Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The partnership with SanDisk aims to enhance UFS storage solutions, leveraging SanDisk's advanced 3D NAND technology and the company's expertise in controller chips and manufacturing services [2] - The company's unique TCM model has received positive feedback from major clients, and the collaboration with SanDisk is expected to strengthen its competitive position in the high-end storage market [2] - The storage market is anticipated to grow due to the global AIGC trend and the "Digital China" initiative, providing significant growth opportunities for the company [4] Financial Summary - The company is projected to achieve revenues of 10,125 million yuan in 2023, increasing to 30,125 million yuan by 2027, with a compound annual growth rate (CAGR) of 15% [15] - The net profit is expected to turn positive in 2024, reaching 499 million yuan, and further increasing to 2,012 million yuan by 2027 [15] - The company's return on equity (ROE) is forecasted to improve from -13.0% in 2023 to 17.6% in 2027 [15] Business Segments - The embedded storage segment is expected to generate 8.425 billion yuan in revenue in 2024, reflecting a year-on-year growth of 91% [3] - The solid-state drive (SSD) segment is projected to achieve 4.147 billion yuan in revenue in 2024, with a year-on-year growth of 48% [3] - The enterprise storage products have shown significant growth, with a revenue increase of over 200% in Q1 2025 [3] Market Position - The company is positioned as a leading independent storage manufacturer in China, actively expanding its domestic and international market presence [4] - The strategic partnership with SanDisk is expected to enhance the company's product development and delivery processes, further solidifying its market position [2]