营收大幅增长81%-95%，佰维存储前瞻性布局AI端侧应用迎来大收获

Investment Rating - The report indicates a strong investment outlook for Bawei Storage, with projected revenue growth of 81.02%-94.95% for 2024, and a significant increase in net profit by 125.63%-132.03% [6][8][11]. Core Insights - Bawei Storage is positioned as a leader in the embedded AI storage solutions market, benefiting from the rapid growth of AI applications and advanced packaging technologies [4][12][42]. - The company has a robust product lineup that includes embedded storage solutions widely used in smart wearables, mobile devices, and enterprise-level applications [12][14]. - The global AI glasses market is expected to grow significantly, with Bawei Storage already securing partnerships with major clients like Meta and others, which positions the company well for future growth [33][40][42]. Summary by Sections Revenue Growth and Profitability - Bawei Storage anticipates achieving revenue between 6.5 billion to 7 billion CNY in 2024, marking a substantial increase from the previous year [6]. - The net profit forecast for the company is between 160 million to 200 million CNY, reflecting a strong recovery from previous downturns in the storage industry [7][11]. Market Position and Product Offerings - The company offers a comprehensive range of storage products, including embedded, PC, automotive, enterprise, mobile storage, and advanced packaging solutions [12]. - Bawei Storage's embedded storage products, particularly ePOP, are utilized in AI smart glasses and have gained traction with major tech companies [14][20]. Research and Development - The company has significantly increased its R&D investment, with an estimated 450 million CNY allocated for 2024, representing an 80% year-on-year increase [11]. - Bawei Storage has developed its first main control chip, SP1800, which supports high performance and low power consumption, further enhancing its competitive edge [30][32]. Industry Trends and Future Outlook - The global smart glasses market is projected to reach 4.8 billion USD by 2025, with a compound annual growth rate (CAGR) of 20% [33]. - Bawei Storage's ePOP products are integral to the value chain of AI glasses, which are expected to replicate the growth trajectory of TWS earbuds [42][44].