Shannon Semi(SZ:300475) 经济观察报·2025-10-27 12:38Core Viewpoint - The storage chip market is experiencing significant price increases, yet this has not translated into proportional financial performance for Shannon Chip Innovation, which reported a revenue increase but a decline in net profit [2][3]. Financial Performance - For the first three quarters of 2025, Shannon Chip Innovation achieved a revenue of 26.4 billion yuan, a year-on-year increase of 59.90%, while the net profit attributable to shareholders was 359 million yuan, reflecting a year-on-year decrease of 1.36% [2]. Stock Performance - On October 27, 2025, the stock price of Shannon Chip Innovation rose by 4.77%, reaching 133.66 yuan per share, with a cumulative increase of 234% from September 5 to October 27, 2025, compared to a 9.89% increase in the ChiNext Index during the same period [2]. Business Model - The company's revenue is primarily derived from "electronic component distribution," which accounted for 97.03% of total revenue, while its original "reducer business" contributed only 0.93% [5]. - Shannon Chip Innovation operates mainly as a middleman, purchasing from manufacturers like SK Hynix and selling to major clients such as Alibaba and Huacomm [5][6]. Inventory Management - The company employs two procurement models: "order-based procurement" to minimize inventory risks and "stock procurement" based on market demand forecasts [6][7]. - The management indicated that the decline in net profit is due to high margins in the previous year, and current margins are improving on a quarter-over-quarter basis [5][6]. Market Positioning - Shannon Chip Innovation is focusing on self-developed chips and AI computing, with its brand "Haipu Storage" targeting the enterprise SSD market [10][11]. - The company is also involved in a joint venture for AI computing, indicating a strategic shift towards higher value-added services [11][12]. Industry Outlook - The storage chip market is expected to remain strong, with predictions of price increases for DRAM in Q4 2025, driven by supply constraints and rising demand from cloud service providers [16][17]. - Industry leaders express optimism about the semiconductor market in 2026, suggesting a favorable environment for companies like Shannon Chip Innovation [16][18].