Core Viewpoint - The company has shown significant growth in revenue and net profit for the year 2024, driven by strong performance in embedded storage and enterprise-level SSDs, indicating a positive outlook for future growth cycles [1][2][4]. Financial Performance - In 2024, the company's revenue reached 17.464 billion yuan, a year-on-year increase of 72.5%, with a net profit of 499 million yuan, up 160% year-on-year, and a non-net profit of 167 million yuan, up 120% year-on-year [1]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin was 2.89%, up 11.16 percentage points year-on-year [1]. Business Segments - The embedded storage segment generated 8.425 billion yuan in revenue, accounting for 48% of total revenue, with a year-on-year growth of 90.5% and a gross margin of 17.45% [2]. - The solid-state drive (SSD) segment contributed 4.147 billion yuan, representing 24% of total revenue, with a year-on-year increase of 48% and a gross margin of 15.93% [2]. - The enterprise-level storage business (eSSD + RDIMM) saw revenue of 922 million yuan, a staggering year-on-year increase of 666.3%, with the second half of 2024 showing a 116.8% increase compared to the first half [4]. Product Development - The company successfully taped out its first batch of UFS self-developed main control chips in 2024, with expectations to enter the high-end smart terminal market in 2025 [5]. - The Lexar product line achieved a revenue of 3.525 billion yuan, continuing its growth trend and setting new records [3]. Market Outlook - The global AIGC wave and the "Digital China" initiative are expected to provide new growth momentum for the storage market, positioning the company as a leading independent storage manufacturer in China [6]. - The company is projected to achieve net profits of 986 million yuan, 1.617 billion yuan, and 2.012 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 43, 27, and 21 [6].
江波龙(301308)：24年扣非净利同比+1.2倍 看好上行周期+企业级存储助力成长