Dosilicon(SH:688110) Zheng Quan Shi Bao Wang·2025-05-13 09:38Core Viewpoint - The storage chip market is experiencing a structural transformation driven by AI technology, with domestic manufacturers like Dongxin Co. striving for self-research and development to meet local demand and enhance competitiveness [2][3]. Industry Overview - Major NAND manufacturers, including Samsung, SK Hynix, Micron, Western Digital, and Kioxia, have implemented production cuts since Q4 2024 to address oversupply, leading to a tightening supply that is expected to drive up storage chip prices in Q1 2025 [1]. - The global semiconductor market is projected to reach approximately $626.87 billion in 2024, with the storage chip market expected to grow to about $167.05 billion, reflecting an 81% year-on-year increase [3]. Company Performance - Dongxin Co. reported a revenue of 641 million yuan for 2024, a year-on-year increase of 20.80%, while the net profit attributable to shareholders was a loss of 167 million yuan, narrowing by 45.42% [3]. - In Q1 2025, the company achieved a revenue of 142 million yuan, representing a year-on-year growth of 33.90%, although it still faced a net loss of approximately 59.24 million yuan due to rising R&D and financial expenses [3]. Future Growth Drivers - The company is focusing on integrated technology innovation in the "storage, computing, and connectivity" domain, aiming to expand its application range in various sectors such as network communication, surveillance, consumer electronics, industrial control, and automotive electronics [4]. - The demand for high-reliability storage chips is expected to grow due to the acceleration of AI technology and the rise of edge computing devices, providing more market opportunities for the company [4]. - In 2024, the company established a subsidiary for Wi-Fi 7 wireless communication chip development, targeting high bandwidth and low latency scenarios to meet the needs of smart terminal applications [4]. - The company made a strategic investment of 200 million yuan in Shanghai Lishuan to enter the high-performance GPU market, with its first-generation graphics processing chip G100 already in the testing phase [5].