深耕物联网终端和数据存储，尽享AI时代红利

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company focuses on the Internet of Things (IoT) terminals and data storage, benefiting from the AI era. It aims to provide integrated intelligent services across cloud, edge, and terminal devices, with strong partnerships with major tech firms [3][41]. - The company's net profit for 2023 is projected to be between 275 million to 310 million yuan, representing a year-on-year growth of 110.07% to 136.81% [3][52]. Financial Projections - Expected revenues for 2023, 2024, and 2025 are 4.306 billion, 5.961 billion, and 7.459 billion yuan respectively, with net profits of 301 million, 574 million, and 746 million yuan [4][12]. - The company has shown a compound annual growth rate (CAGR) of 27.86% in revenue from 2018 to 2022, with net profit CAGR at 17.81% during the same period [52]. Business Model and Partnerships - The company operates primarily through Joint Design Manufacturing (JDM) and Original Design Manufacturing (ODM) models, maintaining long-term collaborations with notable clients such as Lenovo, Xiaomi, and China Mobile [21][25]. - The company has established a comprehensive business system covering product planning, development, manufacturing, and after-sales service [21]. Market Trends and Growth Drivers - The global IoT market is rapidly expanding, with a projected growth of 15% year-on-year, reaching 16.7 billion connections by 2024 [11]. - The storage market is also experiencing a resurgence, driven by increased demand for AI servers and a recovery in consumer electronics, with NAND Flash and DRAM prices expected to rise significantly in 2024 [34][88]. Product Lines and Innovations - The company offers a diverse range of IoT products, including smart cameras, robots, and wearables, and is enhancing its cloud video platform to support its integrated strategy [11][43]. - The company is focusing on smart manufacturing and digital transformation to reduce costs and improve efficiency, which has positively impacted its gross margins [30][67].