香农芯创(300475)：存储需求扩张 “分销+产品”业务双受益

Group 1 - The company, Xiangnon Xinchang, is a leading domestic electronic component distributor focusing on high-end storage solutions, with 97.15% of its revenue from semiconductor distribution in 2024 [1] - The company was formerly known as Julong Technology and transitioned to the semiconductor industry after acquiring a distributor in 2021, rebranding itself as Xiangnon Xinchang [1] - In May 2023, the company announced the establishment of a subsidiary, Haipu Storage, in collaboration with Dapu Micro, to enter the enterprise SSD market and enhance its capabilities in "distribution + self-research" [1] Group 2 - The storage chip market is expected to grow significantly, with a projected market size of RMB 1,189.7 billion in 2024, accounting for 31.3% of the integrated circuit market, driven by AI and increased demand for storage in devices [2] - Xiangnon Xinchang's subsidiary, United Chuangtai, has secured agency rights from major global suppliers, including SK Hynix and MTK, positioning the company to benefit from the industry's upward cycle and expanding high-end storage demand [2] Group 3 - The enterprise SSD market in China is projected to reach USD 6.25 billion in 2024, representing a growth of 187.9% compared to 2023, with expectations to reach USD 9.1 billion by 2029 [3] - The company has successfully developed and is entering mass production of enterprise-level DDR4, DDR5, and Gen4 eSSD products, targeting cloud computing storage and data center servers [3] - The establishment of Haipu Storage is anticipated to create growth opportunities for the company amid expanding enterprise storage demand [3] Group 4 - Revenue projections for the company from 2025 to 2027 are estimated at RMB 30.06 billion, RMB 32.68 billion, and RMB 40.22 billion, with year-on-year growth rates of 23.9%, 8.7%, and 23.1% respectively [4] - Net profit attributable to the parent company is expected to be RMB 483 million, RMB 686 million, and RMB 927 million for the same period, with growth rates of 83.0%, 42.0%, and 35.0% respectively [4] - The company's EPS is projected to be RMB 1.04, RMB 1.48, and RMB 2.00 for 2025, 2026, and 2027, respectively [4]