Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [1][35]. Core Viewpoints - The electronic industry is expected to continue its strong performance driven by the resonance of computing power and edge-side innovations, with a notable rebound in the consumer electronics supply chain linked to AI innovations [1]. - The demand for servers is projected to grow, particularly in enterprise-level storage, with a forecasted increase in eSSD contract prices by 5% to 10% in the third quarter [2]. - AI infrastructure development remains a high-growth investment theme, with significant advancements in AI server systems, such as the GB300 NVL72 from CoreWeave, which shows up to 10 times faster user response and 5 times higher throughput per watt compared to previous generations [3]. - The lifting of export restrictions on EDA software by the US BIS for major companies like Siemens, Synopsys, and Cadence does not alter the long-term trend towards domestic semiconductor industry self-sufficiency [4]. - The IPO applications of two domestic GPU companies signal a positive outlook for the development of the entire AI industry chain in China [5]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, while the electronic sector increased by 0.74%, with components rising by 6.82% and semiconductors declining by 1.18% over the past week [10]. Key Companies and Recommendations - The report recommends several companies for investment, including Industrial Fulian, Huadian Technology, Jianghai Technology, and Xiaomi Group, among others, based on their potential in the current market environment [1][9]. Company Earnings Forecasts and Investment Ratings - Semiconductor companies like SMIC and Aojie Technology are rated as "Outperform," with projected earnings per share (EPS) for 2025 estimated at 0.52 and -0.98 respectively, indicating a strong outlook despite current challenges [9].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

登录新浪财经APP 搜索【信披】查看更多考评等级 2024年年度权益分派实施的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市德明利技术股份有限公司（以下简称"公司"）2024年年度权益分派方案已获2025年5月16日召开 的2024年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1、公司于2025年5月16日召开的2024年年度股东大会审议通过了《关于公司2024年度利润分配及资本公 积金转增股本的预案》，相关公告详见2025年5月17日指定信息披露媒体及巨潮资讯网 （www.cninfo.com.cn）。 2024年年度权益分派方案的具体内容为： 以截至2025年3月31日的公司总股本161,770,306股为基数，拟向全体股东每10股派发现金红利3.00元 （含税，实际派发金额因尾数四舍五入可能略有差异），不送红股，同时以资本公积金向全体股东每10 股转增4股，共计派发现金分红48,531,091.80元，资本公积金转增64,708,122股，本次转增后公司总股本 将增加至226,478,428股，转 ...

证券代码：001309 证券简称：德明利 公告编号：2025-052 深圳市德明利技术股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市德明利技术股份有限公司（以下简称"公司"）2024 年年度权益分 派方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 于公司 2024 年度利润分配及资本公积金转增股本的预案》，相关公告详见 2025 年 5 月 17 日指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）。 以截至 2025 年 3 月 31 日的公司总股本 161,770,306 股为基数，拟向全体股东 每 10 股派发现金红利 3.00 元（含税，实际派发金额因尾数四舍五入可能略有差 异），不送红股，同时以资本公积金向全体股东每 10 股转增 4 股，共计派发现金 分红 48,531,091.80 元，资本公积金转增 64,708,122 股，本次转增后公司总股本将 增加至 226,478,428 股，转增金额未超过报告期末 ...

证券代码：001309 证券简称：德明利 公告编号：2025-052 深圳市德明利技术股份有限公司 2024 年年度权益分派实施的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 本次利润分配及资本公积金转增股本预案实施后，公司剩余未分配利润结转 下年度。若在公司 2024 年度利润分配及资本公积金转增股本预案公告后至实施 前，公司总股本由于股权激励行权、股份回购注销等原因而发生变化的，公司派 发现金红利分配方案将按照每 10 股派发现金红利 3.00 元不变的原则调整分红总 金额、按照资本公积金每 10 股转增 4 股比例不变的原则调整转增股本数量。 2、自权益分派方案披露至实施期间，公司总股本未发生变化。 3、公司本次实施的权益分派方案与股东大会审议通过的分配方案及其调整 原则一致。 4、本次实施权益分派方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 深圳市德明利技术股份有限公司（以下简称"公司"）2024 年年度权益分 派方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告 ...

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Views - The report highlights the expected increase in 1Tb NAND supply in the second half of 2025 due to some manufacturers shifting production to advanced processes [1] - Micron has made significant progress in the 1-gamma DRAM technology node, with a notable increase in yield rates [2] - AMD's new MI350 series AI chips feature HBM3E memory capacity that is 1.6 times that of NVIDIA's GB200/B200, indicating competitive advancements in AI workloads [3] - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices remain stable due to market rationalization [4] Summary by Sections NAND Market - CFM reports that some NAND manufacturers are transitioning to advanced processes, which is expected to increase 1Tb NAND supply starting in the second half of 2025. Last week, NAND spot prices varied from 0.00% to 3.82%, with an average change of 1.56% [1][28] DRAM Market - Micron has achieved significant advancements in the 1-gamma DRAM technology node, with yield improvements surpassing previous records. The spot prices for DRAM increased by an average of 9.19% last week, with a range of 0.14% to 24.70% [2][28] HBM Market - AMD's MI350 series GPUs, designed for AI workloads, feature up to 288GB of HBM3E memory and 8TB/s memory bandwidth. The MI355X model has a memory capacity 1.6 times that of NVIDIA's comparable models, showcasing AMD's competitive edge [3][29] Market Trends - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices are stabilizing as the market becomes more rational. The overall supply situation remains challenging, with DDR4 memory delivery times still extended [4][30] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain benefiting from the rapid development of advanced computing chips. Recommended companies include Saiteng Co., Yishitong, Lianrui New Materials, and Huahai Chengke. For storage chips, companies like Dongxin Co., Zhaoyi Innovation, Hengsuo Co., and others are highlighted as potential investments [5]

Group 1 - CPO concept stocks experienced a sharp decline in the short term, with LianTe Technology (301205) dropping over 6% [1] - De Ming Li (001309) fell more than 4%, while Guang Ku Technology (300620), Zhao Long Interconnect (300913), and Jian Qiao Technology (603083) also saw significant declines [1]

Summary of Storage Industry Conference Call Industry Overview - The storage industry in China is experiencing a significant transformation driven by domestic substitution, with upstream manufacturers improving technology and downstream domestic brands rising, creating opportunities for local module manufacturers to enter the mid-to-high-end market [1][5][18]. Key Points Market Dynamics - The storage industry has faced cyclical fluctuations, with a significant loss in 2022 followed by price increases in 2023 due to upstream production cuts. However, demand weakened in Q2 2024, leading to a price decline [1][6]. - By the end of 2023, upstream manufacturers began reducing production again, resulting in a price recovery in March 2024, with NAND prices showing moderate recovery in May and DDR4 prices rising due to supply-side control [1][6][7]. Price Trends - The overall storage industry is currently in a healthy recovery phase, with controlled production rates from manufacturers and ongoing process iterations in NAND technology. DDR4 prices are rising quickly, indicating potential absorption phenomena [1][7]. - In Q2 2025, storage market prices are expected to exceed expectations, particularly in the DRAM sector, with NAND benefiting from cautious production and increased SSD demand from CSP manufacturers [9][12]. Demand Drivers - The main growth drivers for the Chinese storage industry include domestic opportunities, with upstream manufacturers gaining market share and technology improvements, and the rise of domestic brands responding to localization and national security needs [5][13]. - The enterprise storage market is seeing increased demand, particularly from major domestic clients like Tencent and Alibaba, with orders accelerating since late 2024 [8][15]. Product Performance - In Q2 2025, NAND wafer prices are expected to recover slightly, while DDR market prices are showing significant increases, especially for DDR4, while DDR5 remains stable [9][10]. - The embedded storage market for mobile devices is experiencing healthy growth, with LPDDR showing strong demand [9][10]. Profitability and Margins - The elasticity of gross margins for storage module manufacturers varies based on customer structure and downstream application demand. Companies focusing on the spot market tend to see more significant margin increases compared to those serving large brand clients [11][14]. - The enterprise storage market is expected to see revenue growth outpacing profit growth due to ongoing investments in R&D and capacity, with profitability expected to improve around 2027 [13][15]. Future Outlook - The storage market is projected to show moderate recovery throughout 2025, driven by supply-side constraints and gradual increases in consumer demand [12][18]. - Key companies to watch in the current storage industry trend include Demingli, Jiangbolong, Baiwei, and Zhaoyi Innovation, with Demingli and Baiwei expected to show more significant growth due to their smaller size [19]. Additional Insights - The mid-to-high-end mobile storage market is focusing on three main development directions: packaging technology, embedded main control chips, and optimizing human efficiency to enhance profitability [16][17]. - The overall performance of the storage module industry in Q2 2025 is expected to show a positive trend, driven by price recovery and increased demand from mid-to-high-end mobile and server markets [18].

核查意见 华泰联合证券有限责任公司关于 深圳市德明利技术股份有限公司控股股东 首次公开发行前已发行股份上市流通事项的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为深圳市德明利技术股份有限公司（以下简称"德明利"或"公司"）的持续督 导机构，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所股票上市规则》和《深圳证券交易所上市公司自律监管指引第 前已发行股份上市流通事项进行了认真、审慎的核查，并发表本核查意见，具体 情况如下： 一、首次公开发行前已发行股份情况 经中国证券监督管理委员会《关于核准深圳市德明利技术股份有限公司首次 公开发行股票的批复》 （证监许可〔2022〕1120 号）核准，公司首次公开发行人 民币普通股 20,000,000 股，并经深圳证券交易所《关于深圳市德明利技术股份有 限公司人民币普通股股票上市的通知》（深证上〔2022〕620 号）同意，公司发 行的人民币普通股股票于 2022 年 7 月 1 日在深圳证券交易所主板上市，新股发 行后公司总股本由 60,000,000 股增至 80,000,000 股。 二、公司上市 ...

证券代码：001309 证券简称：德明利 公告编号：2025-050 深圳市德明利技术股份有限公司 关于 2023 年限制性股票激励计划预留部分限制性股票第一个解除 限售期解除限售股份上市流通的提示性公告 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。 重要内容提示： 计为 165,438 股，占公司目前总股本的比例为 0.1023%； 深圳市德明利技术股份有限公司（以下简称"公司"或"德明利"）于 2025 年 6 月 6 日召开第二届董事会第二十九次会议和第二届监事会第二十七次会议， 审议通过了《关于 2023 年限制性股票激励计划预留部分限制性股票第一个解除 限售期解除限售条件成就的议案》。根据《上市公司股权激励管理办法》、深圳 证券交易所、中国证券登记结算有限责任公司深圳分公司和公司《2023 年限制 性股票激励计划（草案）》（以下简称"本激励计划"）的有关规定，公司办理 完成本激励计划预留部分限制性股票第一个解除限售期解除限售股份手续，现将 有关情况公告如下： 一、本激励计划已履行的决策程序和信息披露情况 议、第一届董事会第三十次会议、第一届监事会 ...