存储价格企稳回升，佰维存储2025年净利润同比预增超10倍

Core Viewpoint - The company Bawei Storage anticipates significant revenue and profit growth for the year 2025, driven by a recovery in storage prices and strong performance in AI-related sectors [3][4]. Financial Performance - For 2025, Bawei Storage expects revenue between 10 billion to 12 billion yuan, an increase of 3.305 billion to 5.305 billion yuan compared to the previous year, representing a year-on-year growth of 49.36% to 79.23% [3]. - The fourth quarter of 2025 is projected to see revenue between 3.425 billion to 5.425 billion yuan, with a year-on-year increase of 105.09% to 224.85% and a quarter-on-quarter growth of 28.62% to 103.73% [3]. Profitability - The company forecasts a net profit attributable to shareholders of 850 million to 1 billion yuan for 2025, an increase of 689 million to 839 million yuan from the previous year, with a year-on-year growth rate of 427.19% to 520.22% [3]. - In the fourth quarter of 2025, the net profit is expected to be between 820 million to 970 million yuan, reflecting a year-on-year increase of 1225.4% to 1449.67% and a quarter-on-quarter growth of 219.89% to 278.43% [3]. Adjusted Profit Metrics - After excluding non-recurring gains and losses, the net profit for 2025 is projected to be between 760 million to 900 million yuan, a substantial increase of 693 million to 833 million yuan year-on-year, translating to a growth of 1034.71% to 1243.74% [3]. - The fourth quarter's adjusted net profit is expected to range from 778 million to 918 million yuan, with a year-on-year increase of 393.99% to 482.85% and a quarter-on-quarter growth of 264.90% to 330.54% [3]. Cost Considerations - The company anticipates share-based payment expenses of approximately 253 million yuan for 2025, which, when excluded, would result in a net profit of 1.103 billion to 1.253 billion yuan [4]. - For the fourth quarter, share-based payment expenses are expected to be around 43.87 million yuan, leading to an adjusted net profit of 863 million to 1.013 billion yuan [4]. Growth Drivers - The primary drivers for the anticipated growth include a recovery in storage prices starting from the second quarter of 2025, the delivery of key projects, and a strong performance in the AI emerging sector [4]. - The company is focusing on enhancing its advanced packaging capabilities and progressing in wafer-level advanced testing manufacturing projects, providing comprehensive solutions for clients [4]. - Continuous investment in chip design, firmware design, new product development, and advanced testing R&D is being emphasized to improve market competitiveness [4].