2025 年 04 月 30 日 德明利 (001309) ——2025Q1 营收环比+6.5%，毛利率环比修复至 5.85% 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 04 月 29 日 | | | --- | --- | | 收盘价（元） | 126.58 | | 一年内最高/最低（元） | 163.58/61.99 | | 市净率 | 8.3 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 11,093 | | 上证指数/深证成指 3,286.65/9,849.80 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 14.98 | | 资产负债率% | | 65.85 | | 总股本/流通 A 股（百万） | 162/88 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 杨海晏 (8621)23297818× yanghy@swsresearch.com 04-29 ...

Core Viewpoint - The company has reported significant growth in revenue and net profit for 2024, driven by the recovery in the storage industry and strategic expansion into various markets, particularly in AI-related applications. Financial Performance - The company achieved total revenue of 6.695 billion yuan in 2024, representing a year-on-year increase of 86.46% [1] - The net profit attributable to shareholders reached 161 million yuan, up 125.82% year-on-year [1] - Total assets amounted to 7.961 billion yuan, a growth of 25.72% compared to the beginning of the year [1] - Shareholder equity was 2.412 billion yuan, reflecting a 25.08% increase from the start of the year [1] Market Position and Product Development - The company has established a strong market presence in the semiconductor storage industry, focusing on advanced storage solutions and packaging/testing capabilities [1] - In the smart wearable sector, revenue from storage products reached approximately 800 million yuan, showing significant growth [1] - The company has made breakthroughs in various sectors, including mobile, PC, and smart wearables, securing partnerships with major clients such as OPPO, Lenovo, and Meta [3][4] AI Sector Engagement - The company is actively involved in the AI edge application market, with a projected revenue exceeding 1 billion yuan in 2024, marking a year-on-year growth of about 294% [2] - The company provides ROM+RAM storage chips for Ray-Ban Meta, positioning itself as a key supplier in the AI hardware space [2][3] - Anticipated growth in AI applications, particularly in AI glasses, is expected to drive further revenue increases, with projections of over 500% growth in 2025 [4] R&D Investment - The company increased its R&D investment to 447 million yuan in 2024, a rise of 78.99% compared to the previous year [3] - This investment supports advancements in storage solutions, chip design, and testing equipment, leading to breakthroughs across multiple business areas [3] Industry Outlook - The storage industry is expected to enter a favorable cycle due to the resurgence of overseas manufacturers and the rapid growth in storage demand driven by AI [5] - The company is well-positioned for growth with a comprehensive and differentiated product lineup, alongside ongoing advancements in packaging and testing projects [5]

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 ...

Core Viewpoint - The company reported a slight revenue increase in Q1 2025, with a narrowing of non-recurring net profit losses, indicating a performance in line with expectations despite industry challenges [1] Group 1: Financial Performance - Q1 2025 revenue reached 4.256 billion yuan, up 1.5% quarter-on-quarter, with a non-recurring net profit of -202 million yuan, showing a reduction in losses [1] - Gross margin was 10.35%, down 0.81 percentage points, while net margin was -3.36%, down 2.02 percentage points [1] - The decline in performance was attributed to slow recovery in consumer electronics and inventory digestion in downstream markets [1] Group 2: Business Segments - The embedded storage segment generated 8.425 billion yuan in revenue for 2024, a year-on-year increase of 90.5%, accounting for 48% of total revenue [3] - The solid-state drive (SSD) segment reported 4.147 billion yuan in revenue for 2024, up 48% year-on-year, representing 24% of total revenue [4] - The company anticipates a gradual improvement in performance starting from Q2 2025 due to inventory digestion and production adjustments in the storage industry [4] Group 3: International Business Growth - The overseas business, particularly the Lexar brand, saw a revenue increase of 20.7% year-on-year in Q1 2025, while the Brazilian subsidiary Zilia reported a 45.1% increase [5] - The acquisition of Zilia is expected to enhance the company's overseas growth potential [5] Group 4: Enterprise Storage - Revenue from enterprise storage products (eSSD and RDIMM) exceeded 319 million yuan in Q1 2025, marking a growth of over 200% year-on-year [6] - The company has successfully penetrated various sectors including internet, telecommunications, finance, and servers, with expectations for continued order growth [6] Group 5: Product Development - The company successfully mass-produced its self-developed UFS 4.1 controller chip in March 2025, targeting the high-end smart terminal market [7] - As of March 19, over 30 million units of the self-developed controller chips have been applied [7] Group 6: Inventory Management - As of Q1 2025, the company's inventory amounted to 7.814 billion yuan, a decrease of 0.2% quarter-on-quarter, but up 3.2% year-on-year [8] - Inventory turnover days were 185 days, showing a decrease of 4 days quarter-on-quarter and an increase of 5 days year-on-year [8] Group 7: Market Outlook - The global AIGC trend and the "Digital China" initiative are expected to provide new growth momentum for the storage market, with the company positioned as a leading independent storage manufacturer [9] - Projected net profits for the company from 2025 to 2027 are 986 million yuan, 1.617 billion yuan, and 2.012 billion yuan, respectively, with corresponding PE ratios of 33, 20, and 16 times [9]

Core Insights - The storage industry is undergoing significant transformation driven by the explosive growth of AI computing power, which presents challenges in performance, capacity, and energy efficiency [1] - The 2025 China Flash Memory Summit highlighted key trends in flash technology and innovations from leading companies like Yilian [1] Group 1: Flash Technology Trends - The adoption of PCIe 5.0 SSDs is accelerating due to a surge in high-performance demands, with PCIe 5.0 offering double the theoretical bandwidth of PCIe 4.0, reaching up to 32GT/s [2] - AI applications are driving the need for high-capacity and ultra-fast SSDs, with predictions indicating that AI PCs will increase from 17% of total shipments in 2024 to 43% by 2025 [3] - Low-power design in SSDs is becoming crucial for data centers and edge devices to manage operational costs and enhance efficiency [4] Group 2: Yilian's Technological Innovations - Yilian is responding to market trends by launching new PCIe 5.0 enterprise SSDs, which feature lower latency and higher bandwidth, ensuring reliability for critical applications like AI training and cloud computing [5] - In the consumer market, Yilian has introduced a 2TB SSD to meet the storage demands of AI PCs, achieving a 9% performance advantage over competitors in loading large AI models [7] - Yilian's enterprise SSDs are designed with energy efficiency in mind, contributing to lower operational costs and sustainable performance improvements [9][10] Group 3: R&D and Testing Capabilities - Yilian has established a comprehensive enterprise-level storage innovation center, equipped with advanced testing facilities to ensure high reliability and performance of its SSD products [11] - The consumer storage lab at Yilian is recognized for its advanced capabilities, conducting extensive testing to ensure data security and optimal user experience [12] - Yilian's intelligent manufacturing platform supports high-volume production and efficient testing, enhancing the overall cost-effectiveness of product delivery [15] Group 4: Industry Evolution - The storage industry is shifting from a focus on scale expansion to value creation, with a new paradigm of technological innovation encompassing architecture restructuring and energy efficiency optimization [16] - Yilian is committed to deepening R&D investments and collaborating with industry partners to build a sustainable and efficient next-generation data storage ecosystem [16]

每经记者 杨建 每经编辑 彭水萍 （一）重要市场新闻 1、美股三大指数集体收涨，道指涨1.07%，纳指涨2.5%，标普500指数涨1.67%；科技股领涨，特斯 拉、英特尔涨超5%，亚马逊、Meta、博通、AMD、台积电涨逾4%，英伟达涨近4%，苹果、谷歌涨逾 2%。区块链概念股继续走强，嘉楠科技涨近7%，Riot Platforms涨超5%，Bit Digital涨逾4%。中概股表 现强势，纳斯达克中国金龙指数涨2.93%；小鹏汽车涨逾7%，蔚来涨近5%，向上融科、富途控股、哔 哩哔哩涨超3%，阿里巴巴、拼多多、百度涨超2%。 2、国际油价走弱，美油主力合约收跌2.18%，报62.28美元/桶；布伦特原油主力合约跌1.97%，报66.11 美元/桶。国际金价继续调整，现货黄金跌2.71%，报3287.94美元/盎司，此前一个交易日最高涨至3500 美元的历史高位；COMEX黄金期货跌3.45%，报3301.50美元/盎司；COMEX白银期货涨2.01%，报 33.88美元/盎司。欧洲三大股指集体上涨，德国DAX指数涨3.14%报21961.97点，法国CAC40指数涨 2.13%报7482.36点，英国富时1 ...

A股复盘 | 缅癌 / 2025.04.23 肿么回事，兄弟姐妹萌，当我早上看到贝森特、懂王的一系列操作，我心想今天 稳了！！冲锋！ 结果，我的A股啊！怎么就高开低走了？沪指最后怎么绿了？ 从媒体报道时间来看，先是贝森特在一场私人会议上表态，说中美局势会缓和。 贝森特说，美国对中国商品征收145%的关税，中国对美国商品征收125%的关 税，这种现状是不可持续的，并称"不久的将来"将出现降级，将让市场"松一口 气"。 紧接着，白宫新闻秘书表示，特朗普正在为与中国达成贸易协议奠定基础，与中 国的关系正在朝着正确的方向推进。 啧啧啧，感觉跟之前彭博的报道相一致，中方要看到尊重人的态度才能进行下一 步 懂王只能收起那副嘴脸，来了这么一计！ 受此消息影响，今天出海产业链、消费电子链都回暖了！要说涨得最好的还是机 器人！ 随后特朗普亲自对记者说， 他在与北京的谈判中会"非常友好"，并表示一旦达成 协议，美国对中国进口商品征收的关税将大幅下降，但不会降为零。 大约有两个消息吧，一个是马斯克，虽然一季度业绩数据糟糕，但是马斯克还是 继续画饼，到今年年底，将有数千台Optimus机器人在特斯拉工厂工作；有信心 预测到2029年 ...

Group 1 - The Shanghai government is enhancing financial support and innovative policy tools to better benefit private enterprises, particularly in the context of high-quality development [1] - Banks in Shanghai are collaborating with various parties to provide customized, comprehensive financial support for the growth of private enterprises [1] Group 2 - Shanghai Yinghui Technology Development Co., Ltd. received a 29 million yuan working capital loan from Agricultural Bank of China, utilizing intellectual property as collateral to address financing challenges for technology-driven companies [2] - Shanghai Communications Bank introduced an online standardized product called "Talent Loan" for startups, providing a credit limit of 1 million yuan initially, which was later increased to 2.65 million yuan as the company expanded [2] Group 3 - Envision Energy, a leader in smart wind power and green hydrogen solutions, received 7.5 billion yuan in financing support from Postal Savings Bank, which included a comprehensive credit scheme tailored to the company's needs [3] - The bank's support helped Envision Energy expand its wind power projects across multiple locations in China [3] Group 4 - Industrial and Commercial Bank of China supported a leading ODM company in the smart hardware design and manufacturing sector with a total investment of 250 million yuan through private equity funds, facilitating the company's growth and successful IPO [4] Group 5 - A leading private enterprise in lithium battery materials is advancing its new energy supply chain strategy with support from Bank of China, which provided a comprehensive service plan for key projects in Jiangsu and Anhui provinces [5] - The bank's collaborative approach included a dual-dimensional credit system and innovative funding models to overcome traditional technical bottlenecks [5] Group 6 - Jiangbolong, a leader in the storage industry, received a suite of financial services from Shanghai Pudong Development Bank to support its international investment and supply chain expansion, including cross-border acquisition loans [6] - The bank facilitated the acquisition of an 81% stake in SMART Brazil and provided integrated trade account services to enhance the company's offshore business development [6]

在本土存储行业，得瑞领新是当中一个不得不提的重要玩家。得益于过去多年在企业级市场 的坚持和持之以恒的投入，得瑞领新成功打造覆盖高性能NVMe SSD的全产品线，为数据中 心、云计算、人工智能等领域等客户提供高可靠性的存储方案支持。 最近，在CFMS | MemoryS 2025峰会上，得瑞领新重磅发布了D8000系列PCIe 5.0企业级固 态硬盘，包括D8436（1 DWPD）和D8456（3 DWPD）两种规格。作为得瑞领新的新一代旗 舰，D8000系列凭借一流的性能及稳定性成为全场瞩目之作。 得瑞领新销售VP冯小晖在峰会上更是表示"D8000系列的推出不仅是技术迭代，更是我们对未 来数据中心需求的战略响应。随着AI大模型与5G应用的爆发，存储系统正面临性能与能效的 双重挑战，而PCIe 5.0技术将成为破局关键。" 获得客户认可，凭什么？ 得瑞领新表示，公司一直坚持以客户需求为导向，持续加大研发投入（累计投入超10亿元），拥 有上百项发明专利，打造出了TAI、MENG、EMEI等自主研发的主控芯片，确保产品在高性能、 低延时、数据安全以及稳定性方面处于行业领先水平。这种技术优势，使公司的企业级SSD在数 ...

因技术进步与新产品的带动，预计2025年QD-OLED在OLED显示器出货占比将升至73% 根据Tr endFor c e集邦咨询最新研究，OLED显示技术持续发展，带动QD-OLED显示器(monitor)出 货量成长， 预计在OLED显示器的占比将从2024年68%提升至2025年73% ，展现出在高阶显示 器领域的竞争力。受到市场需求趋动，预期未来将有更多品牌和产品线采用QD-OLED技术，以提 升画质表现与刷新率，以满足高阶玩家和专业使用者的需求。 点击右边 阅读原文 了解更多详情 国际形势变化带动拉货潮，预估2Q25存储器合约价涨幅将扩大 根据Tr endFor c e集邦咨询最新调查，近期国际形势变化已切实改变了存储器供需方操作策略。 Tr endFor c e资深研究副总吴雅婷表示，由于买卖双方急于完成交易、推动生产出货，以应对未来市 场不确定性，预期第二季存储器市场的交易动能将随之增强。 点击右边 阅读原文 了解更多详情 TrendForce 存储产业 趋势分析 商业洞察 信息精选 PS:当您需要在报道中引用TrendForce集邦咨询提供的研报内容或分析资料，请注明资料来源为TrendFor ...