中信建投证券股份有限公司 关于深圳市江波龙电子股份有限公司 全资子公司实施股权激励及放弃优先认缴出资权 暨关联交易的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为深圳市江波龙电子股份有限公司（以下简称"江波龙"或"公司"）首次公 开发行股票并在创业板上市的保荐及持续督导机构，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关规定，对江波龙全资子公司实施 股权激励及放弃优先认缴出资权暨关联交易的事项进行了审慎核查，核查情况如 下： 一、本次交易概述 （一）增资扩股及实施股权激励的概述 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"）拟通 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。其中，前述激励对象拟直接持 有或通过持有员工持股平台合伙份额间接持有慧忆微电子股权的方式参与本次 股权激励，对应的出资金额合计 ...

Group 1: Market Outlook and Product Development - The smart automotive market is expected to grow significantly due to the penetration of intelligent driving and cockpit technologies, driven by the demand for high-performance storage solutions [3] - The company has launched automotive-grade UFS and eMMC products, serving over 20 major automotive brands with more than 8 years of mass production experience [3] - The company’s LPDDR5 products have entered mass production, with ongoing R&D for LPDDR5X to maintain a leading position in the embedded storage market [3] Group 2: Financial Performance and Business Growth - The enterprise storage business achieved revenue of CNY 291 million in the first half of the year, with continued growth in the third quarter [4] - The Brazilian subsidiary Zilia generated revenue of CNY 991 million in the first half of the year, contributing positively to the company's overall performance [4] - The company’s inventory levels decreased significantly in Q3 2024, improving operational efficiency and cash flow [4] Group 3: Profitability and Margin Contributions - The gross margins from industrial-grade and automotive-grade businesses are higher than the overall company average, with expectations for further improvement as these segments grow [4] - The self-developed main control chip business is anticipated to enhance the company's profitability due to better margin performance compared to industry peers [5] Group 4: Future Trends and Strategic Initiatives - The storage price trend is influenced by the recovery of the consumer electronics market and significant growth in the server market driven by AI and data centers [5] - The company is optimistic about its business development prospects, focusing on high-end and overseas markets, as well as self-developed main control chips [5] - Lexar, acquired by the company, has seen revenue growth from CNY 864 million in 2019 to CNY 2.426 billion in 2023, with plans for further global market expansion [6]

深圳市江波龙电子股份有限公司 关于持股 5%以上股东股份减持计划实施完毕的公告 证券代码：301308 证券简称：江波龙 公告编号：2024-083 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。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2024 年 9 月 23 日披 露了《关于持股 5%以上股东减持股份预披露公告》（公告编号 2024-073）。公司 持股 5%以上股东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"）因自身经营管理所需，计划在 2024 年 10 月 22 日至 2025 年 1 月 20 日期间通过证券交易所以集中竞价交易、大宗交易方式合计减持公司股份 不超过 1,497,533 股（占公司总股本比例为 0.36%）。 公司于近日收到国家集成电路产业基金出具的《关于股份减持计划实施完毕 的告知函》，截至 2024 年 11 月 6 日，国家集成电路产业基金本次减持计划已实 施完毕，现将有关情况公告如下： ...

Market Outlook - The storage market is experiencing structural differences between application scenarios, with the consumer electronics market recovering slowly while the server market is growing significantly due to AI and data center demand [2] - The future market trend will continue to depend on the overall development of AI, which is expected to drive a rebound in the consumer electronics market and increase storage application and market scale [2] Business Development - The company has made positive progress in mid-to-high-end business, overseas operations, inventory reduction, and self-developed main control chips, maintaining a healthy production operation overall [2] - The automotive-grade storage market is expected to grow due to the penetration of smart driving and smart cockpit technologies, with the company being an early entrant in this field [2] - The company has released automotive-grade UFS and eMMC products and serves over 20 major automotive brands, covering more than 10 in-vehicle applications [2] Financial Performance - The company’s management and sales expenses have increased due to personnel expansion from two acquisition projects, while R&D expenses have also seen a year-on-year increase [3] - The company has successfully shipped over 10 million units of its self-developed main control chips, enhancing overall competitiveness and market share [3] - The inventory turnover days have decreased, indicating improved operational efficiency and cash flow [3] Revenue Insights - The enterprise-level storage business achieved revenue of 291 million yuan in the first half of the year, with continued growth in the third quarter [4] - The company is one of the few in China capable of providing "eSSD + RDIMM" enterprise-level products, positioning itself to capture growth opportunities in the enterprise storage market [4] - Zilia, a subsidiary in Brazil, generated revenue of 991 million yuan in the first half of the year, contributing positively to the company's income and profit [4]

Group 1: Company Overview and Market Position - The company has made significant progress in self-developed chip business, including over 10 million applications of eMMC and SD card controller chips [2] - The company's revenue in the enterprise storage sector reached 291 million yuan in the first half of the year, with continued growth in Q3 [2] - The company holds a small market share in the global storage market, indicating substantial future growth potential [2] Group 2: Product Development and Innovations - The company has developed SLC NAND Flash storage chips, achieving a cumulative shipment of over 50 million units [2] - The first 32Gbit 2D MLC NAND Flash has completed tape-out verification, with plans to release samples in the future [2] - The company is focusing on high-margin products, including enterprise-grade and automotive-grade storage solutions [5] Group 3: Sales and Revenue Insights - Lexar's global revenue increased from 864 million yuan in 2019 to 2.426 billion yuan in 2023, with continued rapid growth in various product lines [3] - The company’s overseas sales are primarily conducted through Hong Kong, affecting the domestic and international sales revenue ratio [4] - The company achieved a double-digit reduction in inventory scale in Q3 2024, improving operational efficiency and cash flow [5] Group 4: Future Strategies and Market Outlook - The company aims to enhance its global supply chain and actively explore overseas markets to establish a solid foundation for future growth [2] - The company is optimistic about the future market trends, anticipating a rebound in demand in the consumer electronics market [4] - The company plans to optimize inventory structure and improve turnover efficiency to meet customer demands while maintaining liquidity [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company has shown significant growth in its enterprise-level storage segment, with expectations for continued revenue growth driven by the mass shipment of enterprise-grade SSDs [2][3] - The overall storage market is expected to benefit from the global AIGC wave and the "Digital China" initiative, providing substantial growth opportunities for the company [3][4] Financial Summary - For 2022A, the company's revenue was 8,330 million yuan, with a year-on-year growth rate of -14.6%. In 2023A, revenue is projected to increase to 10,125 million yuan, reflecting a growth rate of 21.6%. By 2024E, revenue is expected to reach 16,434 million yuan, representing a growth rate of 62.3% [1][10] - The net profit attributable to the parent company was 73 million yuan in 2022A, with a significant decline to -828 million yuan in 2023A. However, it is projected to recover to 747 million yuan in 2024E, with a growth rate of 190.3% [1][10] - The company's return on equity (ROE) is expected to improve from -13.0% in 2023A to 10.4% in 2024E, and further to 18.5% by 2026E [1][10] Business Segments - The embedded storage segment accounted for 44% of the company's revenue in 2023, with a revenue of 44.23 billion yuan and a gross margin of 3.11%. This segment is expected to face challenges in Q3 2024 due to slower-than-expected recovery in consumer electronics [3][7] - The solid-state drive (SSD) segment generated 28.02 billion yuan in revenue in 2023, representing 28% of total revenue, with a gross margin of 5.46%. This segment is anticipated to benefit from the mass shipment of enterprise-grade eSSD products [3][7] Market Position - The company has successfully expanded its international business, with notable growth in overseas revenue, particularly from its Lexar brand, which achieved a global sales increase of 70.6% in H1 2024 [3][4] - The company completed acquisitions in Brazil, enhancing its supply chain resilience and positioning itself favorably in the international market [3][4] Future Projections - The company is expected to achieve net profits of 747 million yuan in 2024, 1,288 million yuan in 2025, and 1,929 million yuan in 2026, with corresponding P/E ratios of 52, 30, and 20 [3][4]

Group 1: Company Performance and Market Outlook - The company's enterprise storage business achieved revenue of CNY 291 million in the first half of 2024, with Q3 revenue expected to exceed Q2 levels [2] - The enterprise storage market has significant growth potential, driven by national policies and increasing demand for domestic products due to localization and security concerns [2] - The company maintains a relatively optimistic outlook for Q1 and Q2 of next year, despite facing pressure from the consumer electronics market [3] Group 2: Inventory and Supply Chain Management - The company reduced its inventory scale by double digits in Q3 2024, improving operational efficiency and cash flow [4] - Inventory turnover days have decreased, indicating a healthier inventory level, while the company will adopt different stocking strategies for various product lines [4] - After significant inventory consumption in Q3, downstream customer inventory levels are expected to be healthier in Q4 [5][6] Group 3: Product Development and Competitive Advantages - The company has launched multiple high-speed enterprise SSD products, covering capacities from 480GB to 3.84TB, establishing a comprehensive product portfolio [4] - The company’s PCIe SSDs have advanced features and compatibility with various domestic CPU platforms, enhancing their market application [4] - Lexar's overall gross margin is slightly higher than the company's average, supported by a rich product line [5] Group 4: International Expansion and Strategic Investments - Zilia, a subsidiary, achieved revenue of CNY 991 million in the first half of the year, contributing positively to the company's income and profits [5] - Zilia's investment plan of CNY 650 million (approximately CNY 859 million) aims to enhance R&D and expand production capacity, leveraging Jiangbolong's technology and supply chain advantages [5] - The combination of Jiangbolong's R&D capabilities and Zilia's local service strengths is expected to support the company's long-term international business development [5]

Summary of the Conference Call Company Overview - The company, Jiangbolong, has been focused on the storage industry since its establishment in 1999 and has developed core capabilities in chip design, firmware algorithms, and manufacturing [2] - Jiangbolong has received various accolades, including being recognized as a "National Specialized and Innovative Small Giant" and ranking among the top 50 in the "2024 Electronic Information Competitiveness" list [2] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.268 billion RMB, a year-on-year increase of 101.68% [5] - Q3 2024 revenue reached 4.229 billion RMB, with a stable quarter-on-quarter performance [5] - The company reported a gross profit of 557 million RMB for the first three quarters, with a gross margin of 21.54% [5] - Inventory decreased from 8.833 billion RMB to 7.815 billion RMB, a reduction of 11.52% [6] Market Dynamics - The storage industry is experiencing pressure from high upstream prices and reduced demand in the consumer electronics sector, leading to a decline in profit margins [8] - The company has strategically sacrificed some product gross margins to maintain revenue stability [8] - There is a notable growth in overseas and high-end business segments, with Q3 revenue from Zillia exceeding previous records [8] Product Development and Strategy - The company is transitioning towards UFS storage standards and has made significant advancements in enterprise-level storage products [3] - Jiangbolong's self-developed chips, including SLC NAND flash and various controller chips, are gaining traction in the market [3][16] - The company is focusing on expanding its product matrix from chip-level to module-level products [2] Competitive Landscape - The storage market is becoming increasingly competitive, particularly in the consumer electronics segment, where many new entrants have emerged [38] - The company is adapting to market changes by optimizing inventory strategies and enhancing supply chain efficiency [6][30] Future Outlook - The company anticipates a recovery in demand for consumer electronics in Q4, driven by seasonal factors [25] - There is optimism regarding the long-term growth of the storage market, particularly due to the increasing demand from AI applications and enterprise-level storage solutions [11][12] - Jiangbolong aims to complete its transformation into a comprehensive semiconductor brand, leveraging its technological advancements and market positioning [12] Key Takeaways - Jiangbolong's revenue growth is driven by both domestic and international markets, with a strong emphasis on high-end storage solutions [14] - The company is actively pursuing a second growth curve, focusing on enterprise storage and chip development [12] - Despite current market pressures, the company remains optimistic about future growth opportunities, particularly in AI and enterprise storage sectors [11][12]

关于 2024 年 1-9 月计提信用减值损失及资产减值损失 的公告 证券代码：301308 证券简称：江波龙 公告编号：2024-081 深圳市江波龙电子股份有限公司 本公司根据《企业会计准则第 22 号——金融工具确认和计量》，以预期信 用损失为基础，对于不含重大融资成分的应收款项以及合同资产，按照相当于整 个存续期内的预期信用损失金额计量损失准备。 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"或"本公司"） 根据《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《企业 会计准则》及公司相关会计制度的规定，对截至 2024 年 9 月 30 日合并财务报表 范围内相关资产计提减值损失。现将本次计提减值损失的具体情况公告如下： 一、本次计提信用减值损失及资产减值损失的情况概述 为更加真实、准确地反映公司财务状况和经营成果，依照《企业会计准则》 及公司会计政策的相关规定，基于谨慎性原则，公司对合并报表范围内截止至 2024 年 9 月 30 日的各类存货、应收账款、其他应收款、固定资产 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥4,229,407,985.77, an increase of 47.28% compared to the same period last year[2]. - The net profit attributable to shareholders was a loss of ¥36,837,953.40, representing an increase in loss of 87.16% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥42,046,050.86, an increase in loss of 85.63% compared to the previous year[2]. - The company's basic earnings per share for the period was -¥0.09, a decrease of 86.96% year-over-year[2]. - The company achieved a total revenue of ¥13,268,215,136.35 for the first nine months of 2024, a 101.68% increase compared to the same period in 2023[5]. - The net profit attributable to shareholders for the same period was 557 million yuan, up 163.09% year-on-year, while the net profit excluding non-recurring gains and losses was 497 million yuan, an increase of 155.38%[6]. - Net profit for the current period was ¥561,247,341.24, a turnaround from a net loss of ¥882,826,776.61 in the previous period[23]. - Earnings per share (EPS) for the current period was ¥1.35, compared to a loss per share of ¥2.14 in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥16,926,850,536.12, reflecting a growth of 23.74% from the end of the previous year[2]. - Total assets increased to ¥16,926,850,536.12 from ¥13,679,845,767.45 at the beginning of the period, reflecting a growth of approximately 23.4%[21]. - The company's total liabilities increased to 9,893,442,739.58 CNY from 7,230,441,473.88 CNY, reflecting a rise in financial obligations[20]. - The total liabilities and equity ratio indicates a healthy balance, with total liabilities at ¥9,893,520,739.58, representing about 58.5% of total assets[21]. Inventory and Operating Costs - The company reported a significant increase in inventory, which reached ¥7,815,386,262.11, up 32.62% due to expanded operations and increased stock[5]. - The operating costs for the first nine months of 2024 were ¥10,409,834,603.00, reflecting a 62.49% increase due to sales growth[5]. - The company's inventory increased to 7,815,386,262.11 CNY from 5,893,165,429.16 CNY, indicating a significant rise in stock levels[19]. - The company successfully reduced inventory levels by double digits in 2024, indicating improved operational efficiency[7]. Cash Flow - The net cash flow from operating activities improved by 35.12% to -1.11 billion yuan compared to the same period in 2023[6]. - Operating cash inflow for the current period reached CNY 13,808,306,950.89, a significant increase from CNY 6,670,264,779.75 in the previous period, representing a growth of approximately 106.4%[25]. - Net cash flow from operating activities was negative CNY 1,105,431,109.52, an improvement compared to negative CNY 1,703,821,075.42 in the prior period[25]. - Cash and cash equivalents at the end of the period decreased to CNY 1,177,870,746.72 from CNY 1,827,011,615.28, reflecting a decline of about 35.5%[26]. Research and Development - R&D expenses for the first nine months of 2024 reached 695.91 million yuan, a 74.00% increase compared to the same period in 2023, driven by higher salaries, benefits, and depreciation of R&D materials and equipment[6]. - Research and development expenses for the current period were ¥695,914,052.72, compared to ¥399,957,205.11 in the previous period, marking an increase of approximately 74.0%[22]. Shareholder Information - The company reported a total share capital increase from 412,864,254 shares to 415,981,564 shares due to the completion of the first vesting period of the 2023 restricted stock incentive plan, with 3,117,310 shares listed for circulation[13]. - The company’s major shareholders include China Industrial Bank Co., Ltd. with 2,697,250 shares, accounting for 0.65% of the total share capital[10]. - The company’s actual controller, Cai Huabo, holds 162 million shares, which are subject to a lock-up period until August 5, 2025[11]. - The company’s total number of restricted shares remains at 300,125,380 shares after accounting for the changes in the reporting period[11]. Other Developments - The company is making progress in the development of its self-developed main control chips, achieving breakthroughs in tape-out and mass production as planned[7]. - The company continues to transform into a comprehensive semiconductor storage brand, with growth in overseas businesses such as Lexar and Zilia in Brazil[7]. - The company has not disclosed any new product or technology developments in the current report[13]. - The company has not announced any market expansion or acquisition strategies in the current report[13].