研报掘金丨华鑫证券：上调佰维存储至“买入”评级，经营业绩有望持续改善

Core Viewpoint - Bawei Storage is expected to achieve a net profit attributable to shareholders of 850 million to 1 billion yuan in 2025, representing a year-on-year growth of 427% to 520% [1] Financial Performance - The net profit for Q4 2025 is projected to be between 820 million and 970 million yuan, indicating a year-on-year increase of 1225% to 1450% and a quarter-on-quarter growth of 220% to 278% [1] - The overall revenue and profit for Q4 2025 and the entire year are expected to reach historical highs, with significant improvements in operating performance [1] Market and Competitive Position - From Q2 2025 onwards, storage prices are anticipated to stabilize and rebound, contributing to the company's ongoing enhancement of advanced packaging capabilities [1] - The company is making steady progress in its wafer-level advanced packaging manufacturing project, currently advancing in sample testing and customer validation [1] - The company is building a differentiated competitive advantage through its layout in wafer-level advanced packaging and aims to provide a one-stop solution combining storage and advanced packaging [1] Growth Drivers - The rapid growth in the AI sector is expected to drive demand, with the storage matrix fully covering market needs [1] - The combination of "storage + wafer-level advanced packaging" is positioned to improve operational performance during the storage price recovery cycle, leading to an upgraded investment rating to "Buy" [1]