传感器PC 应用拓展，外延收购拓宽模拟产品线。24 年公司传感器营收4.48亿元(YoY+27.20%)，毛利率 16.46% (YoY+0.46pct) ，其中手机市场份额持续增长，PC 领域进一步拓展：推出两款PC 指纹识别解决 方案并进入微软AVL 准入供应商名单。此外，公司外延收购苏州赛芯以加强电池管理和锂电保护等领 域技术储备，模拟产品线持续丰富。 投资建议：我们看好公司逐步构建的存储/MCU/传感器+模拟全面解决方案德多维增长空间，根据24 年 及1Q25 情况略调整费用率，预计25-27 公司归母净利润15.73//20.49/24.62 亿元（前值16.27/20.47 亿 元），当前股价对应PE 倍数为55/42/35 倍，维持"优于大市"评级。 风险提示：下游需求不及预期；新产品开发不及预期；国际关系恶化等。 1Q25 营收实现同环比增长。公司主要产品包括存储器、微控制器和传感器；其中存储器分为SPI NOR、SLC NAND 和DRAM，微控制器包括ARM 核和RISC-V 开源内核MCU，传感器包括触控和指纹 识别芯片。受益于行业回暖，公司24 年实现营收73.56 亿元(YoY+27 ...

证券研究报告 点评报告 2025 年 5 月 7 日 晨会纪要 第一创业证券研究所 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 晨会纪要 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 德国道路交通机构 KBA 周二表示，尽管该国纯电动汽车的销量总体上升，但是特 斯拉 4 月份在德国销量同比下降 45.9%。2025 年 1 月至 4 月特斯拉的销量同比下 降了 60.4%。同时中国比亚迪 4 月份在德国的销量跃升逾 8 倍，至 1566 辆，今 年年初以来的总销量增长近 5 倍，至 2791 辆。4 月特斯拉英国新车销量同比下 降 62%，为两年多来最低水平。由于美国对全球关税战，欧盟在进口中国电动车 领域的限制出现松动，同时国内新能源车的技术仍在快速迭代进步，因此在特斯 拉全球第三大市场欧洲销售受阻之际，我们看好今年本土品牌汽车的出口增长。 《科创板日报》报道，因为存储原厂宣布减产/转产 DDR4 和 LPDDR4X，近期存储 现货市场部分DDR颗粒和LPDDR4X资源供应紧俏，而手机客户原本库存相对健 ...

Core Viewpoint - The rapid evolution of computing power is reshaping the industrial landscape, with Shenzhen Yiatong Supply Chain Co., Ltd. emerging as a key player in the AI computing power supply chain, contributing significantly to China's digital economy growth [1][6]. Group 1: Company Strategy and Development - Yiatong has identified AI computing power, semiconductor storage, and industrial control as its strategic focus areas, establishing a "supply chain + industrial chain + incubator" model [2]. - The company integrates upstream and downstream resources through capital operations and technological innovation, forming a complete ecosystem covering hardware, software services, and industry applications [2]. - Yiatong's semiconductor division has seen a 48.93% year-on-year revenue growth in semiconductor storage distribution, thanks to deep collaborations with international giants like Samsung and Micron [2]. Group 2: Performance and Achievements - In 2024, Yiatong's AI computing power supply chain business achieved revenue of 827 million yuan, marking a 27.3% year-on-year increase, becoming a new growth engine for the company [3]. - The company has successfully delivered multiple domestic computing centers for leading enterprises in sectors like transportation and finance, enhancing the integration of the Hongmeng system [3]. - Yiatong's digital platforms, such as "Yiyi Home," have expanded nationwide, significantly reducing costs in brand circulation [3]. Group 3: Future Outlook and Innovations - Yiatong plans to increase investment in AI large model development and promote collaborative innovation across the industrial chain through data sharing [4]. - The company aims to leverage opportunities from the "Belt and Road" initiative to expand its computing service capabilities to major cities and emerging overseas markets [4]. - With advancements in semiconductor storage and a focus on consumer markets, Yiatong is positioned to become a key player in the smart era's data storage landscape [4]. Group 4: Transformation and Industry Impact - Yiatong's transformation from a traditional supply chain service provider to a leader in the computing power industry reflects the evolution of Chinese enterprises in the digital economy [5]. - The company has established a complex computing ecosystem through strategic investments and partnerships, enhancing its competitive edge in the market [5]. - Yiatong's innovative practices and capital operations demonstrate its ability to maintain a strong presence at the technological forefront while rapidly integrating quality resources across the industry [5].

深圳市德明利技术股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他： 电话会议 活动参与人 员 见附件 时间 2025 年 5 月 6 日 地点 深圳市福田区新一代产业园 1 栋 24 楼公司办公室 上市公司接 待人员 李虎、褚伟晋、于海燕 形式 线上会议 交流内容及 具体问答记 录 1.问：企业级存储产品和消费级产品有什么区别？ 答：企业级存储合作模式更多是联合定制开发，通常是性能导向型， 并以项目合作方式开展业务，与消费级的差异体现在需求定义、服务深度、 交付和服务周期等多个方面。需求定义方面，企业级主要为定制化的性能 指标和规格类型，同时性能指标要求更高、覆盖更广，消费级产品多为标 准化参数，不同客户差异较小；服务深度方面，企业级产品多为深度技术 协同，与客户长期战略绑定共享性能技术演进路线，同时在技术、供应链、 采购、售后多个方面协同流程管控；在交付与服务周期方面，企业级产品 需要从产品定义到退役全周期绑定，保障定制化硬件版本长期供货，进而 导致议价周期方面，企业级客户要长 ...

Core Insights - The storage manufacturers have announced a reduction and transition in production of DDR4 and LPDDR4X for over six months, leading to significant adjustments in capacity [1] - The current supply of certain DDR chips and LPDDR4X resources in the spot market is tight, indicating a shift in market dynamics [1] - Mobile clients have maintained relatively healthy inventory levels, while PC OEMs have gradually reduced their inventory after a prolonged adjustment period [1] - Recent replenishment of inventory by mobile and PC end customers has driven an increase in prices for DDR4 and low-capacity embedded LPDDR4X this week [1]

Group 1 - The semiconductor industry ETF (159582) has shown a strong performance, rising 1.45% recently, marking its third consecutive increase [3] - Key stocks in the semiconductor sector include Feikai Materials (300398) with a rise of 13.98%, Linweina (688661) up 5.13%, and Fuchuang Precision (688409) increasing by 4.29% [3] - As of April 30, 2025, the semiconductor industry ETF has achieved a net value increase of 39.06% over the past year, ranking 128 out of 2771 in the stock fund category [4] Group 2 - The top ten weighted stocks in the semiconductor index account for 76.35% of the total index, with Northern Huachuang (002371) leading at 15.51% [5] - The ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [4] - The ETF's tracking error over the past year is 0.056%, indicating the highest tracking precision among similar funds [4]

Financial Data and Key Metrics Changes - For the second quarter of fiscal 2025, the company reported record revenue of $92.8 million, an increase of 23% year over year and 4.6% sequentially [13][24] - Gross margin for the quarter was 49.6%, up from 41% in the same quarter of fiscal 2024, reflecting improved operational efficiency [13][29] - Adjusted EBITDA loss was approximately $14.8 million, an improvement of about $11.9 million compared to the second quarter of fiscal 2024 [30] Business Line Data and Key Metrics Changes - Revenue from Synbio increased to $36 million, a growth of 21% year over year [13][24] - NGS revenue grew to approximately $51.1 million, an increase of 25% year over year [16][25] - Biopharma services revenue was $5.7 million, reflecting a growth of 21% year over year [16][25] Market Data and Key Metrics Changes - Healthcare revenue rose to $52.8 million, up 29% year over year [26] - Industrial chemical revenue increased to $22.8 million, a 12% rise from the previous year [26] - Academic revenue was $16.5 million, up 20% year over year [27] Company Strategy and Development Direction - The company has spun out DNA Data Storage as an independent entity, Atlas Data Storage, to focus on commercialization and drive success [9][11] - The strategy emphasizes operational agility and customer engagement to maintain competitive positioning [18][19] - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, with a focus on innovation and market share growth [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong order bookings exceeding $100 million in the last two quarters [38] - The company is prepared to navigate market volatility and leverage it as an opportunity for growth [36][38] - Management acknowledged challenges in the academic sector but remains confident in the value proposition of their products [72][74] Other Important Information - The company ended the quarter with cash, cash equivalents, and short-term investments of approximately $257.1 million [31] - The company expects gross margin improvements to exceed 50% in the latter half of the fiscal year [34] Q&A Session Summary Question: Impact of tariffs on guidance and demand from competitors - Management indicated that they have accounted for potential tariff impacts in their guidance and noted strong share gains despite macro challenges [40][42] Question: Effect of promotions on academic market growth - Management confirmed that the 20% growth in the academic market was partly due to promotional activities, which they plan to continue until the end of the fiscal year [47][50] Question: Guidance for NGS revenue from top customers - Management expects growth from both existing and new customers, with top customers growing at a rate similar to the overall NGS business [53][54] Question: Reinvestment of savings from the spin-off into R&D - Management confirmed that savings from the spin-off will be partially reinvested into higher priority R&D initiatives [56][61] Question: Academic market's importance and growth assumptions - Management highlighted a significant opportunity in the academic market, with expectations for continued growth despite budget constraints [83][84]

证券研究报告 | 2025年05月03日 德明利（001309.SZ） 优于大市 1Q25 收入逆势同环比增长，产品线与客户结构加速升级 公司 1Q25 收入逆势同比增长 54.41%。公司以存储颗粒为原材料进行存储模 组开发，产品包括嵌入式存储、固态硬盘、移动存储及内存条等。24 年存储 价格呈现前高后低趋势，受存储价格回落影响 4Q24 上游厂商再次减产，存 储价格于 1Q25 触底，预计 25 年存储价格有望温和复苏。在此背景下：尽管 1Q25 存储价格下降触底，公司通过渠道及客户拓展仍逆势实现营收 12.52 亿 元(YoY+54.4%，QoQ+6.5%)，短期受研发投入同比增长 97.77%、银行贷款增 加带来的财务费用增加及存货跌价准备等影响，扣非归母净利润-0.75 亿元 (YoY-138.9%，QoQ+24.7%)同比下降，随价格触底企稳公司 1Q25 亏损环比收 窄，毛利率 5.8%(YoY-31.4pct，QoQ+5.5pct)环比改善。目前公司研发投入 已在收入端逐步体现，未来待规模稳定后盈利有望逐步改善。 自研主控顺利推进，逐步构建"主控+模组"模式。目前公司新一代自研 SD6.0 存 ...

丨证券研究报告丨 公司研究丨点评报告丨鸿日达（301285.SZ） [Table_Title] 鸿日达 2024 年报及 2025 年一季报点评： 短期业绩承压，看好散热片及 3D 打印业务拓展 报告要点 [Table_Summary] 4 月 23 日，鸿日达发布 2024 年年报及 2025 年一季报。2024 年公司实现营收 8.30 亿元，同 比增长 15.22%；归母净利润-0.08 亿元，同比下滑 124.43%由盈转亏；2025Q1 公司实现营收 1.62 亿元，同比增长 7.60%；归母净利润-0.12 亿元，同比下滑 376.67%。2024 年毛利率 19.01%，同比下滑 0.58pct；归母净利率-0.91%，同比下滑 5.21pct。2025Q1 毛利率 18.94%， 同比下滑 7.38pct；归母净利率-7.50%，同比下滑 10.42pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% 2、新业务拓展不及预期。 research.95579.com 1 鸿日 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自skhynix，谢谢。 "我们致力于成为一家全方位面向AI的存储器供应商，这意味着需要构建客户所需的完整产品组 合，并在客户提出需求时实现精准高效地交付。同时，在开发新型HBM产品的过程中，我们将依 据客户的特定需求，提供定制化HBM，以满足客户多样化需求并提供最佳解决方案。" 2 凭借"一个团队（One Team）精神"，达成全球最佳HBM竞争力 尽管崔副社长的日程安排极为繁忙，但近期他却感受到了前所未有的成就感。这是因为SK海力士 在全球范围内率先成功向客户交付了第六代HBM产品——"12层HBM4"样品。 "在开发全新概念产品并实现其商业化的过程中，我们成功开拓了新市场，并与众多客户建立了联 系，积累了丰富的实践经验。尽管所有这些经验都弥足珍贵，但最令我印象最为深刻的是，我们先 于计划推出了12层HBM4的样品，在面向AI的存储器领域，该产品的速度处于全球顶尖水平。" SK海力士成功确立了全球领先的HBM竞争优势。这一卓越成就源于全体成员作为"一个团队（One Team）"的紧密协作，以及持续不断的技术创新。 随着人工智能技术的迅猛发展，作为其核心 ...