研发封测一体化布局，存储先锋加速成长

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the next six months with expected stock price appreciation of over 15% [86]. Core Insights - The storage industry is at a turning point, with price increases expected in 2024. DRAM contract prices are projected to rise by approximately 13-18%, while NAND Flash prices may increase by 18-23% [89]. - The company is recognized for its strong overall solution capabilities in the storage sector, which has led to significant client endorsements, suggesting a potential for simultaneous volume and price growth [89]. - The company is transitioning from a module manufacturer to a provider of customized storage solutions, enhancing its value share and driving revenue growth [4]. Summary by Sections Company Overview - The company operates in the storage sector with a focus on embedded storage, consumer-grade storage, industrial-grade storage, and advanced packaging and testing [100][105]. - The embedded storage segment accounts for approximately 50% of the company's revenue, with a notable increase in the consumer-grade storage segment [105]. Market Trends - The demand for storage solutions is expected to rise due to the increasing penetration of 5G smartphones and the growing requirements for AI, 4K video recording, and multitasking capabilities [17]. - The global smartphone shipment is projected to reach 1.223 billion units by 2025, creating a storage market space of approximately 557.2 billion yuan [89]. Financial Projections - The company forecasts revenues of 35.01 billion yuan, 68.93 billion yuan, and 89.61 billion yuan for the years 2023, 2024, and 2025, respectively [72]. - The advanced packaging and testing business is expected to grow significantly, with projected revenues of 0.47 billion yuan, 1.87 billion yuan, and 11.22 billion yuan for the same period [80]. Competitive Positioning - The company is enhancing its capabilities in advanced packaging and testing, positioning itself strategically in the Greater Bay Area to leverage growth opportunities in the semiconductor industry [42][44]. - The company aims to develop its proprietary controller chips and solutions, moving towards a more integrated business model that combines research, development, and manufacturing [4][34].