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江波龙:企业级存储加速放量,全球布局持续铺开-20250509
Guoxin Securities· 2025-05-09 10:00
Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing accelerated growth in enterprise-level storage, with a significant increase in revenue from this segment [3] - The company has successfully integrated its overseas business, enhancing the influence of the Lexar brand globally [3] - Continuous breakthroughs in self-developed chips are opening up the mid-to-high-end storage application market [4] - The company is expected to see a moderate recovery in storage prices in 2025, following a decline in 2024 [2] Financial Performance Summary - In Q1 2025, the company achieved revenue of 4.256 billion yuan, a year-over-year decrease of 4.41% but a quarter-over-quarter increase of 1.45% [2] - The non-recurring net profit attributable to the parent company was -202 million yuan, a year-over-year decline of 155.64% but a quarter-over-quarter improvement of 38.82% [2] - The gross margin for Q1 2025 was 10.35%, down 14.04 percentage points year-over-year and down 0.81 percentage points quarter-over-quarter [2] - The company's enterprise-level storage revenue reached 922 million yuan in 2024, a substantial year-over-year increase of 666.30% [3] - The global sales revenue of the Lexar brand in 2024 was 3.525 billion yuan, covering over 60 countries and regions, with a year-over-year growth of nearly 21% in Q1 2025 [3] Earnings Forecast and Financial Indicators - The projected net profit for 2025 is 534 million yuan, with corresponding PE ratios of 60.7 [5] - Revenue is expected to grow from 10.125 billion yuan in 2023 to 21.889 billion yuan in 2025, reflecting a growth rate of 25.3% [5] - The company's EBIT margin is projected to be 4.1% in 2025, with a net asset return (ROE) of 7.7% [5]