11月25日晚间，德明利抛出定增方案，拟向特定对象发行股票募集资金总额不超过32亿元，分别投入到固态硬 盘、内存产品扩产等多个项目。 长江商报记者注意到，自2022年完成IPO之后，德明利曾在2024年12月定增募资9.71亿元。时隔不到一年再次计划 定增，德明利将借助本次募资提升产能规模及技术、资金实力。 自三季度以来，存储产品价格触底回升，德明利经营业绩快速反弹，三季度已实现扭亏为盈。 不过，业绩改善的同时，德明利遭重要股东减持。其中，2025年9月，德明利的实控人李虎、田华夫妇均实施减 持，合计套现4.97亿元。 截至11月26日收盘，德明利报217.35元/股，较11月13日的高点306元/股回撤29%，但年内涨幅仍达250.16%。 长江商报消息 ●长江商报记者 徐佳 国内存储模组领军企业德明利（001309.SZ）再度计划募资。 截至2025年10月末，德明利IPO募投项目累计已投资4.56亿元，均已在2024年完工。定增募投项目累计已投资6.97 亿元，投资进度为71.7%。 时隔不到一年再次计划募资 根据发行方案，德明利拟向特定对象非公开发行股票数量不超过6806.59万股，募集资金总额不超过 ...

Group 1 - The core viewpoint of the articles highlights a structural and long-term shortage in the global storage industry due to increased AI investments by North American cloud service providers, leading to a significant supply gap in HDDs and a surge in demand for high-capacity QLC SSDs [2] - Major DRAM manufacturers such as SK Hynix, Samsung, and Micron, along with NAND manufacturers like Kioxia and Yangtze Memory Technologies, have seen their capacities fully utilized, indicating that the shortage issue is unlikely to be resolved in the short term, with relief expected only by the end of 2026 [2] - A-share storage module companies are currently prioritizing inventory management over order fulfillment, as the production cycle from wafer procurement to sales impacts profit margins positively when storage wafer prices rise, making inventory a critical asset [2] Group 2 - Among A-share storage module companies, Jiangbo Long leads in inventory with 8.51687 billion yuan, followed by Baiwei Storage, Demingli, Wanrun Technology, Langke Technology, and Tongyou Technology with inventories of 5.69514 billion yuan, 5.93952 billion yuan, 386.74 million yuan, 290.83 million yuan, and 138.24 million yuan respectively [3] - A-share storage module companies have been increasing R&D investments in enterprise storage, high-end consumer storage, overseas business, and self-developed main control chips, which are expected to drive profitability through internal growth factors [3] - Jiangbo Long has the highest R&D investment of 700.86 million yuan for the first three quarters of 2025, followed by Baiwei Storage with 409.93 million yuan, while Demingli, Wanrun Technology, Tongyou Technology, and Langke Technology have significantly lower investments [3] Group 3 - In terms of year-on-year growth rates for R&D investments, Langke Technology shows a notable increase of 32.2264%, followed by Demingli at 25.7229% and Baiwei Storage at 20.9762%, while Jiangbo Long, Wanrun Technology, and Tongyou Technology have much lower or negative growth rates [4] - Jiangbo Long and Baiwei Storage are positioned as leading companies in the industry, with both high inventory levels and R&D investments, which significantly exceed their peers, allowing them to build a competitive moat and widen the gap with competitors [4]

展望第四季及2026年，威刚董事长陈立白对后市相当乐观，强调第三季营收规模拉升、毛利率强 势回升，推动单季与前三季获利双双改写同期新高，显示公司基本面持续向上。单季税前与税后净 利分别达25.6亿元与18.62亿元均创历史新高，累计前三季获利也同步刷新纪录。 如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容来自 nextapple ，谢谢 。 模组大厂威刚科技公布2025年第三季财报，受惠全球云端服务供应商强劲需求带动，单季营运全 面刷新历史纪录。第三季合并营收达145.11亿元，季增13.15%、年增54.38%；毛利率大幅提升至 22.7%，季增近4个百分点；营业利益19.1亿元，年增1.37倍、季增55.51%；税后净利18.62亿 元，季增逾106%、年增1.9倍，以加权平均股数计算，单季每股净利（EPS）达5.57元，较去年同 期大增近200%。 累计今年前3季合并营收372.43亿元，年增22.8%；前三季平均毛利率19.04%，营业利益35.59亿 元。税后净利33.16亿元、归属母公司净利31.65亿元，年增均逾三成，每股净利达10.08元。 威刚指出，第三季不仅营业毛利、营业利益、税 ...

Core Viewpoint - Deminli (001309) has announced that its recent business operations are normal, with no significant changes in the internal and external operating environment. The company is currently planning a refinancing initiative, which is still in the internal communication phase, and no specific plan or amount has been determined yet [1][2]. Company Overview - Deminli is a solution provider focused on the storage sector, with integrated circuit design and R&D as its core technological foundation. The company has developed a dual-support system of "hard technology + soft services" and has mastered the core technology of self-controlled main control chip R&D and industrial application [1]. - The product line includes solid-state drives, embedded storage, memory modules, and mobile storage, widely used in data centers, mobile phones, automotive electronics, tablets, and security monitoring [1]. - Deminli has been providing customized, high-quality, and high-performance storage products and solutions to customers in over 100 countries and regions [1]. Stock Trading Activity - Deminli's stock price has experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% over three trading days (November 6, 7, and 10, 2025) [1]. - The company confirmed that there are no corrections or supplements needed for previously disclosed information and has not identified any significant undisclosed information affecting stock prices [2]. Supply Chain and Market Position - As a leading company in the domestic storage module industry, Deminli maintains close cooperation with major storage manufacturers like Yangtze Memory Technologies and Changxin Memory Technologies [2]. - The company is enhancing its supply chain risk management capabilities and establishing a diversified raw material supply system to adapt to the global supply shortage [2]. Future Market Outlook - The rapid evolution and widespread application of technology driven by the AI wave have led to an explosive growth in data storage demand, providing long-term development momentum for the storage industry [3]. - Following recent price increases by major players like Samsung and Micron, storage product prices are expected to continue rising in the fourth quarter due to increased capital expenditure forecasts from leading tech companies and growing demand for storage in servers and data centers [3].

Group 1 - The focus of brokerage strategy analysts this week is on year-end style rebalancing, with historical patterns indicating that sectors with high deviation in holdings during the third quarter, such as new energy, pharmaceuticals, and food and beverage, tend to show weaker performance around November [1][3] - The fourth quarter is expected to face profit-taking pressure in main sectors, as previous main lines have accumulated significant gains, leading to high levels of capital crowding [1][3] - The structure of institutional holdings in the first three quarters of this year is evident, suggesting a high probability of position rebalancing before the spring market rally, which will create favorable conditions for better market performance [1][3] Group 2 - The strategy team from Guojin highlights the fragility of financial cycles among overseas tech giants, leading to a focus on high-certainty varieties, with A-shares also beginning a process of style rebalancing [2][4] - The transition of the tech industry's development from U.S.-led computing infrastructure to China's advantages in electricity, manufacturing, and general infrastructure represents a repricing of Chinese assets [2][4] - In the diffusion market, opportunities in specific sub-sectors within the electric equipment and chemical sectors are worth attention, including electrical instruments, titanium dioxide, organic silicon, and specialty plastics [2][4] Group 3 - The strategy team from Dongwu notes that the spring market rally is likely to experience a position rebalancing before its initiation, with a focus on sectors that have independent logic beyond AI narratives and are experiencing upward trends in ROE from long-term lows [1][3] - The analysis indicates that the small-cap style has a higher probability of rising compared to large-cap style in November, attributed to A-shares being in a performance and macro event "vacuum period," leading to active theme investments based on next year's performance expectations [1][3] Group 4 - The strategy team from Huaxi reviews the past decade, noting that November is favorable for "small-cap value + theme investment," with the market entering an active phase based on performance expectations and industry trends [1][3] - The current investment focus in A-shares may further concentrate on upstream industries and technology applications under the "anti-involution" strategy, with short-term attention on policies promoting consumption [1][3]

Supply Chain Management - The company maintains a robust supply chain system through long-term partnerships with major storage manufacturers like Yangtze Memory Technologies and ChangXin Memory Technologies, ensuring stability amid global supply shortages [1] - A diversified raw material supply system is being established to enhance risk management and align upstream supply capabilities with downstream business needs [1] Inventory Strategy - The company is enhancing inventory management to adapt to the tight supply situation in the storage market, focusing on stable procurement of core materials like storage chips [1] - Collaboration with upstream suppliers is deepened to better match business development needs [1] Market Trends and Pricing - The AI wave is driving explosive growth in data storage demand, with major companies like Samsung and SK Hynix recently raising prices for storage products, indicating a positive market outlook [2] - The storage price is expected to maintain an upward trend in Q4 2025 due to increased capital expenditure from leading tech firms [2] Profitability Indicators - The company is closely monitoring core profitability metrics, with a notable improvement in gross margin in Q3 2025, driven by favorable industry trends [3] - Continued price increases in storage products are anticipated to further enhance performance in Q4 [3] Product Development and Customer Engagement - The company is focusing on core business areas of storage control chips and solutions, increasing investment in R&D and product innovation to meet market demands [5] - There is an emphasis on expanding high-value enterprise storage and embedded storage businesses while optimizing customer structure and market share [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 311.80 [6]. Core Views - The company is expected to experience rapid growth driven by an upward cycle in the storage market, with significant contributions from enterprise-level storage products and overseas business expansion [1][4]. - The company's revenue for Q3 2025 reached RMB 6.539 billion, representing a year-over-year increase of 54.60% and a quarter-over-quarter increase of 10.09%. The net profit attributable to the parent company was RMB 698 million, showing a year-over-year increase of 1994.42% and a quarter-over-quarter increase of 318.94% [1][2]. - The report highlights strong growth in the company's Lexar brand and Zilia's overseas business, as well as improvements in gross margin due to rising storage prices and optimized product structure [2][3]. Summary by Sections Q3 2025 Performance - The company achieved a record high revenue of RMB 6.539 billion in Q3 2025, with a gross margin of 18.92%, up 4.10 percentage points quarter-over-quarter [1][2]. - The growth was attributed to successful expansion in enterprise-level storage products and strong performance in overseas markets [1][2]. Q4 2025 Outlook - The report anticipates further increases in storage prices, with predictions of a 10% rise in eSSD and 5%-10% in Mobile NAND prices [3]. - The company is expected to benefit from increased capital expenditures by domestic internet companies and a growing recognition of its enterprise-level storage products [3]. Profit Forecast and Valuation - Revenue forecasts for 2025-2027 have been revised upward to RMB 24.194 billion, RMB 30.031 billion, and RMB 34.573 billion, respectively [4][11]. - The net profit forecasts for the same period are RMB 1.511 billion, RMB 2.930 billion, and RMB 2.721 billion, reflecting significant increases compared to previous estimates [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company is a leading domestic enterprise-level storage provider, with significant growth potential driven by AI applications [3]. - The company has established a comprehensive product line in storage modules and is well-positioned in the enterprise storage market [3]. - The AI-driven expansion of the storage market is expected to provide new growth opportunities for the company [3]. Summary by Sections 1. Domestic Storage Module Leader with Rapid Growth - The company focuses on the development and sales of storage module products and has capabilities in flash memory controller chip design [3][12]. - The company has achieved a full product line layout in storage modules, covering solid-state drives (SSDs), embedded storage, memory bars, and mobile storage [13][15]. - The revenue from SSDs has significantly increased, with a 235.46% year-on-year growth, making it the largest revenue source for the company [30]. 2. AI-Driven Storage Industry Growth - The rapid adoption of AI across various applications is driving higher demands for semiconductor storage, leading to market expansion [3][44]. - The company is well-positioned to benefit from the increasing demand for high-performance storage solutions in AI servers and data centers [3][44]. - The report predicts a price increase in storage products due to heightened demand driven by AI applications, with server eSSD prices expected to rise by over 10% [3][44]. 3. Investment Recommendations - The company is projected to achieve earnings per share of 1.61 yuan, 4.00 yuan, and 5.49 yuan for the years 2025 to 2027, with corresponding valuations of 148x, 60x, and 43x [3].

Core Insights - The rapid development of artificial intelligence (AI) has created a significant demand for high-performance enterprise-level SSD products to enhance data access and processing capabilities [2] - Major companies like ByteDance, Alibaba, and Tencent are significantly increasing their capital expenditures for AI computing and data center infrastructure, indicating a robust growth trajectory for the AI sector [2] Industry Trends - The AI training phase requires high bandwidth, high IOPS, and low-latency storage systems to match GPU computing power, while the inference phase demands high concurrency and low-latency response capabilities [2] - The shift towards high-performance, low-power storage solutions with reasonable overall costs is essential due to the massive data generated and utilized in AI applications [2] Company R&D Investments - Companies such as Jiangbolong and Baiwei Storage are leading in R&D investments, which are crucial for product innovation and enhancing competitive advantages in the AI-driven market [3] - Jiangbolong has the highest number of R&D personnel at 1,177, followed by Baiwei Storage with 898, indicating a strong focus on innovation [5] - In terms of R&D expenditure for the first half of 2025, Jiangbolong invested approximately 44.57 million yuan, while Baiwei Storage invested around 27.29 million yuan, showcasing their commitment to R&D [6] R&D Expenditure as a Percentage of Revenue - The highest R&D expenditure as a percentage of revenue is held by Tongyou Technology at 21.3%, followed by Baiwei Storage at 7%, indicating varying levels of investment relative to their revenues [7] R&D Personnel Proportion - Baiwei Storage leads with 43.21% of its total employees in R&D, followed closely by Tongyou Technology at 43.07%, highlighting the importance of R&D in their operational strategies [8] Company Developments in SSD Market - Baiwei Storage has launched innovative storage solutions, including a PCIe 5.0×4 channel Gen 5 SSD, achieving high sequential read and write speeds, which are essential for AI applications [9] - Jiangbolong has introduced multiple high-speed enterprise-level eSSD products, ensuring compatibility with various domestic CPU platforms, which strengthens its market position [10] - Demingli has successfully mass-produced its self-developed SATA SSD controller chip and is focusing on AI and data center applications, increasing its investment in this area [11] Other Company Initiatives - Wanrun Technology is working on its PCIe 5.0 SSD ME14000 project, while Tongyou Technology has made progress in the domestic storage sector with its PCIe 5.0 SSD [12] - Langke Technology continues to develop new SSD products and is expected to launch a new generation of PCIe 5.0 SSDs by the end of the year [13]

Group 1: Market Overview - Since 2025, the global storage market has shown a clear trend of low-to-high performance, with weak demand in early Q1 due to inventory destocking in major downstream terminals like smartphones and PCs, leading to a decline in NAND Flash and DRAM prices [1] - In March, terminal demand began to recover, and with downstream inventory returning to healthy levels, combined with major storage manufacturers implementing production cuts and inventory control strategies, the supply-demand balance improved significantly, resulting in a rebound in storage prices [1] - In the first half of 2025, the NAND Flash market composite price index increased by 9.2%, while the DRAM market composite price index surged by 47.7% [1] Group 2: Company Performance - In terms of revenue for the first half of the year, Jiangbolong achieved 1,019,565.537 thousand yuan, leading the market, followed by Demingli with 410,903.6587 thousand yuan, and Baiwei Storage with 391,233.6914 thousand yuan [4] - From a gross margin perspective, Tongyou Technology had a sales gross margin of 51.6%, while Jiangbolong's was 13%, Baiwei Storage and Wanrun Technology both at 9.1%, and Demingli at 5% [6] - In terms of net profit, Wanrun Technology reported a net profit of 1,553.53 thousand yuan, while Jiangbolong had a net profit of 1,476.6 thousand yuan; however, Demingli and Baiwei Storage reported significant net losses of -11,794.56 thousand yuan and -22,579.55 thousand yuan, respectively [7] Group 3: Inventory and R&D Investment - Jiangbolong led in inventory with 807,615.8102 thousand yuan, followed by Demingli with 464,262.8646 thousand yuan, indicating a strategic approach to stockpiling during low market conditions [9] - Jiangbolong also led in R&D investment with 44,573.88 thousand yuan, followed by Baiwei Storage with 27,292.89 thousand yuan, highlighting the importance of R&D in the storage module industry, especially with the growth in AI technology and data center storage demand [11][12]