证券代码：001309 证券简称：德明利 公告编号：2025-024 深圳市德明利技术股份有限公司 关于回购注销 2023 年限制性股票激励计划部分限制性股票完成的公告 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。 特别提示： 1、本次回购注销限制性股票数量为 2,366 股，占本次回购注销前公司总 股本 161,772,672 股的 0.0015%，占公司 2023 年限制性股票激励计划（以下 简称"本激励计划"）首次授予登记完成但尚未解除限售的限制性股票数量 818,028 股的 0.2892% 2、截至本公告披露日，上述限制性股票已在中国证券登记结算有限责任 公司深圳分公司完成注销手续。 3、本次限制性股票回购注销符合法律、行政法规、部门规章、规范性文 件、《公司章程》《2023 年限制性股票激励计划（草案）》等的相关规定。 公司于 2025 年 2 月 14 日，召开 2025 年第一次临时股东大会，审议通过了 《关于回购注销 2023 年限制性股票激励计划部分限制性股票的议案》，同意公 司根据《2023 年限制性股票激励计划（草案）》回购注销 1 ...

Investment Rating - The report assigns a "Buy" rating for the company, benefiting from the recovery in the flash memory industry and high growth in performance, driven by self-developed main control chips and enterprise-level storage solutions [5][8]. Core Viewpoints - The company is focused on storage module design and research and development, actively expanding its flash memory product matrix. It primarily develops self-researched main control chips to provide customized full-link storage solutions for clients [7][10]. - The flash memory market is recovering, with industry trends improving steadily. The demand for DRAM and NAND Flash is expected to expand due to the growth of AI PCs and AI smartphones, alongside the upgrade of consumer electronics [7][10]. - The company is making significant strides in enterprise-level storage and main control chips, with a broad market potential. It is accelerating the introduction of various SSD products to meet the expanding downstream market demand [7][10]. Financial Forecast and Valuation - The company’s revenue is projected to grow significantly, with expected revenues of RMB 4.71 billion, RMB 8.08 billion, and RMB 11.13 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 165.43%, 71.36%, and 37.80% [6][49]. - The net profit attributable to the parent company is forecasted to reach RMB 397 million, RMB 657 million, and RMB 1.008 billion for 2024, 2025, and 2026, with staggering growth rates of 1489.09%, 65.31%, and 53.45% respectively [6][51]. - The current price-to-earnings (P/E) ratios are projected to be 51.11, 30.92, and 20.15 for 2024, 2025, and 2026, indicating a favorable valuation compared to comparable companies [8][51]. Company Overview - The company, established in 2008, is a leading integrated circuit design enterprise specializing in self-researched main control chips. It has expanded its product line to include embedded storage, enterprise-level storage, and memory modules [14][20]. - The main products include solid-state drives (SSDs), embedded storage, mobile storage, and memory modules, widely used in data centers, AI, automotive electronics, and mobile phones [20][21]. - The company has experienced steady revenue growth, with revenues increasing from RMB 646 million in 2019 to RMB 1.776 billion in 2023, representing a compound annual growth rate (CAGR) of 29% [7][25].

Group 1 - Demingli has experienced a continuous decline for 7 trading days, with a cumulative drop of -16.95% [1] - Shenzhen Demingli Technology Co., Ltd. focuses on the innovation and research of storage control chips and solutions, recognized as a national high-tech enterprise and a key "little giant" enterprise [1] - Guolianan Fund's Guolianan CSI Semiconductor ETF is among the top ten shareholders of Demingli, having reduced its holdings in the fourth quarter of last year [1] Group 2 - The Guolianan CSI Semiconductor ETF has achieved a return of 4.25% this year, ranking 1137 out of 3440 in its category [1] - The fund managers of Guolianan CSI Semiconductor ETF are Huang Xin and Zhang Zhenyuan [2] Group 3 - Huang Xin holds a master's degree in accounting and finance from the London School of Economics and has extensive experience in investment analysis and fund management since joining Guolianan Fund in 2003 [3][4] - Zhang Zhenyuan has a graduate degree and has held various positions in fund management and quantitative investment since joining Guolianan Fund in 2019 [6]

证券代码：001309 证券简称：德明利 公告编号：2025-023 深圳市德明利技术股份有限公司 关于变更注册资本并完成工商变更登记的公告 法定代表人：李虎 成立日期：2008 年 11 月 20 日 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、于 2025 年 2 月 14 日召开公司 2025 年第一 次临时股东大会，审议通过了《关于变更公司注册资本及修订<公司章程>并办理 工商变更登记的议案》等议案。 因公司完成 2020 年股票期权激励计划第二个行权期和第三个行权期行权股 票登记上市、完成 2024 年股权激励计划首次授予限制性股票登记上市、完成 2023 年股权激励计划不符合激励条件的 1 名离职人员已授予登记尚未解除限售的限 制性股票的回购注销、完成公司向特定对象发行股票新增股票的登记上市事项， 公司的注册资本由原人民币 147,512,976 元变更为人民币 161,772,672 元，公司 股份总数由原 147,512,976 股变更为 161,772,672 股。公司根据《公司法》《证 券法》《上市公司章程指引》等法律 ...

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].