Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a record high revenue of 2.9 billion yuan in Q2 2025, doubling both year-on-year and quarter-on-quarter [1][5] - The company has successfully expanded its product lines to include mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, with significant revenue growth in 2024 [5] - The company has established a strong client base across various industries, including cloud service providers and AIoT terminal manufacturers [5] Financial Data and Profit Forecast - Total revenue projections are as follows: 2024: 4,773 million yuan, 2025H1: 4,109 million yuan, 2025E: 8,325 million yuan, 2026E: 9,326 million yuan, 2027E: 11,327 million yuan [4] - Year-on-year growth rates for revenue are projected at 168.7% for 2024, 88.8% for 2025H1, and 74.4% for 2025E [4] - The net profit attributable to the parent company is forecasted to be 351 million yuan in 2024, 725 million yuan in 2025E, 845 million yuan in 2026E, and 1,046 million yuan in 2027E [4] - The company’s gross margin is expected to improve from 5.0% in 2025H1 to 16.4% in 2026E [4] - The company’s return on equity (ROE) is projected to be 22.5% in 2025E, 20.8% in 2026E, and 20.5% in 2027E [4] Market Data - As of August 25, 2025, the closing price is 99.61 yuan, with a market capitalization of 15,915 million yuan [2] - The price-to-earnings (PE) ratio is estimated at 31 for 2025 [4]
德明利（001309）：25Q2季度营收29亿元创新高，同环比均翻倍