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].

据闪德资讯获悉，佰维存储发布公告，股东国家集成电路基金二期因自身经营管理需要，拟通过大宗交 易方式减持本公司股份合计不超过922.53万股，不超过公司股份总数2%。 减持期为2025年9月5日至2025年12月4日，减持价格按市场价格确定。 | 减持主体的基本情况 | | --- | | 股东名称 | 因家集成电路产业投资基金二期股份有限公司 | | --- | --- | | 计划减持数量 | 不超过:9,225,312 股 | | 计划减持比例 | 不超过:2.00% | | 减持方式及对应减持数量 | 大宗交易减持,不超过:9,225,312 股 | | 减持期间 | 2025年9月5日~2025年12月4日 | | 拟减持股份来源 | IPO 前取得 | | 拟减持原因 | 自身经营管理需要 | 国家集成电路产业投资基金俗称"大基金"。 近年大基金在所投资公司上市后减持的案例并不少见，这是基金投资后实现良性退出的必然结果。 佰维存储主营业务是半导体存储器研发设计、封装测试、生产和销售。 主要产品是嵌入式存储、PC存储、工车规存储、先进封测服务。 | | | | 股东身份 | 控股股东、实控人及一致行动 ...