Core Viewpoint - The report from Everbright Securities highlights that Shannon Semiconductor has developed a dual-wing growth model in the high-end storage sector, combining distribution and product offerings [1] Group 1: Company Overview - Shannon Semiconductor has been engaged in the high-end storage field for many years and has established capabilities in providing electronic components such as data storage devices, control chips, and modules [1] - The company's main source of revenue currently comes from the distribution of electronic components, which are widely used in cloud computing storage (data center servers) and mobile phones [1] Group 2: Financial Performance - As of the third quarter of 2025, the company's inventory stands at 1.813 billion yuan, which is expected to benefit from price increases in storage products [1] - The forecast for the company's net profit attributable to shareholders for 2025 is maintained at 605 million yuan, while the 2026 forecast has been raised by 48% to 1.043 billion yuan due to increased capital expenditures from internet clients and the storage chip price cycle [1] - A new net profit forecast for 2027 has been introduced at 1.251 billion yuan [1] Group 3: Investment Rating - The report maintains a "Buy" rating for Shannon Semiconductor [1]

Core Viewpoint - The report from Everbright Securities highlights that Shannon Semiconductor has developed a dual approach of "distribution + products" in the high-end storage sector, which has become its main revenue source [1] Group 1: Company Overview - Shannon Semiconductor has established capabilities in providing electronic components such as data storage devices, control chips, and modules, which are widely used in cloud computing storage (data center servers) and mobile phones [1] - As of the third quarter of 2025, the company's inventory stands at 1.813 billion yuan, indicating potential benefits from rising storage product prices [1] Group 2: Financial Projections - The company maintains a forecast for net profit attributable to shareholders of 605 million yuan for 2025 [1] - Due to increased capital expenditures from internet clients and the price increase cycle of storage chips, the net profit forecast for 2026 has been raised to 1.043 billion yuan, reflecting a 48% increase [1] - A new net profit forecast of 1.251 billion yuan for 2027 has been introduced [1] Group 3: Investment Rating - The report maintains a "buy" rating for the company [1]

Core Viewpoint - Shannon Semiconductor experienced a decline of 5.14% on January 13, with a stock price of 166.00 CNY per share and a trading volume of 2.795 billion CNY, resulting in a total market capitalization of 77.171 billion CNY [1] Company Overview - Shannon Semiconductor Technology Co., Ltd. is located at 166 Haide 3rd Road, Nanshan District, Shenzhen, established on September 16, 1998, and listed on June 10, 2015 [1] - The company's main business involves electronic component distribution, with revenue composition as follows: 97.03% from electronic component distribution, 1.93% from electronic component manufacturing, 0.93% from reducer business, and 0.11% from other supplementary activities [1] Fund Holdings - According to data from the top ten holdings of funds, China Life Asset Management has one fund heavily invested in Shannon Semiconductor, specifically the China Life Asset Management Chuang Selected 88 ETF (159804), which held 48,300 shares, accounting for 3.22% of the fund's net value, making it the second-largest holding [2] - The fund has a current scale of 137 million CNY and has achieved a year-to-date return of 12.35%, ranking 625 out of 5,517 in its category; over the past year, it has returned 59.47%, ranking 1,079 out of 4,203 [2] - The fund was established on March 4, 2020, and has delivered a cumulative return of 66.71% since inception [2] Fund Manager Performance - The fund manager Li Kang has a tenure of 10 years and 303 days, with a total asset scale of 7.889 billion CNY, achieving the best fund return of 59.69% and the worst return of -48.35% during his tenure [2] - Co-manager Su Tianxing has a tenure of 4 years and 320 days, managing assets totaling 3.702 billion CNY, with the best return of 47.93% and the worst return of 1.67% during his tenure [2]

晨会速递 分析师点评 市场数据 总量研究 2026 年 1 月 13 日 行业研究 【互联网传媒】漫剧接棒真人短剧，海量 IP 价值待释放——短剧、漫剧市场专题报 告(买入) 2026 年，随着可灵等 AI 视频模型的成熟应用，漫剧凭借低成本、高产能和强视觉冲 击力，正接棒真人短剧成为平台内容增量的主力军。市场规模方面，漫剧行业在 2025 年已呈现强势增长态势，预计 2026 年市场规模将维持高速增长，使得海量 IP 价值得 以释放建议关注行业产能释放，推荐阅文集团，关注中文在线、掌阅科技。维持互联 网传媒行业"买入"评级。 【房地产】【光大地产】核心城市楼市成交高频跟踪 20260112(增持) 截至 2026 年 1 月 11 日(由于基数变动，年初同比数据波动性较大为正常情况)， 20 城新房：累计成交 1.3 万套(-50.4%)；北京 822 套(-30%)、上海 1958 套(-41%)、深 圳 431 套(-78%)； 10 城二手房：累计成交 2.4 万套(-26.2%)；北京 3427 套(-38%)、 上海 7143 套(-13%)、深圳 1497 套(-37%)。 公司研究 【电子】国 ...

Core Viewpoint - The company has successfully changed its registered capital to 464,885,767 yuan and completed the necessary business registration procedures, reflecting its ongoing corporate governance and operational adjustments [1]. Group 1: Company Information - The company, 香农芯创科技股份有限公司, has amended its registered capital to 464,885,767 yuan [1]. - The company has obtained a new business license from the 宣城市市场监督管理局, confirming the updated registered capital [1]. - The company was established on September 16, 1998, and is located at 安徽省宣城宁国经济技术开发区创业北路16号 [1]. Group 2: Business Operations - The company's business scope includes wholesale and retail of electronic components, cloud computing equipment technology services, and various technical services [1]. - The company is also involved in venture capital activities, specifically limited to investing in unlisted enterprises, and asset management services [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300475 证券简称：香农芯创 公告编号：2026-001 香农芯创科技股份有限公司 类型：股份有限公司(上市、自然人投资或控股) 法定代表人：李小红 注册资本：肆亿陆仟肆佰捌拾捌万伍仟柒佰陆拾柒圆整 成立日期：1998年09月16日 住所：安徽省宣城宁国经济技术开发区创业北路16号 关于完成工商变更登记暨注册资本变更的公告 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。 公司分别于2025年12月4日、2025年12月23日召开第五届董事会第十五次（临时）会议、2025年第二次 临时股东大会，审议通过了《关于变更注册资本并修订〈公司章程〉及其附件的议案》，同意公司注册 资本变更为464,885,767元，详见公司于2025年12月6日、2025年12月23日在《证券时报》、《证券日 报》、《中国证券报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《第五届董事会 第十五次（临时）会议决议公告》（公告编号：2025-094）和《2025年第二次临时股东大会决议公告》 （公告 ...

证券日报网讯 1月12日，香农芯创发布公告称，公司分别于2025年12月4日、2025年12月23日召开第五 届董事会第十五次（临时）会议、2025年第二次临时股东大会，审议通过了《关于变更注册资本并修订 及其附件的议案》，同意公司注册资本变更为464，885，767元。近日，公司完成了相应的工商变更登 记手续，并取得了宣城市市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

证券代码：300475 证券简称：香农芯创 公告编号：2026-001 香农芯创科技股份有限公司 关于完成工商变更登记暨注册资本变更的公告 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。 近日，公司完成了相应的工商变更登记手续，并取得了宣城市市场监督管理局换发 的《营业执照》，公司注册资本变更为"肆亿陆仟肆佰捌拾捌万伍仟柒佰陆拾柒圆整"， 其他登记事项不变。公司营业执照登记的相关信息如下： 名称：香农芯创科技股份有限公司 统一社会信用代码：91341800153442926M 类型：股份有限公司(上市、自然人投资或控股) 法定代表人：李小红 注册资本：肆亿陆仟肆佰捌拾捌万伍仟柒佰陆拾柒圆整 成立日期：1998 年 09 月 16 日 住所：安徽省宣城宁国经济技术开发区创业北路 16 号 经营范围：一般项目:电子元器件批发；电子元器件零售；云计算装备技术服务；技 术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；创业投资(限投资未 上市企业)；以自有资金从事投资活动；自有资金投资的资产管理服务；家用电器制造； 工业机器人制造；非居住房地产租赁；土地使用权 ...

Group 1: Industry Overview - The demand for high-performance inference services driven by AI is increasing, leading to a shift in storage demand from traditional large-capacity HDDs to QLC Enterprise SSDs due to supply shortages [1] - NAND Flash product prices are rising due to the overflow effect of QLC and overall supply-demand imbalance [1] - The three major DRAM manufacturers are prioritizing advanced process capacity for high-end Server DRAM and HBM, impacting the capacity for PC, Mobile, and Consumer applications, resulting in significant price increases for old-process DRAM in Q4 2025 [1] Group 2: Company Performance - For the first three quarters of 2025, the company reported revenue of 26.4 billion yuan, a year-on-year increase of 59.9%, while net profit attributable to shareholders was 359 million yuan, a decline of 1.36% [1] - The company's gross margin for the first three quarters of 2025 was 3.13%, down 2.06 percentage points year-on-year, primarily due to rising procurement prices and changes in product structure [2] - The net profit margin was 1.31%, a decrease of 0.82 percentage points year-on-year [2] Group 3: Product Development and Market Position - The development of the company's self-owned brand "Haipu Storage" is progressing well, focusing on the domestic data industry and has completed R&D and trial production of enterprise-level DDR4, DDR5, and Gen4 eSSD [2] - The company has established a strong customer base, including major internet cloud service providers and large domestic ODM enterprises, achieving coverage of core internet companies in China [2] Group 4: Financial Forecast - The company maintains a net profit forecast of 605 million yuan for 2025 and has raised the 2026 net profit forecast to 1.043 billion yuan, an increase of 48% [3] - A new net profit forecast of 1.251 billion yuan for 2027 has been added [3] - The company maintains a "Buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company benefits from the rising prices of storage products driven by the AI wave, with a shift in demand towards QLC Enterprise SSDs due to supply shortages in traditional HDDs [1] - The company has established a dual development model of "distribution + products," with electronic component distribution being the main revenue source [1] - The company has successfully developed its own brand "Haipu Storage," focusing on domestic and customized solutions, with products entering mass production [2] - The company has a strong market presence with a diverse client base, including major internet companies, enhancing its market expansion capabilities [3] - Revenue for the first three quarters of 2025 reached 26.4 billion yuan, a year-on-year increase of 59.9%, while net profit was 359 million yuan, a slight decline of 1.36% [2] Financial Summary - The company's revenue is projected to grow significantly, with estimates of 35.99 billion yuan in 2025, 44.73 billion yuan in 2026, and 51.17 billion yuan in 2027 [4] - The net profit forecast for 2025 is 605 million yuan, increasing to 1.04 billion yuan in 2026 and 1.25 billion yuan in 2027 [4] - The gross profit margin for the first three quarters of 2025 was 3.13%, down 2.06 percentage points year-on-year, primarily due to rising procurement costs [2] - The company’s total assets are expected to reach 8.89 billion yuan in 2025, with total liabilities of 5.30 billion yuan [10] Valuation Metrics - The report provides a projected P/E ratio of 127 for 2025, decreasing to 61 by 2027 [12] - The projected ROE for 2025 is 17.17%, increasing to 23.47% in 2026 [11] - The company’s market capitalization is approximately 76.71 billion yuan [5]