Core Viewpoint - The semiconductor storage market is expected to recover since 2025 due to the continuous growth in AI and high-performance computing demand, coinciding with Shenzhen JIANGBOLOONG Electronics Co., Ltd.'s (hereinafter referred to as "Jiangbolong") A+H strategic layout and its upcoming IPO on the Hong Kong Stock Exchange [1][6]. Financial Performance - Jiangbolong reported a loss of 837 million yuan in 2023, with its debt-to-asset ratio increasing from 25.94% in 2022 to 59.17% in 2024, and inventory growing from 3.744 billion yuan in 2022 to 7.833 billion yuan in 2024 [1][20][15]. - The company's revenue for 2022, 2023, and 2024 was approximately 8.33 billion yuan, 10.13 billion yuan, and 17.46 billion yuan, respectively, showing year-on-year growth of 21.6% and 72.5% for 2023 and 2024 [8][9]. - Net profit fluctuated significantly, with figures of 72.8 million yuan in 2022, a loss of 837 million yuan in 2023, and a profit of 505 million yuan in 2024, reflecting a gross margin of 10.4%, 4.7%, and 15.8% respectively [9][10]. Market Position and Strategy - Jiangbolong ranks second among global independent memory manufacturers and first in the Chinese market, with clients including Dell, Lenovo, and Xiaomi [8]. - The company has four major product lines: embedded storage, solid-state drives, mobile storage, and memory bars, and has seen a significant increase in enterprise business revenue, which grew over 600% in 2024 [7][8]. - Jiangbolong's acquisition strategy includes purchasing 70% of Yuancheng Suzhou for approximately 132 million USD and 81% of Brazilian semiconductor storage company Zilia, contributing significantly to revenue growth [4][13]. Inventory and Cash Flow - Inventory levels have more than doubled over three years, reaching 7.833 billion yuan in 2024, with provisions for inventory recorded at approximately 162 million yuan, 120 million yuan, and 236 million yuan over the same period [15][18]. - The company has faced cash flow pressures, with negative net cash flow from operating activities for three consecutive years, amounting to -326 million yuan, -2.798 billion yuan, and -1.189 billion yuan [17][18]. Debt and Supplier Concentration - Jiangbolong's total liabilities increased from 2.325 billion yuan in 2022 to 9.997 billion yuan in 2024, with a debt-to-asset ratio that rose sharply in 2023 [20][21]. - The company relies heavily on a concentrated supplier base, with over 80% of raw material costs attributed to storage wafers, and significant purchases from a few key suppliers [22]. Future Outlook - Jiangbolong's dual listing strategy aims to alleviate cash flow pressures and enhance global expansion, but the company must stabilize its performance, manage inventory levels, and reduce its debt-to-asset ratio to ensure sustainable growth [22].

Core Viewpoint - The article discusses the recent developments of Jiangbolong (301308.SZ) in the capital market, including its 2024 performance report, H-share IPO prospectus, and the impact of AI on its business growth and market positioning [1][2]. Company Performance - Jiangbolong's stock price peaked on March 18 but has since declined, closing at 92.2 yuan on March 28, down 2.85%, with a total market capitalization of 38.354 billion yuan [2][3]. - The company has transitioned from semiconductor storage trading to a comprehensive semiconductor storage brand, achieving significant revenue growth from 8.33 billion yuan in 2022 to 10.125 billion yuan in 2023, and projected to reach 17.464 billion yuan in 2024 [4]. - Jiangbolong reported a net loss of 828 million yuan in 2023 but is expected to turn a profit in 2024 with a net income of 499 million yuan [4]. AI and Market Trends - The global semiconductor storage market is experiencing significant growth driven by the increasing data generation from AI applications, with Jiangbolong positioning itself to benefit from this trend [4][5]. - The demand for server storage, particularly NAND Flash, is expected to grow by 99.5% in 2024, with high-performance storage prices remaining elevated due to strong demand [5][8]. - Jiangbolong's enterprise storage solutions, particularly in the eSSD and RDIMM segments, are seeing explosive growth, with sales expected to reach approximately 900 million yuan in 2024 [6][4]. Product Development and Innovation - Jiangbolong is focusing on high-performance storage solutions tailored for AI applications, including LP CAMM 2, CAMM 2, and CXL 2.0 memory modules [6]. - The company has launched its self-designed UFS 4.1 controller chip WM7400 for AI-driven mobile terminals and is developing next-generation PCIe Gen5 SSDs [11]. - Jiangbolong's ePOP storage is a key component of its embedded storage business, with applications in smart wearable devices, indicating a strong market presence in this segment [12][13]. Future Outlook - The AI server market is projected to grow significantly, with the Chinese AI server market expected to reach $19 billion in 2024 and $25.9 billion in 2025, reflecting a 36.2% year-on-year growth [7]. - The enterprise storage market is also anticipated to grow from $67.8 billion in 2024 to $134.3 billion by 2028, with a compound annual growth rate of 18.7% [7]. - Despite a cautious outlook for consumer storage markets, the long-term potential for AI applications in consumer electronics is expected to drive future growth opportunities for Jiangbolong [10][13].

Group 1: Company Growth Potential - The company sees significant growth opportunities in high-end storage markets, despite challenges in the mid-to-low end market due to homogenized competition [2] - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [3] - The UFS 4.1 products, equipped with self-developed main control chips, have achieved sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, outperforming mainstream market products [3] Group 2: Innovation and Market Strategy - The company is actively promoting innovative business models such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to leverage its technological and manufacturing advantages [3] - The acquisition of a stake in Brazilian storage manufacturer Zilia enhances the company's overseas market expansion, utilizing Zilia's resources and capabilities to penetrate the global market [4] - The company has established a research and development team of over 1,000 personnel, focusing on storage chip design, main control chip design, and firmware algorithm development [5] Group 3: Product Development and Market Trends - The company’s UFS products are being widely adopted by major clients in the smart terminal market, indicating a strong market position [5] - The transition from eMMC to UFS is expected to continue, driven by the increasing demand for diverse and customized storage solutions in smart devices [6] - The company is positioned to benefit from the growing demand for high-performance computing and storage hardware, particularly in AI applications [9] Group 4: Financial Outlook and Cash Flow Management - The company anticipates a gradual improvement in supply-demand dynamics, leading to a price recovery trend in the storage industry by 2025 [9] - Measures to improve cash flow include optimizing payment terms with suppliers and employing various financial strategies to stabilize liquidity [10] - The self-developed main control chips are expected to see significant growth in shipment volume in 2025, contributing to the company's revenue [10]

Core Viewpoint - The company reported strong revenue and profit growth for 2024, despite challenges in the consumer electronics market and declining storage prices [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.5%, and a net profit attributable to shareholders of 499 million yuan, up 160.2% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 4.195 billion yuan, a year-on-year increase of 18.3%, but a quarter-on-quarter decline of 0.8% [1]. - The company’s non-recurring net profit in 2024 was 167 million yuan, reflecting a year-on-year increase of 118.9% [1]. Group 2: Market Trends - The demand recovery for mobile phones and PCs has been slow, leading to inventory digestion in the industry and downward pressure on storage prices [1][2]. - The embedded storage business grew by 90% year-on-year, accounting for 48.2% of total revenue [2]. - The company’s enterprise storage business saw significant growth, with revenue reaching 922 million yuan, a year-on-year increase of 666.3% [2]. Group 3: Future Outlook - In 2025, storage prices are expected to rebound in the second half of the year, driven by supply control from manufacturers and AI integration [3]. - The company is well-positioned to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, enhancing its enterprise product offerings [3]. - The integration of Zilia is progressing well, improving operational efficiency and expanding the company’s presence in the South American market [3]. Group 4: Investment Recommendations - The company is projected to achieve revenues of 22.76 billion yuan, 26.70 billion yuan, and 29.57 billion yuan for 2025-2027, with net profits of 669 million yuan, 1.096 billion yuan, and 1.268 billion yuan respectively [4]. - The target price for the company is set at 125.8 yuan, reflecting a price-to-sales ratio of 2.3x for 2025 [4].

Group 1 - The company reported a revenue of 17.464 billion yuan in 2024, representing a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [1] - In Q4 2024, the revenue was 4.195 billion yuan, showing a year-on-year growth of 18.3%, but a quarter-on-quarter decline of 0.8%, with a gross margin of 11.17%, down 6.2 percentage points [1] - The global storage market is entering a strong upward cycle from H2 2023 to H1 2024, but the consumer storage market is expected to face significant pressure in H2 2024 due to inventory digestion [1] Group 2 - The company owns three major storage brands: FORESEE, Zilia, and Lexar, making it the second-largest independent storage company globally and the largest in China [2] - Zilia's sales revenue reached 2.312 billion yuan in 2024, a year-on-year increase of 120.15%, while Lexar's global sales revenue hit 3.525 billion yuan, setting a new record [2] - The enterprise storage segment saw rapid growth, with a revenue of 291 million yuan in the first half of 2024, up over 2000% year-on-year, and an expected full-year revenue of 922 million yuan, up 666.30% [2] Group 3 - The company has successfully shipped over 50 million SLC NAND chips in 2023 and exceeded 100 million cumulative shipments of self-developed storage chips in 2024 [3] - Cumulative shipments of self-developed main control chips surpassed 30 million, with significant applications in high-end eMMC and storage cards [3] - The profit forecast for 2025 and 2026 has been revised down, with net profit estimates adjusted from 985 million and 1.378 billion yuan to 614 million and 783 million yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant milestones in self-developed storage controllers, with cumulative shipments exceeding 30 million units, and is experiencing rapid growth in enterprise storage [1][9] - The company is positioned as the second-largest independent storage manufacturer globally and the largest in China, with notable brand performance across various segments [9] - The financial outlook has been adjusted downward, with net profit forecasts for 2025 and 2026 revised to 614 million and 783 million respectively, while maintaining a "Buy" rating due to strong market positioning [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 10,125 million in 2023 to 25,025 million by 2027, with a compound annual growth rate (CAGR) of approximately 21.6% [8][11] - The company is expected to turn profitable in 2024 with a net profit of 499 million, increasing to 1,120 million by 2027, reflecting a significant recovery from previous losses [8][11] - The gross margin is anticipated to stabilize around 16.8% by 2027, with a return on equity (ROE) projected to reach 13% [8][11] Market and Product Insights - The enterprise storage segment has shown remarkable growth, with revenue increasing over 2000% year-on-year in the first half of 2024 [9] - The company has successfully launched automotive-grade storage products, indicating diversification into new markets [9] - The self-developed SLC/MLC NAND Flash products have seen substantial shipment volumes, with over 100 million units shipped by 2024 [9]

Core Viewpoint - The company has shown significant growth in revenue and net profit for the year 2024, driven by strong performance in embedded storage and enterprise-level SSDs, indicating a positive outlook for future growth cycles [1][2][4]. Financial Performance - In 2024, the company's revenue reached 17.464 billion yuan, a year-on-year increase of 72.5%, with a net profit of 499 million yuan, up 160% year-on-year, and a non-net profit of 167 million yuan, up 120% year-on-year [1]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin was 2.89%, up 11.16 percentage points year-on-year [1]. Business Segments - The embedded storage segment generated 8.425 billion yuan in revenue, accounting for 48% of total revenue, with a year-on-year growth of 90.5% and a gross margin of 17.45% [2]. - The solid-state drive (SSD) segment contributed 4.147 billion yuan, representing 24% of total revenue, with a year-on-year increase of 48% and a gross margin of 15.93% [2]. - The enterprise-level storage business (eSSD + RDIMM) saw revenue of 922 million yuan, a staggering year-on-year increase of 666.3%, with the second half of 2024 showing a 116.8% increase compared to the first half [4]. Product Development - The company successfully taped out its first batch of UFS self-developed main control chips in 2024, with expectations to enter the high-end smart terminal market in 2025 [5]. - The Lexar product line achieved a revenue of 3.525 billion yuan, continuing its growth trend and setting new records [3]. Market Outlook - The global AIGC wave and the "Digital China" initiative are expected to provide new growth momentum for the storage market, positioning the company as a leading independent storage manufacturer in China [6]. - The company is projected to achieve net profits of 986 million yuan, 1.617 billion yuan, and 2.012 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 43, 27, and 21 [6].

Core Viewpoint - Jiangbolong reported significant growth in both revenue and net profit for the year 2024, driven by strong performance in key business segments and advancements in self-developed chips [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 17.464 billion yuan, a year-on-year increase of 72.48% [1]. - Net profit attributable to shareholders reached 499 million yuan, up 160.24% year-on-year [1]. - The net profit excluding non-recurring gains and losses was 167 million yuan, reflecting a growth of 118.88% [1]. Group 2: Business Segments - Embedded storage, solid-state drives, mobile storage, and memory bar businesses all experienced growth during the reporting period [1]. - The enterprise-level storage business saw significant growth, with revenue reaching 922 million yuan, a remarkable increase of 666.30% [2]. - The Brazilian subsidiary Zilia reported sales revenue of 2.312 billion yuan, up 120.15% year-on-year [2]. - The Lexar brand achieved record global sales revenue of 3.525 billion yuan [2]. Group 3: Technological Advancements - The company successfully designed and taped out its first batch of self-developed UFS main control chips (WM7400, WM7300, WM7200) [2]. - A total of over 30 million units of three self-developed main control chips (WM6000, WM5000, WM3000) have been applied independently [2]. - The UFS storage products are expected to penetrate the high-end smart terminal market, with significant growth anticipated in 2025 [2]. Group 4: Automotive Sector - The company’s automotive-grade UFS2.1 products have completed validation with multiple automotive clients and have begun mass production [3]. - The second-generation automotive-grade UFS3.1 products have completed design and validation, with samples sent to key long-term automotive clients for verification [3]. - The company is enhancing its competitiveness and technical strength in the automotive storage market, positioning itself to seize opportunities in automotive intelligence development [3].

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"）已于 2025 年 3 月 21 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市 外资股（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行并上市"） 的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请材料。该申请 材料为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"）及 香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和 修订。 鉴于本次发行并上市的认购对象仅限于符合相关条件的境外投资者及依据 中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内 证券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为 使境内投资者及时了解该等申请资料披露的本次发行并上市以及公司的其他相 关信息，现提供该申请资料在香港联交所网站的查询链接供查阅： 证券代码：301308 证券简称：江波龙 公告编号：2025-023 深圳市江波龙电子股份有限公司 关于向香港联交所递交境外上市外资股 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-024 深圳市江波龙电子股份有限公司 关于召开 2024 年度业绩说明会的公告 二、召开时间、方式及地点 （一）会议召开时间：2025 年 3 月 25 日（星期二）15:00-16:30 （二）会议召开方式及地点：本次业绩说明会将采用网络语音直播的方式召开， 投资者可在上述时间登录价值在线（www.ir-online.cn）参与本次业绩说明会。 三、出席人员 董事长、总经理：蔡华波先生 独立董事：陈伟岳先生 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： 一、业绩说明会类型 深圳市江波龙电子股份有限公司（以下简称"公司"）已于 2025 年 3 月 21 日披 露了公司 2024 年年度报告，为便于广大投资者更加全面了解公司 2024 年度的经营情 况，公司定于 2025 年 3 月 25 日（星期二）15:00-16:30 在"价值在线"平台举办 2024 年度业绩说明会。 副总经理、财务负责人：朱宇先生 会议召开时间：2025 年 3 月 25 日（星期二）15:00-16:3 ...