Biwin Storage Technology (SH:688525) Chang Jiang Shang Bao·2026-01-14 23:49Core Viewpoint - The company, Baiwei Storage, is experiencing a significant surge in its operating performance, driven by a recovery in storage prices and growth in the AI sector [1][2][3]. Group 1: Financial Performance - Baiwei Storage expects to achieve an annual revenue of 10 billion to 12 billion yuan for 2025, representing a year-on-year growth of 49.36% to 79.23% [1][2]. - The projected net profit attributable to shareholders for 2025 is estimated to be between 850 million to 1 billion yuan, indicating a staggering year-on-year increase of 427.19% to 520.22% [1][2]. - In the fourth quarter, the company anticipates a net profit of approximately 820 million to 970 million yuan, reflecting a year-on-year growth of 1225.40% to 1449.67% [1][3]. Group 2: Market Dynamics - The recovery in storage prices began in the second quarter of 2025, following a decline that started in the third quarter of 2024, which significantly impacted sales and profit margins [3]. - The company is maintaining a strong growth trend in the emerging AI sector, which is contributing to its overall performance [4][8]. Group 3: Research and Development - Baiwei Storage has increased its R&D investment, with 410 million yuan spent in the first three quarters of 2025, accounting for 91.72% of the total planned for 2024, marking a year-on-year increase of approximately 21% [1][8]. - The company is focusing on advanced packaging capabilities and has made significant progress in its wafer-level advanced packaging manufacturing projects [8]. Group 4: Market Position - Baiwei Storage is a leading player in the domestic semiconductor storage market, with its products being integrated into major brands across various sectors, including mobile, PC, and smart wearables [6][7]. - The company has established strategic partnerships with domestic server manufacturers and is actively expanding its presence in the automotive sector [7].