研報掘金丨中郵證券:維持香農芯創“買入”評級,自研企業級存儲模組進展順利
中郵證券研報指出,香農芯創受益於DDR4漲價分銷盈利能力改善,自研企業級存儲模組進展順利。根據TrendForce集邦諮詢,由於DRAM主要供應商將逐漸收斂Server和PCDDR4產出,以及買方積極提前備貨等因素,第二季Server與PCDDR4模組價格上漲,預估漲幅將優於先前預期,分別季增18-23%和13-18%。企業級SSD國產替代空間廣闊,海普存儲企業級DDR4、DDR5、Gen4eSSD進展順利。此外,公司在2024年的股權激勵方案中設定了收入目標,存儲模組25、26年股權激勵的收入目標分別爲4、8億元。當前股價對應2025-2027年PE分別爲24倍、15倍、12倍,維持“買入”評級。
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