Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company's performance in Q1 2024 was strong, with revenue reaching 4.453 billion yuan, a year-on-year increase of 200.54%, and net profit attributable to shareholders of 384 million yuan, a year-on-year increase of 236.93% [4] - The storage industry is entering a new upward cycle, and the company, as a leading domestic storage brand, is expected to see rapid performance recovery [8] - The company's Lexar brand achieved a 59% year-on-year revenue growth to 2.426 billion yuan in 2023, despite the global storage industry downturn [5] Financial Performance - In 2023, the company achieved revenue of 10.125 billion yuan, a year-on-year increase of 21.55%, but reported a net loss of 828 million yuan [4] - The company's gross margin in Q1 2024 increased by 23.12 percentage points year-on-year to 24.39%, and the net margin increased by 27.53 percentage points to 8.6% [5] - The report forecasts the company's revenue to grow to 14.092 billion yuan in 2024, 18.306 billion yuan in 2025, and 22.015 billion yuan in 2026 [5] Business Highlights - The company has made significant progress in enterprise-level storage, with its NVMe SSD and SATA SSD products compatible with multiple domestic CPU platforms [6] - The company has launched several competitive consumer products under the Lexar brand, including the Ares series/NM790 SSD and GOLD microSDXC™UHS-II memory card [8] - The company has invested heavily in R&D, with self-developed controller chips WM6000 and WM5000 already in mass production [8] Industry Outlook - The storage industry is expected to continue its upward trend in 2024, with strong demand for price increases from storage manufacturers [8] - The company is well-positioned to benefit from the industry's recovery, with its leading position in the domestic storage market [8]
存储产品持续涨价，24Q1业绩表现亮眼