Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 126.11 and a sector rating of outperforming the market [2][4]. Core Insights - The company has shown significant revenue and profit growth in 2024, driven by a recovery in storage market prices and breakthroughs in high-end products, indicating potential for accelerated growth [4][6]. - The company is expected to benefit from a recovery in storage prices and an expanding downstream market, with strategic planning likely to yield results in the medium to long term [6][9]. Financial Performance Summary - The company achieved a revenue of RMB 4,773 million in 2024, representing a year-on-year growth of 168.7%, and a net profit of RMB 351 million, up 1,302.3% year-on-year [8][9]. - For 2025, the company is projected to generate revenues of RMB 7,263 million and a net profit of RMB 526 million, with corresponding PE ratios of 38.8 [6][8]. - The company's gross margin for 2024 was 17.75%, an increase of 1.09 percentage points year-on-year, while the net profit margin was 7.35%, up 5.94 percentage points year-on-year [9]. Market Dynamics - The storage market is expected to stabilize and gradually recover in 2025, with emerging demands from AI and automotive electronics driving growth [9]. - The company is positioned to leverage the trend of domestic storage product localization, enhancing its competitive edge in the market [9].
德明利（001309）：价格回温+市场扩容，高端存储蓄势待发