Core Viewpoint - The company, Demingli (001309.SZ), has reported impressive financial results for the first half of the year, driven by the AI server wave and a significant increase in revenue and improvements in loss reduction [1][2]. Financial Performance - In the first half of the year, the company achieved operating revenue of 4.109 billion yuan, a year-on-year increase of 88.83%, while net profit loss was 118 million yuan, with a reduction in loss of 29.28% in the second quarter compared to the first quarter [1][2]. - The solid-state drive (SSD) business generated revenue of 1.534 billion yuan, a year-on-year increase of 64.62%, and the embedded storage business reached 1.7 billion yuan, a year-on-year increase of 290.10% [3][4]. Business Growth Drivers - The embedded storage and enterprise-level storage businesses have rapidly expanded, becoming significant growth drivers for the company, supported by self-developed main control chip technology and comprehensive solution capabilities [2][3]. - The demand for high-performance storage is being driven by the AI wave, with the company positioned to benefit from increased capital expenditure by internet companies and rising prices due to tight supply of DDR4 [2][6]. Product and Technology Development - The company has developed customized storage solutions and services, transitioning from a single product supplier to an integrated service provider encompassing hardware, technology, and supply chain [1][3]. - Demingli has launched a range of storage solutions across various sectors, including data centers, industrial control, automotive electronics, mobile terminals, smart homes, and security monitoring [3][4]. Market Trends and Outlook - The global server market is projected to reach $413.3 billion by 2025, with the AI server market expected to grow to $298 billion, accounting for over 70% of the total [6]. - The storage industry is experiencing a structural shift from mere capacity expansion to performance upgrades, with increasing demands for high-speed, high-capacity, and high-expandability storage solutions [6][7]. - The company is expected to continue benefiting from the dual advantages of domestic substitution and the upward trend in industry prosperity, with a stable growth outlook for AI server demand [9].
德明利AI变奏：上半年营收增长9成，嵌入式存储增长近3倍