Shannon Semi(300475)2025-04-28 11:50Group 1: Financial Performance - The company's Q1 2025 revenue reached 7.906 billion yuan, a 243.33% increase compared to the same period last year [1] - The net profit attributable to shareholders was 16.7285 million yuan, an 18.66% increase year-on-year, but growth was lower than revenue due to a decline in gross margin [2] - The gross margin for Q1 2025 was 1.98%, down 3.31 percentage points from the previous year, attributed to faster turnover and declining storage prices [2] Group 2: Inventory and Sales - The inventory balance as of the latest quarterly report was 1.02 billion yuan, with electronic components distribution accounting for 0.954 billion yuan, manufacturing business 0.036 billion yuan, and washing machine clutch business 0.030 billion yuan [1] - The company expects to sell most of its inventory in Q2 2025 due to a fast turnover rate [1] Group 3: Business Development and Strategy - The company has made significant progress in self-developed enterprise-level SSD and RDIMM products, which have been validated by batch users [2] - The new electronic components manufacturing business is expected to become a new profit growth point, driven by the domestic AI application and IDC construction [2] - The company aims to become an organizer and enabler in the semiconductor industry, focusing on high-end storage and integrating distribution and self-developed products [3] Group 4: Market Conditions and Future Outlook - The company remains cautiously optimistic about gross margin improvement in the upcoming quarters, despite the cyclical nature of the industry [3] - The company has a solid foundation for annual revenue growth based on Q1 2025 performance [4] - The impact of US-China tariffs is minimal as the main revenue source is from distributing SK Hynix storage chips [2]