股价两个月狂飙三倍！牛股德明利抛32亿元定增计划，存储芯片风口还能飞多久？ 11月25日晚间，今年9月以来股价大涨的牛股德明利(001309.SZ，股价221.06元，市值501.55亿元)披露 定增计划，拟定增募资不超过32亿元。 其定增计划也与当前火爆的存储市场有关。11月20日，在一场半导体展会上，《每日经济新闻》记者实 探发现DRAM内存条供应紧张。而在10月，德明利在机构调研中也提到了扩产计划。 不过，存储市场具有周期性，德明利也提到了产业高景气度时扩张潜藏的未来风险。 两个月股价翻三倍 11月25日晚间，德明利公告，拟定增募资不超过32亿元，发行数量不超过6806.59万股，募集资金将用 于固态硬盘(SSD)扩产项目、内存产品(DRAM)扩产项目、德明利智能存储管理及研发总部基地项目及 补充流动资金。 德明利定增之所以受到市场关注，主要因为它曾是前段时间存储产品板块的牛股。德明利股价从9月11 日不到百元，一度上涨至11月13日的306元，两个月股价翻三倍。 德明利之所以受到资金热捧，也是全球存储市场高景气度所致。2025年以来，全球存储市场呈现出明显 的前低后高走势。一季度开始，受主要下游市场延 ...

Group 1: Product Differentiation and Development - The distinction between enterprise-level storage products and consumer-level products lies in customized development, performance orientation, and project-based collaboration, with enterprise products requiring higher performance metrics and deeper service engagement [2] - The company has built a team of over 100 personnel focused on enterprise-level product development by the end of 2024, emphasizing customer needs and high-performance product delivery [4] - A high-standard testing line for enterprise products has been established to ensure reliability and stable supply, addressing core customer demands [3] Group 2: Capacity and Supply Chain Management - The company is enhancing enterprise storage capacity by collaborating with external manufacturers and optimizing its own production lines [4] - A dynamic supply chain management system has been developed, leveraging strategic partnerships with storage manufacturers to ensure material supply stability and increase domestic production rates [4] Group 3: Financial Performance and Growth - In Q1 2025, the company experienced revenue growth driven by an expanded product matrix and successful key business developments, particularly in solid-state drives and embedded memory sales [5] - R&D investment reached CNY 203 million in 2024, a year-on-year increase of 88.14%, with Q1 2025 R&D spending at CNY 58.76 million, up 97.77% year-on-year [8] Group 4: Market Trends and Pricing - Storage prices stabilized in Q1 2025 after adjustments in production capacity by manufacturers, with expectations of a moderate recovery throughout the year [6] - Emerging demands from AI and automotive electronics are identified as key growth drivers, with a trend towards high-performance and high-capacity storage solutions [6] Group 5: Inventory Strategy - The company maintains a neutral inventory strategy, adjusting procurement plans based on market feedback and enhancing inventory turnover to support new business developments [9]