Biwin Storage Technology (SH:688525) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-14 05:24Core Viewpoint - Shenzhen Baiwei Storage Technology Co., Ltd. (688525.SH) has released its first performance forecast for 2025, indicating significant growth in both revenue and net profit, driven by a strong market for storage products and AI applications [2][4]. Revenue and Profit Forecast - The company expects to achieve revenue between 10 billion to 12 billion yuan in 2025, representing a year-on-year growth of 49.36% to 79.23% [4]. - For the fourth quarter of 2025, revenue is projected to be 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% [4]. - Net profit attributable to the parent company is forecasted to be between 850 million to 1 billion yuan, reflecting a year-on-year growth of 427.19% to 520.22% [4]. - In Q4 2025, net profit is expected to be between 820 million to 970 million yuan, with a year-on-year increase of 1225.40% to 1449.67% and a quarter-on-quarter growth of 219.89% to 278.43% [4]. Market Dynamics - A strong price increase in the global storage market is anticipated in Q4 2025, with industry experts suggesting the onset of a "super cycle" driven by AI [2][4]. - The current macroeconomic environment has led to a decline in storage prices since Q3 2024, reaching a low point in Q1 2025, followed by a stabilization and recovery starting in Q2 2025 [4]. AI and Advanced Packaging - Baiwei Storage is maintaining rapid growth in the emerging AI edge sector and is enhancing its advanced packaging capabilities [5]. - The company is progressing well with its wafer-level advanced packaging projects, aligning with customer needs for integrated "storage + wafer-level advanced packaging" solutions [5]. Shareholder Activity - Prior to the profit forecast announcement, the company disclosed a share reduction plan by its major shareholder, the National Integrated Circuit Fund II, which plans to reduce its holdings by up to 9.3426 million shares, representing no more than 2% of the total share capital [6]. - The fund initially held 36.8854 million shares, accounting for 7.90% of the total share capital [6]. Continued Price Increases - The price increase trend in the storage market is expected to continue into Q1 2026, driven by the expansion of global data centers and strong demand for AI applications [7][8]. - Major storage chip manufacturers are shifting production towards high-end chips suitable for AI and data centers, leading to a tightening supply and rising prices [8]. Industry Trends - The storage industry is expected to benefit from the deep integration of AI applications across cloud, edge, and endpoint sectors, necessitating storage solutions with high capacity and performance [9]. - Baiwei Storage is focusing on R&D in chip design, advanced packaging, and testing equipment to meet the evolving demands of the AI era [9].