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].

1)第一大业务嵌入式存储，24 年营收84.25 亿元，同比+90.5%，占比48%。 2)第二大业务为固态硬盘，24 年营收41.47 亿元，同比+48.0%，占比24%。 25Q1 营收环比+1.5%， 扣非净利润环比亏损收窄，基本符合预期。 25Q1 营收42.56 亿元，环比+1.5%，扣非净利-2.02 亿元，环比亏损收窄；毛利率10.35%，环 比-0.81pct，净利率-3.36%，环比-2.02pct；扣非净利率-4.75%，环比+3.12pct，主要系资产减值损失率环 比-3.12pct 所致。Q1 业绩承压主要系消费电子复苏缓慢+下游消化库存影响，行业价格上升受挫所致。 24 年嵌入式存储/SSD营收同比+91/+48%，25 年业绩或有望逐季改善。 公司收购巴西Zilia 带来优势逐步递增，25Q1 公司巴西控股子公司 Zilia 营收同比+45.1%，有望助力公 司构建海外增长极。公司Lexar 品牌业务收入持续增长，同比+20.7%。预计25 年仍将受益全球影响力持 续攀升带来业绩增长。 25Q1 企业级存储收入同比增长超200%， 期待未来订单持续放量。 公司企业级存储产品组合(e ...

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 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]

关于作废 2023 年限制性股票激励计划首次授予部分 已授予尚未归属的限制性股票的公告 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 2025 年 4 月 24 日 召开第三届董事会第九次会议审议通过了《关于作废公司 2023 年限制性股票激 励计划首次授予部分已授予尚未归属的限制性股票的议案》。根据公司《2023 年 限制性股票激励计划（草案）》（以下简称"《激励计划》"或"《2023 年限制性股 票激励计划》"）、《2023 年限制性股票激励计划实施考核管理办法》及公司 2022 年年度股东大会的授权，公司董事会同意就 2023 年限制性股票激励计划（以下 简称"本次激励计划"或"本激励计划"）首次授予部分已授予但尚未归属的限 制性股票合计 686,116 股进行作废，现将具体内容公告如下： 一、本次激励计划已履行的相关审批程序 1、2023 年 3 月 20 日，公司第二届董事会第十二次会议审议通过了《关于 公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股 ...

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 ...

上 海 兰 迪 律 师 事 务 所 关于深圳市江波龙电子股份有限公司 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暨 作废部分限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于深圳市江波龙电子股份有限公司 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暨作废部分限制性股票的 法律意见书 致：深圳市江波龙电子股份有限公司 上海兰迪律师事务所接受深圳市江波龙电子股份有限公司（以下简称"江波 龙"或"公司"，证券代码为 301308）的委托，为公司实施 2023 年限制性股票激 励计划（以下简称"本激 ...

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 部分募集资金投资项目结项并将节余募集资金 二、募投项目投资情况 公司首次公开发行股票募投项目使用计划如下： 其中： ①收购股权项目中《股权购买协议》约定的基础交易对价为 16,605 万美元，最终交易 对价将根据《股权购买协议》的约定进行相应调整。假设以 2023 年 4 月 30 日作为报表基准 日，根据收购标的截至报表基准日的现金金额、负债金额、运营资本等计算，本次交易对价 约为 20,061 万美元，预计投资总额按照国家外汇局网站公布的 2023 年 6 月 30 日人民币与 美元汇率中间价（1 美元兑换 7.2258 元人民币）折算，实际人民币投资总额以最终协议履 行结果为准。 三、本次拟结项的募投项目资金使用及节余情况 永久补充流动资金的核查意见 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 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-034 2025 年第一季度公司计提信用减值损失的资产主要为应收账款，计提资产 减值损失的资产为存货，具体情况如下： | 单位：人民币元 | | --- | | | | | | 2025 年 1-3 月 | | | --- | --- | --- | --- | --- | --- | | 计提项目 | 期初账面余额 | 年 2025 1-3 | 月 | 减少 | 期末账面余额 | | | | 增加计提 | | | | | | | | | （转回或转销） | | | 应收账款坏账准备 | 3,088,045.08 | 3,809,861.62 | | 3,088,045.08 | 3,809,861.62 | | 存货跌价准备 | 235,856,314.73 | 116,621,086.20 | | 139,630,582.06 | 212,846,818.87 | | 合 计 | 238,944,359.81 | 120,430,947.82 | | 142,718,627.14 | 216,656,680.49 | 二、本次计提减值损失的确认 ...