Shannon Semi(SZ:300475) China Post Securities·2026-02-04 10:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - The company, Haipu Storage, is expected to achieve significant growth in its enterprise-level SSD and DRAM products, with projected net profit for 2025 ranging from 480 to 620 million yuan, representing a year-on-year increase of 81.77% to 134.78% [3]. - The demand for enterprise-level storage is anticipated to rise due to the growth of artificial general intelligence (AGI) and the construction of internet data centers (IDC), leading to an expected revenue growth of over 40% in 2025 [3]. - The company aims to achieve sales revenue of 1.7 billion yuan in 2025, with a substantial portion of this revenue expected in the fourth quarter [3]. Financial Projections - Revenue projections for the company are as follows: 36 billion yuan in 2025, 45.2 billion yuan in 2026, and 56.6 billion yuan in 2027, with corresponding net profits of 560 million yuan, 1.1 billion yuan, and 1.5 billion yuan respectively [5][10]. - The company is expected to experience a significant increase in earnings per share (EPS), projected at 1.20 yuan in 2025, 2.36 yuan in 2026, and 3.29 yuan in 2027 [10][11]. - The company's EBITDA is forecasted to grow from approximately 991.95 million yuan in 2025 to 2.07 billion yuan in 2027, reflecting strong operational performance [10]. Market Dynamics - The report highlights a comprehensive increase in memory prices, with DRAM contract prices expected to rise by 90% to 95% in the first quarter of 2026, driven by heightened demand from AI and data centers [4]. - The company has established a dual development model of "distribution + product," benefiting from the rising prices in the storage market [4].