Investment Rating - The report assigns a "Buy" rating for the company, benefiting from the recovery in the flash memory industry and high growth in performance, driven by self-developed main control chips and enterprise-level storage solutions [5][8]. Core Viewpoints - The company is focused on storage module design and research and development, actively expanding its flash memory product matrix. It primarily develops self-researched main control chips to provide customized full-link storage solutions for clients [7][10]. - The flash memory market is recovering, with industry trends improving steadily. The demand for DRAM and NAND Flash is expected to expand due to the growth of AI PCs and AI smartphones, alongside the upgrade of consumer electronics [7][10]. - The company is making significant strides in enterprise-level storage and main control chips, with a broad market potential. It is accelerating the introduction of various SSD products to meet the expanding downstream market demand [7][10]. Financial Forecast and Valuation - The company’s revenue is projected to grow significantly, with expected revenues of RMB 4.71 billion, RMB 8.08 billion, and RMB 11.13 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 165.43%, 71.36%, and 37.80% [6][49]. - The net profit attributable to the parent company is forecasted to reach RMB 397 million, RMB 657 million, and RMB 1.008 billion for 2024, 2025, and 2026, with staggering growth rates of 1489.09%, 65.31%, and 53.45% respectively [6][51]. - The current price-to-earnings (P/E) ratios are projected to be 51.11, 30.92, and 20.15 for 2024, 2025, and 2026, indicating a favorable valuation compared to comparable companies [8][51]. Company Overview - The company, established in 2008, is a leading integrated circuit design enterprise specializing in self-researched main control chips. It has expanded its product line to include embedded storage, enterprise-level storage, and memory modules [14][20]. - The main products include solid-state drives (SSDs), embedded storage, mobile storage, and memory modules, widely used in data centers, AI, automotive electronics, and mobile phones [20][21]. - The company has experienced steady revenue growth, with revenues increasing from RMB 646 million in 2019 to RMB 1.776 billion in 2023, representing a compound annual growth rate (CAGR) of 29% [7][25].
德明利（001309）：受益闪存行业复苏业绩高增长，自研主控芯片+企业级存储开启未来