佰维存储：研发向上突破 加速朝价值链高端攀升

Core Viewpoint - The company emphasizes the importance of self-built testing and packaging capabilities to enhance product competitiveness and pricing power in the semiconductor storage industry [1][2][3] Group 1: Company Strategy - The company has established a dual strategy focusing on "solution development + self-packaging and testing" to meet market demands for high-capacity, miniaturized, and low-power storage solutions [2][3] - By integrating research and testing capabilities, the company aims to penetrate high-tech fields such as smartphones, PCs, and smart wearables, thereby avoiding intense competition and enhancing differentiation [2][3] Group 2: R&D Investment - The company has significantly increased its R&D investment from 51 million yuan in 2018 to 447 million yuan in 2024, representing a growth of over 7 times [3] - The company maintains a commitment to innovation even during industry downturns, allowing it to seize opportunities during recovery periods [3] Group 3: Market Expansion - The company has successfully entered the supply chains of major brands such as OPPO, VIVO, Lenovo, and Xiaomi with its embedded storage and SSD products [4] - Future focus areas include smart wearables and smart vehicles, with enterprise storage and data center products being prioritized for medium to long-term growth [4][5] Group 4: Emerging Markets - The company anticipates significant growth in the smart glasses segment, projecting revenues exceeding 1 billion yuan in 2024, with a year-on-year increase of nearly 300% [5] - In the automotive sector, the company has begun bulk deliveries of LPDDR RAM and eMMC products to leading car manufacturers, with expectations for increased sales in vehicle-grade storage [5] Group 5: Industry Positioning - The company's transition from reliance on external testing to an integrated approach reflects a strong commitment to self-sufficiency in the domestic storage industry [6] - The company is leveraging its R&D capabilities and global presence to transform challenges into growth opportunities, aiming to move up the value chain in the industry [6]