24 年公司实现营收73.56 亿元（yoy+27.7%），归母净利润11.03 亿元（yoy+584.2%），符合前期预 告。1Q25 实现营收19.09 亿元（yoy：+17.3%，qoq：+11.9%），归母净利润2.35 亿元（yoy：+14.6%， qoq：-13.2%）。 风险提示：新产品研发不及预期，产品价格持续下跌，市场竞争加剧。 1Q25 回顾：营收逆势实现环比增长，产品结构优化带动毛利率环比改善24 年公司存储、MCU 及模拟 产品销量均创历史新高：1）存储业务收入51.94亿元（yoy：+27.4%），其中自有品牌DRAM 市场拓展 成效显著，营收超过翻倍增长；2）MCU 业务收入17.06 亿元（yoy：+29.6%），得益于能源、光模块 等需求的拉动，以及网通、计算领域需求显著增长，出货量5.4 亿颗（21 年3.9 亿颗）；3）传感器业务 收入4.48 亿元（yoy：+27.2%）。受国补政策及抢出口拉动，同时公司Flash、MCU 等业务在工业、网 通等领域延续良好增长态势，1Q25 公司营收逆势实现环比增长。1Q25 公司综合毛利率37.44% （yoy：-0.72pct，qo ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 139.10 RMB [4][7]. Core Insights - The company achieved a revenue of 7.356 billion RMB in 2024, representing a year-over-year increase of 27.7%, and a net profit of 1.103 billion RMB, up 584.2% year-over-year [1][2]. - In Q1 2025, the company reported a revenue of 1.909 billion RMB, a year-over-year increase of 17.3% and a quarter-over-quarter increase of 11.9%, with a net profit of 235 million RMB, up 14.6% year-over-year but down 13.2% quarter-over-quarter [1][2]. - The growth in revenue is attributed to government subsidies boosting demand in mobile phones, home appliances, and wearables, as well as increased storage capacity needs driven by AI PCs and servers [1][2]. Summary by Sections Revenue and Profitability - The company's storage, MCU, and analog products achieved record sales in 2024, with storage revenue reaching 5.194 billion RMB (up 27.4% year-over-year), MCU revenue at 1.706 billion RMB (up 29.6% year-over-year), and sensor revenue at 448 million RMB (up 27.2% year-over-year) [2]. - The overall gross margin for Q1 2025 was 37.44%, showing a quarter-over-quarter improvement of 4.27 percentage points, primarily due to product mix optimization [2]. Business Outlook - For 2025, the company expects continued growth across all business segments, with DRAM prices showing signs of recovery in the second half of the year and custom storage projects advancing in mobile, AI PC, and automotive sectors [3]. - The MCU segment is anticipated to benefit from domestic substitution trends, with market share growth in industrial, white goods, and automotive sectors [3]. Financial Projections - The company forecasts net profits of 1.514 billion RMB, 1.910 billion RMB, and 2.302 billion RMB for 2025, 2026, and 2027 respectively, with a projected revenue growth rate of 28.02% in 2025 [4][6]. - The estimated EPS for 2025 is 2.28 RMB, with a PE ratio of 49.41 [6][4].