Summary of Conference Call Records Company and Industry Overview - **Company**: Shenzhen Longsys Electronics Co Ltd (301308.SZ) - **Industry**: NAND Memory and Semiconductor Industry Key Points and Arguments 1. **Rating Upgrade**: The company has been upgraded from Equal-weight to Overweight with a new price target of Rmb125.00, up from Rmb89.00, indicating a positive outlook for the stock [1][6][22] 2. **NAND Pricing Trends**: Production cuts are expected to impact NAND pricing trends starting in Q2 2025, with lower utilization rates (UTR) and capped capacity expansion contributing to a favorable pricing environment [1][4][10] 3. **Market Demand Recovery**: Reasonable demand recovery expectations are anticipated, with a forecast of 13% year-over-year demand bit growth, indicating an 8% undersupply in NAND for 2025 [3][4][13] 4. **Inventory Levels**: Inventory levels at PC and smartphone manufacturers have returned to healthier levels, allowing for potential restocking demand in Q2 2025 [3][10] 5. **Price Increases**: SanDisk announced a price increase of over 10% effective April 1, which is seen as a sign of strengthening supplier bargaining power [2][10] 6. **Earnings Projections**: The company's EPS estimates for 2025 and 2026 have been increased by 29% and 13%, respectively, reflecting improved pricing and margin expectations [4][21] 7. **Revenue Growth**: Longsys is expected to achieve a revenue growth of 27% year-over-year in 2025, driven by product expansion and synergy with Zilia [15][17] 8. **Segment Performance**: The Embedded Storage segment is projected to remain the largest contributor to revenue, accounting for over 45-50% from 2024 to 2026 [21][24] 9. **Market Dynamics**: The NAND market is expected to transition to tighter supply and demand dynamics in the second half of 2025, which could lead to further stock re-rating [4][9] 10. **Investment Risks**: There are near-term risks of profit-taking as the stock has risen 37% since January 2025, compared to a 5% increase in the CSI300 index [4][9] Additional Important Insights 1. **Capex Discipline**: Suppliers are prioritizing brownfield investments in node migration, which may limit supply growth in 2025 [11] 2. **Customer Behavior**: Changes in customer procurement behavior are noted, with more aggressive purchasing expected as inventory levels normalize [10] 3. **Longsys' Product Expansion**: The company is expanding its product offerings, including the eSSD+ Module and Lexar, which are expected to contribute significantly to revenue growth [15][21] 4. **Market Valuation**: The new price target of Rmb125.00 implies a valuation of 6.4x 2025 estimated P/B, aligning with the company's peak cycle valuation [4][22] This summary encapsulates the critical insights from the conference call, highlighting the positive outlook for Shenzhen Longsys Electronics Co Ltd and the NAND memory industry as a whole.

Summary of Conference Call on Greater China Semiconductors Industry Overview - The NAND module market is showing signs of recovery, with a positive outlook on companies like Phison and Longsys, while maintaining an overweight (OW) rating on SIMO. Concerns regarding structural specialty DRAM persist, with week-over-week (WoW) project wins being crucial for differentiation [1][4][9]. Key Points on NAND Modules - **Price Increases**: After the Lunar New Year, two NAND suppliers raised wafer prices by 9-11%, and SanDisk announced price hikes for channels and consumer customers starting April 1. Phison noted that NAND prices in China are the highest in the region due to strong demand [2][9]. - **Demand Recovery**: The bottom for NAND modules is believed to have passed, with expectations of price stabilization in Q2 2025 due to improved supply controls. Phison reported shipment increases in February and anticipates strong demand throughout 2025, with concerns about insufficient NAND supply in the second half of the year [3][9]. - **Inventory Management**: Phison plans to accumulate inventories in the first half of 2025, indicating a cyclical recovery based on historical patterns. A price rebound for NAND modules is expected in Q1 2025 if demand from PC OEMs and smartphones continues [3][9]. Specialty DRAM Insights - **Market Sentiment**: Long-term concerns regarding CXMT's specialty DRAM remain unchanged, but recent project wins have helped identify key players. NTC's share price has increased by 37% year-to-date, driven by DDR4 sentiment and PC demand ahead of tariffs [4][9]. - **Price Trends**: Specialty DRAM spot discounts are currently at 33%, down from 35% a month ago, primarily due to weak consumer electronics demand and oversupply. TrendForce predicts a 10-15% quarter-over-quarter price decline for DDR4 in Q1 2025, followed by another 5-10% decline in Q2 2025 [14][9]. Stock Recommendations - **Upgrades and Downgrades**: - Phison and Longsys are upgraded to OW due to disciplined supply and strong SSD demand. - Winbond is also upgraded to OW based on bottoming fundamentals, while NTC is rated underweight (UW) due to competition from CXMT and lack of project wins [9][48]. - **Preferred Stocks**: SIMO, Phison, and Longsys are highlighted as preferred investments in the Greater China memory sector, with expectations of a recovery in NAND module prices and demand driven by edge AI [13][9]. Additional Insights - **China's Memory Investment**: China's aggressive memory investment is expected to continue into 2025, positively impacting wafer fabrication equipment (WFE) players. CXMT and YMTC are planning significant capacity expansions [52][53]. - **Market Dynamics**: The competitive landscape is shifting, with global suppliers like Samsung and SK Hynix beginning to cut production, which may lead to a new upcycle for specialty DRAM [35][9]. This summary encapsulates the key insights and recommendations from the conference call regarding the Greater China semiconductor industry, particularly focusing on NAND modules and specialty DRAM.

Group 1: Company Growth Outlook - The company is transitioning from a traditional storage module manufacturer to a comprehensive semiconductor storage brand, focusing on customized, high-end products and overseas markets [3] - In the enterprise business, the company aims to leverage its competitive advantages in supply chain, technology, and brand partnerships to achieve sustained high growth [3] - The company plans to enhance its global strategy for the Lexar brand and expand its overseas market share through differentiated operational strategies [3] Group 2: Market Trends and Pricing - The demand for high-performance computing and storage hardware is expected to grow due to ongoing investments by cloud service providers in AI hardware [3] - The storage market is anticipated to see a price recovery as supply and demand dynamics improve, with adjustments in production capacity by major storage wafer manufacturers [4] Group 3: Competitive Landscape - The enterprise storage market is characterized by high technical difficulty and customer loyalty, requiring comprehensive capabilities in supply, technology, and brand strength [4] - The company has launched multiple enterprise-grade products and secured procurement orders from well-known enterprises, laying a solid foundation for future growth [4] Group 4: Self-Developed Controller Progress - The company has established self-developed controller capabilities, which enhance its competitiveness and create entry barriers in the storage market [4] - Three self-developed controller chips have been applied in over ten million products, focusing on mid-to-high-end product segments [4] Group 5: Gross Margin Trends - The company's gross margin is influenced by product structure, raw material supply, market demand fluctuations, and competitive landscape changes [5] - The company aims to reduce the impact of gross margin volatility by leveraging its comprehensive competitive advantages and providing one-stop storage solutions [5] Group 6: Inventory Management - The company is shifting from a traditional price-difference model to a service and value model, with a focus on flexible inventory strategies to support long-term development [5] - Following a double-digit inventory reduction in Q3 2024, the company plans to balance delivery needs and liquidity while adapting to business development requirements [5] Group 7: Collaboration with Wafer Manufacturers - The company has established long-term, stable partnerships with major storage wafer manufacturers, ensuring diverse and stable supply [5] - The procurement strategy will be dynamically adjusted based on market demand and business development needs [5]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company is one of the few in China capable of providing "eSSD+RDIMM" product design and large-scale supply, with expected sales of enterprise storage reaching approximately 900 million yuan in 2024 [21]. - The demand for server and automotive-grade storage is anticipated to continue growing into 2025, driven by the acceleration of AI technology across various consumer electronics [21]. - The company has achieved significant sales growth for its Lexar brand, with projected revenue of around 3.5 billion yuan in 2024, indicating a strong market position and growth potential [23]. - Zilia, a recent acquisition, is expected to generate approximately 2.3 billion yuan in revenue for 2024, reflecting a year-on-year growth of about 120% [24]. Summary by Sections 1. Research Overview - The research was conducted on February 24, 2025, focusing on the semiconductor industry, specifically the company Jiangbolong [13]. 2. Participating Institutions - The research involved various institutions, including fund management companies, insurance companies, and investment firms, highlighting a diverse interest in the semiconductor sector [14][15]. 3. Market Trends - The semiconductor market is expected to see a recovery in pricing as supply and demand dynamics improve, with adjustments in production capacity by several storage wafer manufacturers [21]. - The company plans to leverage its competitive advantages in technology and supply chain to mitigate the impact of fluctuating gross margins due to market conditions [24]. 4. Product Development - The company has successfully developed and applied over ten million units of its self-developed main control chips, focusing on high-end product segments [22]. - The company is actively enhancing its inventory management strategies to optimize turnover rates while meeting delivery demands [24].

| 亿元。在以往高增长的基础上，Lexar 存储卡、固态硬 | | --- | | 盘、移动存储等全系列产品业务再次实现快速增长，多个 | | 产品在细分市场中取得了领先地位。 | | 目前，Lexar（雷克沙）在全球市场的市占率仍具有较 | | 大的增长空间，公司将继续深化全球战略布局，发挥中国 | | 高效的供应链优势，并在各区域实施差异化运营策略，以 | | 更好地适应当地市场需求，从而进一步推动业务的持续增 | | 长。 | | 5、如何看待 Zilia 未来的增长潜力？ | | 答：2024 年 Zilia 的业务整合取得显著成效，实现销 | | 售收入约为 23 亿元，Zilia 收入同比增长约为 120%。 | | Zilia 作为巴西头部存储器厂商，拥有完善的海外供 | | 应链体系，与半导体存储全球头部客户、半导体存储原厂 | | 建立了长期合作关系。公司在收购 Zilia 后，以自身的技 | | 术与产品设计方案为 Zilia 赋能，发挥 Zilia 贴近本地客 | | 户、自研技术、综合存储产品、本地制造的优势，为海外 | | 客户提供更优质的服务，扩大公司的海外市场份额。 | | 6、 ...

| 投资者关系活动 | □特定对象调研 □分析师会议 | | | | | | | □媒体采访 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | □业绩说明会 □新闻发布会 | | | | | | | □路演活动 | | | □现场参观 √电话会议 | | | | | | | □其他 | | 参与单位名称及 人员姓名 | 兴业基金、光大保德信、太平资产、泰达宏利、平安资管 | | | | | | | | | | 2025 年 | 2 | 月 | 19 | 日 | (周三) | 下午 | 16:30~17:30 | | | 2025 年 | 2 | 月 | 21 | 日 | (周五) | 上午 | 10:00~11:00 | | 时间 | 2025 年 | 2 | 月 | 21 | 日 | (周五) | 下午 | 13:30~14:30 | | | 2025 年 | 2 | 月 | 21 | 日 | (周五) | 下午 | 15:00~16:00 | | | 年 月 2025 2 21 | | | | 日 | (周五) | 下午 | ...

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 2025 年度日常关联交易预计的核查意见 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》等有关规定，对江波龙 2025 年度日常 关联交易预计情况进行了审慎核查，核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司于 2025 年 2 月 21 日召开第三届董事会第七次会议，审议通过了《关于 公司 2025 年度日常关联交易预计的议案》，关联董事蔡靖先生回避表决，出席会 议的非关联董事一致同意该议案。根据公司业务发展及日常经营的需要，公司（含 全资或控股的子公司，下同）预计 2025 年度与深圳中电港技术股份有限公司（以 下简称"中电港"）发生日常关联交易不超过 10,000.00 万 ...

深圳市江波龙电子股份有限公司（以下简称"公司"）于2025年2月21日召开 第三届董事会第七次会议和第三届监事会第七次会议，审议通过了《关于公司 2025年度日常关联交易预计的议案》，现将具体情况公告如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司于2025年2月21日召开第三届董事会第七次会议，审议通过了《关于公 司2025年度日常关联交易预计的议案》，关联董事蔡靖先生回避表决，出席会议 的非关联董事一致同意该议案。根据公司业务发展及日常经营的需要，公司（含 全资或控股的子公司，下同）预计2025年度与深圳中电港技术股份有限公司（以 下简称"中电港"）发生日常关联交易不超过10,000.00万元。2024年度公司与中电 港日常关联交易预计金额为不超过18,000.00万元，实际发生总金额为17,487.89万 元。 证券代码：301308 证券简称：江波龙 公告编号：2025-007 深圳市江波龙电子股份有限公司 关于公司 2025 年度日常关联交易预计的公告 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。 本次日常关联交易预计事项在公司董事会 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-005 深圳市江波龙电子股份有限公司 第三届董事会第七次会议决议公告 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。 一、董事会会议召开情况 公司 2025 年度预计日常关联交易，符合公司日常经营所需，交易价格由双 方参照市场价格协商确定，不存在损害公司利益的情形，不影响公司的独立性， 且不会对关联人形成依赖。 公司第三届董事会独立董事专门会议第三次会议审议了本议案，全体独立董 事一致同意本议案。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于 公司 2025 年度日常关联交易预计的公告》（公告编号：2025-007）。 表决结果：8 票同意，0 票反对，0 票弃权。 公司董事蔡靖先生因同时担任深圳中电港技术股份有限公司董事，故蔡靖先 生回避表决。 保荐机构中信建投证券股份有限公司出具了核查意见。 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届董事会第七次会 议于 2025 年 2 月 21 日在公司会议 ...

一、监事会会议召开情况 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届监事会第七次会 议于 2025 年 2 月 21 日在公司会议室以现场会议方式召开。会议通知及会议资料 已于 2025 年 2 月 14 日以适当方式送达各位监事。本次会议应出席监事 3 名，实 际出席并参与表决的监事 3 名。 会议由监事会主席高威先生主持，公司部分高级管理人员列席会议。会议召 开符合有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项议 案进行了认真审议并做出了如下决议： 证券代码：301308 证券简称：江波龙 公告编号：2025-006 深圳市江波龙电子股份有限公司 第三届监事会第七次会议决议公告 本公司及监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。 2025 年 2 月 21 日 三、备查文件 1、公司第三届监事会第七次会议决议； 2、深交所要求的其他文件。 特此公告。 二、监事会会议审议情况 深圳市江波龙电子股份有限公司监事会 （一）审议通过《关于公司 2025 年度日常关联交易预计的议案》 监事会认为，公司 2025 年度预计发生的日常关联交易是基于 ...