佰维存储：国内存储模组龙头，加码布局先进封测

Investment Rating - The report assigns a "Buy-A" rating to the company for the first time [1] Core Views - The company is a leading domestic memory module manufacturer with a competitive edge in R&D and packaging/testing integration [1] - The memory industry is expected to recover, driven by AI demand and cyclical recovery, with prices likely to stabilize and rise by 2025 [2] - The company is actively expanding into advanced packaging and testing, positioning itself as a key player in the semiconductor industry [3] - The company's profitability is expected to improve significantly, with projected net profits of 342/584/784 million yuan for 2024-2026, representing growth rates of 154.8%/70.8%/34.2% [6] Company Overview - The company is a leading domestic memory module manufacturer with a focus on R&D and packaging/testing integration [1] - Its main products include embedded storage, PC storage, mobile storage, industrial/automotive storage, and enterprise-level storage, with embedded, PC, and mobile storage contributing over 90% of revenue [1] - The company has established a comprehensive product system and service, with a strong presence in high-growth sectors such as smart terminals, data centers, and smart vehicles [1] Industry Trends - The memory industry is expected to recover, driven by AI demand and cyclical recovery, with prices likely to stabilize and rise by 2025 [2] - The global advanced packaging market is projected to grow from $46.83 billion in 2023 to $78.55 billion in 2028, with a CAGR of 10.9% [3] - AI server demand is driving growth in high-bandwidth memory (HBM), with the HBM market expected to grow from $5.5 billion in 2023 to $38 billion in 2029, with a CAGR of 38% [65] Financial Performance - The company's revenue for 2024-2026 is projected to be 6.85/9.53/11.99 billion yuan, with year-on-year growth rates of 90.9%/39.1%/25.8% [7] - Net profit for 2024-2026 is expected to be 342/584/784 million yuan, with growth rates of 154.8%/70.8%/34.2% [6] - The company's gross margin is expected to improve significantly, reaching 22.5%/22.7%/22.9% for 2024-2026 [7] Strategic Initiatives - The company is actively expanding into advanced packaging and testing, with a focus on the Greater Bay Area to meet regional demand [3] - The company's advanced packaging and testing project in Dongguan is expected to start production in 2025, with a planned monthly capacity of 20,000 12-inch wafers [3] - The company is leveraging its "5+2+X" strategy to drive long-term growth, focusing on five major application markets and two key growth areas: chip design and advanced packaging [32] Product Portfolio - The company offers a comprehensive range of memory products, including embedded storage, PC storage, mobile storage, industrial/automotive storage, and enterprise-level storage [1] - Embedded storage products are widely used in smartphones, tablets, and IoT devices, with key clients including OPPO, Motorola, and ZTE [57] - The company's enterprise-level storage products, including SSDs and memory modules, are positioned to benefit from the growth of AI servers and data centers [64]