Shenzhen Longsys Electronics (301308)

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江波龙(301308):海外、企业级存储业务同比高增
HTSC· 2025-04-29 07:49
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].
江波龙(301308):25Q1营收环比+1.5% 看好存储行业回暖+企业级存储放量增长
Xin Lang Cai Jing· 2025-04-29 02:50
Core Viewpoint - The company reported a slight revenue increase in Q1 2025, with a narrowing of non-recurring net profit losses, indicating a performance in line with expectations despite industry challenges [1] Group 1: Financial Performance - Q1 2025 revenue reached 4.256 billion yuan, up 1.5% quarter-on-quarter, with a non-recurring net profit of -202 million yuan, showing a reduction in losses [1] - Gross margin was 10.35%, down 0.81 percentage points, while net margin was -3.36%, down 2.02 percentage points [1] - The decline in performance was attributed to slow recovery in consumer electronics and inventory digestion in downstream markets [1] Group 2: Business Segments - The embedded storage segment generated 8.425 billion yuan in revenue for 2024, a year-on-year increase of 90.5%, accounting for 48% of total revenue [3] - The solid-state drive (SSD) segment reported 4.147 billion yuan in revenue for 2024, up 48% year-on-year, representing 24% of total revenue [4] - The company anticipates a gradual improvement in performance starting from Q2 2025 due to inventory digestion and production adjustments in the storage industry [4] Group 3: International Business Growth - The overseas business, particularly the Lexar brand, saw a revenue increase of 20.7% year-on-year in Q1 2025, while the Brazilian subsidiary Zilia reported a 45.1% increase [5] - The acquisition of Zilia is expected to enhance the company's overseas growth potential [5] Group 4: Enterprise Storage - Revenue from enterprise storage products (eSSD and RDIMM) exceeded 319 million yuan in Q1 2025, marking a growth of over 200% year-on-year [6] - The company has successfully penetrated various sectors including internet, telecommunications, finance, and servers, with expectations for continued order growth [6] Group 5: Product Development - The company successfully mass-produced its self-developed UFS 4.1 controller chip in March 2025, targeting the high-end smart terminal market [7] - As of March 19, over 30 million units of the self-developed controller chips have been applied [7] Group 6: Inventory Management - As of Q1 2025, the company's inventory amounted to 7.814 billion yuan, a decrease of 0.2% quarter-on-quarter, but up 3.2% year-on-year [8] - Inventory turnover days were 185 days, showing a decrease of 4 days quarter-on-quarter and an increase of 5 days year-on-year [8] Group 7: Market Outlook - The global AIGC trend and the "Digital China" initiative are expected to provide new growth momentum for the storage market, with the company positioned as a leading independent storage manufacturer [9] - Projected net profits for the company from 2025 to 2027 are 986 million yuan, 1.617 billion yuan, and 2.012 billion yuan, respectively, with corresponding PE ratios of 33, 20, and 16 times [9]
江波龙(301308):25Q1营收环比+1.5%,看好存储行业回暖+企业级存储放量增长
Great Wall Securities· 2025-04-28 11:34
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].
AI需求旺盛、消费电子复苏缓慢,国内存储厂商一季度业绩冷暖不均
Di Yi Cai Jing· 2025-04-28 10:11
Core Viewpoint - The semiconductor storage market is experiencing uneven performance among manufacturers, with some companies benefiting from AI-related demand while others struggle due to slow recovery in consumer electronics [1][3]. Group 1: Company Performance - Jiangbolong reported a revenue of 4.256 billion yuan in Q1, a year-on-year decline of 4.41%, and a net loss of 152 million yuan [2][3]. - Langke Technology recorded a revenue of 234 million yuan in Q1, a year-on-year increase of 5.19%, but also reported a net loss of 13 million yuan, which widened compared to the previous year [2]. - Companies like Lanke Technology and Jiangbolong are facing challenges due to weak consumer demand and inventory issues, leading to a decline in revenue and profit margins [7][6]. Group 2: Growth Companies - Companies such as Lankai Technology, Zhaoyi Innovation, and Demingli reported significant growth in Q1, with Lankai's net profit increasing by 65.78% to 1.222 billion yuan, and Zhaoyi's revenue growing by 17.32% to 1.909 billion yuan [2][3]. - Demingli's revenue surged by 168.74% to 4.773 billion yuan, with a net profit increase of 1302.3% [3]. Group 3: Market Demand and Trends - The demand for NAND Flash and DRAM is showing signs of recovery, particularly in data centers, while consumer electronics remain sluggish [8][9]. - The global smartphone shipment in Q1 was 304.9 million units, a year-on-year increase of 1.5%, which is lower than the previous year's growth rate [8]. - Companies are adjusting production to stabilize prices, with Micron announcing a 10% reduction in NAND wafer production [9]. Group 4: Future Outlook - Companies expect a gradual recovery in the semiconductor storage market starting from late Q1, driven by inventory digestion and production adjustments by major manufacturers [9][10]. - TrendForce predicts that NAND Flash prices will stabilize in Q2, with expected price increases of 3% to 8% due to a procurement surge [10].
定义存储新标杆!江波龙重磅发布车规级LPDDR4x与全芯定制版车规级eMMC
Zhong Guo Qi Che Bao Wang· 2025-04-28 02:55
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]
江波龙一季度营收42.56亿元:企业级存储同比大幅增长超200%,中高端存储持续放量突破
Xin Lang Cai Jing· 2025-04-27 10:22
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]
江波龙(301308) - 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
2025-04-27 08:10
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 ...
江波龙(301308) - 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
2025-04-27 08:10
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 ...
江波龙(301308) - 上海兰迪律师事务所关于公司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
2025-04-27 08:07
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 ...
江波龙(301308) - 中信建投证券股份有限公司关于公司部分募集资金投资项目结项并将节余募集资金永久补充流动资金的核查意见
2025-04-27 08:07
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 ...