香农芯创（300475）：海普存储放量，企业级存储龙头扬帆起航

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve over 40% revenue growth in 2025, exceeding 34 billion yuan, with net profit projected between 480 million to 620 million yuan, representing a year-on-year increase of 81.77% to 134.78% [1] - The growth is primarily driven by the demand for storage products fueled by AI, leading to a sustained price increase and the ramp-up of the company's proprietary brand, Haipu Storage [1][2] - Haipu Storage is anticipated to generate sales revenue of 1.7 billion yuan in 2025, with a significant contribution expected in Q4 2025 [1] - The company has secured AMD distributor status, enhancing its competitive edge and enabling it to provide comprehensive solutions in the AI and high-performance computing sectors [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 34 billion, 58.7 billion, and 86.6 billion yuan respectively, with net profits expected to be 550 million, 3 billion, and 5 billion yuan [3] - The company’s P/E ratios are projected to be 133, 25, and 15 for the years 2025, 2026, and 2027 respectively, indicating a favorable outlook for earnings growth [3] - The company’s revenue growth rates are forecasted at 40% for 2025, 72.7% for 2026, and 47.5% for 2027 [5]