Core Viewpoint - The company reported strong revenue and profit growth for 2024, despite challenges in the consumer electronics market and declining storage prices [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.5%, and a net profit attributable to shareholders of 499 million yuan, up 160.2% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 4.195 billion yuan, a year-on-year increase of 18.3%, but a quarter-on-quarter decline of 0.8% [1]. - The company’s non-recurring net profit in 2024 was 167 million yuan, reflecting a year-on-year increase of 118.9% [1]. Group 2: Market Trends - The demand recovery for mobile phones and PCs has been slow, leading to inventory digestion in the industry and downward pressure on storage prices [1][2]. - The embedded storage business grew by 90% year-on-year, accounting for 48.2% of total revenue [2]. - The company’s enterprise storage business saw significant growth, with revenue reaching 922 million yuan, a year-on-year increase of 666.3% [2]. Group 3: Future Outlook - In 2025, storage prices are expected to rebound in the second half of the year, driven by supply control from manufacturers and AI integration [3]. - The company is well-positioned to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, enhancing its enterprise product offerings [3]. - The integration of Zilia is progressing well, improving operational efficiency and expanding the company’s presence in the South American market [3]. Group 4: Investment Recommendations - The company is projected to achieve revenues of 22.76 billion yuan, 26.70 billion yuan, and 29.57 billion yuan for 2025-2027, with net profits of 669 million yuan, 1.096 billion yuan, and 1.268 billion yuan respectively [4]. - The target price for the company is set at 125.8 yuan, reflecting a price-to-sales ratio of 2.3x for 2025 [4].
江波龙(301308)：价格前高后低 海外业务高增