Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced significant revenue growth, with a 143.8% year-on-year increase in revenue for the first half of 2024, reaching 90.39 billion yuan, and a net profit of 5.94 billion yuan, marking a turnaround from losses [2][6] - The embedded storage segment is the largest business, contributing 44% of revenue in 2023, and is expected to benefit from new major clients and rising product prices in 2024 [6][8] - The enterprise storage segment saw revenue growth of over 20 times year-on-year in the first half of 2024, driven by large-scale shipments of self-developed eSSD products [6][8] - The company is expanding its international and domestic supply chain through acquisitions, contributing positively to revenue and profit [8] - The global AIGC wave and the "Digital China" initiative provide substantial growth opportunities for the storage market, positioning the company favorably as a leading domestic storage module provider [2][6] Financial Summary - Revenue (in million yuan): - 2022: 8,330 - 2023: 10,125 - 2024E: 18,002 - 2025E: 26,374 - 2026E: 33,381 - Year-on-year growth rates: - 2022: -14.6% - 2023: 21.6% - 2024E: 77.8% - 2025E: 46.5% - 2026E: 26.6% [3][11] - Net profit (in million yuan): - 2022: 73 - 2023: -828 - 2024E: 1,096 - 2025E: 2,096 - 2026E: 3,080 - Year-on-year growth rates: - 2022: -92.8% - 2023: -1237.1% - 2024E: 232.3% - 2025E: 91.3% - 2026E: 47.0% [3][11] - ROE: - 2022: 1.1% - 2023: -13.0% - 2024E: 14.6% - 2025E: 21.8% - 2026E: 24.3% [3][11] Business Segments - The embedded storage business generated 44.23 billion yuan in revenue in 2023, with a gross margin of 3.11% [6][8] - The solid-state drive segment accounted for 28% of revenue in 2023, with a gross margin of 5.46% [6][8] - The company has successfully launched self-developed main control chips, enhancing its competitive edge in the enterprise storage market [6][8] Market Position - The company has established a resilient international and domestic supply chain through acquisitions, enhancing its manufacturing capabilities [8] - Lexar, a subsidiary, achieved a 70.6% year-on-year revenue increase in the first half of 2024, with leading market positions in several segments [6][8] - The company is well-positioned to capitalize on the growing demand driven by the global AIGC trend and the "Digital China" initiative [2][6]
江波龙：24H1营收同比增长1.4倍，企业级存储引领成长新引擎