香农芯创：打造第二成长曲线，存算全产业链协同赋能

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark in the next six months [1][4]. Core Insights - The electronic components industry is thriving, driven by continuous demand from downstream applications. The company is a key player in the midstream, primarily engaged in memory distribution, with DRAM accounting for 70% of its business. It has established strong partnerships with top manufacturers like SK Hynix and MTK, making it the largest memory distributor in China [3][4]. - The rise of AI is expected to significantly boost the demand for High Bandwidth Memory (HBM), which offers advantages over traditional DRAM, such as higher bandwidth and lower latency. TrendForce predicts that global HBM demand will reach $38.62 billion by 2026 [3][4]. - The company is expanding its business into enterprise storage, with a new subsidiary, Haipu Storage, focusing on high-performance SSDs. The enterprise storage market in China is projected to grow, with a CAGR of 4.7% from 2024 to 2028 [4][15]. Summary by Sections Business Overview - The company has successfully transitioned into the semiconductor industry, acquiring a leading electronic components distributor and establishing a strong distribution network with major brands [3][4][92]. - The company is leveraging its partnerships to enhance its distribution and integration capabilities, focusing on both distribution and product development [4][141]. Financial Projections - The company forecasts a net profit of 480 million, 670 million, and 850 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 33X, 24X, and 19X [4][14]. - Revenue is expected to grow from 112.68 billion yuan in 2023 to 158.79 billion yuan in 2024, reflecting a year-on-year increase of 40.93% [4][14]. Market Position - The company is positioned to benefit from the growing semiconductor market, which is projected to recover and expand, particularly in China, the largest semiconductor sales market globally [4][147]. - The enterprise SSD market is also expected to grow, with the company aiming to capture a significant share through its new product offerings [15][4].