Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is focusing on the enterprise-level storage business, which is expected to benefit from the increasing demand for data centers driven by AI computing needs. The global storage market is projected to reach $160.3 billion by 2025, with enterprise-level storage becoming a significant revenue source for major storage manufacturers [1]. - The traditional storage cycle is anticipated to recover, with major players like Samsung reducing production to improve supply-demand dynamics. This is expected to lead to a rebound in storage prices [2]. - The company has successfully validated its enterprise-level storage products with multiple clients and has begun small-scale sales, indicating a promising growth trajectory in this new market segment [2]. Financial Projections - Revenue projections for the company are as follows: 2024: ¥4.751 billion, 2025: ¥6.264 billion, 2026: ¥8.169 billion, reflecting growth rates of 167.5%, 31.8%, and 30.4% respectively [4][8]. - The net profit attributable to the parent company is projected to be ¥372 million in 2024, ¥566 million in 2025, and ¥902 million in 2026, with growth rates of 1386.1%, 52.4%, and 59.3% respectively [4][8]. - The report indicates a significant improvement in earnings per share (EPS), expected to rise from ¥0.15 in 2023 to ¥5.58 by 2026 [4][8].
德明利：公告点评：布局企业级存储业务，成长+周期共振-20250303