山西证券：给予佰维存储增持评级

Core Viewpoint - The report indicates that Bawei Storage is gradually improving its performance in the first half of 2025, driven by rising storage prices and the penetration of AI applications across multiple fields [1][2]. Financial Performance - In the first half of 2025, Bawei Storage reported a revenue of 3.912 billion yuan, representing a year-on-year increase of 13.70%. However, the net profit attributable to shareholders was -226 million yuan, a decline of 179.68% year-on-year [2]. - For Q2 2025, the revenue reached 2.369 billion yuan, showing a year-on-year growth of 38.20% and a quarter-on-quarter increase of 53.50%. The net profit attributable to shareholders was -28.298 million yuan, reflecting a year-on-year decline of 124.44%, but a significant narrowing of losses compared to the previous quarter [2]. Market Trends and Product Development - The recovery in storage prices, along with the delivery of key projects, has led to a gradual improvement in the company's performance. After hitting a low in Q1 2025, storage prices began to stabilize and rise in Q2, contributing to an increase in revenue and gross profit. The gross margin for sales in June reached 18.61%, with a quarter-on-quarter increase of 11.7 percentage points [3]. - Bawei Storage has established a strong market presence among domestic storage manufacturers, with its products being integrated into the supply chains of leading domestic and international clients in mobile phones, PCs, and smart wearables. The company is also experiencing rapid growth in enterprise-level and smart automotive sectors, continuously providing solutions to accelerate new product introductions [4]. AI Integration and Future Projects - The company is advancing its wafer-level packaging project, which is expected to enhance the performance of AI chips while reducing system costs. This project is anticipated to be operational in the second half of 2025, allowing Bawei Storage to offer comprehensive solutions that integrate storage and advanced packaging testing [5]. - The demand for storage solutions is expected to grow significantly due to the increasing requirements for high capacity, speed, and low power consumption in AI applications. Bawei Storage has launched various embedded storage products for AI smartphones and high-performance storage products for AIPC, indicating a strong alignment with market trends [4][5]. Investment Outlook - The earnings per share (EPS) forecasts for Bawei Storage are projected to be 1.03, 1.60, and 2.01 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 65.4, 42.2, and 33.5. The company is expected to benefit from a new cycle of rising storage prices and the growth of AI-related products, maintaining an "Accumulate-A" rating [5].