Core Insights - Guangdong manufacturing is gaining global attention with innovative products showcased at the 138th Canton Fair, highlighting the region's proactive transformation amidst technological and industrial changes [1][2] - The traditional manufacturing sector in Guangdong is leveraging tax policies to support its transition and upgrade, focusing on high-quality development [1][4] Group 1: Company Innovations and Market Expansion - Deepway Technology has expanded its product range from handheld laser rangefinders to six product lines, achieving a 30% export ratio since entering overseas markets in 2013 [2][3] - Wola Technology is shifting from primarily export-focused to a dual domestic and international sales strategy, with a current sales structure of 60% export and 40% domestic [3] - United Optics has developed a groundbreaking black light full-color technology for low-light environments, breaking the monopoly of Japanese and German companies in high-end optical lenses [7][8] Group 2: Tax Policies and Financial Support - Export tax rebate policies have significantly aided companies like Deepway and Wola Technology, enhancing their cash flow and supporting raw material procurement [4][5] - Guangdong tax authorities have streamlined export tax rebate processes, reducing average processing time to three working days for eligible companies [5] - Companies such as Jiangbolong Electronics have benefited from tax incentives, allowing for substantial R&D investments and product development [6] Group 3: R&D and Compliance - United Optics has invested over 8% of its revenue in R&D over the past five years, supported by tax deductions amounting to approximately 2.26 million yuan [8][16] - Aima CNC has transitioned from a shoe factory to a key player in CNC technology, applying for 151 patents and benefiting from tax incentives totaling 2.6 million yuan [9][10] - Compliance with tax regulations is emphasized as a critical factor for sustainable growth, with companies like Deepway and Aima CNC actively engaging with tax authorities for guidance [13][16]

Core Viewpoint - SanDisk, a leading flash memory company, has significantly raised NAND flash contract prices by up to 50% in November, marking at least the third price increase this year, following a 10% increase in April and another 10% in September [1][5]. Group 1: Company Performance - SanDisk reported a substantial increase in revenue for the first fiscal quarter of 2026, reaching $2.31 billion, a year-on-year growth of 22.6% and a quarter-on-quarter growth of 21%, exceeding market expectations [5]. - The company's operating profit surged to $176 million, a remarkable increase of 878% quarter-on-quarter, with a net profit of $110 million, contrasting with a loss of $23 million in the previous quarter [5]. - For the second fiscal quarter of 2026, SanDisk anticipates revenue between $2.55 billion and $2.65 billion [6]. Group 2: Market Trends - The NAND flash market is expected to continue facing supply shortages until the end of 2026, with customer feedback suggesting that this tight supply situation may extend into 2027 [7]. - The storage chip sector in the A-share market has seen significant stock price increases, with several companies doubling their stock prices this year, including a nearly 500% increase for Xiangnong Xinchuan [3][4]. Group 3: Industry Dynamics - The price hikes initiated by SanDisk have triggered a chain reaction among storage module manufacturers, leading companies like Transcend and ADATA to suspend shipments and reassess pricing strategies [11]. - The global memory industry is experiencing a structural and long-term severe shortage, exacerbated by the rapid expansion of artificial intelligence applications, with supply-demand gaps now estimated to be double previous forecasts [12]. - Analysts predict that the current cycle of price increases and supply shortages in the storage industry will likely continue until at least the second half of 2027, driven by the explosive demand for storage in the AI era [12].

Core Viewpoint - The report from Ping An Securities indicates that Jiangbolong achieved a net profit attributable to shareholders of 713 million yuan in the first three quarters of 2025, representing a year-on-year increase of 27.95% [1] - In Q3, the company reported a net profit of 698 million yuan, showing a remarkable year-on-year growth of 1994.42% and a quarter-on-quarter increase of 318.94% [1] Financial Performance - For the first three quarters of 2025, Jiangbolong's net profit reached 713 million yuan, up 27.95% year-on-year [1] - In Q3 alone, the net profit was 698 million yuan, reflecting a significant year-on-year increase of 1994.42% and a quarter-on-quarter rise of 318.94% [1] Business Trends - The company has continued the improvement trend observed since Q2 2025, with multiple business areas achieving sustained breakthroughs and significant operational performance improvements [1] - The ongoing high demand for AI is driving storage needs, and the successful inventory digestion in the industry has led to a rebound in storage prices since Q2 2025 [1] Market Outlook - Given the current favorable market supply and demand conditions, the upward cycle in storage is expected to continue [1] - As a leading storage manufacturer in China, the company is well-positioned to benefit from this upward industry cycle, with expectations for continued improvement in profitability [1]

Summary of Shenzhen Longsys Electronics Co Ltd Conference Call Company Overview - **Company**: Shenzhen Longsys Electronics Co Ltd (301308.SZ) - **Industry**: Semiconductors, specifically focusing on memory products such as DRAM and NAND - **Current Price Target**: Raised from Rmb122.00 to Rmb325.00, indicating a 17% upside from the current level [1][3][21] Key Insights Market Dynamics - The memory market is experiencing a supercycle, with suppliers and module makers maintaining strong bargaining power due to ongoing shortages expected to last until the end of 2026 [1][2] - Contract prices for DRAM and NAND are projected to increase by 25-30% quarter-over-quarter (QoQ) in Q4 2025, with specific high-capacity products like 96GB server RDIMM seeing a 70% QoQ increase [2][11] - The average selling price (ASP) for NAND has recently been around US$0.08-0.09/GB, compared to US$0.13 during the previous peak in 2021 [2] Financial Performance - Longsys has revised its gross profit margin forecast for 2026 to 25%, up from the previous peak of 20% in 2021, driven by a better product mix and cost savings from in-house developed controller products [3][20] - Earnings per share (EPS) estimates have been significantly increased: 78% for 2025, 216% for 2026, and 73% for 2027 [21][24] - Revenue projections for 2026 are set at Rmb38.2 billion, with net income expected to reach Rmb4.3 billion [24] Risks and Considerations - Module maker share prices are more volatile than suppliers', which could impact investor sentiment regarding margin sustainability [4] - Valuation appears stretched historically, but the AI supercycle is expected to support structural growth in the memory industry [4] - Potential risks include prolonged commodity down-cycles and competition from new entrants in the Chinese memory market [42] Additional Insights - Longsys is focusing on enterprise business expansion and a shift to a TCM (Total Cost Management) model, which is expected to enhance its growth and margin profile [30][34] - The company is also exploring long-term agreements with major cloud service providers (CSPs) for capacity expansion, although no agreements have been finalized yet [11][20] - The stock is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on the company's growth prospects amid the ongoing memory market upcycle [6][30] Conclusion Shenzhen Longsys Electronics Co Ltd is positioned to benefit from the ongoing supercycle in the memory market, with strong financial projections and a strategic focus on enterprise growth. However, investors should remain cautious of market volatility and potential risks associated with competition and pricing dynamics.

Group 1 - The storage chip sector saw multiple stocks open high, with companies like Purun Co., Ltd. and Shannon Semiconductor reaching new highs [1] - Yintang Intelligent Control hit the daily limit up, while Shengo Co., Ltd. surged over 15% [1] - Other companies such as Jiangbolong, Kaipu Cloud, and Langke Technology also experienced gains [1]

来源：新浪证券-红岸工作室 分红方面，江波龙A股上市后累计派现3.02亿元。近三年，累计派现1.04亿元。 11月7日，江波龙涨3.49%，成交额68.91亿元。两融数据显示，当日江波龙获融资买入额10.64亿元，融 资偿还7.92亿元，融资净买入2.72亿元。截至11月7日，江波龙融资融券余额合计25.40亿元。 资料显示，深圳市江波龙电子股份有限公司位于深圳市前海深港合作区南山街道听海大道5059号鸿荣源 前海金融中心二期B座2001、2201、2301,中国香港新界沙田安睦街28号永得利中心7楼B室，成立日期 1999年4月27日，上市日期2022年8月5日，公司主营业务涉及半导体存储应用产品的研发、设计与销 售。主营业务收入构成为：存储产品及相关99.99%，其他(补充)0.01%。 截至9月30日，江波龙股东户数4.38万，较上期增加25.06%；人均流通股6260股，较上期减少20.04%。 2025年1月-9月，江波龙实现营业收入167.34亿元，同比增长26.12%；归母净利润7.13亿元，同比增长 27.95%。 融资方面，江波龙当日融资买入10.64亿元。当前融资余额25.18亿元，占流通 ...

Core Viewpoint - The recent surge in prices of storage products such as SSDs and DDR4 memory in Shenzhen's Huaqiangbei market has been attributed to increased demand driven by AI applications, leading to significant price increases over the past three months, with some products doubling in price [4][5][6]. Price Surge in Storage Products - SSD prices have seen dramatic increases, with SanDisk's 1TB SSD rising from approximately 300 yuan to 588 yuan, and Samsung's 1TB SSD reaching 1,020 yuan, reflecting a substantial demand-supply imbalance [5][6]. - DDR4 memory prices have also surged, with Samsung's 16GB DDR4 memory now priced between 410-420 yuan, up from 200 yuan just three months ago, indicating a shift in production focus towards higher-end products like DDR5 [6]. Market Dynamics and Supply Chain - The price increase is not consumer-driven but rather a result of AI server demands reshaping the supply chain, as manufacturers prioritize HBM and DDR5 production over older technologies [7]. - Companies that can anticipate market trends and manage inventory effectively are positioned to benefit from the current storage cycle [7]. A-Share Market Performance - The storage sector has shown remarkable performance in the A-share market, with companies like Jiangbolong reporting a net profit of 713 million yuan in the first three quarters, a dramatic increase of 1,994.42% year-on-year [7]. - Other companies such as Baiwei Storage and Shannon Chip Innovation have also reported significant profit increases, reflecting successful inventory strategies during this price surge [7][8]. Stock Price Increases - The stock prices of key players in the storage sector have risen significantly this year, with Shannon Chip Innovation up 498.59%, Jiangbolong up 223.47%, Baiwei Storage up 103.57%, and Lanke Technology up 93.26% [8].

Investment Rating - The report maintains a positive investment rating for the storage industry, highlighting the ongoing upward cycle driven by AI demand and limited supply capacity [2]. Core Insights - The storage industry has entered an accelerated upward cycle since Q3 2025, primarily driven by explosive demand from the AI era, leading to a significant supply-demand gap and rapid price increases [1][11]. - The profitability of overseas storage manufacturers continues to improve, with domestic storage module companies also experiencing a turnaround in profitability [6][51]. - The report emphasizes the importance of focusing on domestic storage module companies, niche storage chip manufacturers, and supporting supply chain companies as key investment opportunities [7]. Summary by Sections 1. AI Era Driving Storage Demand and Price Increases - The current upward cycle in the storage industry is characterized by sustained price increases due to surging demand from AI applications, with a notable shift from mobile and internet-driven demand to generative AI [6][12]. - Data center storage demand is projected to grow from 600EB in 2020 to 2.4ZB by 2028, indicating a significant increase in storage requirements [13][18]. 2. Profitability of Overseas Manufacturers and Domestic Module Companies - Major overseas manufacturers like Samsung and Micron reported record revenues and profitability in Q3 2025, with Samsung achieving a sales figure of approximately $18.7 billion, marking a 20% year-on-year increase [51]. - Domestic storage module manufacturers have improved their profitability, with many turning losses into profits as they increase inventory levels in anticipation of rising prices [55]. 3. Investment Recommendations - The report suggests focusing on overseas storage companies such as SanDisk, Micron, SK Hynix, and Western Digital, as well as domestic companies like Jiangbolong, Baiwei Storage, and Zhaoyi Innovation [7][56]. - The overall supply-demand gap in the storage industry is expected to widen further in 2026, with prices likely to continue rising, making it a favorable environment for investment [6][7].

Core Viewpoint - The storage industry is experiencing significant price increases, with SanDisk raising NAND flash contract prices by 50%, marking at least the third price hike this year [1] Group 1: Price Increases and Market Trends - Since September, there has been a strong expectation for price increases across mainstream storage products, including HBM, DRAM, NAND flash, SSDs, and mechanical hard drives, all facing shortages [1] - DDR5 spot prices surged by 25% within a week as multiple storage manufacturers suspended DDR5 pricing [1] - The A-share storage chip sector has seen strong performance, with 10 stocks doubling in price year-to-date, including Demingli, which rose nearly 330% [1][2] Group 2: Company Performance - Jiangbolong reported a 54.6% year-on-year increase in revenue for Q3, reaching 6.539 billion yuan, and a staggering 1994.42% increase in net profit [3] - Bawei Storage achieved a 68.06% year-on-year revenue growth in Q3, totaling 2.663 billion yuan, with net profit soaring by 563.77% [3] - Lanke Technology's Q3 revenue grew by 57.22% year-on-year, reaching 1.424 billion yuan, maintaining stable growth [3] Group 3: Industry Dynamics - The transition from DDR4 to DDR5 is influencing revenue growth among companies, with some experiencing slight declines due to supply shortages and price surges [4] - The overall market for chip design firms is undergoing structural changes driven by the recovery in storage and the rise of edge AI applications [4] - The storage price fluctuations are impacting the shipment rhythm of terminal products, necessitating a balance between technological iteration and cost control [4] Group 4: Future Outlook - ICBC Credit Suisse believes the current storage price increase is primarily driven by unexpected demand from AI servers, with expectations for high prices to persist at least until mid-2026 [5] - The ongoing investment in AI infrastructure by domestic and international manufacturers is expected to further support the upward price trend in the storage market [5]

Core Viewpoint - The storage industry is experiencing significant price increases, with SanDisk raising NAND flash contract prices by up to 50%, marking at least the third price hike this year. This trend is driven by a strong demand for storage products across various segments, including DRAM, NAND flash, SSDs, and mechanical hard drives, leading to a notable surge in stock prices for storage-related companies [1][4]. Group 1: Price Increases and Market Dynamics - SanDisk has announced a substantial price increase for NAND flash contracts, with a rise of up to 50% [1]. - Since September, there has been a marked increase in price expectations for mainstream storage products, with DDR5 spot prices soaring by 25% within a week due to supply shortages [1]. - The A-share storage chip sector has seen strong performance, with 10 stocks doubling in price this year, including Demingli, which has surged nearly 330% [1]. Group 2: Company Performance - Jiangbolong reported a third-quarter revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, up 1994.42% year-on-year [4]. - Baiwei Storage achieved a revenue of 2.663 billion yuan in the third quarter, reflecting a 68.06% year-on-year growth, with a net profit of 256 million yuan, up 563.77% year-on-year [4]. - Lanke Technology reported a stable growth with a third-quarter revenue of 1.424 billion yuan, a 57.22% year-on-year increase [5]. Group 3: Industry Trends and Challenges - The storage market is undergoing a structural transformation driven by the recovery in storage prices and the rise of edge AI applications, with companies actively exploring new growth areas such as AIoT and automotive electronics [6]. - The transition from DDR4 to DDR5 and the shift from modules to self-developed chips pose strategic challenges for companies in balancing technological advancements and cost control [6]. - Institutional forecasts suggest that the current wave of storage price increases is primarily driven by unexpected demand from AI servers, with expectations for high prices to persist at least until mid-2026 [7].