Core Viewpoint - The company reported a significant increase in revenue and profit for 2024, indicating a strong recovery in the storage industry and successful market expansion efforts [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.704 billion yuan, representing a year-on-year growth of 86.71% [2]. - The company recorded a net profit attributable to shareholders of 176 million yuan, marking a turnaround from losses [2]. - The net profit excluding non-recurring items was 74 million yuan, also reflecting a recovery from previous losses [2]. Group 2: Industry Recovery and Market Position - The storage industry is experiencing a recovery, with the company benefiting from its comprehensive capabilities in product planning, design, and advanced manufacturing [3]. - The company has established a strong market presence, securing global operational authorizations from major brands like HP, Acer, and Predator, and has entered the supply chains of first-tier domestic and international clients [3]. - In the mobile sector, embedded storage products have been adopted by clients such as OPPO, Transsion, and Motorola, while SSD products have gained traction with Lenovo, Acer, and HP in the PC sector [3]. Group 3: Product Development and Growth Areas - The company is focusing on AI smartphones and AIPC products, launching embedded storage products like UFS3.1 and LPDDR5/5X, and is expanding into high-capacity LPDDR offerings [4]. - In the wearable technology sector, the company’s ePOP products are gaining traction, with expected revenue of approximately 800 million yuan in 2024, showing significant year-on-year growth [4]. - Collaborations with clients such as Meta for AI glasses are anticipated to drive further business growth in the coming years [4]. Group 4: Research and Development Investment - The company is increasing its investment in R&D, focusing on chip design, storage medium characteristics, and advanced packaging technologies to enhance competitiveness [5]. - In 2024, R&D expenses reached 452 million yuan, reflecting an increase of 80.75% year-on-year [5]. - The subsidiary, Tailai Technology, has developed advanced packaging processes that support the mass production of NAND Flash, DRAM, and SiP chips [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Viewpoints - The company achieved a revenue of 6.704 billion yuan in 2024, representing a year-on-year growth of 86.71%, and turned a profit with a net profit of 176 million yuan [1] - The storage industry is recovering, with significant increases in product sales, and the company has a comprehensive capability from product planning to advanced manufacturing [1][3] - The company is expanding its product offerings in AI mobile phones and AIPC products, with a notable growth in wearable storage business, projecting 800 million yuan in revenue for wearable storage in 2024 [2] - The company is increasing its R&D investment, with 452 million yuan in R&D expenses for 2024, a year-on-year increase of 80.75%, to enhance competitiveness in advanced packaging and testing [3] Summary by Sections Financial Performance - The company reported a revenue of 6.704 billion yuan for 2024, with a growth rate of 86.70% compared to the previous year [4] - The net profit for 2024 is projected at 176 million yuan, with a significant recovery from previous losses [4] - Forecasts for 2025 and 2026 predict net profits of 618 million yuan and 780 million yuan, respectively, indicating a strong growth trajectory [3][4] Market Position and Product Development - The company has established a leading market share in the domestic market and has entered the supply chains of major international brands [1] - In the mobile sector, embedded storage products are being supplied to clients like OPPO and Motorola, while SSD products are being provided to Lenovo and Acer [1] - The company is actively developing high-performance storage products for AI applications and wearable technology, with partnerships with major tech firms [2] R&D and Competitive Strategy - The company is focusing on enhancing its core competencies through increased R&D in semiconductor storage technology and advanced packaging processes [3] - The R&D expenses for 2024 are set at 452 million yuan, reflecting a commitment to innovation and capacity expansion [3] - The subsidiary, Tailai Technology, is advancing in packaging technologies that support mass production of NAND Flash and DRAM chips [3]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][8]. Core Views - The company has achieved significant revenue growth, with a 2024 revenue of 6.704 billion yuan, representing an 86.71% year-on-year increase, and a net profit of 176 million yuan, an increase of 800 million yuan year-on-year [5][8]. - The company has established a strong competitive advantage in the smart wearable sector, particularly with its ePOP storage products, which are characterized by low power consumption and fast response times [6][7]. - The company is committed to integrated research and development in packaging and testing, leading the domestic market in storage packaging technology [7]. Revenue and Profitability - The company forecasts revenues of 6.704 billion yuan in 2024, 9.102 billion yuan in 2025, and 11.026 billion yuan in 2026, with corresponding EPS of 0.41 yuan, 1.52 yuan, and 1.85 yuan [8][12]. - The company is expected to benefit from the recovery of the storage market and the rapid development of AI glasses, leading to sustained revenue and profit growth [8]. Market Position and Product Development - The company has deepened its engagement in the smart wearable market, entering the supply chains of well-known AI/AR glasses manufacturers such as Meta and Xiaomi, with projected revenue from smart wearable storage products reaching approximately 800 million yuan in 2024 [6][8]. - The company is enhancing its wafer-level advanced packaging capabilities to meet the growing demand for advanced storage packaging and to support its storage business [7].

证券研究报告 | 公司深度报告 2025 年 02 月 28 日 佰维存储（688525.SH） 深耕存储领域，布局先进测试工艺巩固领先地位 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 2025E 买入（维持评级） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,986 | 3,591 | 6,704 | 9,421 | 11,860 | 36,222 股票信息 | | | 增长率 yoy（%） | 14.4 | 20.3 | 86.7 | 40.5 | 25.9 | 14.3 | | | 归母净利润（百万元） | 71 | -624 | 176 | 598 | 764 | 行业 865 | 电子 | | 增长率 yoy（%） | -38.9 | -976.7 | 128.1 | 240.6 | 27.7 | 2025 年 2 月 27 日收盘价（元） 23.0 | 77.36 | | ROE（%） | 2.9 | -32.8 | 8.4 | 22.3 | 22.1 ...

Financial Performance - The company achieved total operating revenue of RMB 670,445.67 million, a year-on-year increase of 86.71%[5] - The net profit attributable to the parent company was RMB 17,567.14 million, representing a year-on-year growth of 128.14%[7] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 7,400.63 million, up 111.53% year-on-year[7] - The company anticipates a net profit of RMB 52,116.15 million after excluding share-based payment expenses, a year-on-year increase of 205.61%[9] Assets and Equity - Total assets increased by 25.25% to RMB 793,151.84 million compared to the beginning of the period[7] - The equity attributable to the parent company rose by 26.95% to RMB 244,789.71 million[7] Research and Development - The company’s R&D expenses for 2024 were RMB 45,184.98 million, an increase of 80.75% year-on-year[9] Revenue Growth - Revenue from smart wearable storage products reached approximately RMB 800 million, showing significant growth[9] Non-recurring Gains and Losses - Non-recurring gains and losses are expected to impact net profit by RMB 10,166.51 million, mainly from fair value changes and government subsidies[9] Return on Assets - The company’s weighted average return on net assets increased by 37.01 percentage points year-on-year[10]

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].

先进封测是核心差异化能力。 | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 在刚刚过去的CES 2025展会上，AI眼镜和AI智能玩具成为一大亮点。包括Halliday、Xreal、Rokid、 雷鸟创新等厂商一共带来了近50款AI（AR）眼镜，其中中国厂家撑起了半边天。 （图片来源：网络） Meta作为AR/XR领域的巨头之一，选择在Wynn酒店展示了Ray-Ban Meta AI眼镜系列以及Meta Quest 3、3S。其中，Ray-Ban Meta AI眼镜销量已经突破了200万台，其在人机交互等多个领域具有领先优 势，是很多厂商追赶的目标。 这一轮AI眼镜和智能硬件爆发的核心在于大模型能力在端侧的应用。目前市场主流的大模型参数都 在千亿以上，要想实现端侧AI，有三个步骤非常重要，分别是模型压缩、模型适配、人机交互。 模型压缩的目的在于降低对硬件的要求，这一步通常是大模型厂商在做，更多是软件层面的，比如谷 歌推出的Gemini Nano，Meta推出的MobileLLM。 模型适配包括存储的提升、芯片的适配。大模型对于存储的要求有目共睹，之前已经带火了H ...

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]