Shannon Semi(300475) 中邮证券·2025-04-09 09:35Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][9]. Core Insights - The company achieved a revenue of 24.271 billion yuan in 2024, representing a year-on-year increase of 115.40%. However, the net profit attributable to shareholders decreased by 30.08% to 264 million yuan due to credit impairment and asset impairment provisions [5][6]. - The company has developed a dual strategy of "Distribution + Products," leveraging the growing demand in the semiconductor market driven by artificial intelligence and the recovery of electronic products. This strategy integrates chip distribution and self-developed products, enhancing its market position [6][7]. - The company has established a strong presence in the high-end storage sector, with successful development of its proprietary brand "Haipu Storage," focusing on domestic and customized solutions. It has completed R&D and trial production of enterprise-level DDR4, DDR5, and Gen4 eSSD products [6][8]. Financial Projections - The company is projected to achieve revenues of 30 billion yuan, 35.162 billion yuan, and 40.443 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to reach 703.81 million yuan, 1.11991 billion yuan, and 1.40954 billion yuan in the same years [9][11]. - The report indicates that the current stock price corresponds to a price-to-earnings (P/E) ratio of 17 times for 2025, 11 times for 2026, and 9 times for 2027, suggesting potential for price appreciation [9][11].