风险提示：投资有风险，入市需谨慎。 公司近期披露，2024年研发投入达4.47亿元，较2018年增长超7倍。在智能穿戴领域，公司2024年AI新 兴端侧收入超10亿元，同比增长近3倍。车规级存储产品已向头部车企批量交付，企业级存储产品也获 得AI服务器厂商认证。 截至2025年8月26日收盘，佰维存储股价报69.92元，较前一交易日下跌0.31%。当日成交量为198976 手，成交金额达14.11亿元。 佰维存储专注于半导体存储器领域，业务涵盖研发设计、封测制造等环节。公司产品广泛应用于智能终 端、PC、智能汽车等多个领域，已进入多家国内外知名品牌供应链体系。 ...

Group 1 - Xianghe Investment recently conducted research on Dongxin Co., which has made significant progress in automotive-grade storage products, with SLC NND, NOR, and MCP products passing EC-Q100 certification, suitable for harsher application environments [1] - Dongxin Co. has completed supplier qualification for several domestic automakers and domestic and foreign tier-one automotive suppliers, and has begun selling automotive-grade products to well-known overseas tier-one suppliers [1] - The G100 chip from Lisan received its first batch of packaged chips on May 24, 2025, and has started functional testing, with results meeting expectations; further performance testing and optimization will continue [1] Group 2 - Current terminal demand is in the early development stage but is expected to experience explosive growth in the future, with the company actively laying out high-bandwidth demand terminal applications such as AR glasses, smart robots, and IPC [1] - The company's R&D expenses are continuously increasing, projected to reach 213 million yuan in 2024, accounting for 33.27% of revenue, with further growth expected in 2025, particularly for the new R&D investments in the WiFi7 product line [1]

Group 1 - The company has successfully passed AEC-Q100 certification for various automotive-grade storage products, including SLC NAND, NOR, and MCP, indicating readiness for stringent automotive applications [2] - In 2024, the company plans to complete the whitelist onboarding for several domestic automakers and gain supplier qualifications from multiple Tier 1 automotive suppliers, including well-known international ones [2] - Revenue growth in 2024 is primarily driven by increased shipment volumes, with significant year-on-year sales growth and improved gross margins due to optimized product structure and operational efficiency [2] Group 2 - The market for NAND-based MCP is expected to reach a scale of tens of billions of dollars, with applications in industrial controllers and automotive ADAS due to its high reliability and performance [3] - The first quarter revenue growth was mainly attributed to the recovery in demand from networking and consumer electronics, while the second quarter is expected to see sustained demand growth in the networking sector [3] - The demand in the Internet of Things (IoT) and Vehicle-to-Everything (V2X) sectors remains stable, with gradual recovery anticipated in the surveillance and security market in the third quarter [3]