抢抓AI服务器浪潮，德明利（001309）上半年交出一份亮眼成绩单。 8月22日，德明利(001309.SZ)发布半年报，上半年公司实现营业收入41.09亿元，同比大增88.83%，净利 润亏损1.18亿元，二季度公司归母净利润亏损0.49亿元，环比一季度减亏29.28%，环比大幅提升3.81个 百分点，均呈现快速改善趋势。 公司基于研发技术创新以及对业务场景的深刻理解，形成定制化存储解决方案与服务体系，成功从单一 的产品供应向"硬件+技术+供应链"一体化服务升级。 具体包括云服务厂商、手机厂商、AIoT终端厂商多个知名客户，以及学习平板、会议平板、电力、安 全监控等细分市场领域。 报告期内，行业客户需求增长带动德明利的嵌入式存储及企业级存储业务快速放量，已成为公司业务的 重要增长极。公司新进入多家知名企业供应链体系，在头部互联网厂商、一线手机客户等领域均有所突 破，为后续相关业务的持续快速发展奠定了坚实的基础。 上半年，德明利实现固态硬盘业务收入 15.34亿元，同比增长64.62%，实现嵌入式存储业务收入17亿 元，同比增长290.10%。 德明利产品线涵盖固态硬盘类、嵌入式存储类、内存条类及移动存储类四 ...

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 | | --- | --- | --- | --- | --- | --- | ...

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]

Core Insights - The report from CITIC Securities indicates that mainstream storage and niche DRAM prices are rising, with expectations for revenue growth among major storage manufacturers in Q2 2025 and a profitability turning point for storage module manufacturers [1] - It is anticipated that storage prices will maintain an upward trend in Q3 2025, particularly for DDR4 and DDR5 memory [3] Price Review - DRAM prices have shown a moderate increase for DDR5, while DDR4 prices have surged due to accelerated production cuts by manufacturers, with DDR5 contract prices rising approximately 2% and DDR4 prices increasing by 30% on average in May [1][2] - The average price increase for DDR4 8/16Gb chips in May exceeded 30% due to urgent procurement by downstream customers [1] NAND Flash Market - The reduction in production by manufacturers has led to a mild increase in NAND Flash prices, with TLC wafer prices rising by 6% to 14% in March, and SSD prices following suit [2] - Demand for enterprise SSDs continues to rise, particularly from North American CSP manufacturers [2] Price Outlook - For Q3 2025, DDR5 and NAND prices are expected to rise moderately, while DDR4 prices are projected to increase by 8% to 13% [3] - TrendForce forecasts that DDR4 PC/server memory module prices will rise by 18% to 23% and 8% to 13% respectively in Q3 2025 [3] - NAND Flash wafer prices are expected to increase by 3% to 8% in Q2 and 5% to 10% in Q3 2025 [3] Module Pricing - DDR5 memory prices have remained stable, while DDR4 prices have surged by 20% to 64% in the industry and channel markets [2] - SSD prices have seen a slight decline of 3% to 0% in the same period, while mobile storage prices have increased moderately by 0% to 14% [2]

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]

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]

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Viewpoints - The company achieved a revenue growth of 54.41% year-on-year in Q1 2025, despite a decline in storage prices, indicating successful channel and customer expansion [1][33]. - The product structure is continuously optimized, with significant growth in SSD and embedded storage segments, driven by increasing demand from cloud service providers and AI applications [2][30]. - The company is progressing well with self-developed main control chips, which are expected to contribute to future growth alongside existing product lines [3][33]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported revenue of 1.252 billion yuan, a 54.41% increase year-on-year and a 6.5% increase quarter-on-quarter. However, the net profit attributable to the parent company was -75 million yuan, a decrease of 138.9% year-on-year [1][33]. - The gross margin for Q1 2025 was 5.8%, showing a year-on-year decline of 31.4 percentage points but a quarter-on-quarter improvement of 5.5 percentage points [1][33]. Product Lines and Market Demand - The company has established four main product lines: mobile storage, solid-state drives (SSD), embedded storage, and memory modules. In 2024, SSD revenue reached 2.3 billion yuan, a 235.46% increase, while embedded storage revenue was 843 million yuan, a 1730.60% increase [2][30]. - The demand for enterprise-level SSDs is expected to grow significantly due to increased capital expenditure from domestic cloud service providers, with the company successfully entering their supply chains [2][30]. Financial Forecasts - The company forecasts revenues of 6.772 billion yuan in 2025, with a projected net profit of 361 million yuan. The expected PE ratios for 2025-2027 are 50, 42, and 28, respectively [4][33]. - The revenue growth rates for the next few years are projected at 41.9% for 2025, 22.8% for 2026, and 16.1% for 2027 [4][34]. Market Trends - The storage market is expected to see a mild recovery in prices in 2025 after a decline in 2024, driven by inventory adjustments and increased demand from OEMs [23][30]. - The global enterprise storage market is projected to grow from 26.2 billion USD in 2024 to 32.4 billion USD by 2028, indicating a strong demand for high-performance storage solutions [30][26].

Core Viewpoint - Demingli's revenue increased significantly in Q1 2025, but net profit declined sharply, indicating challenges in profitability despite growth in sales [2][17]. Financial Performance - In Q1 2025, Demingli achieved total revenue of 1.252 billion yuan, a year-on-year increase of 54.41%, while the net profit attributable to shareholders was -69.09 million yuan, a year-on-year decrease of 135.34% [2]. - The gross profit margin for Q1 2025 was only 5.85%, a significant decline of 11.9 percentage points quarter-on-quarter and a drop of 31.44% year-on-year [7]. - Accounts receivable surged by 44.94% quarter-on-quarter and 146.96% year-on-year to 575 million yuan, accounting for 45.9% of revenue, indicating increased collection risks [9]. Market and Product Analysis - Demingli's revenue structure shows that solid-state drives (SSDs) account for 48.20%, mobile storage for 28.01%, and embedded storage for 17.67%, with emerging enterprise storage businesses still in the cultivation phase [3]. - The company is heavily reliant on consumer-grade storage products, which constituted 86% of revenue in 2024, leading to vulnerability in the face of market fluctuations [13]. Competitive Positioning - Compared to competitors like Jiangbolong and Zhaoyi Innovation, Demingli faces higher debt risks and lower gross margins, with a significant reliance on consumer markets [10][11]. - Jiangbolong has a more balanced product mix and is better positioned in the automotive and enterprise storage sectors, while Zhaoyi Innovation benefits from a diversified product portfolio [11][12]. Strategic Initiatives - Demingli is accelerating its focus on enterprise storage and automotive-grade storage, with plans to enhance R&D investments and product certifications to improve market positioning [13][14]. - The company aims to achieve mass production of PCIe 4.0 SSDs by Q3 2025 and increase the revenue share of automotive-grade storage to over 15% [13]. Industry Outlook - The storage market is currently experiencing a downward cycle, with NAND Flash prices declining by 10%-15% year-on-year, particularly affecting consumer-grade products [6]. - Future growth in the storage industry is expected to be driven by high-end products, particularly in AI servers and smart automotive applications, as demand begins to recover [19].

Core Insights - Chengbang Co., Ltd. reported a revenue of 350 million yuan for 2024, with a narrowed net loss, and a revenue of 97 million yuan in Q1 2025, representing a year-on-year growth of 91.03% and a return to profitability [1][2] - The company is focusing on expanding its semiconductor storage business, aiming to make it a core part of its operations [1][3] Financial Performance - For 2024, the company achieved a revenue of 350 million yuan, with a net profit loss that has been reduced [1] - In Q1 2025, the company reported a revenue of 97 million yuan, marking a 91.03% increase year-on-year, and a return to profitability [1] Business Strategy - Chengbang Co., Ltd. plans to expand its semiconductor storage business, which includes mobile storage, solid-state drives, and embedded storage products [2] - The company has invested 58 million yuan to acquire a 51.02% stake in Chip Storage Technology, entering the semiconductor storage sector [1][2] - The company aims to develop a dual business strategy focusing on "ecological environment construction + semiconductor storage" to enhance its core competitiveness [2][3] Industry Outlook - The global semiconductor industry is projected to reach a scale of 627.6 billion USD in 2024, with a year-on-year growth of 19.1% [2] - The storage market is expected to grow over 81% year-on-year, reaching 167 billion USD, accounting for 26.61% of the total semiconductor market [2] Product Development - Chengbang Co., Ltd. has established a complete product line in semiconductor storage, including NAND Flash and DRAM memory types, to meet customer demands [2] - The company has integrated its operations with Chip Storage Technology, focusing on chip packaging and storage module product development [2]