Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is focusing on the enterprise-level storage business, which is expected to benefit from the increasing demand for data centers driven by AI computing needs. The global storage market is projected to reach $160.3 billion by 2025, with enterprise-level storage becoming a significant revenue source for major storage manufacturers [1][2]. - The traditional storage cycle is anticipated to recover, with major players like Samsung reducing production to improve supply-demand dynamics. This is expected to lead to a rebound in storage prices [2]. - The company has successfully validated its enterprise-level storage products with multiple clients and has begun small-scale sales, indicating a promising growth trajectory in this new market segment [2]. Financial Projections - Revenue projections for the company are as follows: 2024: ¥4.751 billion, 2025: ¥6.264 billion, 2026: ¥8.169 billion, reflecting growth rates of 167.5%, 31.8%, and 30.4% respectively [4][7]. - Net profit forecasts are: 2024: ¥372 million, 2025: ¥566 million, 2026: ¥902 million, with growth rates of 1386.1%, 52.4%, and 59.3% respectively [4][7]. - The projected PE ratios are 69 for 2024, 45 for 2025, and 28 for 2026, indicating a favorable valuation trend as earnings grow [4][7].
德明利：公告点评：布局企业级存储业务，成长+周期共振-20250302