Biwin Storage Technology (SH:688525) China Post Securities·2024-03-03 16:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [34][32]. Core Insights - The company is projected to achieve revenues of 36 billion yuan in 2023, 48 billion yuan in 2024, and 63 billion yuan in 2025, with a gradual recovery in profitability [34][35]. - The company has established a comprehensive product matrix in embedded storage and other product lines, focusing on innovation across six major application areas [33]. - The company has a strong competitive advantage through its integrated R&D and testing capabilities, enhancing its position in the semiconductor storage industry [33]. Financial Summary - Total revenue is expected to grow from 29.86 billion yuan in 2022 to 36.18 billion yuan in 2023, 47.69 billion yuan in 2024, and 62.65 billion yuan in 2025, reflecting growth rates of 14.44%, 21.19%, 31.80%, and 31.37% respectively [35]. - The net profit attributable to the parent company is forecasted to be -588 million yuan in 2023, with a recovery to 117 million yuan in 2024 and 213 million yuan in 2025 [35]. - The company’s earnings per share (EPS) is projected to improve from -1.37 yuan in 2023 to 0.27 yuan in 2024 and 0.50 yuan in 2025 [35]. Market Position - The company has a total market capitalization of 20.2 billion yuan and a circulating market capitalization of 11.7 billion yuan [22]. - The company’s stock has shown a 52-week high of 105.03 yuan and a low of 25.59 yuan, indicating significant volatility [6].