佰维存储(688525)：一季度业绩短期回落 AI眼镜有望助力增长

Core Insights - The company reported a revenue of 6.695 billion yuan for 2024, marking an 86.46% year-on-year increase, and achieved a net profit of 161 million yuan, successfully turning a profit [1] - In Q1 2025, the company generated a revenue of 1.543 billion yuan, reflecting a year-on-year decline of 10.62%, with a net loss of 191 million yuan [1] Group 1: Financial Performance - The company successfully turned a profit in 2024 by leveraging opportunities in the smart wearable sector, significantly increasing product sales and entering the supply chains of major brands like Meta, Google, and Xiaomi [1] - The decline in revenue in Q1 2025 was attributed to a global macroeconomic downturn, leading to a significant drop in storage prices and a 22.75 percentage point decrease in gross profit margin [1] Group 2: Market Opportunities - The stabilization and potential recovery of storage prices in Q2 2025 are expected to improve the company's performance [2] - The company anticipates a substantial increase in revenue from AI glasses, projecting over 500% growth in 2025 compared to 2024, which could further enhance overall performance [2] Group 3: Future Projections - Revenue forecasts for 2025-2027 are estimated at 8.569 billion yuan, 10.266 billion yuan, and 11.859 billion yuan, with net profits projected at 375 million yuan, 705 million yuan, and 864 million yuan respectively [2]