AI正在推动存储市场加速扩容。 OpenAI的创始人奥特曼表示，准备筹划万亿级AI基建。美国科技巨头微软（MSFT.O）、Meta（MET A.O）、Alphabet（GOOG.O）等也纷纷加码AI资本开支，要在这场科技竞赛中占据一席之地。 受此推动，今年二季度，全球存储巨头SK海力士销售额同比增长35%至22万亿韩元，营业利润同比 大增68%至9万亿韩元，双双创下历史新高。美光（MU.O）二季度营收同比增长38%至80.5亿美元， 净利润同比增幅高达100%。 卡位稀缺，布局存储+晶圆级先进封装。 作者 | 小鑫 编辑 | 小白 产业上的狂飙突进，自然也搅动了股市中的一池春水。AI产业链中服务器、PCB板、铜缆高速互联等 等都成为A股中炙手可热的概念。 另一方面，AI PC、AI手机、AI眼镜等端侧AI需求，正在推高对高性能、大容量、超薄存储的需求。 作为国内存储解决方案领域的领军企业，佰维存储（688525.SH）正积极布局AI产业链，在存储技术 与先进封测领域持续发力，悄然构筑面向未来的核心竞争力。 在最近的8月11日，佰维存储发布半年报。我们不妨从个股的财报中一窥产业发展的方向，以及佰维 存储的竞争力 ...

Core Viewpoint - The company reported a "revenue growth without profit increase" for the first half of 2025, with significant losses despite revenue growth, indicating challenges in the semiconductor storage market [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.912 billion yuan, a year-on-year increase of 13.70% [1][2]. - The net profit attributable to shareholders was -226 million yuan, a year-on-year decline of 179.68% [1]. - In Q2 2025, the company recorded operating revenue of 2.369 billion yuan, with a year-on-year growth of 38.20% and a quarter-on-quarter growth of 53.50% [2]. - The gross profit margin in Q2 increased by 11.7 percentage points, reaching 18.61% in June [2]. Market Dynamics - The semiconductor storage market is experiencing a recovery, with prices stabilizing after a decline in 2024, particularly in DRAM and NAND Flash segments [2][3]. - The price of NAND Flash has seen a significant increase, driven by strong demand in enterprise SSDs, with a quarterly increase of nearly 15% [3]. - The company's revenue changes are attributed to the stabilization of storage prices and the gradual delivery of key projects [3]. Strategic Initiatives - The company is increasing its investment in R&D, with a total of 273 million yuan spent in the first half of 2025, a year-on-year increase of 29.77% [1][7]. - The workforce in R&D has grown to 1,054 employees, a 40.53% increase year-on-year [7]. - The company is focusing on advanced packaging and testing processes to enhance its offerings in AI applications, including AI smartphones and wearable devices [6][7]. Capital Raising - The company completed a targeted placement, raising a net amount of 1.871 billion yuan, aimed at expanding its advanced packaging and storage manufacturing base [7]. Stock Performance - As of August 13, 2023, the company's stock closed at 66.66 yuan per share, with a market capitalization of 30.7 billion yuan [8].

Core Viewpoint - The company reported a significant improvement in its second-quarter performance, with a notable increase in sales gross margin and a strategic focus on AI-related storage solutions, indicating a positive growth trajectory in the semiconductor storage industry. Financial Performance - For the first half of 2025, the company achieved operating revenue of 3.912 billion yuan, a year-on-year increase of 13.70% [1] - The net profit attributable to shareholders was -226 million yuan, while the net profit excluding share-based payment expenses was -75.57 million yuan [1] - In the second quarter, the company recorded a net profit of 41.29 million yuan after excluding share-based payment expenses, indicating a recovery in profitability [1] Product Development and AI Integration - The company has established a comprehensive product layout for AI applications, covering various scenarios such as AI smartphones, AI PCs, and AI wearables [2] - It has launched embedded storage products like UFS and LPDDR5X, with mass production of high-capacity LPDDR5X products supporting transmission rates of up to 8,533 Mbps [2] - The company is a key supplier for major brands like Meta and Google, providing storage solutions for AI glasses and smart devices [2] Research and Development Investment - The company increased its R&D expenditure to 273 million yuan in the first half of 2025, a year-on-year increase of 29.77% [3] - The number of R&D personnel rose to 1,054, reflecting a 40.53% increase compared to the previous year [3] - The company has obtained 393 domestic and international patents, including 171 invention patents, and is actively developing self-researched storage controllers [3] Capital Raising and Future Growth - The company completed a targeted issuance of shares, raising a net amount of 1.871 billion yuan, primarily for expanding its advanced packaging and storage manufacturing base [4] - The advanced packaging project is expected to enhance the company's production capacity and meet the growing demand for high-capacity storage solutions in AI and smart driving sectors [4] - The storage industry is entering a new upward cycle, with major manufacturers increasing prices, indicating a favorable market environment for the company's future performance [4]

Group 1 - The core viewpoint of the article highlights the extensive product layout of Baiwei Storage in the AI era, covering various fields such as mobile phones, PCs, and smart wearable devices [1] - Baiwei Storage offers a range of products including UFS, LPDDR5/5X, DDR5 overclocked memory bars, and PCIe 5.0 SSDs [1] - The company has established partnerships with well-known enterprises like Google and Meta in the smart wearable sector, projecting revenue of 106 million yuan from AI glasses in 2024, with an expected growth of over 500% in 2025 [1] - Baiwei Storage's advanced wafer-level packaging project is expected to commence production in the second half of 2025, covering various advanced packaging forms [1] - In the smart automotive sector, the company has launched automotive-grade eMMC, LPDDR, and NOR Flash products, which are already in mass production with leading domestic car manufacturers [1] - The company is actively promoting the integration of storage and computing, developing various storage-computing integration technology solutions [1] - The first main control chip, SP1800 eMMC 5.1, has already entered mass production, with plans to advance UFS main control chips in key areas [1] - Baiwei Storage emphasizes the future focus of the storage industry on deep applications in cloud, edge, and endpoint, highlighting the importance of localized delivery capabilities and the integration of storage with advanced packaging [1]

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024, indicating a strong recovery in the storage industry and successful market expansion efforts [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.704 billion yuan, representing a year-on-year growth of 86.71% [2]. - The company recorded a net profit attributable to shareholders of 176 million yuan, marking a turnaround from losses [2]. - The net profit excluding non-recurring items was 74 million yuan, also reflecting a recovery from previous losses [2]. Group 2: Industry Recovery and Market Position - The storage industry is experiencing a recovery, with the company benefiting from its comprehensive capabilities in product planning, design, and advanced manufacturing [3]. - The company has established a strong market presence, securing global operational authorizations from major brands like HP, Acer, and Predator, and has entered the supply chains of first-tier domestic and international clients [3]. - In the mobile sector, embedded storage products have been adopted by clients such as OPPO, Transsion, and Motorola, while SSD products have gained traction with Lenovo, Acer, and HP in the PC sector [3]. Group 3: Product Development and Growth Areas - The company is focusing on AI smartphones and AIPC products, launching embedded storage products like UFS3.1 and LPDDR5/5X, and is expanding into high-capacity LPDDR offerings [4]. - In the wearable technology sector, the company’s ePOP products are gaining traction, with expected revenue of approximately 800 million yuan in 2024, showing significant year-on-year growth [4]. - Collaborations with clients such as Meta for AI glasses are anticipated to drive further business growth in the coming years [4]. Group 4: Research and Development Investment - The company is increasing its investment in R&D, focusing on chip design, storage medium characteristics, and advanced packaging technologies to enhance competitiveness [5]. - In 2024, R&D expenses reached 452 million yuan, reflecting an increase of 80.75% year-on-year [5]. - The subsidiary, Tailai Technology, has developed advanced packaging processes that support the mass production of NAND Flash, DRAM, and SiP chips [5].