深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-010 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观√电话会议 □其他 参与单位名称及 人员姓名 诺安基金、银华基金、东方财富证券、太保资产、东吴证券、 长江资管 时间 2025 年 5 月 19 日 (周一)下午 13:30-14:30 2025 年 5 月 20 日 (周二)下午 13:30-15:00 2025 年 5 月 20 日 (周二)下午 15:30-17:00 2025 年 5 月 21 日 (周三)上午 10:00-11:00 地点 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 海金融中心二期 B 座 2301 上市公司接待人 员姓名 副总经理、董事会秘书许刚翎 投资者关系经理黄琦 投资者关系资深主管苏阳春 | | 1、如何看待 2025 年存储价格走势？ | | | --- | --- | --- | | | 答：展望 2025 年，云服务提供商对 AI 硬件的持续投资， | | | | 将推动对高性能计算和存储硬件的需求，服务器领域的高 ...

3、本次归属日：2025 年 5 月 26 日 4、归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 证券代码：301308 证券简称：江波龙 公告编号：2025-037 深圳市江波龙电子股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第二个归属期及 预留授予部分第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、本次归属人数：290 人，其中首次授予部分激励对象 275 人，预留授予部 分激励对象 15 人。 2、本次归属股票数量共计：3,163,703 股，占归属前总股本比例 0.76%。其 中首次授予部分数量 2,819,272 股，预留授予部分数量 344,431 股。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开第三届董事会第九次会议和第三届监事会第九次会议，审议通过了《关于公 司 2023 年限制性股票激励计划首次授予部分第二个归属期及预留授予部分第一 个归属期归属条件成就的议案》。公司 2023 年限制性股票激励计划（以下简称 ...

Shenzhen Longsys Electronics Co Ltd | Asia Pacific China BEST Conference 2025 Feedback Key Takeaways Conclusion: We remain OW and continue to like Longsys for its self-help story on enterprise business growth and overseas expansion. It has demonstrated highly efficient synergies across its newly acquired assets. The company is trading at 4.4x 12M Fwd P/B, -1s.d. compared to its historical average, indicating market concerns on the overall NAND cycle amid macro uncertainties. We believe major suppliers' util ...

证券代码：301308 证券简称：江波龙 公告编号：2025-036 深圳市江波龙电子股份有限公司 关于子公司实施股权激励及放弃优先认缴出资权暨 关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2024 年 12 月 18 召开第三届董事会第六次会议和第三届监事会第六次会议，审议通过了《关于全 资子公司实施股权激励及放弃优先认缴出资权暨关联交易的议案》，为了进一步 健全公司中长期激励体系，形成良好均衡的价值分配模式，在具体业务单元层面 形成更具针对性的激励机制，调动中高层管理人员和业务骨干的积极性和创造性， 吸引和保留管理人才和业务骨干，推动公司芯片设计业务的快速发展，公司子公 司慧忆微电子（上海）有限公司（以下简称"慧忆微电子"）通过增资扩股形式 对慧忆微电子的核心骨干员工实施股权激励。本次增资金额 4,300.00 万元，对应 新增注册资本 4,300.00 万元。具体内容详见公司于 2024 年 12 月 19 日在巨潮资 讯网（http://www.cninfo.com.cn）上披 ...

证券研究报告 | 2025年05月05日 江波龙（301308.SZ） 优于大市 企业级存储加速放量，全球布局持续铺开 1Q25 收入环比增加，扣非归母净利润亏损环比收窄。公司主要以存储颗粒为 原材料进行存储模组产品的开发，产品包括嵌入式存储、固态硬盘(SSD)、 内存条及移动存储(U 盘、存储卡)。24 年存储价格呈现前高后低趋势，受存 储价格回落影响 4Q24 上游厂商再次减产，存储价格于 1Q25 触底，预计 25 年存储价格有望温和复苏。在此背景下：公司 1Q25 实现营收 42.56 亿元 (YoY-4.41%，QoQ+1.45%)，扣非归母净利润-2.02 亿元(YoY-155.64%， QoQ+38.82%)，毛利率 10.35% (YoY-14.04pct,QoQ-0.81pct）。 企业级存储业务加速提升，成为重要增长极。24 年公司企业级存储收入达 9.22 亿元，同比大幅增长 666.30%。目前公司已覆盖 480GB 至 7.68TB 主流 容量的多款高速 eSSD 产品，具备"eSSD+RDIMM"的规模供应能力，覆盖互 联网、服务器、运营商、金融等领域客户。自主研发的 PCIe S ...

在全球存储芯片价格"跌跌不休"的行业寒冬中，这家中国存储龙头正经历着转型期的阵痛与突围。 在2024年实现扭亏之后的今年一季度，江波龙又出现了单季亏损：营业总收入42.56亿元，同比微降 4.41%；归母净利润-1.52亿元，同比暴跌139.52%，这是继2023年Q4后再次单季亏损。 江波龙是国内第一家突破百亿规模的存储公司，客户覆盖中兴通讯、联想、比亚迪、上汽集团、中国移 动等多个领域的龙头。 但江波龙产品更多集中在嵌入式存储、固态硬盘等业务上，这些产品的附加值并不高。2024年这两大业 务营收占比之和超过七成，拉低了江波龙的整体盈利能力。 2024年，江波龙曾凭借行业复苏实现营收174.64亿元，同比增长72.48%，录得净利润4.99亿元，同比增 长160.24%，成功扭亏为盈。 作者：周源/华尔街见闻 这一成绩背后，是企业级存储（收入9.22亿元，同比巨幅增长666.30%）与巴西子江波龙Zilia（收入 23.12亿元，同比大增120.15%）的爆发式增长。 然而，2024年四季度净利润环比从三季度的4.97亿元骤降至1.67亿元，暴露出消费级存储需求疲软与库 存压力的双重隐患。 作为国内少数具备 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-035 深圳市江波龙电子股份有限公司 关于持股 5%以上股东减持股份预披露公告 本公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路产业基 金"）持有深圳市江波龙电子股份有限公司（以下简称"公司"）股份 24,216,806 股（占公司总股本比例为 5.82%），计划在 2025 年 5 月 27 日至 2025 年 8 月 26 日期间通过证券交易所以集中竞价交易方式合计减持公司股份不超过 4,159,815 股（占公司总股本比例为 1.00%）。 公司于近日收到股东国家集成电路产业基金的《关于股份减持计划的告知 函》，现将具体情况公告如下： 一、股东的基本情况 1、股东名称：国家集成电路产业投资基金股份有限公司。 2、股东持股情况：截至本公告披露之日，国家集成电路产业基金持有公司 股份 24,216,806 股，占公司总股本比例为 ...

Group 1: Market Trends and Demand - The demand for high-performance computing and storage hardware is expected to grow due to continuous investment in AI hardware by cloud service providers in 2025 [3] - The semiconductor storage market began to recover gradually from the end of March 2025, with significant price increases anticipated in the latter half of Q1 2025 [3][11] - The company's enterprise storage products achieved revenue of 319 million CNY in Q1 2025, representing over 200% year-on-year growth [7] Group 2: Global Tariff Policies and Company Strategy - The company is closely monitoring global tariff changes and has maintained normal production operations [3] - Following the acquisition of SMART Brazil, the company saw a revenue increase of over 120% in 2024, leveraging low tariff advantages to expand overseas markets [3] Group 3: Gross Margin and Product Strategy - The company's gross margin is positively influenced by rising storage wafer prices, but is also affected by product structure and market competition [4] - The company is advancing its PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [4][5] Group 4: Inventory Management and Future Outlook - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on market demand and operational efficiency [9] - The market for enterprise-level storage products is expected to grow significantly, driven by AI applications and cloud services [7][8]

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].

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, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].