Core Viewpoint - Demingli is actively expanding its embedded and industrial storage product lines, leveraging its self-developed controller technology to capture opportunities in the AI-driven market [1][4]. Group 1: Embedded Storage Development - Demingli has established a dedicated embedded storage team and launched products such as eMMC, UFS, and LPDDR, achieving mainstream customer certification and mass shipments [2]. - The company’s embedded storage products and solid-state drives accounted for over 60% of its revenue in the first half of 2024 [2]. - The primary market for embedded storage remains mobile clients, with plans to expand into automotive electronics and emerging industries [2]. Group 2: Industrial Storage Focus - Industrial storage is a key development area for Demingli, which has introduced the SATA SSD controller TW6501, characterized by high performance, reliability, and low power consumption [3]. - The company aims to create a comprehensive ecosystem for industrial storage solutions, including solid-state drives, embedded storage, and memory modules, with plans to launch the full product line this year [3]. - Demingli is responding to the high customization demands of the industrial market by combining its own controllers with third-party controllers to quickly meet customer needs [3]. Group 3: AI and Market Trends - The demand for enterprise-level storage is expected to grow significantly due to the influence of artificial intelligence and cloud computing, leading to upgrades in storage architecture [4]. - The company is focusing on adapting its storage products for AI applications, particularly in edge computing and inference scenarios, to meet the real-time requirements of AI devices [5]. - Demingli is also exploring opportunities in the wearable market, having started to develop storage solutions for wearable devices since late last year [5].

证券代码：001309 证券简称：德明利 公告编号：2025-022 深圳市德明利技术股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、公司为源德提供担保事项履行的内部决策程序和披露情况 1、2024 年 7 月 23 日，公司召开第二届董事会第十九次会议、第二届监 事会第十八次会议，审议通过了《关于公司 2024 年担保额度预计的议案》。 为了满足公司 2024 年度日常经营及业务发展所需，公司拟为全资子公司源 德提供总额不超过人民币 150,000 万元（或等值外币）的担保额度，用于为 源德开展日常经营业务所需向金融机构申请综合授信或向供应商采购货物提 供担保，担保方式包括但不限于保证、抵押、质押等。本担保额度预计的有效 期为自本议案获公司股东大会审议通过之日起至 2024 年年度股东大会召开 之日止，担保额度在有效期内可循环使用。 担保协议中的担保方式、担保金额、担保期限、担保费率等重要条款由公 司、源德与相关债权人在以上额度内协商确定，并签署相关协议，相关担保 事项以正式签署的担保文件为准。 本次担 ...

一、 本次使用暂时闲置募集资金进行现金管理的基本情况 单位：万元 | 序 | | | 产品 | 产品 | | 预计 | 关 联 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 受托方 | 产品名称 | 类型 | 期限 | 金额 | 年化 | 关 | | | | | | | | 收益率 | 系 | | 1 | 徽商银行 股份有限 | 徽商银行单位大 额存单 2025 年 | 保本 固定 | 2025.3.5- | 2,000.00 | 1.85% | 无 | | | 公司深圳 | 第 137 期 | 收益 | 2026.3.5 | | | | | | 南山支行 | | 型 | | | | | 证券代码：001309 证券简称：德明利 公告编号：2025-021 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 ...

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].