Summary of Shenzhen Longsys Electronics Co Ltd Conference Call Company Overview - **Company**: Shenzhen Longsys Electronics Co Ltd (301308.SZ) - **Industry**: Technology Semiconductors, specifically NAND memory products - **Date of Call**: September 10, 2025 Key Points Industry Outlook - **NAND Cycle**: The NAND cycle is expected to improve in 4Q25 and 1H26, driven by accelerating AI inference adoption, leading to strong growth momentum in the NAND industry in 2H26 [2][6] - **Pricing Trends**: 2Q results exceeded market expectations due to favorable pricing trends, with a projected mid-single digit percentage increase in blended average selling price (ASP) for 3Q25 [3][6] - **Consumer Electronics Demand**: 4Q pricing hikes may slow due to lukewarm consumer electronics demand, but strong CSP orders could mitigate this impact [3][4] Financial Projections - **Revenue Growth**: Longsys's enterprise business is projected to grow by 50-100% in 2026, with revenue contribution expected to reach Rmb10 billion by 2027, up from Rmb3.6 billion in 2025 [5][14] - **Earnings Estimates**: EPS estimates have been revised to reflect a -4% change for 2025, +22% for 2026, and +29% for 2027, with a 2026 EPS estimate of Rmb3.3, which is approximately 30% higher than consensus [32][34] Business Model and Strategy - **TCM Model**: The Technology-Contract-Manufacture (TCM) model is expected to start contributing revenue from 4Q25, focusing on long-term agreements with clients to stabilize gross margins above 20% in the long term [22][25] - **Market Share**: Longsys aims to increase its market share in the eSSD market, which was 2% in 2024, with significant orders from major CSPs expected to contribute to revenue starting from 2H25 [14][22] Market Dynamics - **AI Demand**: The AI NAND market is projected to account for 34% of the global NAND market by 2029, adding an incremental US$29 billion to the total addressable market (TAM) [12] - **Supply Constraints**: A NAND shortage is anticipated entering 2027 due to strong AI inference demand and limited supply growth [12][14] Price Target and Ratings - **Price Target Increase**: The price target for Longsys has been raised from Rmb100 to Rmb122, reflecting a bullish outlook on the NAND up-cycle and the company's leadership in eSSD [2][6] - **Investment Rating**: The company maintains an "Overweight" rating, indicating a positive investment outlook despite potential near-term NAND cycle weakness [6][32] Additional Insights - **Revenue Recognition Change**: Longsys plans to change its revenue recognition method from gross to net for its TCM business, which may slow top-line growth but enhance gross profit margins [24][25] - **Embedded Storage Market**: Global suppliers are exiting the mobile NAND market in China, prompting Longsys to collaborate with suppliers like SanDisk to serve Tier 1 clients [23] This summary encapsulates the critical insights and projections discussed during the conference call, highlighting the company's strategic direction and market positioning within the NAND industry.

证券日报网讯 9月10日晚间，江波龙发布公告称，公司分别于2025年7月29日、2025年8月21日召开第三 届董事会第十一次会议及2025年第三次临时股东大会，审议通过了《关于变更公司注册资本、修订并办 理工商变更登记的议案》。因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 一个归属期归属股份登记工作完成，公司总股本由415，981，564股变更为419，145，267股。近日，公 司完成了注册资本工商变更登记以及变更后《公司章程》的备案登记手续，并取得了深圳市市场监督管 理局出具的《登记通知书》，公司的注册资本由人民币41，598.1564万元变更为人民币41，914.5267万 元。 （编辑 任世碧） ...

Group 1 - Jiangbolong (SZ 301308) announced it will accept a research meeting with CICC on September 8, 2025, from 10:30 to 11:30 AM, with investor relations manager Huang Qi and senior supervisor Su Yangchun participating in the reception [1] - For the year 2024, Jiangbolong's revenue composition is 100.0% from the storage industry [1] - As of the report, Jiangbolong's market capitalization is 38.6 billion yuan [1]

证券代码：301308 证券简称：江波龙 公告编号：2025-066 深圳市江波龙电子股份有限公司 （2025 年修订）》《关于新〈公司法〉配套制度规则实施相关过渡期安排》等相关法 律、法规及规章的规定，结合公司实际情况，对《公司章程》进行了修订。具体内容 详见公司在巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于变更公司注册资 本、修订<公司章程>并办理工商变更登记的公告》（公告编号：2025-054）等相关公 告。 近日，公司完成了注册资本工商变更登记以及变更后《公司章程》的备案登记手 续，并取得了深圳市市场监督管理局出具的《登记通知书》，公司的注册资本由人民 币 41,598.1564 万元变更为人民币 41,914.5267 万元。 二、备查文件 关于完成工商变更登记的公告 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。 一、工商变更登记情况 深圳市江波龙电子股份有限公司（以下简称"公司"）分别于 2025 年 7 月 29 日、 2025 年 8 月 21 日召开第三届董事会第十一次会议及 2025 年第三次临时股东大会， ...

Group 1: Company Growth and Market Position - The company ranks third in the 2024 SATA total capacity according to IDC data, and first among domestic brands [2] - The enterprise-level PCIe SSD and RDIMM products have begun mass import into leading domestic enterprises [2] - The company has achieved over 80 million units of its main control chips deployed by the end of July, with rapid growth in deployment scale [5] Group 2: Product Development and Technology - The SOCAMM2 product, designed for high-performance computing (HPC), offers breakthrough energy efficiency in bandwidth and power consumption [3] - The UFS4.1 product, equipped with self-developed main control chips, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write performance of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - The TCM (Technology Contract Manufacturing) model is supported by comprehensive service capabilities from chip R&D to packaging and testing, with successful collaborations already established [4] Group 3: Market Trends and Pricing - The semiconductor storage market has shown substantial recovery since March 2025, driven by increased AI server shipments and higher storage capacities in mobile devices [6] - Third-party market forecasts indicate that storage product prices in the server and mobile sectors will continue to have upward momentum in Q3 [6]

Core Insights - The 2025 Open Data Center Conference (ODCC) held in Beijing focused on AI transformation and featured experts from data center, computing power, and storage sectors [1] - Jiangbolong launched the innovative enterprise-level memory product SOCAMM2, designed to address challenges posed by various AI workloads [1][7] - The company emphasized the integration of AI technology in storage systems to enhance performance and reliability [12][16] Group 1: Product Launch and Features - SOCAMM2 is based on LPDDR5/5x and features a modular design with a compact size of 14×90 mm, achieving a maximum capacity of 256GB and a data transfer rate of 8533 Mbps [7][10] - The product offers a significant energy efficiency improvement, consuming only one-third of the power of standard DDR5 RDIMM while increasing bandwidth by 2.5 times [7][10] - SOCAMM2 is positioned to complement HBM applications, balancing capacity, power consumption, and flexibility in high-performance computing environments [10] Group 2: AI Storage Solutions - Jiangbolong's enterprise-level SSDs are critical for AI clusters, facing performance bottlenecks and reliability challenges as data scales from GB to PB [12][14] - The company introduced intelligent storage solutions that utilize smart load sensing technology to optimize caching strategies and data layout, significantly enhancing system performance [14][16] - Machine learning models are employed to analyze real-time parameters for predictive maintenance, improving reliability and reducing operational complexity [16][17] Group 3: Future Developments - Jiangbolong plans to launch enterprise-level SSDs supporting QLC and PCIe Gen5, incorporating more intelligent innovations and advanced algorithms for AI data centers [25] - The company is establishing a comprehensive storage service model that integrates R&D, testing, and manufacturing to meet diverse AI application needs [21]

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 2025 年上半年度跟踪报告 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."股东会、董事会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10.发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 2 | 项 目 | 工作内容 | | - ...

格隆汇9月8日丨江波龙(301308.SZ)于投资者互动平台表示，公司已推出了SATAeSSD、PCIeSSD、 RDIMM等多款企业级存储产品，并在前沿产品领域持续投入。公司将紧跟市场需求与技术演进趋势， 持续推进新产品研发与客户导入，具体产品进展请以公司公开发布的信息为准。 ...

Group 1: Market Overview - Since 2025, the global storage market has shown a clear trend of low-to-high performance, with weak demand in early Q1 due to inventory destocking in major downstream terminals like smartphones and PCs, leading to a decline in NAND Flash and DRAM prices [1] - In March, terminal demand began to recover, and with downstream inventory returning to healthy levels, combined with major storage manufacturers implementing production cuts and inventory control strategies, the supply-demand balance improved significantly, resulting in a rebound in storage prices [1] - In the first half of 2025, the NAND Flash market composite price index increased by 9.2%, while the DRAM market composite price index surged by 47.7% [1] Group 2: Company Performance - In terms of revenue for the first half of the year, Jiangbolong achieved 1,019,565.537 thousand yuan, leading the market, followed by Demingli with 410,903.6587 thousand yuan, and Baiwei Storage with 391,233.6914 thousand yuan [4] - From a gross margin perspective, Tongyou Technology had a sales gross margin of 51.6%, while Jiangbolong's was 13%, Baiwei Storage and Wanrun Technology both at 9.1%, and Demingli at 5% [6] - In terms of net profit, Wanrun Technology reported a net profit of 1,553.53 thousand yuan, while Jiangbolong had a net profit of 1,476.6 thousand yuan; however, Demingli and Baiwei Storage reported significant net losses of -11,794.56 thousand yuan and -22,579.55 thousand yuan, respectively [7] Group 3: Inventory and R&D Investment - Jiangbolong led in inventory with 807,615.8102 thousand yuan, followed by Demingli with 464,262.8646 thousand yuan, indicating a strategic approach to stockpiling during low market conditions [9] - Jiangbolong also led in R&D investment with 44,573.88 thousand yuan, followed by Baiwei Storage with 27,292.89 thousand yuan, highlighting the importance of R&D in the storage module industry, especially with the growth in AI technology and data center storage demand [11][12]

Group 1 - A total of 59 institutions conducted 1,678 "buy" ratings covering 929 stocks from September 1 to September 5 [1] - Among the stocks rated "buy," 89 saw a decrease in shareholder accounts compared to the end of Q2, with 41 stocks experiencing a decline of over 10% [1] - The 41 stocks with significant concentration of shares had an average increase of over 20% year-to-date, with 6 stocks, including Aosaikang and Tengya Precision, rising over 50% [1] Group 2 - 15 stocks underperformed the Shanghai Composite Index, which had a year-to-date increase of 13.75%, with 8 stocks, including Zhejiang Dingli, Huaihe Energy, and Huaibei Mining, experiencing a decline in stock price [1][2] - Specific companies such as Zhejiang Dingli and Huaihe Energy reported significant drops in net profit, with declines of 17.96% and 14.36% respectively [2] - The coal industry showed notable underperformance, with companies like Huaihe Energy and Huaibei Mining reporting net profit decreases of 22.15% and 64.85% respectively [2]