Shannon Semi(300475) 东吴证券·2024-10-27 21:00Investment Rating - Buy (Maintained) [1] Core Views - The company's performance exceeded expectations with significant growth in revenue and net profit, driven by strong demand during the peak season [2] - The company has established deep collaborations with the industry chain, covering top-tier downstream clients and developing its own brand "Haipu Storage" [2] - The company is strategically positioned in the storage and computing industry, leveraging the rise of AI and high-performance chips to expand its distribution business and enterprise-level storage products [3] Financial Performance - 2024 Q3 revenue reached 8.7 billion yuan, a year-on-year increase of 163.6%, with net profit attributable to the parent company of 210 million yuan, up 416.9% year-on-year [2] - 2024 Q3 gross margin was 4.5%, a slight decrease of 0.2 percentage points year-on-year, while net margin improved by 1.2 percentage points to 2.3% [2] - The company's revenue for 2024 is expected to reach 15.879 billion yuan, with net profit attributable to the parent company of 483.43 million yuan, a year-on-year increase of 28% [1] Industry and Market Position - The company has secured authorizations from global memory suppliers like SK Hynix and MTK, as well as distributor qualifications from AMD, enhancing its competitive edge in the storage market [2] - The company's downstream clients include major internet cloud service providers like Alibaba and large ODM enterprises, ensuring comprehensive coverage of top-tier manufacturers [2] - The company is focusing on the development of enterprise-level storage products, such as DDR4, DDR5, and Gen4eSSD, which are entering mass production and are expected to drive future growth [2] Strategic Initiatives - The company is leveraging the AI and computing power trend to expand its storage chip distribution business, with increasing demand for high-performance chips boosting its growth potential [3] - By integrating resources from the semiconductor industry chain, the company aims to maximize industrial synergy and enhance its core competitiveness in the storage and computing sector [3] Valuation and Forecast - The company's 2024-2026 net profit is forecasted to be 483.43 million yuan, 672.05 million yuan, and 854.25 million yuan, respectively, with corresponding P/E ratios of 34.45x, 24.78x, and 19.50x [1][3] - The company's EPS for 2024 is expected to be 1.06 yuan per share, increasing to 1.47 yuan in 2025 and 1.87 yuan in 2026 [1]