深圳市德明利技术股份有限公司 5．问：公司企业级存储目前定制化服务主要包括哪些，定价模式是 怎样的？ 答：公司企业级业务定位为解决方案提供商与服务商，依托在存储领 域的技术与供应链积累，从客户需求出发提供专业、高效、稳定可控的全 栈定制化服务，具体合作内容包括产品主控芯片定制、整体方案开发、供 应链综合管理等。定价模式基于项目需求、市场行情及价值共创原则协商 确定，保障业务可持续发展。 6．问：公司自研主控目前进展情况如何，后续研发规划是怎样的？ 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他： | | 活动参与人 | 信达澳亚基金、创金合信基金、东方阿尔法基金、国联基金、申万宏源证 | | 员 | 券、国信证券 | | 时间 | 2025 年 8 月 25 日 | | 地点 | 深圳市福田区新一代产业园 1 栋 24 楼公司办公室 | | 上市公司接 | 李虎、褚伟晋、于海燕 | | 待人员 | | | ...

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].