Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7][18]. Core Insights - The company achieved a record revenue of 17.464 billion yuan in 2024, representing a year-on-year growth of 72.48%. The net profit attributable to the parent company was 499 million yuan, a significant increase of 160.24% [1]. - The business structure has been optimized, with all four product lines showing growth. Embedded storage accounted for 48.24% of revenue, mobile storage 18.37%, solid-state drives 23.75%, and memory bars 8.74% [1]. - The company is expected to benefit from the recent price increases in storage chips, with major manufacturers like SanDisk and Micron raising prices by over 10% [2]. - The company is expanding its global market presence by submitting an IPO application to the Hong Kong Stock Exchange, which is expected to enhance its market competitiveness [2]. - The company has established a chip design team to develop its own main control chips, enhancing product differentiation and performance [3]. - The enterprise-level storage revenue reached 922 million yuan in 2024, a staggering growth of 666.30%, driven by increased demand from AI and data center investments [4]. Financial Summary - The company's revenue for 2023 was 10.125 billion yuan, projected to grow to 21.830 billion yuan by 2025, with a compound annual growth rate of 25% [6]. - The net profit attributable to the parent company is expected to increase from 498.68 million yuan in 2024 to 1.227 billion yuan by 2027 [6]. - The EBITDA for 2024 is projected at 2.552 billion yuan, with a significant increase in profitability metrics [6]. - The company has a total market capitalization of approximately 38.616 billion yuan, with a price-to-earnings ratio of 77.43 for 2024 [8].
江波龙（301308）：24营收再创历史新高，涨价+AI催化25年展望乐观