深圳市德明利技术股份有限公司 5．问：公司企业级存储目前定制化服务主要包括哪些，定价模式是 怎样的？ 答：公司企业级业务定位为解决方案提供商与服务商，依托在存储领 域的技术与供应链积累，从客户需求出发提供专业、高效、稳定可控的全 栈定制化服务，具体合作内容包括产品主控芯片定制、整体方案开发、供 应链综合管理等。定价模式基于项目需求、市场行情及价值共创原则协商 确定，保障业务可持续发展。 6．问：公司自研主控目前进展情况如何，后续研发规划是怎样的？ 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他： | | 活动参与人 | 信达澳亚基金、创金合信基金、东方阿尔法基金、国联基金、申万宏源证 | | 员 | 券、国信证券 | | 时间 | 2025 年 8 月 25 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 | 李虎、褚伟晋、于海燕 | | 待人员 | | | ...

Core Viewpoint - Micron Technology is facing challenges in the semiconductor industry due to new tariffs and a shift in market demand, leading to strategic adjustments in its product development and focus areas [1][2] Group 1: Market Impact - Micron's stock price fell by 3.53% on August 15, influenced by news of impending tariffs on the semiconductor sector [1] - The semiconductor industry is experiencing dual challenges: a slowdown in consumer electronics growth and increased storage demand driven by artificial intelligence applications [1] Group 2: Strategic Adjustments - Micron announced a halt in the development of future mobile NAND products and the termination of fifth-generation universal flash storage research due to weak demand and financial performance [1] - The company will continue to focus on high-demand areas such as solid-state drives (SSD), automotive applications, and NAND solutions for end devices [1] - In the DRAM sector, Micron is reducing production capacity for DDR4 products to meet the rising demand for DDR5 and high-bandwidth memory [2] Group 3: Workforce Changes - Micron is conducting layoffs in its China operations, affecting teams related to embedded products, field application engineers, and technical support, in response to weak financial performance in the mobile NAND market [2] Group 4: Future Outlook - The demand for enterprise SSDs is expected to remain strong in the coming quarters, driven by artificial intelligence applications, leading to a supply-demand imbalance in the market [2] - Micron's strategic contraction and resource reallocation aim to strengthen its competitiveness in NAND and DRAM businesses [2]

Core Viewpoint - Micron Technology (MU.US) has significantly raised its revenue forecast for Q4 ending August 2025, leading to increased bullish sentiment in the market, with expectations of a new bull market trajectory driven by surging demand for HBM and broader storage chips [1][3]. Group 1: Company Performance - Micron's management updated its sales forecast to between $11.1 billion and $11.3 billion, up from a previous estimate of $10.4 billion to $11 billion, with gross margin guidance raised to 44%-45% from 41%-43% [3]. - Adjusted earnings per share are projected to be between $2.78 and $2.92, exceeding the prior guidance of $2.35 to $2.65 [3]. - Following the update, Morgan Stanley issued a bullish report, maintaining a price target of $135, with a 12-month bull market target of $200 [3]. Group 2: Market Demand and Trends - The AI infrastructure investment wave is driving unprecedented demand for core storage chips, particularly HBM systems, server-grade DDR5, and enterprise SSDs, positioning Micron as a leader in AI infrastructure [1][2]. - The emergence of AI agents is transforming AI from an information tool to a highly intelligent productivity tool, significantly increasing demand for AI-related hardware [2]. - The global AI computing demand is expected to continue expanding, with estimates suggesting a potential investment wave in AI infrastructure could reach $2 trillion [6]. Group 3: Competitive Landscape - Micron is expected to increase its HBM market share from less than 10% to 20-25% by 2026, potentially surpassing Samsung and becoming the second-largest player after SK Hynix [7]. - SK Hynix currently holds a dominant 60% market share in the HBM market, particularly for NVIDIA's AI GPUs [7]. - The pricing environment for DRAM is improving, with expectations of sustained price increases due to strong HBM demand and supply constraints in non-AI DRAM markets [8][9]. Group 4: Industry Outlook - The global semiconductor market is projected to grow by 11.2% in 2025, reaching $700.9 billion, driven by strong demand in AI GPU and storage sectors [10]. - WSTS forecasts an 8.5% growth in the semiconductor market by 2026, with storage chips leading the growth [11].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **semiconductor storage industry**, focusing on **DRAM** and **NAND** markets, as well as **HBM** (High Bandwidth Memory) demand and pricing trends [1][3][5]. Key Points and Arguments 1. **Market Recovery and Growth**: - In Q2 2025, DRAM and NAND shipments increased by over **20%** quarter-on-quarter, with DRAM prices stable and NAND price declines narrowing [1][3]. - Management teams are optimistic about continued growth in Q3, expecting high single-digit percentage growth, assuming no adverse policies arise [1][4]. 2. **Long-term HBM Demand**: - HBM demand is expected to remain strong, particularly in enterprise SSDs, with a projected market size of **$18-20 billion** in 2024 and **$40 billion** in 2025, maintaining a **40%** growth rate from 2025 to 2028 [1][5]. - HBM consumption is anticipated to reach **162 billion gigabytes** in 2025, with **30%** of demand attributed to pre-stocking [1][6]. 3. **Pricing Trends**: - HBM average pricing is expected to rise from **$1.38** per megagigabyte in 2023 to **$1.80** in 2025, and further to **$2.30** by 2028, indicating a stable pricing environment without significant pressure like that seen in general DRAM [1][6][7]. 4. **Company Performance**: - Micron and SK Hynix outperformed expectations in Q2 2025, while Samsung's performance was less favorable due to impacts from other business segments and inventory write-downs [2][3]. - SK Hynix is projected to achieve **$23 billion** in revenue in 2025, capturing **55%** of the HBM market, while Micron expects nearly a **fivefold** revenue increase to **$8 billion**, significantly boosting its market share [3][9]. 5. **Supply Chain Dynamics**: - The supply chain is stabilizing, with inventory levels normalizing after a period of uncertainty due to tariffs and geopolitical tensions [1][3][4]. - The anticipated supply growth in HBM may outpace demand in the short term, potentially affecting market prices [1][4][5]. 6. **End Market Trends**: - The server and mobile markets are the primary demand sources, with server memory surpassing mobile memory in demand share since 2023 [10]. - AI applications are driving cloud storage demand, although there is no significant impact on PC demand [10]. 7. **Future Outlook for the Storage Chip Industry**: - The supply-demand relationship in the storage chip industry is improving, with healthy demand driven by AI applications [11]. - Micron is seen as a potential beneficiary of this recovery, although investment should be approached cautiously until policy uncertainties are resolved [11]. Additional Important Insights - The shift in storage demand towards AI data centers is a significant trend, with increasing willingness among downstream customers to adopt mixed modeling [1][5]. - The diversification of non-NVIDIA HPC demand is notable, with AWS's share increasing while Google's TPU share declines [8]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the semiconductor storage industry, particularly focusing on HBM and its market dynamics.

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of deepening reforms to stimulate the vitality of the multi-level capital market, particularly focusing on supporting high-quality, unprofitable innovative enterprises to list on the ChiNext board [1][4]. Group 1: Market Overview - As of now, the number of companies listed on the ChiNext board has reached 1,382, with a total market capitalization exceeding 13 trillion yuan [1][7]. - The CSRC's recent meeting highlighted the complex internal and external environment of the capital market, but also pointed out the certainty of high-quality economic development and asset valuation recovery in China [1]. Group 2: Reforms and Standards - The CSRC announced the implementation of a third set of standards for unprofitable innovative enterprises to list on the ChiNext board, with the first application being accepted from Dapu Microelectronics [1][3]. - The Shenzhen Stock Exchange (SZSE) has clarified the standards for refinancing applicable to ChiNext listed companies, focusing on "light assets and high R&D investment" [2][5]. - The newly released guidelines specify that companies meeting the "light asset" criteria must have no more than 20% of total assets in fixed assets and related categories, while "high R&D investment" companies must have an average R&D expenditure of at least 15% of revenue over the last three years [5][6]. Group 3: Industry Impact - The introduction of standards for unprofitable innovative enterprises is expected to enhance the inclusivity and adaptability of the ChiNext board, attracting more advanced production factors to the technology sector [3][4]. - The ChiNext board has become a crucial platform for supporting technological innovation, with over 60% of listed companies in strategic emerging industries, indicating a strong demand for financing to accelerate innovation [6][7]. - The median R&D investment for ChiNext listed companies from 2022 to 2024 was 209 million yuan, with a median R&D investment ratio of 6.47%, highlighting the need for higher standards to ensure innovation quality [7]. Group 4: Index and Quality Enhancement - The SZSE has revised the ChiNext Composite Index to enhance its representational quality by introducing mechanisms for monthly removal of stocks under risk warning and those with poor ESG ratings [8]. - The revised index now includes 1,316 sample stocks, covering 95% of ChiNext listed companies and 98% of total market capitalization, thereby improving the index's quality and attractiveness to investors [8].

Group 1 - The company, Xiangnon Xinchang, is a leading domestic electronic component distributor focusing on high-end storage solutions, with 97.15% of its revenue from semiconductor distribution in 2024 [1] - The company was formerly known as Julong Technology and transitioned to the semiconductor industry after acquiring a distributor in 2021, rebranding itself as Xiangnon Xinchang [1] - In May 2023, the company announced the establishment of a subsidiary, Haipu Storage, in collaboration with Dapu Micro, to enter the enterprise SSD market and enhance its capabilities in "distribution + self-research" [1] Group 2 - The storage chip market is expected to grow significantly, with a projected market size of RMB 1,189.7 billion in 2024, accounting for 31.3% of the integrated circuit market, driven by AI and increased demand for storage in devices [2] - Xiangnon Xinchang's subsidiary, United Chuangtai, has secured agency rights from major global suppliers, including SK Hynix and MTK, positioning the company to benefit from the industry's upward cycle and expanding high-end storage demand [2] Group 3 - The enterprise SSD market in China is projected to reach USD 6.25 billion in 2024, representing a growth of 187.9% compared to 2023, with expectations to reach USD 9.1 billion by 2029 [3] - The company has successfully developed and is entering mass production of enterprise-level DDR4, DDR5, and Gen4 eSSD products, targeting cloud computing storage and data center servers [3] - The establishment of Haipu Storage is anticipated to create growth opportunities for the company amid expanding enterprise storage demand [3] Group 4 - Revenue projections for the company from 2025 to 2027 are estimated at RMB 30.06 billion, RMB 32.68 billion, and RMB 40.22 billion, with year-on-year growth rates of 23.9%, 8.7%, and 23.1% respectively [4] - Net profit attributable to the parent company is expected to be RMB 483 million, RMB 686 million, and RMB 927 million for the same period, with growth rates of 83.0%, 42.0%, and 35.0% respectively [4] - The company's EPS is projected to be RMB 1.04, RMB 1.48, and RMB 2.00 for 2025, 2026, and 2027, respectively [4]

Summary of Storage Module Industry Conference Call Industry Overview - The storage industry is viewed as a significant sector, with ongoing debates regarding the storage module segment's growth potential and cyclical nature [1] - Current growth potential of storage modules is considered greater than its cyclical attributes, despite recent price fluctuations due to production cuts by major companies [1][2] Key Insights - The second half of the year is anticipated to be a golden period for the storage industry, with enterprise-level domestic production rates currently below 10-20% [2] - The industry is expected to experience high growth in revenue and profit over the next three years, driven by increased domestic production and demand [2] Price Cycle and AI Impact - The analysis focuses on two main aspects: the current price cycle and the impact of AI on storage module demand [3] - Historical data from Micron indicates that the storage industry is highly cyclical, with significant price fluctuations observed over the past 15 years [3][4] - Recent production cuts by major players like Micron (10% reduction in NAND production) and others have led to a rebound in NAND and DRAM prices [5][6] Demand Drivers - Increased capital expenditure by major internet companies and a recovery in PC and smartphone markets are driving demand for storage solutions [5][7] - The AI era is expected to significantly boost storage module demand, particularly for enterprise SSDs, as AI servers require more storage capacity [10][11] Domestic Production and Market Dynamics - Current domestic production rates for storage modules are low, with a push for increased localization due to national security concerns [11][12] - The domestic market for enterprise SSDs is estimated to be over $10 billion, with significant growth potential as local manufacturers ramp up production [13] Price Trends - Prices for DDR4 and NAND components have seen significant increases due to production cuts and stable demand, with DDR4 prices rising by 50% recently [8][9][10] - The price of 64-layer NAND chips has rebounded from a low of $1.4 to approximately $2.8, indicating a recovery trend [6] Future Outlook - The storage module industry is expected to enter an upward cycle, with sustained demand driven by AI and cloud computing [21] - Companies like Dominion and Jiangbo Long are positioned to benefit from the growing enterprise SSD market, with anticipated revenue growth in the coming quarters [18][19] Conclusion - The storage module sector is poised for growth, supported by favorable market conditions, technological advancements, and increasing domestic production efforts [22] - Continuous monitoring of the industry is recommended, as the potential for investment opportunities remains strong in both storage modules and related semiconductor technologies [22]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, indicating a shift in the market's acceptance of unprofitable innovative enterprises [1][5]. Company Overview - Dapu Micro specializes in the research and sales of enterprise-level SSD products, being one of the few domestic providers with full-stack self-research capabilities in SSD "controller chip + firmware algorithm + module" [1]. - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan for the same years [1]. Financial Performance - The company's projected financials show a significant increase in revenue from 2023 to 2024, with a forecasted revenue of 962.18 million yuan for 2024 [2]. - The net profit figures indicate continued losses, with projected net losses of 1,909.40 million yuan for 2024, compared to 6,168.83 million yuan for 2023 and 5,340.29 million yuan for 2022 [2]. IPO Details - Dapu Micro's IPO is expected to raise 1.878 billion yuan, with a maximum issuance of 43.62 million shares, representing approximately 10% of the total shares post-issuance [4]. - The company is estimated to have a valuation of at least 18.779 billion yuan upon reaching the expected fundraising amount, with a valuation of 6.81 billion yuan during the last funding round in 2024 [4]. Market Context - The China Securities Regulatory Commission has announced the introduction of a third set of standards for the ChiNext board to support high-quality unprofitable innovative companies in going public [5]. - The Shenzhen Stock Exchange has established standards and regulatory arrangements for unprofitable innovative enterprises, indicating a more accommodating environment for such companies [5].

Core Insights - The global semiconductor industry is undergoing a transformation due to geopolitical factors and the AI technology race, with supply chain regionalization and tariff policy uncertainties reshaping the market landscape [1][2][3] Group 1: Market Dynamics - The global semiconductor IC industry is projected to reach a value of $647.3 billion in 2024, representing a year-on-year growth of 25.6%, driven by surging AI computing demand and a rebound in memory prices [2] - The wafer foundry revenue is expected to grow by 19.1% in 2025, but excluding TSMC's contribution, the industry's growth rate will drop to 5.7%, highlighting the significance of advanced process technologies [2][3] Group 2: Regional Disparities - Taiwan currently leads the global foundry capacity with a 73% share, but its advanced process share is expected to decline from 66% in 2021 to 54% by 2030 due to power constraints and capacity migration [3] - The U.S. aims to increase its advanced process share from 18% to 27% by 2030, with TSMC's Arizona factory projected to contribute 16% of U.S. advanced process capacity [3] Group 3: AI Impact on Semiconductor Demand - AI server chip demand is expected to grow by 24% year-on-year in 2024, continuing the previous year's 46% growth, becoming a core driver for advanced process demand [4] - The semiconductor industry is projected to have a compound annual growth rate (CAGR) of 8.3% by 2028, with data centers leading at 11.5% CAGR, significantly outpacing other sectors [4] Group 4: HBM Market Trends - The demand for High Bandwidth Memory (HBM) is expected to grow by 94% in 2025, with HBM3e projected to account for over 90% of shipments by that year [7] - NVIDIA is anticipated to maintain a dominant market share in HBM, potentially reaching over 70% by 2025, although structural shifts may occur post-2026 [7][8] Group 5: Emerging Technologies - Gallium Nitride (GaN) is nearing large-scale application, with its market size expected to grow from approximately $390 million last year to $3.33 billion by 2030, driven by high-power applications in automotive and AI data centers [10] - AI is also expected to drive the demand for enterprise SSDs, with the share of AI-driven server SSDs projected to rise from 9%-10% to 20% by 2028 [9]

Market Overview - The main board saw significant gains with stocks like Yuanwanggu (+10.07%), China Science and Technology (+10.03%), and Langchao Software (+10.01%) leading the rise [1] - The ChiNext board also performed well, highlighted by Zhilai Technology (+20.00%) and Xingchen Technology (+20.00%) [1] - The Sci-Tech Innovation board was led by Ankai Micro (+15.30%) and Guoli Co. (+8.65%) [1] - Active sub-industries included SW Other Electronics III (+3.17%) and SW Games III (+2.86%) [1] Domestic News - BOE announced the full production of its 6th generation semiconductor display device production line, with a total investment of 29 billion yuan and a monthly capacity of 50,000 pieces [1] - TCL and Alibaba Cloud have formed a full-stack AI strategic partnership focusing on semiconductor displays and smart terminals, aiming to enhance China's tech manufacturing through AI integration [1] - Xiamen Tianma's 8.6-generation display panel production line has entered the capacity ramp-up phase, targeting a monthly processing capacity of 120,000 glass substrates [1] - A 5 billion yuan project for the core components and systems of integrated circuits has been established in Lingang, including various semiconductor production lines [1] Company Announcements - Ruijie Networks announced a cash dividend of 6.06 yuan per 10 shares, totaling 344 million yuan, and a capital reserve increase of 4 shares for every 10 shares [3] - Sanrui Technology completed a share buyback of 1,435,380 shares, representing 1.25% of its total share capital [3] - Huaya Intelligent reported a shareholder reduction of 1.01% in shares, in line with a previously disclosed plan [3] - Weida Optoelectronics notified of a significant shareholder reducing their stake by 0.1479% [3] International News - SpaceX is expanding its panel-level packaging capabilities to meet the demand for low-orbit satellite integration, with a contract signed with Innolux for chip management [2] - North American cloud service providers are expected to drive significant growth in enterprise SSD demand by Q3 2025, with a projected price increase of 10% due to low inventory levels [2] - Asahi Kasei has notified some clients of supply adjustments for its PIMEL series photoresist materials due to rapid AI computing demand [2] - Samsung plans to expand production of 1c DRAM technology in South Korea, indicating confidence in improving yield rates compared to competitors [2]