佰维存储：紧抓存储行业上行机遇，24H1业绩大幅增长

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company is expected to achieve significant revenue growth in the first half of 2024, with projected revenues between 3.1 billion to 3.7 billion yuan, representing a year-on-year increase of 169.97% to 222.22% [2]. - The net profit attributable to the parent company is forecasted to be between 280 million to 330 million yuan, indicating a year-on-year growth of 194.44% to 211.31% [2]. - The company has successfully expanded its customer base, leading to accelerated revenue growth, with a five-year compound annual growth rate (CAGR) of 32.25% since 2019 [12]. - The company is expected to benefit from rising storage prices, with a projected increase of 8% to 26% in the second half of the year, which will enhance both revenue and profit margins [6][13]. Summary by Sections Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been revised upwards to 6.533 billion, 8.305 billion, and 9.6 billion yuan, respectively, reflecting an increase of 60.16%, 76.54%, and 88.78% from previous estimates [7]. - The earnings per share (EPS) estimates for 2024-2026 have also been adjusted to 1.06, 1.77, and 2.20 yuan, respectively [7]. Market Performance - The company is expected to see a significant increase in Q2 revenue, estimated between 1.373 billion to 1.973 billion yuan, which represents a year-on-year growth of approximately 90.01% to 173.02% [12]. - The company has effectively managed inventory during the price downturn in 2023, leading to a strong recovery in profitability in 2024 [13]. Business Development - The company is increasing its research and development investments in advanced packaging and testing equipment, which is anticipated to become a second growth curve for the business [6]. - The report highlights the company's ability to adapt to market trends and manage inventory effectively, which has contributed to its improved financial performance [13].