研报掘金丨国盛证券：首予香农芯创“买入”评级，“分销+产品”双翼齐飞

Core Viewpoint - The report from Guosheng Securities highlights that Shannon Semiconductor is a leading company in semiconductor distribution, driven by a dual strategy of "distribution + products" [1] Distribution - In 2021, the company completed the acquisition of United Technology, entering the semiconductor distribution sector and officially rebranding as Shannon Semiconductor [1] - The company holds agency rights for major global semiconductor manufacturers such as SK Hynix, MediaTek, and AMD (which it will obtain in May 2024), as well as for leading domestic chip manufacturers like GigaDevice, Datang Storage, and Cambricon [1] - In 2024, Shannon Semiconductor is ranked 14th among global semiconductor component distributors and 3rd among distributors in mainland China [1] Products - In 2023, the company established a joint venture, Shenzhen Haipu Storage, with partners SK Hynix and Dapu Microelectronics, to enter the enterprise SSD market [1] - In 2024, the three parties will jointly establish a subsidiary, Wuxi Haipu Storage, to fill the gap in enterprise DRAM offerings [1] Growth Opportunities - The company is expected to benefit from the growth in electronic component business and the increasing demand for storage products driven by AI, leading to revenue performance growth [1] - Compared to peer companies, Shannon Semiconductor possesses a valuation advantage, prompting a "buy" rating in the initial coverage [1]