证券代码：001309 证券简称：德明利 公告编号：2025-020 深圳市德明利技术股份有限公司 关于公司持股 5%以上股东减持计划实施完毕的公告 本公司股东淮安金程源企业管理合伙企业（有限合伙）保证向本公司提供 的信息内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 一、股东减持情况 | 股东名称 | 减持方式 | | 减持期间 | | 减持均价 （元/股） | 减持股数 （股） | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | | 淮安金程源 | 竞价交易 | 2025 月 | 19 | 年 2 日 | 122.73 | 18,500 | 0.0114% | | 企业管理合 | | 2025 | | 年 2 | 143.56 | 26,500 | 0.0164% | | | | 月 | 26 | 日 | | | | | 伙企业（有 | | | | | | | | | 限合伙） | 大宗交易 | 2025 | | 年 2 | 134.02 | 45,000 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is focusing on the enterprise-level storage business, which is expected to benefit from the increasing demand for data centers driven by AI computing needs. The global storage market is projected to reach $160.3 billion by 2025, with enterprise-level storage becoming a significant revenue source for major storage manufacturers [1]. - The traditional storage cycle is anticipated to recover, with major players like Samsung reducing production to improve supply-demand dynamics. This is expected to lead to a rebound in storage prices [2]. - The company has successfully validated its enterprise-level storage products with multiple clients and has begun small-scale sales, indicating a promising growth trajectory in this new market segment [2]. Financial Projections - Revenue projections for the company are as follows: 2024: ¥4.751 billion, 2025: ¥6.264 billion, 2026: ¥8.169 billion, reflecting growth rates of 167.5%, 31.8%, and 30.4% respectively [4][8]. - The net profit attributable to the parent company is projected to be ¥372 million in 2024, ¥566 million in 2025, and ¥902 million in 2026, with growth rates of 1386.1%, 52.4%, and 59.3% respectively [4][8]. - The report indicates a significant improvement in earnings per share (EPS), expected to rise from ¥0.15 in 2023 to ¥5.58 by 2026 [4][8].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is focusing on the enterprise-level storage business, which is expected to benefit from the increasing demand for data centers driven by AI computing needs. The global storage market is projected to reach $160.3 billion by 2025, with enterprise-level storage becoming a significant revenue source for major storage manufacturers [1][2]. - The traditional storage cycle is anticipated to recover, with major players like Samsung reducing production to improve supply-demand dynamics. This is expected to lead to a rebound in storage prices [2]. - The company has successfully validated its enterprise-level storage products with multiple clients and has begun small-scale sales, indicating a promising growth trajectory in this new market segment [2]. Financial Projections - Revenue projections for the company are as follows: 2024: ¥4.751 billion, 2025: ¥6.264 billion, 2026: ¥8.169 billion, reflecting growth rates of 167.5%, 31.8%, and 30.4% respectively [4][7]. - Net profit forecasts are: 2024: ¥372 million, 2025: ¥566 million, 2026: ¥902 million, with growth rates of 1386.1%, 52.4%, and 59.3% respectively [4][7]. - The projected PE ratios are 69 for 2024, 45 for 2025, and 28 for 2026, indicating a favorable valuation trend as earnings grow [4][7].

单位：万元 | | | | | | | 预计 | 关 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 受托方 | 产品名称 | 产品 | 产品 | 金额 | 年化 | 联 | | 号 | | | 类型 | 期限 | | 收益率 | 关 | | | | | | | | | 系 | | | 交通银行 | 交通银行"蕴通 | 保本 | | | | | | | 股份有限 | 财富"定期型结 | | | | | | | 1 | 公司深圳 | 构性存款 95 天 | 浮动 | 2025.2.28- | 8,000.00 | 1.30%-1.95% | 无 | | | | | 收益 | 2025.6.3 | | | | | | 分行营业 | （挂钩汇率二元 | 型 | | | | | | | 部 | 结构） | | | | | | 二、 对公司经营的影响 深圳市德明利技术股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 深圳市德明利技术股份有限公 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][6] Core Insights - The company has announced that its enterprise-level storage products have passed validation from multiple clients and achieved small-scale sales. The revenue forecast for 2024 is projected to be between 45-50 billion yuan, representing a year-on-year growth of 153%-182%. The net profit attributable to shareholders is expected to be between 3.4-4.0 billion yuan, a year-on-year increase of 1260%-1500% [4][6] - The company has completed the layout of four major product lines in 2024, including mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, leading to a significant increase in revenue [6] - The company has developed nine self-researched main control chips covering mobile storage and SATA SSDs, with ongoing research for PCIe and embedded control chips [6] Financial Data and Profit Forecast - The total revenue for 2024 is expected to be 48.6 billion yuan, with a year-on-year growth rate of 173.7%. The net profit attributable to shareholders is forecasted to be 3.97 billion yuan for 2024, with a significant increase in R&D expenses impacting profit margins [5][6] - The company’s revenue is projected to reach 9.05 billion yuan in 2025 and 12.15 billion yuan in 2026, with corresponding net profits of 769 million yuan and 1.03 billion yuan respectively [5][6] - The report adjusts the profit forecast for 2024-2026, with net profit estimates revised to 3.97 billion yuan for 2024, 7.69 billion yuan for 2025, and 10.31 billion yuan for 2026 [6]

Group 1: Product Specifications and Development - The company customizes enterprise-level SSD storage products based on client needs, covering various dimensions such as interface type, protocol standards, storage capacity, read/write speed, power consumption, and lifespan [2] - The company is expanding its enterprise storage product matrix while keeping an eye on cutting-edge product development trends [2] Group 2: Market Characteristics and Supply Chain Management - The storage industry exhibits cyclical characteristics, influenced by supply-demand relationships, original factory capacity strategies, and technological iterations [2] - The company employs a demand-driven procurement model for raw materials, supplemented by maintaining some inventory to ensure business flexibility and support R&D verification and client testing [3] Group 3: Production Capacity and Supply Chain Resilience - The company relies on its own testing production lines and strategic partnerships with wafer and packaging factories, ensuring high flexibility in capacity allocation [4] - A comprehensive supply chain management system has been established to mitigate market fluctuations, including deep strategic collaborations with upstream suppliers and regular supply chain stress tests [4] Group 4: Competitive Positioning and R&D Efforts - The company's enterprise storage products are evaluated based on firmware development, main control chip design, material research depth, supply chain management, and after-sales service capabilities [5] - The company has formed a professional enterprise-level business and R&D team, significantly increasing R&D investment, and has achieved initial market validation for some products in terms of performance consistency and failure rate control [5] Group 5: Team Structure and Market Response - In 2024, the company continued to build its enterprise-level business and R&D teams by establishing branches in key industrial hubs, attracting experienced professionals from well-known companies [6] - Current storage prices remain stable, influenced by upstream capacity adjustments and normalized downstream inventory levels, with expectations for improved supply-demand relationships in the future [7]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][8]. Core Insights - The company is expected to achieve revenue between 4.5 billion and 5 billion yuan in 2024, representing a year-on-year growth of 153.39% to 181.55%. The projected net profit attributable to shareholders is estimated to be between 340 million and 400 million yuan, indicating a staggering year-on-year growth of 1260.08% to 1500.10% [3][8]. - The company is accelerating the development of enterprise-level SSD products and has initiated preliminary discussions with several domestic cloud service providers [4][8]. - The storage prices have entered a gradual increase phase since Q3 2023, which is expected to stimulate a new round of inventory demand as AI investments continue to rise [5][8]. Summary by Sections Financial Performance - The company forecasts revenues of 1.776 billion yuan in 2023, growing to 4.557 billion yuan in 2024, 5.606 billion yuan in 2025, and 7.222 billion yuan in 2026, with growth rates of 49.2%, 156.6%, 23.0%, and 28.8% respectively [10][11]. - The net profit attributable to shareholders is projected to recover from 25 million yuan in 2023 to 374 million yuan in 2024, 510 million yuan in 2025, and 739 million yuan in 2026, with growth rates of -62.8%, 1396.9%, 36.2%, and 45.0% respectively [10][11]. Product Development - The company has developed a comprehensive range of storage modules, including solid-state drives (SSDs), embedded storage, memory products, and mobile storage, achieving full category coverage [3][8]. - The company is focusing on high-performance PC SSDs, with a new M.2 2280 PCIe 4.0x4 NVMe SSD that boasts read speeds exceeding 7000MB/s and capacities ranging from 512GB to 4TB [4][8]. Market Trends - The ongoing AI investment race among global tech companies is enhancing the demand for enterprise-level storage solutions, which is expected to improve the overall market conditions for storage products [5][8]. - As the consumption end has established normal inventory levels, a new round of inventory demand is anticipated with the introduction of AI PCs and AI smartphones into the market [5][8].

证券代码：001309 证券简称：德明利 公告编号：2025-018 深圳市德明利技术股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 二、 对公司经营的影响 公司本次使用暂时闲置的募集资金进行现金管理，是在确保公司募集资金投 资项目所需资金和保证募集资金安全的前提下进行的，不存在变相改变募集资金 用途的行为，不影响募集资金项目正常进行，有利于提高资金使用效率，减少财 务费用，降低运营成本，获得一定的投资收益，符合公司及全体股东的利益。 三、 投资风险及风险控制措施 深圳市德明利技术股份有限公司（以下简称"公司"）于 2025 年 1 月 21 日 召开第二届董事会第二十六次会议、第二届监事会第二十四次会议，审议通过了 《关于使用暂时闲置的募集资金进行现金管理的议案》，同意公司在确保不影响 募投项目建设进度的情况下，使用不超过 50,000.00 万元人民币的暂时闲置募集 资金进行现金管理，现金管理方式为投资安全性高、流动性好的投资产品（包括 但不限于结构性存款、定期存款、通知存款、大额存单等）。该 ...

Group 1: Company Overview and Market Position - Shenzhen Demingli Technology Co., Ltd. focuses on enterprise-level storage products, which are crucial for servers, data centers, and cloud computing, emphasizing reliability, stability, security, and compatibility [2] - The company has established a professional team for enterprise-level business and R&D, enhancing product testing lines and leveraging supply chain resources to ensure reliable products and comprehensive storage management solutions [2] Group 2: Business Development and Future Outlook - In 2024, the company plans to continue engaging with multiple internet, server, and cloud service providers to validate products, aiming for increased sales driven by AI applications and national policies promoting domestic storage market growth [2] - The embedded storage business has seen significant growth due to long product lifecycles and high customer switching costs, with the company focusing on customized solutions and achieving mainstream customer certifications [3] Group 3: Product Innovations and Market Trends - The company has developed automotive-grade storage products to meet the rising demand from the smart vehicle sector, with ongoing collaborations with automotive manufacturers and Tier 1 suppliers [4] - The storage industry is cyclical, with 2024 expected to see price fluctuations; however, demand from AI and smart driving technologies is anticipated to improve supply-demand dynamics, potentially leading to an upward industry cycle [4][5] Group 4: Inventory and Manufacturing Strategies - The company maintains a neutral inventory strategy, optimizing inventory structure to support new customer and product development while ensuring efficient procurement of quality flash and memory chips [5] - The smart manufacturing base in Futian has been completed and is operational, enhancing the efficiency of enterprise-level SSD product development and customer validation through advanced testing lines [6] Group 5: Chip Development and Technological Advancements - The company has successfully mass-produced its self-developed SD6.0 storage card controller chip and is progressing with SATA SSD controller chip adaptation, with plans for further development in PCIe SSD, UFS, and eMMC controller projects [6]

上市公司名称：深圳市德明利技术股份有限公司 信息披露义务人：淮安金程源企业管理合伙企业（有限合伙） 住所及通讯地址：江苏省淮安市淮安区石塘镇幸福路117号 权益变动性质：累计被动稀释、减持后，持股比例减少至5%以下 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号—权益变动报告书》《证券期货法律适用意见第19号——〈上市公司收购管 理办法〉第十三条、第十四条的适用意见》及其他相关法律、法规及规范性文件 的规定编写本报告书。 股票上市地点：深圳证券交易所 股票简称：德明利 股票代码：001309 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号—权益变动报告书》的规定，本报告 书已全面披露信息披露义务人在德明利拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在德明利拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行 ...