Promoting Steady Development 01 | Corporate Governance | 14 | | --- | --- | | Sustainable Development | 16 | | Management | | | Compliance and Sound Operations | 19 | 02 Driving Excellent Quality Table of Contents | About this Report | | 03 | | --- | --- | --- | | About | Longsys | 04 | | 2024 | Key Performance | 08 | | 2024 | Milestones | 09 | | Longsys | Honors | 11 | | Message | from the | 12 | | Chairman | | | | Crafting Exceptional Quality | 24 | | --- | --- | | High-Quality Customer Service | 29 | 03 ...

Group 1: Company Growth and Revenue - The company's revenue in the enterprise storage sector is expected to grow over 600% in 2024, with a further increase of over 200% in Q1 2025 [3] - The company has launched enterprise-level storage products such as eSSD, DDR4 RDIMM, and DDR5 RDIMM, which have received certifications from various sectors [3] - The company has established a partnership with SanDisk to offer customized high-quality UFS products for the mobile and IoT markets [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology and market capabilities [4] - The enterprise storage products have strong adaptability and reliability, meeting high-performance and customization needs across various industries [4] - The company has developed its own main control chips, which outperform market competitors in terms of performance and power consumption [4] Group 3: Market Trends and Pricing - The semiconductor storage market is expected to recover gradually starting from Q2 2025, with price increases anticipated due to inventory digestion and rising demand [6] - The company expects storage product prices to maintain upward momentum in Q3 2025, driven by OEM customer demand and storage capacity increases in mobile devices [6] Group 4: Technology and Intellectual Property - The company has a robust semiconductor storage R&D system, with 570 patents and 138 software copyrights as of December 31, 2024 [5] - The company has established patent licensing agreements with various wafer manufacturers and leading independent storage companies [5] Group 5: Strategic Partnerships - The company aims to serve as a crucial link between upstream wafer manufacturers and end-user markets, enhancing its position in the storage ecosystem [7] - Long-term collaborations with industry leaders, such as SanDisk, reflect the company's technical strength and market positioning [7]

证券代码：301308 证券简称：江波龙 公告编号：2025-048 深圳市江波龙电子股份有限公司 关于公司股东股份减持计划实施完毕的公告 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。 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 30 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：2025-035）。公 司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 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减持公司股份不超过 4,159,815 股（占当 时公司总股本比例 1.00%）。 公司于 2025 年 5 月 26 日完成 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股份归属，公司股本总额由 415,981,564 股增加至 419,145,267 股，导致国家 ...

Group 1 - The core index of the CSI 500 Electronic Terminal and Components Index is reported at 17798.16 points, with a monthly increase of 2.81%, a three-month increase of 11.11%, and a year-to-date increase of 6.37% [1] - The CSI 500 index is categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [1] - The top ten holdings in the CSI 500 Electronic Terminal and Components Index include China Great Wall (13.89%), Newland (10.92%), and XW Communication (10.6%) [1] Group 2 - The CSI 500 Electronic Terminal and Components Index is composed entirely of the Information Technology sector, with a sample adjustment occurring biannually [2] - The weight factors of the index are adjusted in accordance with the sample adjustments, which take place on the second Friday of June and December [2] - In cases of special events affecting sample companies, such as mergers or delistings, the index will undergo corresponding adjustments [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 115.2 CNY, reflecting an expected relative return of over 20% within six months [6][16]. Core Views - The company is positioned as a core player in the storage price increase cycle, benefiting from both price and volume growth in the storage market, with expected quarterly performance improvements in 2025 [1]. - The company is recognized as a leader in domestic substitution, with significant growth projected in enterprise-level storage products, forecasting revenues of 922 million CNY in 2024, a year-on-year increase of 666.3% [2]. - The self-developed controller technology is establishing a technical barrier, enhancing the company's profitability and operational efficiency through its TCM model, which integrates supply chain management and customer relationships [3]. - The investment thesis highlights a dual logic of "cycle + growth," with short-term benefits from storage price increases, medium-term revenue growth from domestic enterprise storage, and long-term profitability through self-developed chips and TCM model [4]. Financial Summary - The company is projected to achieve revenues of 23.05 billion CNY in 2025, with a growth rate of 32% [5]. - The expected net profit attributable to the parent company for 2025 is revised down to 480 million CNY, with subsequent years showing significant growth to 1.61 billion CNY in 2026 and 2.08 billion CNY in 2027 [5]. - The EBITDA for 2025 is estimated at 2.41 billion CNY, reflecting a strong operational performance [5]. Market Position - The company ranks third in China for enterprise-level SATA SSD total capacity in 2024, showcasing its capability in eSSD and RDIMM product design and supply [2]. - The company has successfully adapted its PCIe SSD and SATA SSD series to multiple domestic CPU platforms, expanding its customer base across various industries [2].

Group 1: Company Growth and Market Position - The company achieved a revenue of 319 million CNY in Q1 2025 for its enterprise storage products, representing a year-on-year growth of over 200% [3] - The company is one of the few A-share listed companies that publicly disclose specific enterprise storage product performance, indicating a strong market position [3] - The company has established recognition among major clients across various industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: AI Infrastructure and Storage Demand - The demand for storage is expected to rise due to increased investment in AI infrastructure, which requires enhanced computing and storage capabilities [3] - The penetration rate of DDR5 in RDIMM products has significantly increased, driven by the performance requirements of AI servers [3] - eSSD's advantages in speed and energy efficiency are leading to its widespread adoption, replacing HDDs in cloud service providers [3] Group 3: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its strengths in chip control and firmware development, aiming to introduce high-quality UFS products for the mobile and IoT markets [5] - The UFS4.1 product, featuring high sequential read/write speeds of 4350MB/s and 4200MB/s, has outperformed mainstream market products [5] - The TCM model is expected to enhance revenue and profit by improving visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Self-Developed Controller Chips - The company has launched three self-developed controller chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [7] - The self-developed controller chips are anticipated to see significant growth in application scale throughout 2025 [7] - The company plans to maintain long-term collaborations with third-party controller chip manufacturers to diversify its product offerings [7] Group 5: Storage Price Trends - The semiconductor storage market has shown signs of recovery since late March 2025, driven by inventory digestion and increased downstream demand [8] - Price increases in storage products are expected in Q3 2025 due to inventory needs from server OEM customers and rising storage capacities in mobile devices [8] Group 6: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant growth potential in market share [9] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with a 45.08% increase in Q1 2025 [10] - The integration of Zilia into the company's operations has enhanced its overseas market presence and product offerings [10]

Group 1: Company Growth and Market Position - The company is one of the few A-share listed companies that officially disclose specific enterprise-level storage product performance, achieving a revenue of 319 million CNY in Q1 2025, representing a year-on-year growth of over 200% [3] - The enterprise-level storage products have gained recognition from major clients across various industries, including large internet companies and telecom operators, indicating strong adaptability and reliability [3] - The company expects continued breakthroughs in enterprise-level business due to increasing demand for domestic storage products driven by AI applications and local security concerns [3] Group 2: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its leading capabilities in main control chip development and packaging, aiming to launch customized high-quality UFS products for the mobile and IoT markets [4] - The TCM (Technology Contract Manufacturing) model is being actively promoted, enhancing visibility in supply and demand, which helps mitigate price fluctuations and create value [4] - Collaborations with Tier 1 clients like Transsion and ZTE under the TCM model are expected to yield significant results in the future [4] Group 3: Storage Price Trends - Following production cuts announced by major storage wafer manufacturers, market prices for storage products have begun to rise since late Q1 2025, with downstream demand showing substantial growth [5] - Independent reports indicate that the semiconductor storage market has been gradually recovering since the end of March 2025, with expectations of continued upward momentum in prices for server and mobile storage products in Q3 [5] Group 4: Self-Developed Main Control Chips - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The self-developed main control chips are expected to see significant growth in application scale throughout 2025, maintaining a competitive edge in performance and power consumption [6] Group 5: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant market share growth potential [6] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with Q1 2025 revenue increasing by 45.08% compared to the previous year [6] - The integration of Zilia into the company has enhanced its overseas market presence and product offerings, leveraging local manufacturing and service advantages [6]

Summary of Storage Module Industry Conference Call Industry Overview - The storage industry is viewed as a significant sector, with ongoing debates regarding the storage module segment's growth potential and cyclical nature [1] - Current growth potential of storage modules is considered greater than its cyclical attributes, despite recent price fluctuations due to production cuts by major companies [1][2] Key Insights - The second half of the year is anticipated to be a golden period for the storage industry, with enterprise-level domestic production rates currently below 10-20% [2] - The industry is expected to experience high growth in revenue and profit over the next three years, driven by increased domestic production and demand [2] Price Cycle and AI Impact - The analysis focuses on two main aspects: the current price cycle and the impact of AI on storage module demand [3] - Historical data from Micron indicates that the storage industry is highly cyclical, with significant price fluctuations observed over the past 15 years [3][4] - Recent production cuts by major players like Micron (10% reduction in NAND production) and others have led to a rebound in NAND and DRAM prices [5][6] Demand Drivers - Increased capital expenditure by major internet companies and a recovery in PC and smartphone markets are driving demand for storage solutions [5][7] - The AI era is expected to significantly boost storage module demand, particularly for enterprise SSDs, as AI servers require more storage capacity [10][11] Domestic Production and Market Dynamics - Current domestic production rates for storage modules are low, with a push for increased localization due to national security concerns [11][12] - The domestic market for enterprise SSDs is estimated to be over $10 billion, with significant growth potential as local manufacturers ramp up production [13] Price Trends - Prices for DDR4 and NAND components have seen significant increases due to production cuts and stable demand, with DDR4 prices rising by 50% recently [8][9][10] - The price of 64-layer NAND chips has rebounded from a low of $1.4 to approximately $2.8, indicating a recovery trend [6] Future Outlook - The storage module industry is expected to enter an upward cycle, with sustained demand driven by AI and cloud computing [21] - Companies like Dominion and Jiangbo Long are positioned to benefit from the growing enterprise SSD market, with anticipated revenue growth in the coming quarters [18][19] Conclusion - The storage module sector is poised for growth, supported by favorable market conditions, technological advancements, and increasing domestic production efforts [22] - Continuous monitoring of the industry is recommended, as the potential for investment opportunities remains strong in both storage modules and related semiconductor technologies [22]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing robust growth driven by AIoT, industrial control, and automotive electronics, with significant revenue increases reported by key players such as Rockchip (H1 revenue up 64% YoY, net profit up 185%-195% YoY), Espressif (net profit up 65%-78% YoY), and Tailing Micro (net profit up 267% YoY) [2][13][18] - The storage sector is witnessing a recovery with Demingli reporting H1 revenue of 3.8-4.2 billion yuan, reflecting a YoY increase of 75%-93%, and a narrowing of losses in Q2, indicating a potential turning point for profitability [2][20][28] - Price forecasts for Q3 indicate a significant increase in DRAM prices, with expectations of a 15%-20% rise, and NAND Flash prices expected to increase by 5%-10%, driven by strong demand from AI investments and enterprise-level storage needs [3][14][29][30] Summary by Sections 1. Performance Forecasts - The design sector is seeing comprehensive growth, with companies like Rockchip and Espressif benefiting from AI demand and domestic substitution [2][18] - The equipment and materials sector is also on a steady upward trend, with domestic equipment manufacturers like Changchuan Technology and Yitang Co. benefiting from domestic substitution and successful customer expansion [2][19] 2. Storage Price Outlook - Q3 price forecasts for DRAM show a comprehensive increase, with Consumer DDR4 expected to rise by 40%-45% and Server DDR4 by 28%-33% [3][30] - NAND Flash prices are also expected to rise, with enterprise SSDs projected to increase by 5%-10% and 3D NAND wafers by 8%-13% [3][14][30] 3. Recommended Stocks - Key stock recommendations in the storage sector include Jiangbolong, which is expected to benefit from price increases and domestic substitution, with a projected revenue growth of 200% YoY by Q1 2025 [4][15] - Other recommended companies span various segments, including design (e.g., Rockchip, Espressif), equipment (e.g., Changchuan Technology), and materials (e.g., Dinglong Technology) [6][16]

Group 1: Market Dynamics - The DRAM market is experiencing a significant shift from oversupply to a supply-demand imbalance, with prices rising sharply, including a 53% increase in DDR4 prices in May, the largest since 2017 [1] - The overall DRAM market price index has increased by 47.7% since early 2025, with a 19.5% rise in June alone, driven by both traditional DRAM and high-value server DRAM [1][7] - The transition to DDR5 is becoming a trend as major DRAM manufacturers shift capacity towards higher-end products, leading to increased demand for older generation products [2] Group 2: Company Positioning - Jiangbolong has developed a comprehensive range of enterprise storage products, including SATA eSSD, PCIe eSSD, RDIMM, and MRDIMM, and reported a revenue increase of over 200% year-on-year in Q1 2025 [3] - The company is focusing on high-end consumer and enterprise-level DDR5 product mass production to meet the growing demand for high-capacity, high-bandwidth, and low-power memory products in gaming, servers, and industrial automation [2][3] - Jiangbolong has signed a memorandum of cooperation with Sandisk to integrate resources and enhance its position in the embedded storage market, aiming to increase market share in high-end storage solutions [4] Group 3: Innovation and Business Model - Jiangbolong has introduced innovative business models such as PTM (Product Technology Manufacturing) and TCM (Technology Contract Manufacturing), which provide new commercial strategies for the storage industry [5][6] - The TCM model has received positive feedback from storage wafer manufacturers and key clients, facilitating collaboration with Tier 1 clients like Transsion and ZTE [6] - The company is leveraging its self-developed core technologies to enhance product differentiation and improve visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Future Outlook - The storage sector is expected to see continued price increases, with general DRAM prices projected to rise by 10% to 15% in Q3 2025, and overall DRAM prices, including HBM, expected to increase by 15% to 20% [7] - The domestic storage market is anticipated to grow further, with an increasing localization rate for high-difficulty and high-speed products, presenting opportunities for industry players [7]