Investment Rating - Maintain "Buy" rating for Jiangbolong (301308) [4][5] Core Views - Jiangbolong's 2024H1 revenue reached 9 04 billion yuan YoY +143 8% with a gross margin of 23 5% YoY +22 7pcts [4] - The company's self-developed controller chips have surpassed 10 million units in shipments [5] - Enterprise-grade storage business revenue surged over 2000% YoY to 291 million yuan in 2024H1 [5] - Jiangbolong is expanding from consumer-grade to enterprise-grade and automotive-grade storage products [5] Financial Performance - 2024H1 operating income: 9 039 million yuan YoY +143 8% [6] - 2024H1 net profit attributable to parent company: 594 million yuan [6] - 2024E operating income forecast: 14 657 million yuan YoY +44 8% [6] - 2024E net profit forecast: 1 584 million yuan [6] Market Position - Lexar brand ranked 2nd globally in memory card market share and 3rd in flash drive market share in 2021 [5] - Lexar SSD module shipments ranked 4th globally in 2021 [5] - Jiangbolong ranked 6th globally in eMMC＆UFS market share in 2022 [5] Product Development - Self-developed 32Gb MLC NAND chip successfully taped out in 2024 [5] - LS600/LS500 controller chips entered mass production in 2023 [5] - Automotive-grade UFS products positioned as forward-looking choice for automakers [5] Industry Trends - Global semiconductor storage market in upward cycle since 2023H2 [5] - NAND Flash price index increased 23-28% QoQ in 24Q1 and 15-20% in 24Q2 [5] - ADAS-related NAND Flash consumption expected to reach 4 15 billion GB globally by 2024 [5] Valuation - Current P/B ratio: 4 5 [2] - 2025E PE ratio: 30X [5] - 2026E PE ratio: 21X [5]

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 使用部分闲置募集资金及自有资金进行现金管理 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，对江波龙使用部分闲置募 集资金及自有资金进行现金管理进行了审慎核查，核查情况如下： 公司于 2024 年 8 月 23 日召开第三届董事会第四次会议和第三届监事会第 四次会议，审议通过《关于使用部分闲置募集资金及自有资金进行现金管理的议 案》，由于募集资金投资项目建设有一定周期，根据募集资金投资项目建设进度， 现阶段部分募集资金存在暂时闲置的情况。 为提高公司资金使用效率，实现公司与股东利益最大化，在不影响募集资金 投资项目建设和公司正常经营的情况下，公司拟使用不超过人民币 20,000.0 ...

证券代码：301308 证券简称：江波龙 公告编号：2024-064 关于公司 2024 年半年度利润分配预案的公告 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。 深圳市江波龙电子股份有限公司（以下简称"公司"）于2024年8月23日召开 第三届董事会第四次会议和第三届监事会第四次会议，审议通过《关于公司2024 年半年度利润分配预案的议案》，具体情况如下： 一、 利润分配预案基本情况 根据公司 2024 年半年度报告，公司 2024 年上半年实现归属于上市公司股 东的净利润 59,378.21 万元，母公司 2024 年上半年净利润为 11,054.29 万元。截 至 2024 年 6 月 30 日，公司合并报表累计未分配利润为 191,877.51 万元，母公司 累计未分配利润为 42,109.92 万元（以上财务数据未经审计）。 根据中国证监会鼓励上市公司现金分红，给予投资者稳定、合理回报的指导 意见，本着回报股东、与股东分享公司经营成果的原则，在兼顾公司发展和股东 利益的前提下，结合公司实际情况，公司拟定 2024 年半年度利润分配预案为： 以公司现 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[8]. - The company's revenue for the first half of 2024 reached ¥9,038,807,150.58, representing a 143.82% increase compared to ¥3,707,214,011.28 in the same period last year[15]. - Net profit attributable to shareholders was ¥593,782,063.79, a significant turnaround from a loss of ¥595,949,896.64 in the previous year, marking a 199.64% improvement[15]. - The net profit after deducting non-recurring gains and losses was ¥538,822,670.75, compared to a loss of ¥604,453,161.74 last year, reflecting a 189.14% increase[15]. - Basic earnings per share increased to ¥1.44 from a loss of ¥1.44, showing a 200.00% improvement[15]. - The gross profit margin improved to 35%, up from 30% in the same period last year[8]. - The company reported a negative net cash flow from operating activities of ¥1,415,184,933.34, which is a 64.60% increase in outflow compared to ¥859,747,595.39 last year[15]. - The company's revenue growth is accompanied by an increase in operating costs, which rose by 88.06% to ¥6,913,848,654.64, reflecting the cost increase associated with higher sales[69]. Shareholder Returns - The company reported a cash dividend of 2.5 RMB per 10 shares, based on a total of 415,981,564 shares[2]. - The report indicates a commitment to shareholder returns through cash dividends rather than stock increases[2]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 103.995 million yuan, subject to shareholder approval[124]. - The cash dividend distribution plan is based on a total share capital of 415,981,564 shares, with the total cash dividend amounting to 100% of the distributable profit[129]. - The company has not issued any bonus shares in the current profit distribution plan[129]. Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the financial report, ensuring no significant omissions or misleading statements[2]. - The company has established a comprehensive governance structure to oversee its operations and financial reporting[3]. - The management has emphasized the importance of maintaining transparency and accountability in its financial disclosures[2]. - The company has maintained compliance with pollution discharge standards, with no exceedances reported for various pollutants including pH, total organic carbon, and ammonia nitrogen[135]. - The company has a comprehensive environmental emergency response plan that has been filed with local ecological authorities[137]. Market Expansion and Strategy - The company is focused on expanding its product offerings and technological advancements in the semiconductor industry[5]. - The company is actively pursuing market expansion strategies to enhance its competitive position in the electronics sector[5]. - The company aims to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[8]. - The company is exploring strategic acquisitions to enhance its technology capabilities and market presence[8]. - The company is transitioning from traditional memory manufacturers to semiconductor storage brand enterprises, focusing on customized, high-end brands and overseas markets[23]. Research and Development - R&D investment increased by 30% compared to the previous year, focusing on advanced memory technologies[8]. - The company continues to focus on the development of new technologies and products, although specific details were not disclosed in the report[10]. - The company is actively developing core capabilities in storage chip design, master control chip design, and firmware algorithm development[23]. - The company has developed automotive-grade UFS products for applications in smart cockpits and advanced driver-assistance systems (ADAS), with successful product validation and mass production underway[34]. - The company has launched multiple high-speed eSSD products, covering capacities from 480GB to 3.84TB, enhancing its enterprise product portfolio[55]. Supply Chain and Risk Management - The company has established long-term partnerships with major wafer manufacturers to mitigate supply risks and is closely monitoring geopolitical changes and trade policies[110]. - The company faces risks due to high concentration of suppliers and significant reliance on overseas procurement for storage wafers, with major suppliers holding approximately 95.1% market share in the NAND Flash market[109]. - The cyclical price fluctuations of storage wafers significantly impact the company's gross margin, with potential risks of margin decline if price changes are not effectively transmitted to product sales[111]. - The company is expanding its high-end storage products, which have higher profit margins compared to consumer-grade products, to reduce the negative impact of wafer price volatility[111]. Acquisitions and Investments - The company completed the acquisition of Yuan Cheng Suzhou and Zilia in 2023, enhancing its self-manufacturing capabilities[47]. - The acquisition of Brazilian storage manufacturer Zilia strengthens the company's overseas market expansion and enhances its international supply chain capabilities[66]. - The company has approved the use of RMB 26,440.77 million of additional funds for capital increase or loans to Huayi Semiconductor for the acquisition of 81% of SMART Brazil[87]. - The company has engaged in multiple investor relations activities, including phone conferences and on-site research, to communicate its performance and strategies[119][122]. Environmental and Social Responsibility - The company invested 1.5913 million yuan in environmental governance and protection during the first half of 2024[137]. - The company provided RMB 200,000 in sponsorship for the 2024 Zhongshan Cuiheng Island Marathon, demonstrating its commitment to social responsibility[142]. - The company has established a comprehensive employee welfare program, including housing loan assistance of up to 100 million yuan for eligible employees[140]. Legal and Compliance Issues - The company is currently involved in a legal case regarding the infringement of its testing technology, with a claimed economic loss of RMB 132.04 million[144]. - The company has no instances of non-operating fund occupation by controlling shareholders or related parties during the reporting period[143]. - The company has not reported any significant changes in accounting policies or principles related to hedging compared to the previous reporting period[101].

证券代码：301308 证券简称：江波龙 公告编号：2024-066 一、募集资金及投资项目基本情况 根据中国证券监督管理委员会出具的《关于同意深圳市江波龙电子股份有限 公司首次公开发行股票注册的批复》（证监许可[2022]843 号），公司以公开发行 方式发行人民币普通股（A）股 4,200 万股，每股面值人民币 1.00 元，发行价格 为 55.67 元/股，募集资金总额 233,814.00 万元，扣除发行费用 15,313.23 万元后， 实际募集资金净额为 218,500.77 万元。 上述资金到位情况已由安永华明会计师事务所（特殊普通合伙）验资并出具 《深圳市江波龙电子股份有限公司验资报告》（安永华明（2022）验字第 61350056_H01 号）。2022 年 07 月 29 日上述募集资金已经全部到账。公司已对 募集资金采取了专户存储管理制度，并与存放募集资金的银行、保荐机构签订了 募集资金三方监管协议。 截止至 2024 年 6 月 30 日，公司首次公开发行股票募投项目使用计划如下： 单位：人民币万元 | | | | | 截止至 2024 | | | | | | --- | --- | ...

证券代码：301308 证券简称：江波龙 公告编号：2024-069 深圳市江波龙电子股份有限公司 关于召开公司 2024 年第二次临时股东大会的通知 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 8 月 23 日召开第 三届董事会第四次会议，审议通过了《关于召开公司 2024 年第二次临时股东大会的 议案》，决定于 2024 年 9 月 11 日（星期三）14:30 召开公司 2024 年第二次临时股东 大会。本次股东大会采用现场投票与网络投票相结合的方式召开，现就召开公司 2024 年第二次临时股东大会的相关事项通知如下： 一、会议基本情况安排 (一) 股东大会届次 (二) 股东大会的召集人 本次股东大会的召集人为董事会。 (三) 会议召开的合法、合规性 董事会召开本次股东大会会议符合《中华人民共和国公司法》《中华人民共和国 证券法》《深圳证券交易所创业板股票上市规则》以及《上市公司股东大会规则》等 有关法律、法规、规则以及公司章程的规定。 (四) 会议召开的日期、时间 1.现场会议召开时 ...

证券代码：301308 证券简称：江波龙 公告编号：2024-065 深圳市江波龙电子股份有限公司 2024年半年度募集资金存放与使用情况的专项报告 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。 一、 募集资金金额及到账情况 （一）实际募集资金金额及资金到账时间 经中国证券监督管理委员会《关于同意深圳市江波龙电子股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]843 号）同意注册，并经深圳证券交 易所同意，深圳市江波龙电子股份有限公司（以下简称"公司"）首次公开发行人 民币普通股（A 股）42,000,000.00 股，每股面值 1.00 元，发行价格人民币 55.67 元/股，募集资金总额为人民币 2,338,140,000.00 元，扣除承销费和保荐费人民币 125,966,018.87 元及支付其他发行费用人民币 27,166,240.32 元后，公司本次公开 发行实际募集资金净额为人民币 2,185,007,740.81 元。联席主承销商中信建投证 券股份有限公司（以下简称"中信建投证券"）于 2022 年 7 月 29 日已将扣除剩 ...

证券代码：301308 证券简称：江波龙 公告编号：2024-061 深圳市江波龙电子股份有限公司 第三届监事会第四次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届监事会第四次会 议于 2024 年 8 月 23 日在公司会议室以现场会议方式召开。会议通知及会议资料 已于 2024 年 8 月 13 日以适当方式送达各位监事。本次会议应出席监事 3 名，实 际出席并参与表决的监事 3 名。 会议由监事会主席高威先生主持，公司部分高级管理人员列席会议。会议召 开符合有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项议 案进行了认真审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年半年度报告>及其摘要的议案》 监事会认为，公司编制的《2024 年半年度报告》及其摘要符合法律、行政法 规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见公 ...

证券代码：301308 证券简称：江波龙 公告编号：2024-067 深圳市江波龙电子股份有限公司 关于延长公司向不特定对象发行可转换公司债券 股东大会决议有效期及授权有效期的公告 根据公司2023年第二次临时股东大会审议通过的《关于公司向不特定对象发 行可转换公司债券方案的议案》《关于提请股东大会授权董事会办理本次向不特 定对象发行可转换公司债券相关事宜的议案》，公司本次发行股东大会决议有效 期及股东大会授权有效期为自公司2023年第二次临时股东大会审议通过之日起 十二个月。 鉴于本次发行股东大会决议有效期及相关授权有效期即将届满，为确保本次 发行后续工作持续、有效、顺利地推进，公司于2024年8月23日召开第三届董事 会第四次会议，审议通过了《关于延长公司向不特定对象发行可转换公司债券股 东大会决议有效期的议案》《关于提请股东大会延长授权董事会办理本次向不特 定对象发行可转换公司债券相关事宜有效期的议案》，拟将本次发行的股东大会 决议有效期及股东大会授权公司董事会及董事会授权人士全权办理本次发行相 关事宜的授权有效期自原有效期届满之日（即2024年9月14日）起延长十二个月， 并将上述议案提交公司股东大会 ...

法定代表人：蔡华波 主管会计工作负责人：朱宇 会计机构负责人：黎玉华 | 其它关联资金 | | 往来方与上市 | 上市公司核算 | 2024 年期初占 | 2024 年半年度占 | 2024 年半年 | 2024 年半年度 | 2024 半年年度 | 往来形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 往来 | 资金往来方名称 | 公司的关联关 | 的会计科目 | 用资金余额 | 用累计发生金额 | 度占用资金的 | 偿还累计发生 | 期末占用资金 | 成原因 | 往来性质 | | | | 系 | | | （不含利息） | 利息（如有） | 金额 | 余额 | | | | 控股股东、实 际控制人及其 | 不适用 | | | | | | | | | | | 附属企业 | | | | | | | | | | | | | | | 应收账款 应付账款 | 1,824.02 -28,858.54 | 5,318.28 28,485.31 | | 6,010.01 | 1,132.29 -373.23 | 货款 货款 ...