Core Viewpoint - Demingli's revenue increased significantly in Q1 2025, but net profit declined sharply, indicating challenges in profitability despite growth in sales [2][17]. Financial Performance - In Q1 2025, Demingli achieved total revenue of 1.252 billion yuan, a year-on-year increase of 54.41%, while the net profit attributable to shareholders was -69.09 million yuan, a year-on-year decrease of 135.34% [2]. - The gross profit margin for Q1 2025 was only 5.85%, a significant decline of 11.9 percentage points quarter-on-quarter and a drop of 31.44% year-on-year [7]. - Accounts receivable surged by 44.94% quarter-on-quarter and 146.96% year-on-year to 575 million yuan, accounting for 45.9% of revenue, indicating increased collection risks [9]. Market and Product Analysis - Demingli's revenue structure shows that solid-state drives (SSDs) account for 48.20%, mobile storage for 28.01%, and embedded storage for 17.67%, with emerging enterprise storage businesses still in the cultivation phase [3]. - The company is heavily reliant on consumer-grade storage products, which constituted 86% of revenue in 2024, leading to vulnerability in the face of market fluctuations [13]. Competitive Positioning - Compared to competitors like Jiangbolong and Zhaoyi Innovation, Demingli faces higher debt risks and lower gross margins, with a significant reliance on consumer markets [10][11]. - Jiangbolong has a more balanced product mix and is better positioned in the automotive and enterprise storage sectors, while Zhaoyi Innovation benefits from a diversified product portfolio [11][12]. Strategic Initiatives - Demingli is accelerating its focus on enterprise storage and automotive-grade storage, with plans to enhance R&D investments and product certifications to improve market positioning [13][14]. - The company aims to achieve mass production of PCIe 4.0 SSDs by Q3 2025 and increase the revenue share of automotive-grade storage to over 15% [13]. Industry Outlook - The storage market is currently experiencing a downward cycle, with NAND Flash prices declining by 10%-15% year-on-year, particularly affecting consumer-grade products [6]. - Future growth in the storage industry is expected to be driven by high-end products, particularly in AI servers and smart automotive applications, as demand begins to recover [19].

来源：内容来自 semiwiki，谢谢。 关键要点 最近对 120 多名匿名半导体专业人士进行的一项调查提供了关于业界如何评估非易失性存储器 (NVM) 技术以及下一步发展方向的客观看法。 2024 年 NVM 调查于 2024 年底启动，并通过包括 SemiWiki 在内的各种半导体相关平台和门户 网站进行推广，吸引了来自北美、欧洲和亚洲的工程师、架构师和决策者的参与。调查重点关注 内存 IP 的选择方式、哪些技术正在接受审查，以及决策者最看重哪些因素。 最近对 120 多名半导体专业人士进行的一项调查评估了业界对非易失性存储器 (NVM) 技 术的看法。 81% 的受访者目前正在评估或已经使用过 NVM IP，表明他们正在积极做出设计决策。 ReRAM 得到了超过 60% 的受访者的认可，使其成为传统嵌入式闪存的显著替代品。 81% 的受访者表示他们目前正在评估或曾经使用过 NVM IP。这些团队正在制定实际的设计决 策。受访者群体涵盖半导体供应商、IP 公司和系统开发商，从大型跨国公司到专注于特定设计团 队，应有尽有。职位涵盖从工程师到首席技术官 (CTO) 等各个岗位。 当被问及新兴的NVM类型时，R ...

来源：内 容 编译自 pcwatch ，谢谢。 如果您希望可以时常见面，欢迎标星收藏哦~ 自旋轨道扭矩结构和磁各向异性的设计技术。 参考链接 https://pc.watch.impress.co.jp/docs/column/semicon/2010780.html 2025年的IEEE国际存储器研讨会（IMW）是半导体存储器技术研发的国际会议即将隆重召开。届 时，将会有很多领先的存储技术发布。 据介绍，Kioxia 将报告具有 CBA（CMOS 直接键合到阵列）结构的 3D NAND 闪存的交叉位线 (CBL) 架构。相信这可以解释为什么通过晶圆键合堆叠外围电路和存储单元阵列的CBA结构在位 线布局方面具有优势。 三星则描述了具有非圆形通道孔形状的多孔 VNAND 闪存架构的阈值电压建模。美光公司模拟了 椭圆度（想象"孔形"）对 3D NAND 读取窗口边缘的影响。在最新的研究中，人们尝试通过将通 道孔的横截面形状制成椭圆形或半圆形而不是圆形来提高密度。这些声明被视为这一努力的一部 分。 旺宏电子国际公司（MXIC）开发了一种用于3D堆叠外围电路的垂直通道高压晶体管，以使1,000 层和超多层3D NAN ...

Financial Data and Key Metrics Changes - Seagate reported a 31% year-on-year increase in revenue, reaching $2.16 billion, and an 81% growth in non-GAAP gross profit dollars [5][13] - Non-GAAP gross margin expanded by 70 basis points sequentially to 36.2%, and non-GAAP operating margin increased to 23.5% of revenue [13][16] - Non-GAAP EPS was $1.90, at the top end of the guidance range, with free cash flow generation increasing to $216 million compared to $150 million in the prior period [18][19] Business Line Data and Key Metrics Changes - Nearline revenue represented approximately 90% of mass capacity volume, with shipments of 120 exabytes, down 5% sequentially but up 55% year-on-year [15] - Mass capacity revenue declined sequentially by $145 million to $1.7 billion, but represented a 48% increase year-on-year [14] - Legacy product sales totaled $254 million, down 8% sequentially, reflecting expected seasonal trends [15] Market Data and Key Metrics Changes - Cloud nearline revenue and exabytes were up nearly 10% sequentially, almost doubling year-over-year amid a tight supply environment [8] - Demand for mass capacity storage aligns with the cloud CapEx investment cycle and ongoing data center infrastructure build-out to support AI transformations [8][10] - Nearline exabyte demand looks strong through calendar 2025, with visibility of demand extending into the first half of calendar 2026 [10] Company Strategy and Development Direction - The company is focused on managing controllable factors while executing its aerial density-driven technology roadmap [7] - Seagate's HAMR-based Mosaic drives are positioned as the industry's only three terabyte per disk products, with ramping volume to qualified customers [7][12] - The company aims to transform its business model to prioritize profits and cash generation, capitalizing on the growth in data generation and value [23] Management's Comments on Operating Environment and Future Outlook - Management expects minimal impact from trade policy changes on fourth-quarter financial performance and is monitoring the situation closely [6][20] - The company anticipates robust demand for high-capacity nearline products across the global cloud customer base, driving revenue and profits higher in the upcoming quarter [20] - Management expressed confidence in the long-term growth potential driven by increasing data generation and the need for mass capacity storage [23] Other Important Information - The company returned $152 million to shareholders through dividends and maintained liquidity of $2.1 billion at the end of March [19] - Seagate's debt balance was $5.1 billion, with a net leverage ratio of 2.1 times, and plans for further reduction in the coming quarters [19] Q&A Session Summary Question: How did Seagate manage upside in the quarter despite supply constraints? - Management indicated that the predictability built through the build-to-order process allowed them to guide revenue effectively, despite previous operational issues being resolved [29][30] Question: What is the status of HAMR qualifications and its contribution to results? - Management confirmed that HAMR is growing well, with several qualifications in progress, and that it contributed positively to the quarter's results [34][37] Question: How has visibility improved regarding customer demand? - Management noted that build-to-order models provide predictability, and there is a sense of urgency from customers for data center investments [41][42] Question: What is the impact of tariffs on financial models? - Management stated that passing through tariff-related costs would be a last resort, and they are focused on maintaining margins to reinvest in technology [50][52] Question: What is the outlook for revenue growth and gross margin in the back half of the year? - Management expressed confidence in sequential revenue growth and gross margin expansion, with strong demand visibility extending into early 2026 [55][58] Question: How does the company view the impact of emerging AI workloads on storage demand? - Management highlighted that AI workloads are expected to drive significant storage demand, particularly for video applications and large datasets [64][65]

点击招商研究小程序查看PDF报告原文 长电科技是全球第三/国内第一的OSAT厂商，在中国/韩国/新加坡拥有八大生产基地和两大生产中心。 长电科技发布2024年年报和2025年一季报，结合公告信息，点评如下： 长电科技25Q1营收受晟碟并表影响同比高增长，单季利润率同比相对稳定。 2024年：营收359.62亿 元，同比+21.24%，晟碟在24Q4已并表贡献收入，归母净利润16.1亿元，同比+9.44%，毛利率13.06%， 同比-0.59pct，净利率4.48%，同比-0.48pct。25Q1：营收93.35亿元，同比+36.4%/环比-15%，同比高增 长部分系晟碟并表贡献，归母净利润2.03亿元，同比+50.4%/环比-61.9%，毛利率12.63%，同比+0.43pct/ 环比-0.71pct，净利率2.18%，同比+0.23pct/环比-2.74pct。 子公司方面，星科金朋、长电韩国、江阴长电为公司2024年利润核心贡献点。 1）星科金朋：24年营收 121亿元，同比+5.8%，净利润2.6亿美元，同比+118%，订单量增加，产能利用率有所提升；2）长电韩 国：24年营收157亿元，同比+27%， ...

行情速递 ① 主板领涨， 奥拓电子（+10.10%）/兆易创新（+10.00%）/利通电子（+10.00%）/美利云 （+9.98%）/得润电子（+9.92%）/ ②创业板领涨， 博创科技（+20.01%）/平治信息（+20.00%）/华宇软件（+9.28%）/宏景科技 （+8.00%）/冰川网络（+7.08%）/ ③科创板领涨， 新相微（+12.63%）/希荻微（+10.43%）/有方科技（+7.82%）/安集科技 （+7.68%）/思瑞浦（+6.86%）/ ④活跃子行业， SW 通信应用增值服务（+1.79%）/ SW 教育出版（+1.72%）/ SW 数字芯片设 计（+1.72%）/ 国内新闻 ① IDC，2024年中国企业级外部存储市场整体回暖并进入增长周期/销售额 达69.2亿美元/占全球市场份额的22.0%/其中/浪潮信息销售额与出货量市 占率分别达10.9%和11.2%/均位列中国前二/ 公司公告 ① 韦尔股份，2025 年第一季度报告/25Q1公司实现营收64.72亿元/同比增 长14.68%/归母净利润8.66亿元/同比增长55.25%/ ② 盛美上海，2025 年第一季度报告/25Q1公司 ...

Core Viewpoint - The five major oil companies are facing significant financial challenges due to prolonged low international oil prices, geopolitical conflicts, and pressures from energy transition, leading to a cumulative profit decline exceeding $90 billion over three years [1][3]. Financial Performance - The profits of the five major oil companies peaked at approximately $280 billion in 2022 but fell by 23% to $215 billion in 2023, with a further projected decline of 15% to $183 billion in 2024 [3]. - The Brent crude oil price is expected to drop to an average of $81 per barrel in 2024, with predictions of further declines in 2025 as global oil supply increases [3][7]. - In Q1 2025, profits are anticipated to decrease by 18%, with Brent crude prices dipping below $60 per barrel, representing a decline of over 25% compared to the previous year [3]. Dividend and Share Buyback Concerns - Investors are increasingly worried about the sustainability of high dividends and share buybacks, with warnings that companies like Shell and BP may need to cut dividends if oil prices remain below $60 per barrel [4]. - Shell's share buyback program for Q1 2025 has been reduced by 30%, and BP has suspended its buyback plans for the remainder of 2025 [4]. Credit Rating Risks - Moody's has placed Chevron and TotalEnergies on a "negative watch" list due to concerns that low oil prices may lead to increased debt levels [5]. Company Strategies - In response to financial pressures, companies are implementing cost-cutting measures, restructuring, and transitioning to renewable energy [6]. - ExxonMobil plans to reduce operating costs by 12% by 2025, while TotalEnergies is laying off 5% of its workforce [6]. - Shell aims to increase its renewable energy capacity target from 120 GW to 200 GW by 2030, and BP has partnered with Microsoft to supply 100% renewable energy to its data centers over the next decade [6]. Industry Outlook - The oil industry is expected to face ongoing challenges in the short term, with low oil prices likely becoming the norm and demand growth stagnating [7]. - Morgan Stanley predicts that Brent crude prices may stabilize between $65 and $70 per barrel in the second half of 2025, a 15% decrease from 2024 [7]. - Despite short-term pressures, some analysts remain optimistic about the potential for oil companies to transition into renewable energy and carbon capture sectors, which could provide new growth opportunities [7].

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 来源丨最华人（wcweekly） 作者丨李慧颖 图源丨Midjourney 人潮汹涌，档口密布，吆喝声和讨价还价声交织，数不清的摊主在华强北做着电子产品的生意，等待一 场暴富的奇迹。 江西的一对双胞胎姐弟，就在1999年的华强北发现了自己的机遇，创立了跨时代的存储卡帝国，如今年 入130亿。 从华强北"倒爷"到创立独立品牌的"技术派" 1996年，高中毕业的蔡华波，从江西大老远跑来深圳闯荡。 眼看着周围的小商户们靠倒卖芯片、组装电子产品赚取了第一桶金，颇为眼热，不甘平凡的他也想加入 这个赚钱的队伍。 于是，在同在深圳打拼的二哥的鼓励下，蔡华波在华强北租下了一个几平米的小柜台，主营存储卡、U盘 等当时新兴的存储产品。 那时的华强北几乎遍地是黄金，每天与形形色色的客户打交道，蔡华波很快就积累了丰富的行业知识和 销售经验。 慢慢生意越做越大，同年他就拉着双胞胎姐姐蔡丽江一起，共同注册了深圳市江波龙电子有限公司，名 字的来 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, down 139.52% year-over-year and down 160.58% quarter-over-quarter [1][2]. - The growth in overseas and enterprise-level storage businesses has been robust, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year [2][3]. - The report anticipates a price rebound in DRAM/NAND products in Q2 2025, driven by inventory digestion and increased stocking willingness from downstream customers [1][3]. Summary by Sections Q1 2025 Performance - The company reported a revenue of 4.256 billion RMB, with a year-over-year decline of 4.41% and a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, reflecting a significant year-over-year decline of 139.52% [1][2]. - The gross margin was reported at 10.35%, down 14.04 percentage points year-over-year, but the decline in margin has narrowed compared to previous quarters [2]. Growth Drivers - The overseas and enterprise-level storage businesses showed strong growth, with Lexar's revenue increasing by 20.73% and Zilia's revenue increasing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2][3]. - The company is actively expanding its product offerings and customer base, particularly in the high-end product segment [2][3]. 2025 Outlook - The report expects a price rebound in consumer storage products starting in Q2 2025, as major manufacturers like Micron have announced price increases. The company’s self-developed UFS 4.1 controller chip has successfully entered mass production, which will support new product launches [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency and expanded the company's reach into South American markets [3]. Financial Projections - The company’s revenue forecasts for 2025-2027 are 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB, respectively, indicating a growth trajectory [4][6]. - The report projects a net profit of 668.52 million RMB for 2025, with an expected EPS of 1.61 RMB [6][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].