Core Viewpoint - Jiangbolong, as a leading domestic NAND module manufacturer, has established a comprehensive capability in "design + firmware + packaging" and is focusing on high-end storage fields such as AI, supported by a stable supply chain and brand matrix [2][10][49]. Group 1: Company Overview and Capabilities - Jiangbolong has developed a full-stack capability in storage chip design, firmware development, and packaging, transitioning from a trading company to a technology brand enterprise [10]. - The company has created three major brands: FORESEE, Lexar, and Zilia, with significant market positions in their respective segments [10]. - Jiangbolong's revenue from embedded storage, solid-state drives, mobile storage, and memory modules is expected to grow significantly, with embedded storage being the main product line [20][32]. Group 2: Financial Performance and Growth Projections - The company achieved a revenue CAGR of 26.7% from 2018 to 2024, with a projected revenue of 225-230 billion yuan in 2025, reflecting a year-on-year increase of 30.27% [3][19]. - The net profit for 2025 is expected to be between 12.5-15.5 billion yuan, representing a year-on-year increase of 181% [3][27]. - The company anticipates a significant increase in revenue and profit due to rising storage prices and the growing demand for AI-related products [19][27]. Group 3: Product Development and Market Demand - The company has launched enterprise-level SSDs and DDR5 RDIMM products, with enterprise storage revenue expected to reach 6.93 billion yuan in the first half of 2025, a year-on-year increase of 138.66% [4][47]. - AI servers require significantly more DRAM and NAND Flash compared to traditional servers, driving demand for high-performance storage solutions [5][35]. - Jiangbolong's SOCAMM products, designed for AI applications, offer superior performance with reduced latency, enhancing data throughput for AI training and inference tasks [5][47]. Group 4: Supply Chain and Business Model Innovation - The company has implemented a TCM (Technology Contract Manufacturing) model to stabilize supply chain dynamics and mitigate price fluctuations [49]. - Jiangbolong's PTM (Product Technology Manufacturing) model integrates design, firmware, and packaging to provide customized solutions, enhancing competitiveness [51]. - The company has established a stable supply chain with major global foundries and packaging partners, ensuring resource availability and pricing stability [4][49]. Group 5: Research and Development Investments - Jiangbolong plans to raise 3.7 billion yuan for R&D in high-end storage, semiconductor control chips, and advanced packaging, focusing on AI and enterprise-level products [16][17]. - The company has increased its R&D expenditure significantly, reaching 9.1 billion yuan in 2024, to support the development of new products and technologies [26]. - The self-developed UFS4.1 control chip is expected to enhance product performance and market competitiveness, with strategic partnerships established for its deployment [57][60].

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1][8]. Core Insights - The company, Jiangbolong, is positioned as a leading domestic NAND module manufacturer with a multi-dimensional layout, benefiting from the AI trend and anticipating significant growth opportunities [1]. - Jiangbolong has developed its own main control chip capabilities and established three brands: FORESEE, Lexar, and Zilia, enhancing its market presence both domestically and internationally [1][12]. - The company is expected to increase its investment in AI storage and advanced packaging, aiming to boost the proportion of enterprise-grade and automotive-grade products [1][8]. Summary by Sections Company Overview - Jiangbolong has built a comprehensive "design + firmware + packaging" capability, transitioning from a trading company to a technology brand enterprise, with significant growth in its three brand matrix [12]. - The company has achieved a compound annual growth rate (CAGR) of 26.7% in revenue from 2018 to 2024, with a projected revenue of 225-230 billion yuan in 2025, reflecting a year-on-year increase of 30.27% [20][7]. Financial Performance - The company expects to achieve a net profit of 12.5-15.5 billion yuan in 2025, representing a year-on-year increase of 181% [34]. - Revenue from enterprise-grade products has begun to ramp up, with significant growth in the first half of 2025, reaching 6.93 billion yuan, a year-on-year increase of 138.66% [34][41]. Market Position and Strategy - Jiangbolong is transitioning to a TCM model, integrating upstream and downstream resources, and collaborating with leading wafer manufacturers to enhance its competitive strength [1][41]. - The company is focusing on AI-driven storage demand, with AI servers requiring significantly higher DRAM and NAND Flash capacities compared to traditional servers [45][55]. Product Development - The company has launched its UFS 4.1 main control chip and is actively developing high-end storage products tailored for AI applications, which are expected to drive future growth [20][43]. - Jiangbolong's product lines include embedded storage, solid-state drives, mobile storage, and memory modules, with a notable increase in the share of enterprise-grade products [23][41]. Future Outlook - The report anticipates that Jiangbolong will benefit from the ongoing expansion of capital expenditures by domestic cloud service providers, which is expected to exceed 600 billion yuan annually, driving demand for enterprise-grade storage solutions [55][56]. - The company is well-positioned to capitalize on the rising demand for high-performance storage driven by AI applications and the ongoing transition to advanced storage technologies [45][55].

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.38 trillion yuan, a decrease of 769.6 billion yuan compared to the previous trading day, with over 3,600 stocks declining across the market [2]. Sector Performance - The electric grid equipment sector continued to strengthen, with companies like Shenneng Power achieving three consecutive daily limits and Hangdian Co. achieving two limits in four days [2]. - The military industry sector saw a strong increase, particularly in the drone and shipbuilding segments, with Aerospace Rainbow achieving two limits in three days and Zhongwu Drone rising over 16% [2][4]. Investment Insights - China Galaxy Securities highlighted that escalating geopolitical risks will further reinforce expectations for stable military spending growth. The procurement pace and scale are expected to increase significantly, focusing on main battle equipment and new domains, including air defense, precision-guided weapons, and unmanned systems [4][5]. - Two main investment lines were suggested: 1. Domestic substitution of high-end equipment, focusing on key areas like gas turbines and domestic large aircraft to promote core technology and key component autonomy. 2. Future industry and new combat power cultivation, covering commercial aerospace, low-altitude economy, and deep-sea technology, with an emphasis on the integration of artificial intelligence in military applications [5]. Storage Chip Sector - The storage chip concept experienced a surge, with companies like Baiwei Storage hitting the daily limit and Jiangbolong rising over 14%, with a market capitalization exceeding 120 billion yuan [5][6]. Oil and Gas Sector - In the afternoon, oil and gas stocks rebounded, with companies like Quanyou Co. achieving three consecutive limits and Intercontinental Oil and Gas hitting five limits in seven days [7]. Shipping and Coal Sectors - The shipping sector saw significant declines, with companies like Lianyungang and Nanjing Port hitting the daily limit down. The coal sector also weakened, with Yunmei Energy hitting the daily limit down [7]. Hong Kong Market - In the Hong Kong market, both the Hang Seng Index and the Hang Seng Technology Index fell sharply, with the Hang Seng Index dropping 700 points and the technology index falling below 4,800 points [7].

深圳市江波龙电子股份有限公司 关于子公司实施股权激励及放弃优先认缴出资权 暨关联交易的公告 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。 为了进一步健全公司中长期激励体系，形成良好均衡的价值分配模式，在 事业部/业务单元层面形成更具针对性的激励机制，调动中高层管理人员和业务 骨干的积极性和创造性，吸引和保留管理人才和业务骨干，推动公司业务实现 跨越式发展，深圳市江波龙电子股份有限公司（以下简称"公司"）子公司上海 元铭芯微电子技术有限公司（以下简称"元铭芯微"）拟通过增资扩股方式实施 股权激励。 公司于 2026 年 2 月 28 日召开第三届董事会审计委员会第十七次会议、第 三届董事会独立董事专门会议第七次会议审议通过了《关于子公司实施股权激 励及放弃优先认缴出资权暨关联交易的议案》，于 2026 年 3 月 2 日召开第三届 董事会第十六次会议审议通过了上述议案，本议案关联董事王景阳先生回避表 决，现将具体情况公告如下： 一、本次交易概述 （一）增资扩股及实施股权激励的概述 证券代码：301308 证券简称：江波龙 公告编号：2026-014 公司子公司 ...

证券代码：301308 证券简称：江波龙 公告编号：2026-015 深圳市江波龙电子股份有限公司 为了进一步健全深圳市江波龙电子股份有限公司（以下简称"公司"）中长 期激励体系，形成良好均衡的价值分配模式，在事业部/业务单元层面形成更具 针对性的激励机制，调动中高层管理人员和业务骨干的积极性和创造性，吸引和 保留管理人才和业务骨干，推动公司芯片设计业务板块实现跨越式发展，公司子 公司慧忆微电子（上海）有限公司（以下简称"慧忆微电子"）通过增资扩股实施 股权激励。本事项已经公司第三届董事会第六次会议、2025 年第一次临时股东 大会审议通过。 为了进一步推进上述已审议通过的股权激励计划实施，健全公司中长期激励 体系，现启动对部分预留激励份额进一步分配事宜，其中涉及对公司副总经理高 喜春先生间接持有的慧忆微电子股权的分配，构成关联交易，公司于 2026 年 2 月 28 日召开第三届董事会审计委员会第十七次会议、第三届董事会独立董事专 门会议第七次会议、于 2026 年 3 月 2 日召开第三届董事会第十六次会议审议通 过了《关于子公司实施股权激励进展暨关联交易的议案》，保荐机构对该事项出 具了无异议的核查意见 ...

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，对江波龙子公司实施股权激励 及放弃优先认缴出资权暨关联交易的事项进行了审慎核查，核查情况如下： 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子公司实施股权激励 及放弃优先认缴出资权暨关联交易的核查意见 一、本次交易概述 （一）增资扩股及实施股权激励的概述 公司子公司上海元铭芯微电子技术有限公司（以下简称"元铭芯微"）拟通 过增资扩股形式对其确定的核心管理人员、其他核心员工实施股权激励。前述激 励对象拟通过直接持有元铭芯微股权的方式，或者通过持有新设的两个合伙企业 （以下简称"员工持股平台"）的合伙份额从而间接持有元铭芯微股权的方式， 参与本次股权激励。 根据深圳中企华土地房地产资产评估有限公司 ...

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子公司实施股权激励 进展暨关联交易的核查意见 （一）增资扩股及实施股权激励的概述 公司于 2024 年 12 月 18 日召开第三届董事会第六次会议和第三届监事会第 六次会议，于 2025 年 1 月 3 日召开 2025 年第一次临时股东大会，审议通过了《关 于全资子公司实施股权激励及放弃优先认缴出资权暨关联交易的议案》，公司子 公司慧忆微电子（上海）有限公司（以下简称"慧忆微电子"）通过增资扩股形 式对公司及慧忆微电子的核心骨干员工实施股权激励。激励对象以直接持有或通 过持有员工持股平台合伙份额间接持有慧忆微电子股权的方式参与本次股权激 励。激励对象连同上海江波龙存储技术有限公司（以下简称"上海江波龙存储"） 对慧忆微电子合计增资 4,300.00 万元，对应新增注册资本 4,300.00 万元。其中， 激励对象直接或间接持有慧忆微电子股权对应的出资金额合计为 4,290.00 万元。 公司副总经理高喜春先生通过直接持有慧忆微电子股权的方式参与本次股 权激励，出资金额为 429.00 万元。另外，为方便后续慧忆微电子进一步开展股 权激励，股权激励计 ...

证券代码：301308 证券简称：江波龙 公告编号：2026-016 深圳市江波龙电子股份有限公司 关于公司 2025 年度新增对子公司担保额度的公告 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。 特别风险提示： 深圳市江波龙电子股份有限公司（以下简称"公司"）提供的担保总额超过公 司最近一期经审计净资产的 100%，其中对资产负债率超过 70%的单位的担保总 额超过公司最近一期经审计净资产 50%，前述担保全部为公司对合并报表范围内 子公司的担保，敬请投资者充分关注担保风险。 公司于2026年3月2日召开第三届董事会第十六次会议，以全票同意审议通过 了《关于公司2025年度新增对子公司担保额度的议案》，本次提供担保额度预计 事项尚需经公司2026年第一次临时股东会审议，并须经出席会议的股东所持表决 权的三分之二以上通过，现将具体情况公告如下： 一、担保情况概述 经公司2024年年度股东大会审议通过，2025年度公司为子公司向银行等金融 机构申请综合授信或其他日常经营所需，提供总额不超过人民币110亿元的担保 额度。截止至本公告披露日，公司已为子公司提供的总 ...

证券代码：301308 证券简称：江波龙 公告编号：2026-017 深圳市江波龙电子股份有限公司 关于公司增加 2025 年度向金融机构申请综合授信额度的公告 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"）第三届董事会第十六 次会议于 2026 年 3 月 2 日在公司会议室以现场结合通讯的方式召开，会议审议 通过了《关于公司增加 2025 年度向金融机构申请综合授信额度的议案》，同意公 司及纳入合并范围的子公司向银行等金融机构申请增加总额不超过人民币 85 亿 元（或等值外币）的综合授信额度，并提交公司 2026 年第一次临时股东会审议。 现就相关事项公告如下： 一、公司向银行申请综合授信额度概述 三、有效期 项审议通过后，公司 2025 年度向银行申请综合授信累计额度为不超过人民币 280 亿元（或等值外币）。 二、授权事宜 为办理上述金融机构综合授信额度申请及后续相关借款、担保等事项，董事 会提请股东会授权公司总经理或其授权人士或具体业务所归属公司、子公司的法 定代表人办理相关业务，并签署相关法律文件（ ...

证券代码：301308 证券简称：江波龙 公告编号：2026-018 深圳市江波龙电子股份有限公司 关于召开公司 2026 年第一次临时股东会的通知 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 2026 年 3 月 2 日召开第 三届董事会第十六次会议，审议通过了《关于召开公司 2026 年第一次临时股东会的 议案》，决定于 2026 年 3 月 19 日（星期四）14:45 召开公司 2026 年第一次临时股东 会。本次股东会采用现场投票与网络投票相结合的方式召开，现就召开公司 2026 年 第一次临时股东会的相关事项通知如下： 一、召开会议的基本情况 （一） 股东会届次：2026 年第一次临时股东会 （二） 股东会的召集人：董事会 （三） 会议召开的合法、合规性 董事会召开本次股东会会议符合《中华人民共和国公司法》《中华人民共和国证 券法》《深圳证券交易所创业板股票上市规则》以及《上市公司股东会规则》等有关 法律、法规、规则以及《公司章程》的规定。 （四） 会议时间： 1、现场会议时间：2026 年 ...