Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, down 139.52% year-over-year and down 160.58% quarter-over-quarter [1][2]. - The growth in overseas and enterprise-level storage businesses has been robust, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year [2][3]. - The report anticipates a price rebound in DRAM/NAND products in Q2 2025, driven by inventory digestion and increased stocking willingness from downstream customers [1][3]. Summary by Sections Q1 2025 Performance - The company reported a revenue of 4.256 billion RMB, with a year-over-year decline of 4.41% and a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, reflecting a significant year-over-year decline of 139.52% [1][2]. - The gross margin was reported at 10.35%, down 14.04 percentage points year-over-year, but the decline in margin has narrowed compared to previous quarters [2]. Growth Drivers - The overseas and enterprise-level storage businesses showed strong growth, with Lexar's revenue increasing by 20.73% and Zilia's revenue increasing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2][3]. - The company is actively expanding its product offerings and customer base, particularly in the high-end product segment [2][3]. 2025 Outlook - The report expects a price rebound in consumer storage products starting in Q2 2025, as major manufacturers like Micron have announced price increases. The company’s self-developed UFS 4.1 controller chip has successfully entered mass production, which will support new product launches [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency and expanded the company's reach into South American markets [3]. Financial Projections - The company’s revenue forecasts for 2025-2027 are 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB, respectively, indicating a growth trajectory [4][6]. - The report projects a net profit of 668.52 million RMB for 2025, with an expected EPS of 1.61 RMB [6][4].

1)第一大业务嵌入式存储，24 年营收84.25 亿元，同比+90.5%，占比48%。 2)第二大业务为固态硬盘，24 年营收41.47 亿元，同比+48.0%，占比24%。 25Q1 营收环比+1.5%， 扣非净利润环比亏损收窄，基本符合预期。 25Q1 营收42.56 亿元，环比+1.5%，扣非净利-2.02 亿元，环比亏损收窄；毛利率10.35%，环 比-0.81pct，净利率-3.36%，环比-2.02pct；扣非净利率-4.75%，环比+3.12pct，主要系资产减值损失率环 比-3.12pct 所致。Q1 业绩承压主要系消费电子复苏缓慢+下游消化库存影响，行业价格上升受挫所致。 24 年嵌入式存储/SSD营收同比+91/+48%，25 年业绩或有望逐季改善。 公司收购巴西Zilia 带来优势逐步递增，25Q1 公司巴西控股子公司 Zilia 营收同比+45.1%，有望助力公 司构建海外增长极。公司Lexar 品牌业务收入持续增长，同比+20.7%。预计25 年仍将受益全球影响力持 续攀升带来业绩增长。 25Q1 企业级存储收入同比增长超200%， 期待未来订单持续放量。 公司企业级存储产品组合(e ...