Dosilicon(SH:688110) Hua Er Jie Jian Wen·2026-01-23 15:45Financial Performance - The company forecasts a revenue of approximately 921 million yuan for 2025, representing a year-on-year increase of 43.75% [1][2] - The net profit attributable to shareholders is expected to be a loss of 174 to 214 million yuan, which is an increase in loss compared to 2024's loss of 167 million yuan [1][2] - The non-recurring net profit is projected to be a loss of 201 to 241 million yuan [1] Business Recovery - The storage chip segment benefits from an AI-driven industry upcycle, with product prices steadily recovering and quarterly revenue and gross margins showing sequential growth [2] - The storage business has achieved profitability, marking a significant turning point after a prolonged price decline in the small-capacity storage chip market [2] Investment Impact - The company has made a cumulative investment of approximately 411 million yuan in Lishuan Technology, with an expected investment loss of about 166 million yuan in 2025, which significantly impacts overall performance [3] - The first self-developed GPU chip "7G100" has successfully completed its first tape-out in 2025, but the investment is not expected to yield short-term returns [3] R&D Investment - The company maintains high levels of R&D investment, focusing on integrated technology in storage, computing, and networking [5] - The 1xnm flash memory product has achieved mass production and sales, and automotive-grade NAND Flash and NOR Flash products have been mass-produced in multiple vehicle models [5] Future Considerations - There are concerns regarding the sustainability of profitability in the storage business, the strategic logic behind GPU investments, the ramp-up speed of automotive-grade products, and the commercialization timeline for Wi-Fi 7 chips [6] - The company faces challenges in converting revenue growth into sustainable profits despite the positive momentum in its core business [6][7]