Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [20]. Core Insights - The company reported a revenue of 9.276 billion yuan in Q3 2025, reflecting a year-over-year increase of 6.58% and a quarter-over-quarter increase of 0.64%. The net profit attributable to shareholders was 202 million yuan, down 3.11% year-over-year but up 42.81% quarter-over-quarter [1][5]. - The strong performance is attributed to a significant increase in storage prices driven by supply-demand dynamics, with expectations for continued price increases in Q4 2025 [5]. - The company has successfully developed a dual business model of "distribution + products," enhancing its competitive edge in the high-end storage market [5]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 35.249 billion yuan, with a year-over-year growth rate of 45.2%. The net profit attributable to shareholders is expected to reach 641 million yuan, reflecting a growth rate of 142.9% [6]. - The earnings per share (EPS) is forecasted to be 1.38 yuan in 2025, with a price-to-earnings (P/E) ratio of 77 [6]. - The gross margin for Q3 2025 was reported at 4.03%, with a net margin of 2.11%, indicating improved profitability despite a slight year-over-year decline in margins [5]. Market Dynamics - The report highlights that the demand for storage solutions is increasing, with significant price hikes expected in both DRAM and NAND Flash products due to supply constraints and rising demand from various sectors [5]. - The company is positioned to benefit from the ongoing trend of domestic substitution in the storage market, which is anticipated to contribute positively to its performance [5]. Strategic Developments - The establishment of a joint venture with Wuxi Lingjing Cloud is expected to enhance the company's distribution and product capabilities, further solidifying its market position [5]. - The company has made significant progress in the development of enterprise-level SSD and RDIMM products, which are now entering mass production [5].

如今，随着AI向生产生活全链条渗透，算力、存力、网力的需求呈指数级增长。 其中，存力的重要性正在不断凸现出来，事实上，如果说算力是AI的"大脑"，那么存力就是支撑其运 转的"血液系统"。 值得关注的是，AI全生命周期对存力都有显著需求，但不同阶段的要求也有不同侧重点：数据采集阶 段需要高带宽吞吐，清洗阶段依赖低时延响应，训练阶段追求极致能效比，推理阶段则强调成本与可 靠性的平衡。这种多维度、动态化的存储需求，使得传统存储架构面临严峻挑战，行业亟需一场从芯 片底层出发的技术革新。 在这样的背景下， 平头哥半导体的镇岳510 SSD主控芯片，凭借着在架构和算法层面的创新 ，正在 破解存力瓶颈这一AI生态难题。 在MemoryS 2025峰会上，平头哥半导体产品总监周冠锋为观众详细介绍了 镇岳510主控芯片——这 颗通过架构与算法的双重突破，真正成为"六边形战士"的主控芯片 。 镇岳510：六边形战士 什么是六边形战士？他指出，镇岳510在： "低时延" ，可以做到随机写4微秒； "高能效" ，实现每瓦特提供420K IO处理能力； "高带宽" ，达到大于等于3400K IOPS，属于性能第一梯队； "高可靠" ， ...