Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant milestones in self-developed storage controllers, with cumulative shipments exceeding 30 million units, and is experiencing rapid growth in enterprise storage [1][9] - The company is positioned as the second-largest independent storage manufacturer globally and the largest in China, with notable brand performance across various segments [9] - The financial outlook has been adjusted downward, with net profit forecasts for 2025 and 2026 revised to 614 million and 783 million respectively, while maintaining a "Buy" rating due to strong market positioning [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 10,125 million in 2023 to 25,025 million by 2027, with a compound annual growth rate (CAGR) of approximately 21.6% [8][11] - The company is expected to turn profitable in 2024 with a net profit of 499 million, increasing to 1,120 million by 2027, reflecting a significant recovery from previous losses [8][11] - The gross margin is anticipated to stabilize around 16.8% by 2027, with a return on equity (ROE) projected to reach 13% [8][11] Market and Product Insights - The enterprise storage segment has shown remarkable growth, with revenue increasing over 2000% year-on-year in the first half of 2024 [9] - The company has successfully launched automotive-grade storage products, indicating diversification into new markets [9] - The self-developed SLC/MLC NAND Flash products have seen substantial shipment volumes, with over 100 million units shipped by 2024 [9]
江波龙（301308）：自研主控出货超3千万颗，企业级存储放量成长