性公告 公司股东淮安金程源企业管理合伙企业（有限合伙）保证向本公司提供的信 息内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 2、本次权益变动后，金程源持有公司股票 8,088,543 股，占公司总股本比例 为 4.9999%，不再是公司持股 5%以上股东。 深圳市德明利技术股份有限公司（以下简称"公司"）近日收到股东金程源 出具的《简式权益变动报告书》，获悉 2022 年 7 月 1 日至 2025 年 2 月 19 日期 间由于公司多次实施股权激励计划以及回购注销股权激励计划中离职员工已授 予登记但尚未解除限售的限制性股票，共导致金程源持股比例被动稀释 0.1176%； 2025 年 1 月 23 日，由于公司向特定对象发行人民币普通股（A 股）股票（以下 简称"本次发行）上市登记完成，导致金程源持股比例被动稀释 0.4390%；2025 年2月1 ...

特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议的情形； 证券代码：001309 证券简称：德明利 公告编号：2025-015 深圳市德明利技术股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 3、本次股东大会审议各项议案时对中小投资者的表决单独计票。中小投资 者是指除公司董事、监事、高级管理人员以及单独或者合计持有公司 5%以上股 份的股东以外的其他股东。 一、会议召开和出席情况 （一）会议召开情况 1、会议时间： （1）现场会议召开时间：2025 年 2 月 14 日（星期五）15︰00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 2 月 14 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为：2025 年 2 月 14 日 9:15-15:00 期间 任意时间。 2、会议召开方式：本次会议采取现场表决与网络投票相结合的方式。 3、现场会议地点 ...

证券代码：001309 证券简称：德明利 公告编号：2025-016 深圳市德明利技术股份有限公司 关于回购注销 2023 年限制性股票激励计划部分限制性股票 减资暨通知债权人的公告 1、申报时间： 2025 年 2 月 14 日至 2025 年 3 月 31 日期间的每个工作日 10:00-17：00 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、本次回购注销 2023 年限制性股票激励计划部分限制性股票减资的基本 情况 深圳市德明利技术股份有限公司（以下简称"公司"）于 2025 年 1 月 21 日 召开了第二届董事会第二十六次会议和第二届监事会第二十四次会议、于 2025 年 2 月 14 日召开公司 2025 年第一次临时股东大会，审议通过了《关于回购注销 2023 年限制性股票激励计划部分限制性股票的议案》，同意公司回购注销 1 名 离职员工已获授予登记但尚未解除限售的限制性股票共计 2,366 股，回购价格按 18.87 元/股加上银行同期存款利息之和计算，回购价款总计约为 44,646.42 元 （尚未计利息），回购资金来源为公司自有资 ...

股东大会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11/12F., TAIPING FINANCE TOWER, NO. 6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市德明利技术股份有限公司 2025 年第一次临时股东大会 法 律 意 见 书 信达会字（2025）第030号 致：深圳市德明利技术股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》《上市公司股东大会规则》（以下简称《规则》）、《上市公司治理准则》 （以下简称《治理准则》）等法律法规、规范性文件以及现行有效的《深圳市德明 利技术股份有限公司章程》（以下简称《公司章程》）的规定，广东信达律师事务 所（以下简称"信达"）接受深圳市德明利技术股份有限公司（以下简称"贵公司" 或"公司"）的委托，指派沈琦雨律师、李翼律 ...