Group 1: Product Differentiation and Development - The distinction between enterprise-level storage products and consumer-level products lies in customized development, performance orientation, and project-based collaboration, with enterprise products requiring higher performance metrics and deeper service engagement [2] - The company has built a team of over 100 personnel focused on enterprise-level product development by the end of 2024, emphasizing customer needs and high-performance product delivery [4] - A high-standard testing line for enterprise products has been established to ensure reliability and stable supply, addressing core customer demands [3] Group 2: Capacity and Supply Chain Management - The company is enhancing enterprise storage capacity by collaborating with external manufacturers and optimizing its own production lines [4] - A dynamic supply chain management system has been developed, leveraging strategic partnerships with storage manufacturers to ensure material supply stability and increase domestic production rates [4] Group 3: Financial Performance and Growth - In Q1 2025, the company experienced revenue growth driven by an expanded product matrix and successful key business developments, particularly in solid-state drives and embedded memory sales [5] - R&D investment reached CNY 203 million in 2024, a year-on-year increase of 88.14%, with Q1 2025 R&D spending at CNY 58.76 million, up 97.77% year-on-year [8] Group 4: Market Trends and Pricing - Storage prices stabilized in Q1 2025 after adjustments in production capacity by manufacturers, with expectations of a moderate recovery throughout the year [6] - Emerging demands from AI and automotive electronics are identified as key growth drivers, with a trend towards high-performance and high-capacity storage solutions [6] Group 5: Inventory Strategy - The company maintains a neutral inventory strategy, adjusting procurement plans based on market feedback and enhancing inventory turnover to support new business developments [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Viewpoints - The company achieved a revenue growth of 54.41% year-on-year in Q1 2025, despite a decline in storage prices, indicating successful channel and customer expansion [1][33]. - The product structure is continuously optimized, with significant growth in SSD and embedded storage segments, driven by increasing demand from cloud service providers and AI applications [2][30]. - The company is progressing well with self-developed main control chips, which are expected to contribute to future growth alongside existing product lines [3][33]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported revenue of 1.252 billion yuan, a 54.41% increase year-on-year and a 6.5% increase quarter-on-quarter. However, the net profit attributable to the parent company was -75 million yuan, a decrease of 138.9% year-on-year [1][33]. - The gross margin for Q1 2025 was 5.8%, showing a year-on-year decline of 31.4 percentage points but a quarter-on-quarter improvement of 5.5 percentage points [1][33]. Product Lines and Market Demand - The company has established four main product lines: mobile storage, solid-state drives (SSD), embedded storage, and memory modules. In 2024, SSD revenue reached 2.3 billion yuan, a 235.46% increase, while embedded storage revenue was 843 million yuan, a 1730.60% increase [2][30]. - The demand for enterprise-level SSDs is expected to grow significantly due to increased capital expenditure from domestic cloud service providers, with the company successfully entering their supply chains [2][30]. Financial Forecasts - The company forecasts revenues of 6.772 billion yuan in 2025, with a projected net profit of 361 million yuan. The expected PE ratios for 2025-2027 are 50, 42, and 28, respectively [4][33]. - The revenue growth rates for the next few years are projected at 41.9% for 2025, 22.8% for 2026, and 16.1% for 2027 [4][34]. Market Trends - The storage market is expected to see a mild recovery in prices in 2025 after a decline in 2024, driven by inventory adjustments and increased demand from OEMs [23][30]. - The global enterprise storage market is projected to grow from 26.2 billion USD in 2024 to 32.4 billion USD by 2028, indicating a strong demand for high-performance storage solutions [30][26].

Core Viewpoint - Demingli's revenue increased significantly in Q1 2025, but net profit declined sharply, indicating challenges in profitability despite growth in sales [2][17]. Financial Performance - In Q1 2025, Demingli achieved total revenue of 1.252 billion yuan, a year-on-year increase of 54.41%, while the net profit attributable to shareholders was -69.09 million yuan, a year-on-year decrease of 135.34% [2]. - The gross profit margin for Q1 2025 was only 5.85%, a significant decline of 11.9 percentage points quarter-on-quarter and a drop of 31.44% year-on-year [7]. - Accounts receivable surged by 44.94% quarter-on-quarter and 146.96% year-on-year to 575 million yuan, accounting for 45.9% of revenue, indicating increased collection risks [9]. Market and Product Analysis - Demingli's revenue structure shows that solid-state drives (SSDs) account for 48.20%, mobile storage for 28.01%, and embedded storage for 17.67%, with emerging enterprise storage businesses still in the cultivation phase [3]. - The company is heavily reliant on consumer-grade storage products, which constituted 86% of revenue in 2024, leading to vulnerability in the face of market fluctuations [13]. Competitive Positioning - Compared to competitors like Jiangbolong and Zhaoyi Innovation, Demingli faces higher debt risks and lower gross margins, with a significant reliance on consumer markets [10][11]. - Jiangbolong has a more balanced product mix and is better positioned in the automotive and enterprise storage sectors, while Zhaoyi Innovation benefits from a diversified product portfolio [11][12]. Strategic Initiatives - Demingli is accelerating its focus on enterprise storage and automotive-grade storage, with plans to enhance R&D investments and product certifications to improve market positioning [13][14]. - The company aims to achieve mass production of PCIe 4.0 SSDs by Q3 2025 and increase the revenue share of automotive-grade storage to over 15% [13]. Industry Outlook - The storage market is currently experiencing a downward cycle, with NAND Flash prices declining by 10%-15% year-on-year, particularly affecting consumer-grade products [6]. - Future growth in the storage industry is expected to be driven by high-end products, particularly in AI servers and smart automotive applications, as demand begins to recover [19].

2025年4月30日，德明利(001309.SZ)发布2025年第一季报。截至2025年4月30日，共有27个机构投资者 披露持有德明利A股股份，合计持股量达2533.62万股，占德明利总股本的15.66%。其中，前十大机构 投资者包括淮安金程源企业管理合伙企业(有限合伙)、国泰君安证券股份有限公司、香港中央结算有限 公司、安联保险资管-中信银行-安联裕远20号资产管理产品、安联保险资管-中信银行-安联裕远21号资 产管理产品、中国国际金融股份有限公司、中国银行股份有限公司-易方达供给改革灵活配置混合型证 券投资基金、LEADINGUI CO., LTD.、全国社保基金六零一组合、易方达益民股票型养老金产品-中国 民生银行股份有限公司，前十大机构投资者合计持股比例达12.74%。相较于上一季度，前十大机构持 股比例合计上涨了2.38个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括易方达供给改革混合、易方达产业机 遇混合A，持股增加占比达0.57%。本期较上一季度持股减少的公募基金共计2个，包括易方达新兴成长 混合、国联安半导体ETF，持股减少占比达0.51%。本期较上一季度新披露的公募基 ...

2025 年 04 月 30 日 德明利 (001309) ——2025Q1 营收环比+6.5%，毛利率环比修复至 5.85% 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 04 月 29 日 | | | --- | --- | | 收盘价（元） | 126.58 | | 一年内最高/最低（元） | 163.58/61.99 | | 市净率 | 8.3 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 11,093 | | 上证指数/深证成指 3,286.65/9,849.80 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 14.98 | | 资产负债率% | | 65.85 | | 总股本/流通 A 股（百万） | 162/88 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 杨海晏 (8621)23297818× yanghy@swsresearch.com 04-29 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,252,045,531.07, representing a 54.41% increase compared to ¥810,869,692.86 in the same period last year[5] - The net loss attributable to shareholders was ¥69,087,664.28, a decline of 135.34% from a profit of ¥195,492,337.08 in the previous year[5] - Basic and diluted earnings per share were both -¥0.43, down 132.33% from ¥1.33 in the previous year[5] - The net profit for the current period was a loss of ¥69,101,486.52, compared to a profit of ¥195,615,352.41 in the previous period, indicating a decline of approximately 135.3%[30] - The total comprehensive income for the current period was a loss of ¥70,535,216.09, compared to a profit of ¥195,475,603.55 in the previous period[31] Cash Flow and Liquidity - The net cash flow from operating activities was -¥497,231,240.59, a decrease of 505.84% compared to -¥82,072,765.52 in the same period last year[5] - The cash flow from operating activities showed a net outflow of ¥497,231,240.59, worsening from a net outflow of ¥82,072,765.52 in the previous period[32] - Cash and cash equivalents at the end of the period totaled ¥635,847,434.91, down from ¥199,774,539.40 at the end of the previous period[32] - The company’s cash and cash equivalents decreased from RMB 915.86 million to RMB 635.85 million during the reporting period[26] Assets and Liabilities - Total assets increased by 8.11% to ¥7,100,914,850.38 from ¥6,568,159,107.56 at the end of the previous year[5] - The company’s total liabilities as of March 31, 2025, were RMB 4.68 billion, compared to RMB 4.09 billion at the beginning of the period[28] - The company’s total equity as of March 31, 2025, was RMB 2.43 billion, down from RMB 2.48 billion at the beginning of the period[28] Operating Costs and Expenses - The company experienced a 131.81% increase in operating costs, totaling ¥1,178,816,486.77, driven by expanded sales volume[9] - Total operating costs increased to ¥1,318,956,796.49 from ¥590,490,124.36, marking a rise of about 123.0%[29] - Research and development expenses rose by 97.77% to ¥58,759,466.36, reflecting increased investment in new projects[9] - Research and development expenses increased to ¥58,759,466.36 from ¥29,710,654.38, reflecting a growth of approximately 97.7%[29] - The company reported a significant increase in financial expenses, which rose to ¥34,245,539.70 from ¥19,101,054.06, an increase of about 79.5%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,331[12] - The largest shareholder, Li Hu, holds 36.91% of shares, amounting to 59,704,735 shares, with 16,880,000 shares pledged[12] - The top ten shareholders include various institutional and individual investors, with significant stakes held by domestic natural persons[12][13] Stock Issuance and Capital Changes - The company plans to issue shares to specific targets, with the first board meeting for this purpose held on June 29, 2023[14] - The company received approval from the China Securities Regulatory Commission for the stock issuance on November 15, 2024[15] - The registered capital of the company was changed to RMB 147,512,976 after the board meeting on June 11, 2024[18] - The company completed the registration and listing of shares for the stock issuance on January 23, 2025, increasing the registered capital to RMB 161,772,672[19] - The company has a total of 13,029,608 new shares listed from the stock issuance[19] - The company’s stock option incentive plan has seen multiple phases of share registration and listing, affecting the registered capital[18][19] - The company has undergone several amendments to its articles of association and registered capital in 2024[18] Other Developments - The company obtained AEO Advanced Certification from Shenzhen Customs on January 2025, enhancing global customs efficiency and risk management capabilities[21] - The company decided to repurchase and cancel 2,366 restricted stocks from a departing employee, reducing the total number of restricted stocks from 818,028 to 815,662[22] - The company provided a guarantee of up to RMB 1.5 billion for its wholly-owned subsidiary, Yuande, to support its operational and business development needs in 2024[23] - The company reported a significant increase in accounts receivable, which rose by 44.94% to ¥575,392,453.25 due to higher revenue[9] - The company’s accounts receivable increased from RMB 396.98 million to RMB 575.39 million, indicating a growth of approximately 45%[26] - The company’s inventory decreased slightly from RMB 4.44 billion to RMB 4.40 billion, reflecting a minor reduction in stock levels[26] - The company’s short-term borrowings increased from RMB 1.95 billion to RMB 2.03 billion, indicating a rise in short-term financing[27] - The company recorded an investment loss of ¥750,215.50, compared to a loss of ¥385,440.35 in the previous period[30]

Financial Performance - In 2024, the company reported revenue of 4.773 billion, a year-on-year increase of 168.74%, and a net profit attributable to shareholders of 351 million, up 1302.30% year-on-year [1] - Q4 2024 revenue was 1.176 billion, a year-on-year increase of 47% but a quarter-on-quarter decrease of 17%; gross margin was 1.29%, down nearly 13 percentage points [1] - Q4 2024 was the only quarter with a loss, primarily due to rising storage costs, declining gross margin, and increased R&D, management expenses, and asset impairment losses [1] Product Development and Market Position - The company has established four major product lines: mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, achieving significant revenue growth in 2024 [1] - Revenue from SSD products reached 2.3 billion, a year-on-year increase of 235.46%, accounting for 48.20% of total revenue; embedded storage revenue was 843 million, up 1730.60% [1] - The company has developed nine proprietary control chips covering mobile storage and SATA SSDs, with ongoing R&D for PCIe/embedded control chips and modules [2] R&D and Investment - R&D personnel increased from 164 to 312, with R&D expenses rising from 108 million to 203 million [2] - In January 2025, the company plans to raise 990 million, with 359 million allocated to PCIe SSD control chips and storage module projects, and 457 million for embedded storage control chips and modules [2] Manufacturing and Operational Efficiency - The company has established an intelligent manufacturing base for self-supply of packaging, placement, and testing, with a testing line for enterprise-level storage products completed in 2024 [3] - The intelligent manufacturing base in Futian has achieved 50% completion by the end of 2023, forming a fully integrated digital operation management system [3] Market Outlook and Valuation - The profit forecast for 2025-26 has been revised down, with net profit estimates adjusted from 769 million/1.031 billion to 725 million/848 million, and a new estimate of 1.045 billion for 2027 [3] - The average PE ratio for comparable companies is 45X, which is 57% higher than the company's PE of 29X, maintaining a "buy" rating [3]

Core Viewpoint - The semiconductor storage market is experiencing uneven performance among manufacturers, with some companies benefiting from AI-related demand while others struggle due to slow recovery in consumer electronics [1][3]. Group 1: Company Performance - Jiangbolong reported a revenue of 4.256 billion yuan in Q1, a year-on-year decline of 4.41%, and a net loss of 152 million yuan [2][3]. - Langke Technology recorded a revenue of 234 million yuan in Q1, a year-on-year increase of 5.19%, but also reported a net loss of 13 million yuan, which widened compared to the previous year [2]. - Companies like Lanke Technology and Jiangbolong are facing challenges due to weak consumer demand and inventory issues, leading to a decline in revenue and profit margins [7][6]. Group 2: Growth Companies - Companies such as Lankai Technology, Zhaoyi Innovation, and Demingli reported significant growth in Q1, with Lankai's net profit increasing by 65.78% to 1.222 billion yuan, and Zhaoyi's revenue growing by 17.32% to 1.909 billion yuan [2][3]. - Demingli's revenue surged by 168.74% to 4.773 billion yuan, with a net profit increase of 1302.3% [3]. Group 3: Market Demand and Trends - The demand for NAND Flash and DRAM is showing signs of recovery, particularly in data centers, while consumer electronics remain sluggish [8][9]. - The global smartphone shipment in Q1 was 304.9 million units, a year-on-year increase of 1.5%, which is lower than the previous year's growth rate [8]. - Companies are adjusting production to stabilize prices, with Micron announcing a 10% reduction in NAND wafer production [9]. Group 4: Future Outlook - Companies expect a gradual recovery in the semiconductor storage market starting from late Q1, driven by inventory digestion and production adjustments by major manufacturers [9][10]. - TrendForce predicts that NAND Flash prices will stabilize in Q2, with expected price increases of 3% to 8% due to a procurement surge [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve a revenue growth of 169% year-on-year in 2024, with a focus on expanding into enterprise-level storage solutions in 2025 [1][3] - The company has completed its product line layout, including mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, leading to a significant revenue increase in 2024 [7] - The company has developed nine self-researched main control chips, enhancing its competitive edge in the storage market [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,776 million in 2023 to 8,325 million in 2025, reflecting a compound annual growth rate (CAGR) of 74.4% [3][9] - The net profit attributable to the parent company is expected to rise from 25 million in 2023 to 725 million in 2025, with a year-on-year growth rate of 106.8% [3][9] - The earnings per share (EPS) is forecasted to increase from 0.22 in 2023 to 4.48 in 2025 [3][9] - The company's gross margin is expected to stabilize around 15.9% in 2025, with a return on equity (ROE) projected at 22.6% [3][9] Market Data - As of April 25, 2025, the closing price of the company's stock is 128.10, with a market capitalization of 11,226 million [4] - The price-to-earnings (P/E) ratio is projected to decrease from 59 in 2024 to 29 in 2025, indicating a more attractive valuation compared to peers [7][9]

Core Insights - The semiconductor industry in China is experiencing a structural recovery in 2024, driven by the explosive demand for AI computing power and accelerated domestic substitution [1] - Demingli (001309) has achieved significant growth in both revenue and net profit due to its self-research capabilities and strategic layout, with annual revenue reaching 4.773 billion yuan, a year-on-year increase of 168.74%, and net profit of 351 million yuan, a staggering increase of 1302.30% [1] Business Structure - Solid-state drives (SSDs) and embedded storage are becoming the core growth drivers for the company, with SSD revenue increasing by 235.46%, accounting for 48.20% of total revenue, and embedded storage revenue soaring by 1730.60%, now making up 17.67% of total revenue [2] - Combined, these two business segments contribute over 60% of the company's revenue, while mobile storage maintains stable growth with a year-on-year revenue increase of 29.20% [2] R&D and Technological Advancements - The company has significantly increased its R&D investment, with expenses reaching 203 million yuan in 2024, an increase of 88.14%, and the R&D team expanding to 312 members, a growth of 90.24% [2] - Demingli has established a fully self-researched technology closed loop, integrating "main control chip + firmware algorithm + medium analysis," enhancing its vertical integration capabilities from chip design to system optimization [2] Market Expansion and Product Development - The company has made breakthroughs in enterprise-level storage and industrial control, achieving R&D and mass production of enterprise-level SSD products and engaging with major internet, cloud service, and server manufacturers [3] - The production of the company's enterprise-level storage testing line will further shorten the product development and validation cycle, with plans to launch a full range of industrial-grade products this year [3]