证券日报网讯德明利（001309）10月10日在互动平台回答投资者提问时表示，公司持续与包括长江存储 在内的核心供应商深化合作，积极沟通市场变化与技术创新等相关事宜，相关合作为供应链稳定性及成 本优化创造有利条件。AI基建浪潮下，服务器和数据中心领域的企业级存储需求不断增长，带动存储 行业景气度不断提升，公司密切关注大客户需求动态，持续推进相关业务对接，公司企业级存储产品已 经实现稳定出货，具体业绩影响敬请关注公司后续定期报告相关内容。与核心供应商的技术适配及大客 户的深度合作，有助于公司强化"硬件+技术+供应链"的定制化存储解决方案能力，持续积累AI存储及 国产化场景经验，强化以研发创新为核心的市场竞争力，为公司在相关领域的业务发展奠定基础。 ...

格隆汇10月10日丨德明利(001309.SZ)在投资者互动平台表示，公司持续与包括长江存储在内的核心供 应商深化合作，积极沟通市场变化与技术创新等相关事宜，相关合作为供应链稳定性及成本优化创造有 利条件。AI基建浪潮下，服务器和数据中心领域的企业级存储需求不断增长，带动存储行业景气度不 断提升，公司密切关注大客户需求动态，持续推进相关业务对接，公司企业级存储产品已经实现稳定出 货，具体业绩影响敬请关注公司后续定期报告相关内容。与核心供应商的技术适配及大客户的深度合 作，有助于公司强化"硬件+技术+供应链"的定制化存储解决方案能力，持续积累AI存储及国产化场景 经验，强化以研发创新为核心的市场竞争力，为公司在相关领域的业务发展奠定基础。 ...

深圳市德明利技术股份有限公司 投资者关系活动记录表 编号：2025-008 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他： | | | 易方达基金、南方基金、景顺长城基金、信达澳亚基金、诺安基金、博时 | | 活动参与人 | 基金、鹏华基金、工银瑞信基金、融通基金、申万菱信基金、安信基金、 | | 员 | 安联基金、泰康资产、金鹰基金、华夏未来资本、上海复霈资产、上善如 | | | 是基金、天演论资本、健顺投资、博普资产、长江资管、颐和久富私募、 | | | 泾溪投资、3W CAPITAL、国联民生证券、山西证券、国投证券 | | 时间 | 2025 年 9 月 18 日 | | 地点 | 深圳市福田区新一代产业园 1 栋 24 楼公司办公室 | | 上市公司接 待人员 | 李虎、褚伟晋、于海燕 | | 形式 | 现场交流 | | | 1．问：公司怎么看待上游存储原厂涨价，未来存储价格趋势如何？ | | | 答：根据公开报道，包括闪迪、美光、三星等 ...

| 申万行业(二级) | 接受调研的上市公司数量 | 申万行业(二级) | 接受调研的上市公司 | | --- | --- | --- | --- | | 专用设备 | 31 | 通用设备 | 26 | | 半导体 | 24 | 汽车零部件 | 21 | | 化学制品 | 20 | IT服务 | 17 | | 自动化设备 | 14 | 电力 | 11 | | 军工电子 | 10 | 计算机设备 | 10 | 具体上市公司方面，据Choice数据统计，博实结接受调研次数最多，达到4次。从机构来访接待量统计，晶盛机电、联创光电和武商集团排名前三，机构来 访接待量分别达237家、66家和49家。 | 证券名称 | 接待频率 2025-09-08 | 证券名称 | 接待 2025- | | --- | --- | --- | --- | | | 2025-09-14 | | 2025- | | 博实结 | র্ব | 章源钨业 | | | 埃斯顿 | 3 | 广发证券 | | | 周大生 | 3 | 亚光科技 | | | 岭南控股 | 3 | 芯原股份 | | | 沃尔德 | 2 | 西部矿业 | | | 证券名称 ...

Group 1 - The company recently held a targeted research activity with participation from three institutions: CICC, Hangyin Wealth Management, and Hanxin Private Equity [1] - The event focused on the company's growth expectations and advantages, highlighting its core intellectual property and technology capabilities, with the company ranking third in China's enterprise SATA SSD total capacity in 2024, leading among domestic brands [5] - The TCM model's progress was discussed, showcasing the company's collaboration with SanDisk, which emphasizes its leading capabilities in main control chip, firmware development, and packaging and testing manufacturing [5] Group 2 - The company's main control chip technology and planning were highlighted, with its series of main control chips utilizing leading foundry processes and self-developed core IP and firmware algorithms, resulting in performance and power consumption advantages [5] - The storage price trend was analyzed, indicating a substantial recovery in semiconductor storage market demand since the end of March 2025, driven by AI server shipments and increased mobile storage capacities [5] - The company noted that the CFM flash memory market is expected to see upward price movement in the third quarter due to supply strategies from storage wafer manufacturers [5]

Group 1 - The stock price of Baiwei Storage closed at 69.92 yuan on August 26, 2025, down 0.31% from the previous trading day, with a trading volume of 198,976 lots and a transaction amount of 1.411 billion yuan [1] - Baiwei Storage focuses on the semiconductor memory sector, covering R&D design, packaging, and manufacturing, with products widely used in smart terminals, PCs, and smart vehicles, and has entered the supply chain of several well-known domestic and international brands [1] - The company disclosed that its R&D investment for 2024 will reach 447 million yuan, an increase of over 7 times compared to 2018 [1] Group 2 - In the smart wearable sector, Baiwei Storage's AI emerging edge-side revenue for 2024 is expected to exceed 1 billion yuan, representing a nearly 300% year-on-year growth [1] - The company has begun bulk deliveries of automotive-grade storage products to leading automotive manufacturers, and its enterprise storage products have also received certification from AI server manufacturers [1]

Core Viewpoint - Jiangbolong held a conference call on August 22, 2025, to discuss its enterprise-level business strategy, TCM model progress, and main control chip R&D with 90 institutional investors [1] Group 1: Enterprise-Level Business Development - Jiangbolong's enterprise-level storage products have gained recognition from well-known clients due to its proprietary core intellectual property and technical capabilities [1] - According to IDC data, Jiangbolong's SATA eSSD has a domestic market share second only to Solidigm and Samsung, while its PCIe SSD and RDIMM products have been mass-produced for leading domestic enterprises [1] Group 2: SOCAMM Product Development - The SOCAMM product has been activated, showing over 2.5 times the bandwidth compared to traditional RDIMM at the same capacity, with a 20% reduction in latency and a size one-third that of standard RDIMM [2] - However, the SOCAMM product has not yet generated revenue, indicating certain risks [2] Group 3: TCM Model Progress and Market Space - Jiangbolong is focusing on high-end, brand, and overseas development, investing in key areas such as main control, firmware, and packaging testing to build a comprehensive service capability [3] - The TCM model connects wafer manufacturers with core downstream clients, simplifying the business model and reducing the impact of industry cycle fluctuations [3] - Jiangbolong has partnered with SanDisk to launch customized UFS products and solutions for the mobile and IoT markets, accelerating the introduction of UFS products into multiple Tier 1 client supply chains [3] Group 4: Main Control Chip Technology and R&D Plans - Jiangbolong has established a self-developed main control chip R&D team and continues to invest in it, utilizing leading processes and proprietary core IP [4] - The UFS4.1 product, equipped with self-developed main control chips, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - As of the end of July, over 80 million main control chips have been deployed, with UFS4.1 products undergoing validation with multiple Tier 1 manufacturers [4] Group 5: Embedded Business Opportunities - Jiangbolong has launched new embedded products such as UFS4.1 and eMMC Ultra, leveraging its advantages in self-developed main control, firmware, algorithms, and packaging testing [5] - The UFS product's performance advantages have led to a strategic partnership with SanDisk, while QLC eMMC products are being applied in numerous mobile terminal products due to their large capacity and price advantages [5] Group 6: Impact of U.S. Tariff Policies on Zilia - After acquiring Zilia, a leading storage manufacturer in Brazil, Jiangbolong has empowered it with its technology and product design solutions, leveraging Zilia's local manufacturing and service advantages [6] - Zilia has established long-term cooperative relationships with global top clients and manufacturers in Brazil [6]

Core Insights - Tongyuan Investment conducted a survey on Jiangbolong, revealing significant revenue growth in the enterprise storage business, with over 600% growth in 2024 and over 200% growth in Q1 2025 [1] - The company is actively promoting the TCM model and has established partnerships with multiple Tier 1 clients, enhancing visibility in supply and demand, and improving profitability [1] - Jiangbolong has strong capabilities in 'eSSD+RDIMM' product design and supply, with recognition from various well-known clients across multiple industries [1] - The company’s self-developed main control chip shows superior performance, with UFS4.1 products outperforming mainstream market products, and a significant increase in shipment scale expected for 2025 [1] - Jiangbolong has established a comprehensive semiconductor storage R&D system, obtaining multiple patents and technology licensing agreements [1] - Market prices for storage products are rising, with expectations of continued upward momentum in Q3 for server and mobile storage products [1] - The company collaborates deeply with wafer foundries and end-market applications, acting as a crucial bridge between upstream and downstream, providing higher added value [1]

Market Overview - The domestic market indices showed an overall upward trend, with the Shanghai Composite Index rising by 0.86% to close at 3,403.95, and the Shenzhen Component Index increasing by 0.64% to 10,354.22 [2][6]. Industry Insights - The electronic sector is experiencing a recovery, focusing on two main themes: AI and domestic substitution [3][4]. - The robotics industry is strengthening, with an emphasis on investment opportunities in both upstream and downstream sectors [7]. - The non-bank financial sector is seeing ongoing public fund reforms and an expansion of special monetary policies [8]. Company Analysis Times New Material (600458.SH) - In 2024, Times New Material achieved revenue of 20.055 billion, a year-on-year increase of 14.35%, and a net profit of 445 million, up 15.20% [11]. - The wind power blade sales reached 21.22 GW in 2024, a growth of 33.54%, with revenue from this segment at 8.2 billion, up 22.37% [12]. - The automotive parts segment also saw a record high revenue of 7.101 billion in 2024, marking a 3.51% increase [12][13]. Baiwei Storage (688525.SH) - Baiwei Storage reported a revenue of 6.695 billion in 2024, a significant increase of 86.46%, with a net profit of 161 million, up 125.82% [14]. - The first quarter of 2025 saw a revenue decline to 1.543 billion, down 10.62%, and a net loss of 197 million [14][15]. - The company is focusing on AI edge products, with a projected revenue growth of 294% in the AI emerging sector [15]. Shannon Chip Creation (300475.SZ) - Shannon Chip Creation achieved a revenue of 24.271 billion in 2024, a year-on-year increase of 115.40%, with a net profit of 264 million, down 30.08% [16]. - The first quarter of 2025 saw a revenue of 7.906 billion, up 243.33%, driven by the growing demand for servers and the recovery of the storage industry [16][17]. Investment Recommendations - Long-term investment strategies should focus on AI and domestic substitution themes, particularly in AI chips, lithography machines, and advanced packaging sectors [6][12]. - The robotics industry is transitioning from technology validation to mass production, with significant opportunities in algorithm models and hardware manufacturers [7]. - The electronic industry is entering a new growth cycle, supported by AI technology innovations and capital expenditures [6][12].

Group 1: Product Differentiation and Development - The distinction between enterprise-level storage products and consumer-level products lies in customized development, performance orientation, and project-based collaboration, with enterprise products requiring higher performance metrics and deeper service engagement [2] - The company has built a team of over 100 personnel focused on enterprise-level product development by the end of 2024, emphasizing customer needs and high-performance product delivery [4] - A high-standard testing line for enterprise products has been established to ensure reliability and stable supply, addressing core customer demands [3] Group 2: Capacity and Supply Chain Management - The company is enhancing enterprise storage capacity by collaborating with external manufacturers and optimizing its own production lines [4] - A dynamic supply chain management system has been developed, leveraging strategic partnerships with storage manufacturers to ensure material supply stability and increase domestic production rates [4] Group 3: Financial Performance and Growth - In Q1 2025, the company experienced revenue growth driven by an expanded product matrix and successful key business developments, particularly in solid-state drives and embedded memory sales [5] - R&D investment reached CNY 203 million in 2024, a year-on-year increase of 88.14%, with Q1 2025 R&D spending at CNY 58.76 million, up 97.77% year-on-year [8] Group 4: Market Trends and Pricing - Storage prices stabilized in Q1 2025 after adjustments in production capacity by manufacturers, with expectations of a moderate recovery throughout the year [6] - Emerging demands from AI and automotive electronics are identified as key growth drivers, with a trend towards high-performance and high-capacity storage solutions [6] Group 5: Inventory Strategy - The company maintains a neutral inventory strategy, adjusting procurement plans based on market feedback and enhancing inventory turnover to support new business developments [9]