Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][8]. Core Insights - The company is expected to achieve revenue between 4.5 billion and 5 billion yuan in 2024, representing a year-on-year growth of 153.39% to 181.55%. The projected net profit attributable to shareholders is estimated to be between 340 million and 400 million yuan, indicating a staggering year-on-year growth of 1260.08% to 1500.10% [3][8]. - The company is accelerating the development of enterprise-level SSD products and has initiated preliminary discussions with several domestic cloud service providers [4][8]. - The storage prices have entered a gradual increase phase since Q3 2023, which is expected to stimulate a new round of inventory demand as AI investments continue to rise [5][8]. Summary by Sections Financial Performance - The company forecasts revenues of 1.776 billion yuan in 2023, growing to 4.557 billion yuan in 2024, 5.606 billion yuan in 2025, and 7.222 billion yuan in 2026, with growth rates of 49.2%, 156.6%, 23.0%, and 28.8% respectively [10][11]. - The net profit attributable to shareholders is projected to recover from 25 million yuan in 2023 to 374 million yuan in 2024, 510 million yuan in 2025, and 739 million yuan in 2026, with growth rates of -62.8%, 1396.9%, 36.2%, and 45.0% respectively [10][11]. Product Development - The company has developed a comprehensive range of storage modules, including solid-state drives (SSDs), embedded storage, memory products, and mobile storage, achieving full category coverage [3][8]. - The company is focusing on high-performance PC SSDs, with a new M.2 2280 PCIe 4.0x4 NVMe SSD that boasts read speeds exceeding 7000MB/s and capacities ranging from 512GB to 4TB [4][8]. Market Trends - The ongoing AI investment race among global tech companies is enhancing the demand for enterprise-level storage solutions, which is expected to improve the overall market conditions for storage products [5][8]. - As the consumption end has established normal inventory levels, a new round of inventory demand is anticipated with the introduction of AI PCs and AI smartphones into the market [5][8].
德明利：公司动态研究报告：营收利润同比高增，加快企业级SSD产品进程-20250224