Dosilicon(688110) Yong Xing Zheng Quan·2025-05-06 11:25Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company has significantly increased its market share in SLC NAND sales, with a notable year-on-year growth in sales volumes of NAND, NOR, and DRAM chips by 61.79%, 16.80%, and 20.79% respectively [2] - The demand for large-capacity SLC NAND has been driven by the growth in network communication, particularly in base stations, as well as the recovery in demand for consumer electronics and security applications [2] - The rapid development of AI terminals is expected to accelerate the demand for niche storage solutions, benefiting the company as it focuses on small-capacity storage chips [3] - The company has successfully completed the first wafer processing of its first-generation GPU chip, which aims to address key issues in the domestic GPU architecture [3] Financial Performance - In 2024, the company achieved a revenue of 641 million yuan, a year-on-year increase of 20.80%, but reported a net loss of 167 million yuan [1] - For Q1 2025, the company reported a revenue of 142 million yuan, reflecting a year-on-year growth of 33.90%, with a net loss of 59 million yuan [1] - The forecast for net profit from 2025 to 2027 is projected to be -131 million yuan, 3 million yuan, and 177 million yuan respectively, with corresponding EPS of -0.30, 0.01, and 0.40 yuan [4][6] Market Outlook - The company is expected to benefit from the recovery of the storage cycle, leading to simultaneous growth in volume and price, alongside accelerated domestic substitution and enhanced product advantages [4] - The integration of storage, computing, and networking is anticipated to further open up growth opportunities for the company [4]