证 券 研 究 报 告 香农芯创（300475）2025 年半年报点评 强推（维持） 25Q2 盈利能力大幅提高，企业级模组产品进 展顺利 事项： 公司发布 2025 年半年报：2025 年上半年公司实现营收 171.23 亿元 （YoY+119.35%），实现归母净利润 1.58 亿元（YoY+0.95%），实现扣非归母净 利润 1.56 亿元（YoY-28.76%）。单季度来看，25Q2 公司实现营收 92.17 亿元 （ YoY+67.48% ， QoQ+16.59% ）， 实 现 归 母 净 利 润 1.41 亿元（ YoY- 0.8%,QoQ+743.49%）， 实现 扣 非 归 母 净利润 1.41 亿元（ YoY-14.20%， QoQ+849.94%）。 评论： 风险提示：存储价格波动、核心供应商授权取消风险、下游需求不及预期 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 24,271 | 34,897 | 41,21 ...

Core Viewpoint - The article highlights the growth potential of Xiangnon Chip Creation, a leading electronic component distributor in China, particularly in the context of increasing capital expenditures by major clients like Alibaba in AI infrastructure [2][3]. Group 1: Company Overview - Xiangnon Chip Creation has established capabilities in providing electronic components such as data storage devices, main control chips, and modules, which are widely used in cloud computing storage, mobile phones, televisions, automotive products, smart wearables, and the Internet of Things [2]. - The company has accumulated numerous high-quality original factory authorization qualifications, including partnerships with top global memory suppliers like SK Hynix and renowned main control chip brands like MTK [2]. Group 2: Client and Market Dynamics - Alibaba has announced significant capital expenditure plans, with investments in AI infrastructure expected to exceed the total of the past decade over the next three years, which is likely to benefit Xiangnon Chip Creation as a supplier in the enterprise storage sector [3]. - The company has established a strong client base, including major internet cloud service providers and large domestic ODM enterprises, enhancing its competitive advantage in the market [3]. Group 3: Product Development - The company has made rapid progress in developing its proprietary enterprise storage products through its subsidiary, Haipu Storage, focusing on SSD storage product design, production, and sales [4]. - As of June 30, 2024, the company has successfully completed the research and trial production of enterprise-level DDR4, DDR5, and Gen4 eSSD products, which are now entering mass production [4].