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]

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 来源丨最华人（wcweekly） 作者丨李慧颖 图源丨Midjourney 人潮汹涌，档口密布，吆喝声和讨价还价声交织，数不清的摊主在华强北做着电子产品的生意，等待一 场暴富的奇迹。 江西的一对双胞胎姐弟，就在1999年的华强北发现了自己的机遇，创立了跨时代的存储卡帝国，如今年 入130亿。 从华强北"倒爷"到创立独立品牌的"技术派" 1996年，高中毕业的蔡华波，从江西大老远跑来深圳闯荡。 眼看着周围的小商户们靠倒卖芯片、组装电子产品赚取了第一桶金，颇为眼热，不甘平凡的他也想加入 这个赚钱的队伍。 于是，在同在深圳打拼的二哥的鼓励下，蔡华波在华强北租下了一个几平米的小柜台，主营存储卡、U盘 等当时新兴的存储产品。 那时的华强北几乎遍地是黄金，每天与形形色色的客户打交道，蔡华波很快就积累了丰富的行业知识和 销售经验。 慢慢生意越做越大，同年他就拉着双胞胎姐姐蔡丽江一起，共同注册了深圳市江波龙电子有限公司，名 字的来 ...

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].

Core Viewpoint - The company reported a slight revenue increase in Q1 2025, with a narrowing of non-recurring net profit losses, indicating a performance in line with expectations despite industry challenges [1] Group 1: Financial Performance - Q1 2025 revenue reached 4.256 billion yuan, up 1.5% quarter-on-quarter, with a non-recurring net profit of -202 million yuan, showing a reduction in losses [1] - Gross margin was 10.35%, down 0.81 percentage points, while net margin was -3.36%, down 2.02 percentage points [1] - The decline in performance was attributed to slow recovery in consumer electronics and inventory digestion in downstream markets [1] Group 2: Business Segments - The embedded storage segment generated 8.425 billion yuan in revenue for 2024, a year-on-year increase of 90.5%, accounting for 48% of total revenue [3] - The solid-state drive (SSD) segment reported 4.147 billion yuan in revenue for 2024, up 48% year-on-year, representing 24% of total revenue [4] - The company anticipates a gradual improvement in performance starting from Q2 2025 due to inventory digestion and production adjustments in the storage industry [4] Group 3: International Business Growth - The overseas business, particularly the Lexar brand, saw a revenue increase of 20.7% year-on-year in Q1 2025, while the Brazilian subsidiary Zilia reported a 45.1% increase [5] - The acquisition of Zilia is expected to enhance the company's overseas growth potential [5] Group 4: Enterprise Storage - Revenue from enterprise storage products (eSSD and RDIMM) exceeded 319 million yuan in Q1 2025, marking a growth of over 200% year-on-year [6] - The company has successfully penetrated various sectors including internet, telecommunications, finance, and servers, with expectations for continued order growth [6] Group 5: Product Development - The company successfully mass-produced its self-developed UFS 4.1 controller chip in March 2025, targeting the high-end smart terminal market [7] - As of March 19, over 30 million units of the self-developed controller chips have been applied [7] Group 6: Inventory Management - As of Q1 2025, the company's inventory amounted to 7.814 billion yuan, a decrease of 0.2% quarter-on-quarter, but up 3.2% year-on-year [8] - Inventory turnover days were 185 days, showing a decrease of 4 days quarter-on-quarter and an increase of 5 days year-on-year [8] Group 7: Market Outlook - The global AIGC trend and the "Digital China" initiative are expected to provide new growth momentum for the storage market, with the company positioned as a leading independent storage manufacturer [9] - Projected net profits for the company from 2025 to 2027 are 986 million yuan, 1.617 billion yuan, and 2.012 billion yuan, respectively, with corresponding PE ratios of 33, 20, and 16 times [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [8][22]. Core Views - The company is expected to benefit from a recovery in the storage industry and an increase in enterprise-level storage demand, with revenue projected to grow significantly in the coming years [2][4]. - The embedded storage segment is anticipated to generate substantial revenue growth, with a forecasted increase of 90.5% year-on-year in 2024 [2]. - The company has successfully launched its self-developed UFS 4.1 controller chip, which is expected to enhance its position in the high-end smart terminal market [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 4.256 billion yuan, a 1.5% increase quarter-on-quarter but a 4.4% decrease year-on-year [9][10]. - The gross margin for Q1 2025 was 10.35%, reflecting a decline compared to previous periods, primarily due to slow recovery in the consumer electronics market and inventory digestion issues [2][9]. - The company’s net profit attributable to shareholders was -151.81 million yuan for Q1 2025, indicating a significant year-on-year decline [12]. Revenue Projections - Revenue is projected to reach 10.125 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.6% through 2027, reaching approximately 30.125 billion yuan by 2027 [1][15]. - The company expects to achieve a net profit of 4.99 billion yuan in 2024, a 160.2% increase year-on-year [11]. Market Position and Growth Potential - The company is positioned as a leading independent storage manufacturer in China, with significant growth potential driven by global trends such as AIGC and the "Digital China" initiative [4]. - The enterprise storage segment saw a remarkable revenue increase of over 200% year-on-year in Q1 2025, indicating strong demand in various sectors including internet and finance [3][4].

Core Viewpoint - The semiconductor storage market is experiencing uneven performance among manufacturers, with some companies benefiting from AI-related demand while others struggle due to slow recovery in consumer electronics [1][3]. Group 1: Company Performance - Jiangbolong reported a revenue of 4.256 billion yuan in Q1, a year-on-year decline of 4.41%, and a net loss of 152 million yuan [2][3]. - Langke Technology recorded a revenue of 234 million yuan in Q1, a year-on-year increase of 5.19%, but also reported a net loss of 13 million yuan, which widened compared to the previous year [2]. - Companies like Lanke Technology and Jiangbolong are facing challenges due to weak consumer demand and inventory issues, leading to a decline in revenue and profit margins [7][6]. Group 2: Growth Companies - Companies such as Lankai Technology, Zhaoyi Innovation, and Demingli reported significant growth in Q1, with Lankai's net profit increasing by 65.78% to 1.222 billion yuan, and Zhaoyi's revenue growing by 17.32% to 1.909 billion yuan [2][3]. - Demingli's revenue surged by 168.74% to 4.773 billion yuan, with a net profit increase of 1302.3% [3]. Group 3: Market Demand and Trends - The demand for NAND Flash and DRAM is showing signs of recovery, particularly in data centers, while consumer electronics remain sluggish [8][9]. - The global smartphone shipment in Q1 was 304.9 million units, a year-on-year increase of 1.5%, which is lower than the previous year's growth rate [8]. - Companies are adjusting production to stabilize prices, with Micron announcing a 10% reduction in NAND wafer production [9]. Group 4: Future Outlook - Companies expect a gradual recovery in the semiconductor storage market starting from late Q1, driven by inventory digestion and production adjustments by major manufacturers [9][10]. - TrendForce predicts that NAND Flash prices will stabilize in Q2, with expected price increases of 3% to 8% due to a procurement surge [10].

Core Viewpoint - The 2025 Shanghai Auto Show serves as a significant platform for showcasing innovative technologies in the automotive industry, with a focus on smart vehicle storage solutions [1] Group 1: Company Overview - Jiangbolong, a leading enterprise in the semiconductor storage field, debuted its self-developed automotive storage products and PTM full-stack customization services at the auto show, highlighting its strong innovation capabilities in smart automotive scenarios [3][6] - The company has established deep partnerships with over 20 OEMs and more than 50 Tier 1 automotive clients, creating a solid competitive barrier in the automotive storage sector [6] Group 2: Product Launch and Features - Jiangbolong introduced several innovative automotive storage products, including automotive-grade eMMC custom versions, UFS, LPDDR4x, and SPI NAND Flash, all adhering to AEC-Q100 reliability standards, catering to advanced applications like smart driving and automotive AI [3][8] - The automotive-grade eMMC custom version, featuring the WM6000 controller, supports high-speed modes with a maximum capacity of 128GB and operates within a temperature range of -40℃ to 105℃, suitable for mid-lightweight intelligent automotive scenarios [8] Group 3: Technological Innovations - The launch of automotive-grade LPDDR4x represents a significant breakthrough, offering capacities from 2GB to 8GB, a speed of 4266Mbps, and a 30% increase in bandwidth utilization, enhancing AI voice interaction response times in smart cockpits [11] - The LPDDR4x product incorporates advanced technologies such as ODT and DQS, ensuring stable data transmission in complex electromagnetic environments while maintaining performance and energy efficiency [11] Group 4: Future Plans - Jiangbolong is building a comprehensive automotive-grade product matrix, with plans to introduce automotive-grade LPDDR5, NOR Flash, and UFS4.1 in the near future, aiming to set new benchmarks in storage technology for the rapidly evolving smart automotive industry [12]

Core Viewpoint - Jiangbolong (301308) reported a stable revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan, indicating an improvement trend in profitability despite slow terminal recovery and inventory digestion [1] Group 1: Financial Performance - The company achieved a revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan and a non-recurring net loss of 202 million yuan [1] - The net loss margin significantly narrowed, showing signs of profitability improvement [1] - Revenue from enterprise-level storage (eSSD and RDIMM) reached 319 million yuan, growing over 200% year-on-year [2] Group 2: Product Development and Market Position - Jiangbolong has made significant progress in self-developed main control chips, successfully mass-producing UFS4.1 chips and applying over 30 million self-developed chips [3] - The company has launched new products to meet the urgent demand for high-capacity SSDs and DRAM, enhancing its offerings in mobile and smart wearable markets [3] - Jiangbolong has established deep cooperation with major automotive manufacturers, covering over 10 types of in-vehicle applications, leveraging its early entry into the automotive storage sector [2] Group 3: Brand and Market Expansion - Jiangbolong is the second-largest independent storage company globally and the largest in China, with significant brand presence in both B2B and B2C markets [4] - The Lexar brand achieved a 21% year-on-year revenue growth in Q1 2025, continuing its expansion in the global consumer market [4] - The acquisition of Zilia, a leading storage manufacturer in Brazil, has enhanced Jiangbolong's product offerings and supply chain efficiency [4] Group 4: Strategic Outlook - The company is well-positioned for future growth due to its strategic focus on high-end storage, technological breakthroughs, and effective market expansion [5] - The ongoing demand for AI hardware and high-performance computing is expected to create further opportunities for Jiangbolong's high-end business [1]

证券代码：301308 证券简称：江波龙 公告编号：2025-030 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条件成就的公告 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、本次符合归属条件的激励对象人数共计：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、本次第二类限制性股票拟归属数量共计：3,163,703 股，其中首次授予部 分拟归属数量 2,819,272 股，预留授予部分拟归属数量 344,431 股。 3、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 4、归属价格：35.98 元/股（调整后） 5、本次归属的限制性股票在相关手续办理完后，公司将发布限制性股票上 市流通的提示性公告，敬请投资者注意。 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 ...