根据市场公开信息及8月13日披露的机构调研信息，知名私募玖歌投资近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 上海玖歌投资管理有限公司成立于2002年，注册资本1亿元，是国内成立最早的证券投资基金-私募基金 公司之一，投资领域涵盖证券投资、股票大宗交易、定向增发，并购基金，PE私募股权投资和固定收 益类投资，综合管理资产总规模超过五十亿元人民币。玖歌投资于2014年4月获得中国证券投资基金协 会颁发的证券投资基金管理人资格。玖歌投资多年坚持价值投资理念，公司历经多轮牛熊考验，追求稳 健成长。公司秉承通过基本面研究和主动管理获取超额回报的理念，持续为客户创造超额收益；团队内 部采取类合伙人激励机制，坚持"快乐投资"理念。 1）佰维存储 （上海玖歌投资管理有限公司参与公司2025年半年度业绩交流会） 调研纪要：佰维存储在2025年上半年业务取得多项突破，包括手机、PC、智能穿戴、企业级和智能汽 车领域。存储行业价格企稳回升，公司首款国产自研eMMC主控芯片已量产，UFS主控研发 ...

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].