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].

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 ...

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：2025-018 深圳市江波龙电子股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公告 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 3 月 19 日召开了第三届董事会第八次会议和第三届监事会第八次会议，会议审议通过 了《关于调整 2023 年限制性股票激励计划授予价格的议案》，根据公司《2023 年限制性股票激励计划（草案）》（以下简称"本次激励计划"、"《激励计划》"） 及公司 2022 年年度股东大会的授权，公司董事会对 2023 年限制性股票激励计 划的授予价格进行调整，现将相关调整内容公告如下： 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 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事 会办理 2023 年限制性股票激励计划有关事项的 ...

一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是深圳市江波龙电子 股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 安永华明（2025）专字第70028183_H04号 深圳市江波龙电子股份有限公司 深圳市江波龙电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了深圳市江波龙电子股份有限公司2024年12月31日的财务报告内部控制的有效性。 四、财务报告内部控制审计意见 我们认为，深圳市江波龙电子股份有限公司于2024年12月31日按照《企业内部控 制基本规范》和相关规定在所有重 ...

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 2024 年度定期现场检查报告 | 保荐机构名称：中信建投证券股份有限公司 被保荐公司简称：江波龙 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：彭欢 联系电话：0755-23953863 | | | | | 保荐代表人姓名：俞鹏 联系电话：0755-23953869 | | | | | 现场检查人员姓名：彭欢、俞鹏、李杰锋 | | | | | 现场检查对应期间：2024 年度 | | | | | 年 月 日至 月 日 现场检查时间：2025 3 10 3 14 | | | | | 一、现场检查事项 | 现场检查意见 | | | | （一）公司治理 是 | | 否 | 不适用 | | 现场检查手段：查阅公司章程、内部控制制度、公司"三会"议事规则及报告期 | | | | | 内的会议资料、公司股东名册，与公司部分高级管理人员沟通 | | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | | √ 2.公司章程和三会规则是否得到有效执行 | | | | | 3.三会会议记录是否完整，时间、 ...

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延期及调整内部投资结构 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》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号—创业板上市公司规范运作》等相关规定，对江波龙部分募集资金投资 项目延期及调整内部投资结构的事项进行了审慎核查，具体情况如下： 一、募集资金的基本情况 根据中国证券监督管理委员会出具的《关于同意深圳市江波龙电子股份有限 公司首次公开发行股票注册的批复》（证监许可〔2022〕843 号），公司以公开发 行方式发行人民币普通股（A 股）4,200 万股，每股面值人民币 1.00 元，发行价 格为 55.67 元/股，募集资金总额 233,814.00 万元，扣除发行费用 15,313.23 万元 后，实际募集资金净额为 218,500 ...