研报掘金丨中邮证券：维持香农芯创“买入”评级，“海普存储”首次实现年度规模盈利

Core Viewpoint - The report from Zhongyou Securities indicates that Shannon Chip's Haipu Storage is set to achieve annual scale profitability, with projected net profit for 2025 ranging from 480 million to 620 million yuan, representing a year-on-year growth of 81.77% to 134.78% due to the increasing demand for enterprise-level storage driven by the growth of Artificial General Intelligence (AGI) [1] Group 1 - The company anticipates a sales revenue growth of over 40% in 2025, driven by an increase in the quantity of enterprise-level storage products sold and rising prices of key products [1] - Haipu Storage has launched multiple products in its self-owned brand, including enterprise-level SSDs and DRAM, which have entered mass production [1] - The expected sales revenue for Haipu Storage in 2025 is projected to reach 1.7 billion yuan, with 1.3 billion yuan anticipated in the fourth quarter [1] Group 2 - The company has developed a "distribution + product" dual-wing development model in the high-end storage sector, benefiting from price increases in storage products [1] - The report maintains a "buy" rating for the company, reflecting confidence in its growth prospects [1]