新华财经上海9月12日电（谈瑞、周子涵）本周A股市场，新华出海TMT指数成份股香农芯创（300475）股价走势极为强势，截至9月12日 收盘，其股价周内涨幅高达71.74%，收盘价报73.83元，总市值飙升至342.40亿元，创下历史新高。如此强劲的股价表现，背后是存储行 业景气度持续向上，也从侧面印证了中国电子元器件产业稳步发展的历史进程。 香农芯创聚焦高端存储领域，电子元器件产品分销目前为公司的主要收入来源。公司具备数据存储器、控制芯片、模组等电子元器件产 品提供能力，产品广泛应用于云计算存储（数据中心服务器）、手机等领域。 从业绩数据来看，香农芯创2025年半年度营业收入达到171.23亿元，同比大幅增长119.35%；归属于上市公司股东的净利润为1.58亿元， 同比增长0.95%。 | 指数简称 | 指数点位 | 本周涨跌幅 | 涨跌平 | 指数上行 | 日均指数 | 最近１年 | | --- | --- | --- | --- | --- | --- | --- | | | | | 天数比 | 主要贡献行业 | 换手率 | 收益 | | 新华制造出海 50 | 2981.49 | 1.40% | 2 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][22]. Core Insights - The company reported significant improvement in profitability for Q2 2025, with a revenue of 92.17 billion yuan, representing a year-over-year increase of 67.48% and a quarter-over-quarter increase of 16.59%. The net profit for the same quarter was 1.41 billion yuan, showing a year-over-year decrease of 0.8% but a substantial quarter-over-quarter increase of 743.49% [1][7]. - The report highlights that the company is benefiting from rising storage prices and a favorable product mix, which has led to improved gross and net profit margins in Q2 2025 [7]. - The company is well-positioned to capitalize on the expected continued rise in storage prices in Q3 2025, with projections indicating a potential increase of 10% to 20% in DRAM prices due to supply constraints and seasonal demand [7]. Financial Summary - For the first half of 2025, the company achieved a total revenue of 171.23 billion yuan, a year-over-year increase of 119.35%. The net profit attributable to shareholders was 1.58 billion yuan, reflecting a year-over-year increase of 0.95% [1][7]. - The financial forecast for the company shows a projected revenue growth from 24.27 billion yuan in 2024 to 47.04 billion yuan by 2027, with corresponding net profits expected to rise from 264 million yuan to 1.05 billion yuan over the same period [3][8]. - The report provides a target price of 61.24 yuan per share, based on a 35x price-to-earnings ratio for 2026, indicating significant upside potential from the current price of 43.51 yuan [4][7].

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].