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佰维存储董事长孙成思:“唯有掌握核心能力,才能决定产品的竞争力和议价权”
佰维存储惠州工厂车间内,几百台公司自研的测试设备整齐排列。测试设备的透明橱窗内,机械臂从料盘上抓取芯片,精准放置到测试座上,待完成电性 测试、高温老化等多重"体检"后,芯片才能出厂。 动辄上千万元的进口测试设备,曾让不少芯片企业发展受限,但佰维存储坚定选择自建封测能力。"唯有掌握核心能力,才能决定产品的竞争力和议价 权。"近日,佰维存储董事长孙成思在接受记者专访时表示,秉持这一信念,公司从零起步搭建起支撑产品研发、验证与交付的研发与封测制造体系。 回过头看,这是一步"妙棋",它不仅助力公司在激烈的行业竞争中脱颖而出,成为国内少数兼具存储解决方案和先进封测能力的厂商,也为中国存储器补 链强链贡献了佰维力量。 佰维存储生产车间 公司供图 建立研发封测一体化模式 佰维存储成立于2010年,专注半导体存储器的研发设计、封测、生产和销售,其产品广泛应用于智能终端、PC、行业设备、数据中心、智能汽车等多个 领域。 2010年前后,全球存储产业基本由美、日、韩厂商主导。与此同时,移动互联网兴起,带来了对大容量、小型化、低功耗存储的新需求。 "面对强有力的竞争对手,我们决定通过做深解决方案、做强封测能力,实现'两条腿走路', ...
佰维存储:研发向上突破 加速朝价值链高端攀升
佰维存储惠州工厂车间内,几百台公司自研的测试设备整齐排列。测试设备的透明橱窗内,机械臂从料 盘上抓取芯片,精准放置到测试座上,待完成电性测试、高温老化等多重"体检"后,芯片才能出厂。 动辄上千万元的进口测试设备,曾让不少芯片企业发展受限,但佰维存储坚定选择自建封测能力。"唯 有掌握核心能力,才能决定产品的竞争力和议价权。"近日,佰维存储董事长孙成思在接受记者专访时 表示,秉持这一信念,公司从零起步搭建起支撑产品研发、验证与交付的研发与封测制造体系。 回过头看,这是一步"妙棋",它不仅助力公司在激烈的行业竞争中脱颖而出,成为国内少数兼具存储解 决方案和先进封测能力的厂商,也为中国存储器补链强链贡献了佰维力量。 建立研发封测一体化模式 佰维存储成立于2010年,专注半导体存储器的研发设计、封测、生产和销售,其产品广泛应用于智能终 端、PC、行业设备、数据中心、智能汽车等多个领域。 2010年前后,全球存储产业基本由美、日、韩厂商主导。与此同时,移动互联网兴起,带来了对大容 量、小型化、低功耗存储的新需求。 "面对强有力的竞争对手,我们决定通过做深解决方案、做强封测能力,实现'两条腿走路',用不被掣 肘的制造与验证 ...
德明利(001309):25Q2季度营收29亿元创新高,同环比均翻倍
2025 年 08 月 25 日 德明利 (001309) ——25Q2 季度营收 29 亿元创新高,同环比均翻倍 报告原因:有业绩公布需要点评 买入(维持) | 市场数据: 2025 年 08 月 25 日 | | | --- | --- | | 收盘价(元) | 99.61 | | 一年内最高/最低(元) | 163.58/61.99 | | 市净率 | 9.6 | | 股息率%(分红/股价) | 0.30 | | 流通 A 股市值(百万元) | 15,915 | | 上证指数/深证成指 3,883.56/12,441.07 | | | 注:"股息率"以最近一年已公布分红计算 | | 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 -50% 0% 50% 100% 150% 德明利 沪深300指数 (收益率) 相关研究 投资要点: 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...
佰维存储(688525):Q2营收强劲增长,持续关注晶圆级先进封装进展
ZHONGTAI SECURITIES· 2025-08-15 11:37
Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is positioned as a leader in storage solutions and is enhancing its layout in advanced wafer-level packaging [4]. - The company has shown strong revenue growth in Q2 2025, with a year-on-year increase of 38% and a quarter-on-quarter increase of 54% [5][6]. - The company is expected to benefit from rising storage prices, with significant price increases projected for various memory products in Q3 2025 [8]. - The company is focusing on high-end product development and has a strong R&D investment strategy, which is expected to enhance its competitive edge [11]. Financial Summary - Total shares outstanding: 461.27 million [2] - Circulating shares: 317.30 million [2] - Market price: 64.07 CNY [2] - Market capitalization: 29,553.29 million CNY [2] - Revenue forecast for 2023A: 3,591 million CNY, with a growth rate of 20% [4]. - Projected revenue for 2024A: 6,695 million CNY, with a growth rate of 86% [4]. - Projected net profit for 2025E: 461 million CNY, with a growth rate of 186% [4]. - Projected EPS for 2025E: 1.00 CNY [4]. - Projected P/E ratio for 2025E: 64.2 [4]. Market and Industry Analysis - The company has a strong market position in embedded storage, PC storage, automotive-grade storage, and enterprise storage, ranking among the top domestic storage manufacturers [8]. - The company is implementing a one-stop solution for storage and wafer-level advanced packaging, which is expected to enhance its competitiveness in the market [10]. - The company has successfully launched its first domestically developed main control chip, which is expected to cater to various applications, including smart wearables and automotive [10].
德明利: 德明利2025年半年度业绩预告
Zheng Quan Zhi Xing· 2025-07-09 16:13
Group 1 - The company expects a net loss of between 80 million to 120 million RMB for the current period, with a significant decrease in net profit attributable to shareholders by 120.64% to 130.96% compared to the same period last year [1] - The company's operating revenue is projected to be between 3.8 billion to 4.2 billion RMB, showing a year-on-year growth of 74.63% to 93.01% [1] - Basic earnings per share are expected to be a loss of 0.49 to 0.74 RMB per share, compared to a profit of 2.63 RMB per share in the same period last year [1] Group 2 - The improvement in supply-demand structure has driven overall price recovery, and the company has actively expanded its enterprise-level storage and embedded storage businesses, leading to a significant increase in operational scale [2] - The company anticipates a substantial increase in R&D expenses, with approximately 130 million RMB for the first half of 2025, up from 86.64 million RMB in the same period last year, marking a 50% increase [2] - The company has successfully upgraded its service model from a single product supply to an integrated service of "hardware + technology + supply chain," achieving rapid breakthroughs in enterprise-level and embedded storage sectors [2]
国海证券晨会纪要-20250704
Guohai Securities· 2025-07-04 01:33
Group 1 - The core viewpoint of the report highlights that Langke Technology (300042.SZ) is actively positioning itself within the computing power ecosystem, benefiting from the "East Data West Computing" initiative in Shaoguan [2][3] - Langke Technology is a leader in the storage industry, having been established in 1999 and listed on the Growth Enterprise Market in 2010, with a product range that includes SSDs, DDR, embedded storage, and mobile storage [3] - The company experienced a decline in revenue from 2022 to 2024, with figures of 1.772 billion, 1.088 billion, and 0.829 billion yuan respectively, reflecting year-on-year decreases of 7.36%, 38.63%, and 23.73% due to weak terminal demand and falling product prices [3] Group 2 - The global storage market is expected to enter an upward cycle driven by increased shipments of electronic devices and data center construction, with the NAND Flash market in China accounting for approximately 36% and DRAM for about 62% [4] - The global smartphone market is projected to rebound strongly in 2024, with shipments reaching 1.22 billion units, a year-on-year increase of 7% [4] - The global data center market is estimated to be worth approximately 82.2 billion USD in 2023, with a year-on-year growth of 10.04%, and is expected to reach 96.8 billion USD by 2025 [4] Group 3 - Shaoguan is the only node in South China for the "East Data West Computing" initiative, with 22 intelligent computing center projects and a total investment of 62.1 billion yuan as of the end of 2024 [5] - The city plans to establish 500,000 standard racks and 5 million servers by 2025, with an investment exceeding 50 billion yuan, significantly enhancing the computing power capacity in the Guangdong-Hong Kong-Macao Greater Bay Area [5] - Langke Technology, backed by the Shaoguan State-owned Assets Supervision and Administration Commission, is expected to become a strategic investment hub in the region's computing power layout [5] Group 4 - The company's main storage business is anticipated to benefit from a recovery in industry demand, with projected revenues of 0.851 billion, 1.046 billion, and 1.301 billion yuan from 2025 to 2027, and net profits of -0.031 billion, 0.146 billion, and 0.217 billion yuan respectively [6] - The report assigns a price-to-sales ratio (PS) of 6, 5, and 4 for the years 2025 to 2027, indicating a positive outlook for the company's financial performance [6]
筹划赴港上市的江波龙,给2024年财报打了5处“补丁”
Xi Niu Cai Jing· 2025-06-04 11:50
Core Viewpoint - Jiangbolong (301308) disclosed a correction announcement for its 2024 annual report, citing the high workload during the reporting period as the reason for not identifying minor errors in a timely manner [1][3] Group 1: Correction Details - The announcement includes five corrections, two of which pertain to unit description errors, while three involve the "weighted average return on equity" and its corresponding "year-on-year growth rate" [2][3] - Before correction, the weighted average return on equity was reported at 31.27% with a year-on-year growth of 44.28%. After correction, it was adjusted to 7.92% with a year-on-year growth of 20.93% [3] - Cash flow data was also corrected; initially, the net cash flow from investment activities was reported to have decreased by 33.67%, and the net increase in cash and cash equivalents was reported to have decreased by 73.70%. After correction, both figures showed an increase of 33.67% and 73.70%, respectively [3] Group 2: Company Overview and Financial Performance - Jiangbolong is a semiconductor storage brand with product lines including embedded storage, solid-state drives, mobile storage, and memory modules, and it owns the brands FORESEE and Lexar [4] - The company is planning a secondary listing in Hong Kong, with its application materials accepted by the China Securities Regulatory Commission in April 2024 [4] - For the year 2024, Jiangbolong reported a revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit of nearly 500 million yuan, reflecting a growth of over 160%. However, the net profit included 340 million yuan from non-operational financial activities, leading to a non-recurring net profit of only 167 million yuan, indicating ongoing pressure [4]
佰维存储:AI眼镜加速放量,晶圆级先进封测稳步推进-20250602
Guoxin Securities· 2025-06-02 02:05
Investment Rating - The investment rating for the company is "Outperform the Market" [5][28][31] Core Views - The company is experiencing a short-term revenue decline due to storage price impacts, with a revenue of 1Q25 at 1.543 billion yuan, down 10.62% YoY and 7.58% QoQ. However, a gradual recovery in storage prices is expected in 2Q25, which may lead to performance improvement [1][20][28] - Embedded storage revenue for 2024 reached 4.241 billion yuan, a significant increase of 151.68% YoY, with products entering major client supply chains. AI-related products are also seeing rapid revenue growth, particularly in AI glasses, which are expected to grow over 500% YoY in 2025 [2][28] - The company is making steady progress in wafer-level advanced packaging, which is anticipated to drive long-term growth. The enterprise-level and automotive-grade storage segments are also expanding successfully [3][28] Summary by Sections Financial Performance - 1Q25 revenue was 1.543 billion yuan, with a net profit of -216 million yuan, reflecting a significant decline in profitability due to increased R&D expenses and inventory write-downs [1][28] - The company forecasts a gradual recovery in revenue, with expected net profits of 178 million yuan, 200 million yuan, and 382 million yuan for 2025, 2026, and 2027 respectively [28][29] Revenue Breakdown - Embedded storage is projected to generate revenues of 5.439 billion yuan, 6.459 billion yuan, and 7.363 billion yuan from 2025 to 2027 [28] - PC storage revenue is expected to be 2.206 billion yuan, 2.283 billion yuan, and 2.363 billion yuan for the same period [28] - Automotive-grade storage revenue is anticipated to grow to 155 million yuan, 294 million yuan, and 418 million yuan from 2025 to 2027 [28] Market Trends - The global storage market is experiencing a cyclical downturn, with NAND Flash prices expected to stabilize in 2Q25 after a decline in 1Q25. The company is well-positioned to benefit from this recovery [20][24] - The demand for AI-related storage products is increasing, particularly in the context of AI glasses and high-performance PC storage solutions [2][3][28]
佰维存储(688525):AI眼镜加速放量,晶圆级先进封测稳步推进
Guoxin Securities· 2025-06-01 13:45
Investment Rating - The investment rating for the company is "Outperform the Market" [5][28][31] Core Views - The company is experiencing a short-term revenue decline due to storage price impacts, with a revenue of 1Q25 at 1.543 billion yuan, down 10.62% YoY and 7.58% QoQ. However, a gradual recovery in storage prices is expected in 2Q25, which may lead to performance improvement [1][20][28] - Embedded storage revenue for 2024 reached 4.241 billion yuan, a significant increase of 151.68% YoY, with products entering major client supply chains. AI-related products are also seeing rapid revenue growth, particularly in AI glasses, which are expected to grow over 500% YoY in 2025 [2][28] - The company is making progress in enterprise-level and automotive-grade storage, with advanced wafer-level packaging expected to drive long-term growth. The company has passed various tests and is set to meet advanced storage packaging demands [3][28] Summary by Sections Financial Performance - 1Q25 revenue was 1.543 billion yuan, with a net profit of -216 million yuan, reflecting a significant decline in profitability due to increased R&D expenses and inventory write-downs [1][28] - Revenue projections for 2025-2027 are 1.78 billion, 2.00 billion, and 3.82 billion yuan respectively, with corresponding PE ratios of 156, 139, and 73 [3][28] Revenue Breakdown - Embedded storage is projected to generate revenues of 5.439 billion, 6.459 billion, and 7.363 billion yuan from 2025 to 2027, driven by a recovery in storage prices and increased shipments [28] - PC storage revenue is expected to be 2.206 billion, 2.283 billion, and 2.363 billion yuan for the same period, benefiting from a gradual market recovery [25][28] - Automotive-grade storage is anticipated to grow to 1.55 billion, 2.94 billion, and 4.18 billion yuan from 2025 to 2027, as customer adoption increases [26][28] Market Trends - The global storage market is experiencing a cyclical downturn, with NAND Flash prices expected to stabilize in 2Q25 after a decline in 1Q25. The company anticipates a recovery in prices due to inventory adjustments and increased demand from OEMs [20][24][28] - The company is well-positioned in the supply chains of major clients across various sectors, including AI, automotive, and consumer electronics, which supports its growth outlook [2][3][28]
德明利业绩会:积极布局企业级存储、嵌入式存储等领域
Core Viewpoint - The company is focusing on its core business of storage chips, increasing R&D investment to enhance technological autonomy, and expanding its product development and business operations in emerging fields such as AI servers and data centers [1][2]. Financial Performance - In 2024, the company achieved total revenue of 4.773 billion yuan, a year-on-year increase of 168.74%, and a net profit attributable to shareholders of 351 million yuan, a year-on-year increase of 1302.30% [1]. - For Q1 2025, the company reported revenue of 1.252 billion yuan, a year-on-year increase of 54.41%, but a net loss of 69.09 million yuan [1]. Market Conditions and Strategy - The company is experiencing short-term pressure on profitability due to industry cycle fluctuations, structural adjustments in market demand, and temporary cost pressures, but expects improvement as industry conditions recover [1]. - Since March, the storage chip market has shown signs of supply-demand improvement, leading to a stabilization and recovery in prices [2]. R&D and Product Development - The company has significantly increased R&D investment in 2024, particularly in high-performance areas, and is focused on breakthroughs in core technologies related to storage chips [2]. - The company is actively developing products in enterprise-level storage, industrial-grade storage, embedded storage, and high-performance main control chips to meet the diverse needs of emerging technologies like AI and cloud computing [2][3]. Business Expansion - The enterprise-level storage business is progressing well, having entered the supply chains of major internet and server manufacturers, with some products successfully validated and shipped in bulk [3]. - The company is expanding its product matrix to include solid-state drives, embedded storage, memory bars, and mobile storage, while also targeting new application scenarios such as data centers, industrial control, consumer electronics, and smart wearables [3].