Shannon Semi(SZ:300475) EBSCN·2026-01-12 08:06Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company benefits from the rising prices of storage products driven by the AI wave, with a shift in demand towards QLC Enterprise SSDs due to supply shortages in traditional HDDs [1] - The company has established a dual development model of "distribution + products," with electronic component distribution being the main revenue source [1] - The company has successfully developed its own brand "Haipu Storage," focusing on domestic and customized solutions, with products entering mass production [2] - The company has a strong market presence with a diverse client base, including major internet companies, enhancing its market expansion capabilities [3] - Revenue for the first three quarters of 2025 reached 26.4 billion yuan, a year-on-year increase of 59.9%, while net profit was 359 million yuan, a slight decline of 1.36% [2] Financial Summary - The company's revenue is projected to grow significantly, with estimates of 35.99 billion yuan in 2025, 44.73 billion yuan in 2026, and 51.17 billion yuan in 2027 [4] - The net profit forecast for 2025 is 605 million yuan, increasing to 1.04 billion yuan in 2026 and 1.25 billion yuan in 2027 [4] - The gross profit margin for the first three quarters of 2025 was 3.13%, down 2.06 percentage points year-on-year, primarily due to rising procurement costs [2] - The company’s total assets are expected to reach 8.89 billion yuan in 2025, with total liabilities of 5.30 billion yuan [10] Valuation Metrics - The report provides a projected P/E ratio of 127 for 2025, decreasing to 61 by 2027 [12] - The projected ROE for 2025 is 17.17%, increasing to 23.47% in 2026 [11] - The company’s market capitalization is approximately 76.71 billion yuan [5]