Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to benefit from the upward cycle in the storage industry, with a forecasted 24Q2 net profit attributable to shareholders expected to increase by 1.6 times year-on-year [4] - The company anticipates a significant revenue increase in 24H1, with a forecasted revenue of 8.8 to 9.2 billion yuan, representing a year-on-year growth of 142.8% [7] - The company is positioned as a leader in the domestic storage module market, with substantial growth potential driven by the global AIGC wave and the "Digital China" initiative [4] Financial Summary - Revenue (in million yuan): - 2022A: 8,330 - 2023A: 10,125 - 2024E: 18,002 - 2025E: 26,374 - 2026E: 33,381 - Year-on-year growth rates: - 2023A: 21.6% - 2024E: 77.8% - 2025E: 46.5% - 2026E: 26.6% [3][13] - Net profit attributable to shareholders (in million yuan): - 2022A: 73 - 2023A: -828 - 2024E: 1,311 - 2025E: 2,107 - 2026E: 3,092 - Year-on-year growth rates: - 2023A: -1237.1% - 2024E: 258.3% - 2025E: 60.8% - 2026E: 46.7% [3][13] - Return on Equity (ROE): - 2022A: 1.1% - 2023A: -13.0% - 2024E: 16.9% - 2025E: 21.4% - 2026E: 23.9% [3][13] Business Segments - The embedded storage segment is the largest business, with 2023 revenue of 4.423 billion yuan, accounting for 44% of total revenue, and a gross margin of 3.11% [4] - The solid-state drive (SSD) segment is the second largest, with 2023 revenue of 2.802 billion yuan, accounting for 28% of total revenue, and a gross margin of 5.46% [4] - The company has successfully delivered enterprise-level SSD and RDIMM products, gaining recognition from clients in various sectors [4] Strategic Developments - The company completed acquisitions of Yuan Cheng Suzhou and Zilia in 2023, enhancing its domestic and international supply chain capabilities [10] - The company has established a resilient supply chain system with Zilia's factory in Brazil and Yuan Cheng Suzhou's advanced packaging technology [10]
江波龙：预告24Q2归母净利润同比+1.6倍，企业级存储规模放量加速