Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][6] Core Insights - The company has announced that its enterprise-level storage products have passed validation from multiple clients and achieved small-scale sales. The revenue forecast for 2024 is projected to be between 45-50 billion yuan, representing a year-on-year growth of 153%-182%. The net profit attributable to shareholders is expected to be between 3.4-4.0 billion yuan, a year-on-year increase of 1260%-1500% [4][6] - The company has completed the layout of four major product lines in 2024, including mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, leading to a significant increase in revenue [6] - The company has developed nine self-researched main control chips covering mobile storage and SATA SSDs, with ongoing research for PCIe and embedded control chips [6] Financial Data and Profit Forecast - The total revenue for 2024 is expected to be 48.6 billion yuan, with a year-on-year growth rate of 173.7%. The net profit attributable to shareholders is forecasted to be 3.97 billion yuan for 2024, with a significant increase in R&D expenses impacting profit margins [5][6] - The company’s revenue is projected to reach 9.05 billion yuan in 2025 and 12.15 billion yuan in 2026, with corresponding net profits of 769 million yuan and 1.03 billion yuan respectively [5][6] - The report adjusts the profit forecast for 2024-2026, with net profit estimates revised to 3.97 billion yuan for 2024, 7.69 billion yuan for 2025, and 10.31 billion yuan for 2026 [6]
德明利：企业级存储量产，迎国内云厂Capex加速机遇-20250226