证券代码：688525 证券简称：佰维存储 公告编号：2025-002 深圳佰维存储科技股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会计政策变更是深圳佰维存储科技股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释 第 17 号》和《企业会计准则应用指南汇编 2024》进行的合理变更，不会对公司 财务状况、经营成果和现金流量产生重大影响，亦不存在损害公司及股东利益的 情况。符合相关法律法规的规定和公司的实际情况。 本次会计政策变更是因财政部新发布的企业会计准则解释及相关要求而 进行的变更，无需提交公司董事会、股东大会审议。 一、本次会计政策变更的概述 （一）变更原因及日期 1、执行《企业会计准则解释第 17 号》 2023 年 10 月 25 日，财政部发布了《关于印发〈企业会计准则解释第 17 号〉 的通知》（财会〔2023〕21 号），对"关于流动负债与非流动负债的划分""关 于供应商融资安排的披露"以及" ...

Investment Rating - The report indicates a strong investment outlook for Bawei Storage, with projected revenue growth of 81.02%-94.95% for 2024, and a significant increase in net profit by 125.63%-132.03% [6][8][11]. Core Insights - Bawei Storage is positioned as a leader in the embedded AI storage solutions market, benefiting from the rapid growth of AI applications and advanced packaging technologies [4][12][42]. - The company has a robust product lineup that includes embedded storage solutions widely used in smart wearables, mobile devices, and enterprise-level applications [12][14]. - The global AI glasses market is expected to grow significantly, with Bawei Storage already securing partnerships with major clients like Meta and others, which positions the company well for future growth [33][40][42]. Summary by Sections Revenue Growth and Profitability - Bawei Storage anticipates achieving revenue between 6.5 billion to 7 billion CNY in 2024, marking a substantial increase from the previous year [6]. - The net profit forecast for the company is between 160 million to 200 million CNY, reflecting a strong recovery from previous downturns in the storage industry [7][11]. Market Position and Product Offerings - The company offers a comprehensive range of storage products, including embedded, PC, automotive, enterprise, mobile storage, and advanced packaging solutions [12]. - Bawei Storage's embedded storage products, particularly ePOP, are utilized in AI smart glasses and have gained traction with major tech companies [14][20]. Research and Development - The company has significantly increased its R&D investment, with an estimated 450 million CNY allocated for 2024, representing an 80% year-on-year increase [11]. - Bawei Storage has developed its first main control chip, SP1800, which supports high performance and low power consumption, further enhancing its competitive edge [30][32]. Industry Trends and Future Outlook - The global smart glasses market is projected to reach 4.8 billion USD by 2025, with a compound annual growth rate (CAGR) of 20% [33]. - Bawei Storage's ePOP products are integral to the value chain of AI glasses, which are expected to replicate the growth trajectory of TWS earbuds [42][44].

Group 1 - The company forecasts a revenue of 6.5 billion to 7 billion yuan for 2024, representing a year-on-year growth of 81.02% to 94.95% [1] - The net profit attributable to shareholders is expected to be between 160 million to 200 million yuan, showing a year-on-year increase of 125.63% to 132.03% [1] - Excluding share-based payment expenses, the net profit is projected to be between 510 million to 550 million yuan, reflecting a growth of 202.43% to 210.54% year-on-year [1] Group 2 - The company is focusing on expanding its market presence among top-tier domestic and international mobile phone and PC clients, leading to significant improvements in product sales and overall revenue [2] - In the smart wearable sector, the company has established a competitive advantage with its ePOP storage products, which are characterized by low power consumption, fast response, and compact design [2] - Revenue from smart wearable storage products is expected to reach approximately 800 million yuan in 2024, marking a substantial year-on-year increase [2] Group 3 - The company is increasing its R&D investment, with an estimated R&D expenditure of about 450 million yuan in 2024, which is an increase of approximately 80% compared to the previous year [2] - As of June 30, 2024, the company has obtained 335 domestic and international patents and 44 software copyrights, including 112 invention patents [2] - The company is enhancing its integrated R&D and testing capabilities, particularly in advanced packaging and testing equipment, which is expected to improve its business structure and core competitiveness [3]

Core Viewpoint - The company Bawei Storage (688525) is expected to achieve a net profit of 160 million to 200 million yuan for the fiscal year 2024, a significant recovery from a loss of 624 million yuan in the previous year [1] Group 1: Company Performance - The storage industry is experiencing a recovery, leading to substantial growth in the company's business [1] - The company has successfully expanded its market presence by targeting first-tier mobile phone and PC customers both domestically and internationally, resulting in a significant breakthrough in market and business growth [1] - The company's product sales have increased significantly year-on-year, with operating revenue expected to grow by 81.02% to 94.95% [1]

Financial Projections - The company expects to achieve operating revenue of between 650 million and 700 million yuan in 2024, an increase of 290.92 million to 340.92 million yuan, representing a year-on-year growth of 81.02% to 94.95%[3] - The projected net profit attributable to the parent company for 2024 is between 160 million and 200 million yuan, an increase of 784.36 million to 824.36 million yuan, reflecting a year-on-year growth of 125.63% to 132.03%[3] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between 65 million and 90 million yuan, an increase of 706.76 million to 731.76 million yuan, indicating a year-on-year growth of 110.13% to 114.02%[4] - The company reported a total profit of -742.03 million yuan for 2023, with an operating revenue of 3.59 billion yuan[5] - Non-recurring gains and losses are expected to impact net profit by approximately 95 million to 110 million yuan, primarily from investment income and government subsidies[8] Research and Development - The company has significantly increased its R&D investment, with an estimated R&D expense of approximately 450 million yuan in 2024, representing a year-on-year increase of about 80%[7] Competitive Advantage - The company has established a differentiated competitive advantage in the smart wearable sector, with expected revenue of around 800 million yuan from smart wearable storage products in 2024, showing significant growth[7] Performance Forecast - The company emphasizes that the performance forecast is based on preliminary calculations and has not been audited by an accounting firm, urging investors to be cautious[9] - The company has not identified any significant uncertainties that could materially affect the accuracy of this performance forecast[9] Share-Based Payment - The company anticipates a substantial reduction in share-based payment expenses in 2025, estimated at approximately 345.49 million yuan for 2024[7]

Investment Rating - The report assigns a "Buy-A" rating to the company for the first time [1] Core Views - The company is a leading domestic memory module manufacturer with a competitive edge in R&D and packaging/testing integration [1] - The memory industry is expected to recover, driven by AI demand and cyclical recovery, with prices likely to stabilize and rise by 2025 [2] - The company is actively expanding into advanced packaging and testing, positioning itself as a key player in the semiconductor industry [3] - The company's profitability is expected to improve significantly, with projected net profits of 342/584/784 million yuan for 2024-2026, representing growth rates of 154.8%/70.8%/34.2% [6] Company Overview - The company is a leading domestic memory module manufacturer with a focus on R&D and packaging/testing integration [1] - Its main products include embedded storage, PC storage, mobile storage, industrial/automotive storage, and enterprise-level storage, with embedded, PC, and mobile storage contributing over 90% of revenue [1] - The company has established a comprehensive product system and service, with a strong presence in high-growth sectors such as smart terminals, data centers, and smart vehicles [1] Industry Trends - The memory industry is expected to recover, driven by AI demand and cyclical recovery, with prices likely to stabilize and rise by 2025 [2] - The global advanced packaging market is projected to grow from $46.83 billion in 2023 to $78.55 billion in 2028, with a CAGR of 10.9% [3] - AI server demand is driving growth in high-bandwidth memory (HBM), with the HBM market expected to grow from $5.5 billion in 2023 to $38 billion in 2029, with a CAGR of 38% [65] Financial Performance - The company's revenue for 2024-2026 is projected to be 6.85/9.53/11.99 billion yuan, with year-on-year growth rates of 90.9%/39.1%/25.8% [7] - Net profit for 2024-2026 is expected to be 342/584/784 million yuan, with growth rates of 154.8%/70.8%/34.2% [6] - The company's gross margin is expected to improve significantly, reaching 22.5%/22.7%/22.9% for 2024-2026 [7] Strategic Initiatives - The company is actively expanding into advanced packaging and testing, with a focus on the Greater Bay Area to meet regional demand [3] - The company's advanced packaging and testing project in Dongguan is expected to start production in 2025, with a planned monthly capacity of 20,000 12-inch wafers [3] - The company is leveraging its "5+2+X" strategy to drive long-term growth, focusing on five major application markets and two key growth areas: chip design and advanced packaging [32] Product Portfolio - The company offers a comprehensive range of memory products, including embedded storage, PC storage, mobile storage, industrial/automotive storage, and enterprise-level storage [1] - Embedded storage products are widely used in smartphones, tablets, and IoT devices, with key clients including OPPO, Motorola, and ZTE [57] - The company's enterprise-level storage products, including SSDs and memory modules, are positioned to benefit from the growth of AI servers and data centers [64]

上海市锦天城律师事务所 关于深圳佰维存储科技股份有限公司 2023 年度向特定对象发行 A 股股票的 补充法律意见书（一） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 7-3-1 | 声明事项 | | 3 | | --- | --- | --- | | 正 | 文 | 6 | | 问题 | 1、关于本次募投项目 | 6 | | 问题 | 7.2、关于其他 | 11 | | 问题 | 7.3、关于其他 | 12 | 上海市锦天城律师事务所 补充法律意见书（一） 补充法律意见书（一） 上海市锦天城律师事务所 2023 年度向特定对象发行 A 股股票的 案号：07F20230903 致：深圳佰维存储科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）根据与深圳佰维存储科技股份 有限公司（以下简称"发行人"或"公司"或"佰维存储"）签订的聘用合同，担任发 行人 2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾 问。 本所作为发行人本次发行的专项法律顾问，已出具《上海市锦 ...

目 录 | 一、关于融资规模和效益测算………………………………………第 | | 1—50 | 页 | | --- | --- | --- | --- | | 二、关于经营情况 ……………………………………………… | 第 | 50—102 | 页 | | 三、关于存货…………………………………………………… | 第 | 102—130 | 页 | | 四、关于销售模式……………………………………………… | 第 | 130—155 | 页 | | 五、关于财务性投资 ……………………………………………第 | | 155—168 | 页 | | 六、关于其他 ……………………………………………………第 | | 168—176 | 页 | 关于深圳佰维存储科技股份有限公司 向特定对象发行股票审核问询函中 有关财务事项的说明问询函专项说明 天健函〔2024〕3-140 号 上海证券交易所： 由华泰联合证券有限责任公司转来的《关于深圳佰维存储股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2024〕118 号， 以下简称审核问询函）奉悉。我们已对审核问询函所提及的深圳佰维存储科技股 份有限 ...

关于深圳佰维存储科技股份有限公司 向特定对象发行股票并在科创板上市 申请文件的审核问询函的回复 上海证券交易所： 保荐人（主承销商） 深圳佰维存储科技股份有限公司（以下简称"公司"、"发行人"或"佰维 存储"）收到贵所于 2024 年 10 月 23 日下发的《关于深圳佰维存储科技股份有 限公司向特定对象发行股票申请文件的审核问询函》（审核函（再融资）〔2024〕 118 号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司 （以下简称"华泰联合证券"、"保荐人"）、上海市锦天城律师事务所（以下 简称"发行人律师"）、天健会计师事务所（特殊普通合伙）（以下简称"申报 会计师"）进行了认真研究和落实，并按照问询函的要求对所涉及的事项进行了 资料补充和问题回复，现提交贵所，请予以审核。 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 除非文义另有所指，本问询函回复中的简称与《深圳佰维存储科技股份有限 公司向特定对象发行 A 股股票并在科创板上市募集说明书》（以下简称"募集 说明书"）中的释义具有相同涵义。 本问询函/落实函回复的字体说明如下： | 问询函所列问题 | 黑 ...

证券代码：688525 证券简称：佰维存储 公告编号：2024-098 深圳佰维存储科技股份有限公司 2024 年第五次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 25 日 （二） 股东大会召开的地点：广东省深圳市南山区桃源街道平山社区留仙大道 1213 号众冠红花岭工业南区 2 区 4 栋 3 楼 1 号会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 418 | | --- | --- | | 普通股股东人数 | 418 | | 2、出席会议的股东所持有的表决权数量 | 129,467,724 | | 普通股股东所持有表决权数量 | 129,467,724 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 30.0221 | | 例（%） | | | 普通股股东 ...