Biwin Storage Technology (688525) 光大证券·2025-03-05 07:57Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Viewpoints - The company achieved a revenue of 6.704 billion yuan in 2024, representing a year-on-year growth of 86.71%, and turned a profit with a net profit of 176 million yuan [1] - The storage industry is recovering, with significant increases in product sales, and the company has a comprehensive capability from product planning to advanced manufacturing [1][3] - The company is expanding its product offerings in AI mobile phones and AIPC products, with a notable growth in wearable storage business, projecting 800 million yuan in revenue for wearable storage in 2024 [2] - The company is increasing its R&D investment, with 452 million yuan in R&D expenses for 2024, a year-on-year increase of 80.75%, to enhance competitiveness in advanced packaging and testing [3] Summary by Sections Financial Performance - The company reported a revenue of 6.704 billion yuan for 2024, with a growth rate of 86.70% compared to the previous year [4] - The net profit for 2024 is projected at 176 million yuan, with a significant recovery from previous losses [4] - Forecasts for 2025 and 2026 predict net profits of 618 million yuan and 780 million yuan, respectively, indicating a strong growth trajectory [3][4] Market Position and Product Development - The company has established a leading market share in the domestic market and has entered the supply chains of major international brands [1] - In the mobile sector, embedded storage products are being supplied to clients like OPPO and Motorola, while SSD products are being provided to Lenovo and Acer [1] - The company is actively developing high-performance storage products for AI applications and wearable technology, with partnerships with major tech firms [2] R&D and Competitive Strategy - The company is focusing on enhancing its core competencies through increased R&D in semiconductor storage technology and advanced packaging processes [3] - The R&D expenses for 2024 are set at 452 million yuan, reflecting a commitment to innovation and capacity expansion [3] - The subsidiary, Tailai Technology, is advancing in packaging technologies that support mass production of NAND Flash and DRAM chips [3]