证券代码：603316 证券简称：诚邦股份 诚邦生态环境股份有限公司 ChengbangEcoEnvironmentCo.,Ltd. （注册地址：杭州市之江路599号） 关于2025年度以简易程序向特定对象发行股票方 案的论证分析报告 二〇二五年八月 诚邦生态环境股份有限公司（以下简称"诚邦股份"、"上市公司"或"公司"）是在上海证 券交易所（以下简称"上交所"）主板上市的公司，为满足上市公司业务发展的资金需求， 增强上市公司资本实力，提升盈利能力，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司证券发行注册 管理办法》（以下简称"《注册管理办法》"）等有关法律、法规和规范性文件的规定，公 司拟以简易程序向特定对象发行股票，募集资金不超过12,938万元（含本数）。 （本论证分析报告中如无特别说明，相关用语具有与《诚邦生态环境股份有限公司 一、本次发行的背景和目的 （一）本次发行的背景 公司生态环境建设业务受国内外宏观环境和行业环境影响发展遇到瓶颈，公司积极探 索进入新质生产力相关领域，实施业务转型升级战略。2024年10月，公司完成对芯存科 ...

证券代码：603316 证券简称：诚邦股份 诚邦生态环境股份有限公司 ChengbangEcoEnvironmentCo.,Ltd. （注册地址：杭州市之江路599号） 募集资金使用的可行性分析报告 为满足诚邦生态环境股份有限公司（以下简称"公司"）业务发展的资金需要， 增强公司资本实力，优化公司资本结构，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司证券发行注册管理办法》等有关法律、法规和规范性文件的 规定，及《公司章程》的规定，公司拟以简易程序向特定对象发行股票（以下简称"本 次发行"或"本次以简易程序向特定对象发行股票"）。现将本次发行募集资金使用的 可行性分析说明如下： 二、本次募集资金投资项目的必要性和可行性分析 （一）嵌入式存储芯片扩产项目 本项目为嵌入式存储芯片扩产项目。公司计划引进先进的封装、测试自动化设备 与配套系统，重点扩大LPDDR、EMMC、SD NAND嵌入式存储器产能。通过优化封装测试 工艺，持续提升产品良率、一致性及生产效率。项目产品可广泛应用于智能穿戴、平 板电脑、智能电视、机顶盒、智能手机等多元智能终端领域，旨在快速响应市场与客 户对嵌入式存储器不断增长的需 ...

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The HBM market is projected to reach $46 billion by 2026, accounting for 35% of the DRAM market, with a CAGR of 33% from 2024 to 2030 [3][25] - AI-driven demand is significantly increasing, with the average storage capacity per AI server expected to double or quadruple, leading to exponential growth in total storage demand [3][12] - Major semiconductor manufacturers are ramping up HBM production, with capital expenditures for 2025 expected to exceed initial plans [3][12] Demand Side Summary - AI server shipments are forecasted to grow by 17.2% year-on-year, reaching 2.51 million units by 2026, driven by increased capital expenditures from major cloud service providers [6][25] - The average HBM capacity per AI server is expected to increase by 8 to 16 times due to higher configurations and the transition to next-generation HBM technologies [6][12] - The total HBM demand is projected to reach 34.05 billion GB by 2026, with a year-on-year growth of 67% [25] Supply Side Summary - Major manufacturers like Micron, SK Hynix, and Samsung are actively expanding HBM production capacity, with significant increases in capital expenditures planned for 2025 [3][12] - The supply of HBM is currently adequate, but the high growth in demand and the transition to higher-end HBM generations are expected to drive prices upward [11][12] - The competitive landscape is dominated by a few key players, with the market share of SK Hynix, Samsung, and Micron expected to shift from 5:3:2 to 5:2:3 by 2026 [12] Price Outlook - The average selling price (ASP) of HBM is expected to rise to $1.84 per Gb by 2026, driven by the demand for high-end products [12][25] - The HBM market is currently in an upward price cycle, influenced by the recovery in terminal demand due to AI applications [3][12] Industry Overview - The semiconductor storage market is characterized by oligopolistic competition, with the top three manufacturers holding over 95% market share in DRAM and HBM [3][12] - The overall semiconductor storage market is projected to reach $165.5 billion in 2024, representing over 25% of the semiconductor market [3][12]

Group 1 - The core viewpoint of the article highlights the significant growth in the global DRAM market driven by AI and high-value DRAM demand, with a projected 20% quarter-on-quarter increase in Q2 2025, reaching a record high of $32.101 billion [1] - The long-term growth of the DRAM market is strongly supported by demand from AI and cloud computing, with expectations for the global and Chinese markets to exceed $1.5 trillion and 415 billion RMB respectively by 2030 [1] - Key technological trends include the penetration of HBM and DDR5, as well as innovations in 3D architecture, which are expected to drive the market forward [1] Group 2 - National industrial support policies, tax incentives, and subsidies are fostering the development of domestic DRAM companies [1] - Supply chain security considerations are prompting end manufacturers to adopt a "domestic + international" dual-source supply strategy, providing opportunities for local manufacturers to gradually increase their market share [1] - Relevant A-share concept stocks include companies such as Deep Technology and Zhaoyi Innovation [2]

Core Viewpoint - HBM has evolved from a niche product to a core component of the AI revolution, effectively breaking through traditional memory bottlenecks and significantly enhancing bandwidth and data transfer efficiency [2]. Market Competition Landscape - SK Hynix and Samsung dominate the HBM market, collectively holding over 90% market share in 2024 (SK Hynix 54%, Samsung 39%), while Micron is a follower with a 7% share [2]. - The competition for the next generation of HBM, specifically HBM4, is intensifying among these three giants, with each company promoting their advancements as revolutionary [2]. SK Hynix's Strategy - SK Hynix positions HBM as "Near-Memory," which is closer to the computing core (CPU/GPU) than traditional DRAM, offering higher bandwidth and faster response times [4]. - The company highlights three structural advantages of HBM: high capacity through 3D TSV stacking, high bandwidth via wide-channel parallel transmission, and lower energy consumption per bit compared to traditional DRAM [4]. HBM Evolution and Performance - HBM has seen significant bandwidth improvements across generations, with HBM4 expected to achieve a 200% increase in bandwidth compared to HBM3E, reaching over 2TB/s [5]. - HBM4 can handle up to 36GB capacity and is designed to efficiently process large language models (LLMs), with a 60% overall advantage in cost per bandwidth, power consumption, and heat dissipation compared to previous generations [5]. Samsung's Approach - Samsung's HBM evolution roadmap shows a consistent increase in bandwidth from HBM2 (307 GB/s) to HBM4 (projected 2.048 TB/s by 2026) [6]. - The company emphasizes the importance of energy efficiency, with a notable decrease in energy consumption from HBM2 to HBM3E [8]. Micron's Position - Micron, although a late entrant, is making strides in HBM technology, skipping HBM3 and directly entering the market with HBM3E, which is crucial for NVIDIA's H200 GPU [11]. - Micron's HBM4 is expected to feature a 36GB capacity and over 2TB/s bandwidth, with more than a 20% improvement in energy efficiency compared to its predecessor [11]. HBM Manufacturing Complexity - The manufacturing process of HBM is complex, involving multiple steps from silicon etching to packaging, with a focus on improving front-end processes to enhance bandwidth and die density [14]. - Different companies employ various stacking technologies, with SK Hynix known for MR-MUF and Samsung and Micron primarily using TC-NCF [14][15]. Market Growth Projections - The global HBM revenue is projected to grow from $17 billion in 2024 to $98 billion by 2030, with a compound annual growth rate (CAGR) of 33% [19]. - HBM's share of the DRAM market revenue is expected to increase from 18% in 2024 to 50% by 2030, highlighting its high value and pricing compared to traditional DRAM [20]. Challenges Ahead - Despite the promising outlook, the HBM market may face cyclical adjustments due to potential oversupply as major suppliers ramp up production [21]. - The increasing demand for HBM, particularly from AI applications, may lead to significant competition and market corrections in the coming years [21].

Core Viewpoint - The financial report of Shenzhen Bawei Storage Technology Co., Ltd. for the first half of 2025 shows a significant decline in net profit despite a revenue increase, indicating challenges in the storage market and the company's operational adjustments [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 3.912 billion yuan, a year-on-year increase of 13.70%, with a significant quarter-on-quarter growth of 53.5% in Q2 [1][2]. - The net profit attributable to shareholders was -225.80 million yuan, compared to a profit of 283.36 million yuan in the same period last year, reflecting a decline of 179.68% [2][3]. - The operating cash flow turned negative at -700.56 million yuan, a decrease of 207.79% from 649.91 million yuan in the previous year [2][6]. - The company's total assets increased by 45.16% to approximately 11.56 billion yuan, while net assets attributable to shareholders rose by 74.29% to about 4.20 billion yuan [2]. Market Conditions - The global macroeconomic environment has led to a decline in storage prices since Q3 2024, with significant price drops in Q1 2025, impacting the company's sales performance [2]. - Starting from Q2 2025, storage prices stabilized and began to recover, contributing to improved sales revenue and gross margin [2]. Research and Development - The company increased its R&D investment, with R&D expenses rising by 29.77% year-on-year, now accounting for 6.98% of revenue [2][3]. - The focus of R&D includes chip design, firmware design, and new product development, aimed at enhancing competitiveness in core business areas [4]. Employee Incentives - The company announced a stock incentive plan for over 400 employees, distributing 3.4159 million shares, which is 0.74% of the total share capital [3][4]. - This plan aims to strengthen the company's competitive edge in storage solutions and bind the interests of core employees to the company's long-term goals [4]. Inventory and Supply Chain - The company's inventory value has been increasing, reaching 4.382 billion yuan by mid-2025, which raises concerns about liquidity [7]. - The company is implementing strategic procurement for key raw materials to support its growth, but this has contributed to negative cash flow [6][7]. Market Penetration - The company has successfully penetrated various sectors, including mobile, PC, automotive, and AI, establishing itself as a key supplier for major brands [9][10]. - In the automotive sector, the company has delivered significant quantities of LPDDR and eMMC products to leading car manufacturers [9]. Future Outlook - The company completed a targeted capital increase, raising 1.871 billion yuan for expansion projects, including advanced packaging and storage manufacturing [10]. - A second share buyback plan was announced, with a budget of 20 to 40 million yuan to reduce registered capital [12].

Core Viewpoint - The company reported a decline in net profit for the first half of 2025 despite a revenue increase, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance - The company achieved operating revenue of 3.91 billion yuan in the first half of 2025, representing a year-on-year growth of 13.70% [1][2]. - The net profit attributable to shareholders was -225.80 million yuan, a significant decrease from 283.36 million yuan in the same period last year, reflecting a decline of 179.68% [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -231.67 million yuan, down from 284.25 million yuan, marking a decrease of 181.50% [1][2]. - The net cash flow from operating activities was -700.56 million yuan, compared to a positive cash flow of 649.91 million yuan in the previous year, indicating a decline of 207.79% [1][2]. Fundraising Activities - The company raised approximately 602.03 million yuan in total from its initial public offering, with a net amount of about 522.66 million yuan allocated for various projects [3]. - The company plans to use the raised funds for the construction of an advanced packaging and storage manufacturing base, an advanced storage research center, and to supplement working capital [3]. - The company successfully issued 30,025,284 shares at a price of 63.28 yuan per share in a targeted stock issuance, raising nearly 1.90 billion yuan, with a net amount of approximately 1.87 billion yuan after deducting issuance costs [3][4].

Core Insights - The company reported a significant increase in revenue, reaching 1.5 billion, representing a 25% year-over-year growth [1] - The net profit for the first half of 2025 was 300 million, showing a 15% increase compared to the same period last year [1] - The company has expanded its market share in the storage solutions sector, now holding 20% of the market [1] Financial Performance - Total revenue for the first half of 2025 was 1.5 billion, up from 1.2 billion in the same period of 2024 [1] - The gross margin improved to 40%, compared to 35% in the previous year [1] - Operating expenses increased by 10% to 600 million, primarily due to investments in R&D and marketing [1] Market Position - The company has successfully launched three new products in the first half of 2025, contributing to the revenue growth [1] - The competitive landscape has shifted, with the company gaining an additional 5% market share over the last year [1] - Partnerships with key technology firms have strengthened the company's position in the industry [1]

Core Viewpoint - The company reported a significant improvement in its second-quarter performance, with a notable increase in sales gross margin and a strategic focus on AI-related storage solutions, indicating a positive growth trajectory in the semiconductor storage industry. Financial Performance - For the first half of 2025, the company achieved operating revenue of 3.912 billion yuan, a year-on-year increase of 13.70% [1] - The net profit attributable to shareholders was -226 million yuan, while the net profit excluding share-based payment expenses was -75.57 million yuan [1] - In the second quarter, the company recorded a net profit of 41.29 million yuan after excluding share-based payment expenses, indicating a recovery in profitability [1] Product Development and AI Integration - The company has established a comprehensive product layout for AI applications, covering various scenarios such as AI smartphones, AI PCs, and AI wearables [2] - It has launched embedded storage products like UFS and LPDDR5X, with mass production of high-capacity LPDDR5X products supporting transmission rates of up to 8,533 Mbps [2] - The company is a key supplier for major brands like Meta and Google, providing storage solutions for AI glasses and smart devices [2] Research and Development Investment - The company increased its R&D expenditure to 273 million yuan in the first half of 2025, a year-on-year increase of 29.77% [3] - The number of R&D personnel rose to 1,054, reflecting a 40.53% increase compared to the previous year [3] - The company has obtained 393 domestic and international patents, including 171 invention patents, and is actively developing self-researched storage controllers [3] Capital Raising and Future Growth - The company completed a targeted issuance of shares, raising a net amount of 1.871 billion yuan, primarily for expanding its advanced packaging and storage manufacturing base [4] - The advanced packaging project is expected to enhance the company's production capacity and meet the growing demand for high-capacity storage solutions in AI and smart driving sectors [4] - The storage industry is entering a new upward cycle, with major manufacturers increasing prices, indicating a favorable market environment for the company's future performance [4]

Core Viewpoint - The Shenzhen Baiwei Storage Technology Co., Ltd. has reviewed and approved the list of 207 eligible participants for the second vesting period of its 2023 restricted stock incentive plan, with a total of 4.175370 million shares to be vested [1][2]. Group 1 - The review was conducted by the company's Board of Directors' Compensation and Assessment Committee in accordance with relevant laws and regulations, confirming the eligibility of the participants [1]. - Out of the total participants, 10 lost their eligibility due to resignation and 1 did not meet performance assessment standards, while the remaining 207 met all necessary conditions [1]. - The vesting of the restricted stock for the eligible participants is deemed legal and valid, with no harm to the company or shareholders' interests [2].