Netac(SZ:300042) Guohai Securities·2025-07-04 01:33Group 1 - The core viewpoint of the report highlights that Langke Technology (300042.SZ) is actively positioning itself within the computing power ecosystem, benefiting from the "East Data West Computing" initiative in Shaoguan [2][3] - Langke Technology is a leader in the storage industry, having been established in 1999 and listed on the Growth Enterprise Market in 2010, with a product range that includes SSDs, DDR, embedded storage, and mobile storage [3] - The company experienced a decline in revenue from 2022 to 2024, with figures of 1.772 billion, 1.088 billion, and 0.829 billion yuan respectively, reflecting year-on-year decreases of 7.36%, 38.63%, and 23.73% due to weak terminal demand and falling product prices [3] Group 2 - The global storage market is expected to enter an upward cycle driven by increased shipments of electronic devices and data center construction, with the NAND Flash market in China accounting for approximately 36% and DRAM for about 62% [4] - The global smartphone market is projected to rebound strongly in 2024, with shipments reaching 1.22 billion units, a year-on-year increase of 7% [4] - The global data center market is estimated to be worth approximately 82.2 billion USD in 2023, with a year-on-year growth of 10.04%, and is expected to reach 96.8 billion USD by 2025 [4] Group 3 - Shaoguan is the only node in South China for the "East Data West Computing" initiative, with 22 intelligent computing center projects and a total investment of 62.1 billion yuan as of the end of 2024 [5] - The city plans to establish 500,000 standard racks and 5 million servers by 2025, with an investment exceeding 50 billion yuan, significantly enhancing the computing power capacity in the Guangdong-Hong Kong-Macao Greater Bay Area [5] - Langke Technology, backed by the Shaoguan State-owned Assets Supervision and Administration Commission, is expected to become a strategic investment hub in the region's computing power layout [5] Group 4 - The company's main storage business is anticipated to benefit from a recovery in industry demand, with projected revenues of 0.851 billion, 1.046 billion, and 1.301 billion yuan from 2025 to 2027, and net profits of -0.031 billion, 0.146 billion, and 0.217 billion yuan respectively [6] - The report assigns a price-to-sales ratio (PS) of 6, 5, and 4 for the years 2025 to 2027, indicating a positive outlook for the company's financial performance [6]