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 estimated between 480 million to 620 million yuan, representing a year-on-year growth of 81.77% to 134.78% [1] Company Summary - The demand for enterprise-level storage is continuously increasing due to the robust development of Artificial General Intelligence (AGI) and the construction of Internet Data Centers (IDC) [1] - The company anticipates a sales growth of over 40% for the year, 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 two main product lines, enterprise-level SSDs and enterprise-level DRAM, which have entered mass production [1] - For the fiscal year 2025, Haipu Storage expects to achieve sales revenue of 1.7 billion yuan, with an anticipated revenue of 1.3 billion yuan in the fourth quarter [1] - The company has developed a dual-wing growth strategy of "distribution + product" in the high-end storage sector, benefiting from rising storage prices [1]