Key Points - **Revenue Milestone**: The company has achieved a new milestone with revenue exceeding 100 billion RMB [1].

上 市 公 司 电子 2024 年04月 22 日 江波龙 (301308) 公 司 研 究 ——1Q24 营收同比增长 2 倍，实际净利率逾 10% / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  江波龙年报及一季报：2023年营业收入101.25亿元，同比+21.55%，归母净利润为-8.28 亿元。1Q24营业收入44.53亿元，归母净利润为3.84亿元，归母净利率8.6%；归母扣 证 市场数据： 2024年04月19日 非净利润3.63亿元；本季员工股权激励计划股份支付费用 0.83亿元，加回后1Q24实际 券 收盘价（元） 98.97 研 一年内最高/最低（元） 126.69/65.52 净利率逾10%。 究 市净率 6.3 报 息率（分红/股价） -  1Q24营收44.53亿元，同比增长200.54%，环比增长22.6%，销售额连续3个月创历 告 流通A股市值（百万元） 11170 史新高。1Q24季度毛利率 24.4%，环比增长接近 6pct；归母净利润接近历史高点，仅 上证指数/深证成指 3065.26/9279.46 次于2021Q2季度利润额，季度净利 ...

Financial Performance - Revenue for 2023 reached 10.125 billion yuan, a year-on-year increase of 21.55%[2] - Net profit attributable to shareholders was -828 million yuan, a year-on-year decrease of 1,237.15%[2] - Q4 2023 revenue was 3.546 billion yuan, driving the company's annual revenue to exceed 10 billion yuan for the first time[2] - The company's revenue for the fiscal year 2023 reached RMB 10.5 billion, representing a year-over-year growth of 15%[7] - Net profit for the year stood at RMB 1.2 billion, marking a 20% increase compared to the previous year[7] - Revenue for 2023 reached 10,125,111,900.80 yuan, a 21.55% increase compared to 2022[17] - Net profit attributable to shareholders of the listed company in 2023 was -827,809,358.07 yuan, a decrease of 1,237.15% compared to 2022[17] - Operating cash flow for 2023 was -2,798,399,823.91 yuan, a decrease of 757.45% compared to 2022[17] - Total assets at the end of 2023 were 13,679,845,767.45 yuan, a 52.61% increase compared to the end of 2022[17] - Revenue for Q4 2023 was 3,546,204,444.24 yuan, with a net profit of 55,017,418.54 yuan[19] - The company's revenue after deducting rental income in 2023 was 10,124,959,101.24 yuan[18] - The weighted average return on equity for 2023 was -13.01%, a decrease of 14.36% compared to 2022[17] - Revenue in 2023 reached RMB 10.125 billion, a year-on-year increase of 21.55%[61] - Net profit attributable to shareholders in 2023 was RMB -828 million, a year-on-year decrease of 1,237.15%[61] - The company's revenue for 2023 was RMB 10.125 billion, with a net profit attributable to the parent company of -RMB 882 million, a significant decline compared to 2022[135] Market and Industry Trends - The company's revenue accounted for less than 2% of the global market size in 2023, indicating significant growth potential[2] - The semiconductor storage industry entered an upward cycle at the end of 2023, with storage product prices continuing to rise[2] - The global semiconductor storage market size is expected to decrease by 38% in 2023 to 86.8 billion USD[26] - The global semiconductor storage market is projected to grow by 45% in 2024, reaching 129.8 billion USD[26] - NAND Flash market composite price index rose by 42.7% in Q4 2023, while DRAM market composite price index increased by 10.7%[31] - Global server shipments are expected to decline by 19% in 2023, with China's server shipments only decreasing by 0.1%[32] - China's enterprise external storage market size was $1.71 billion in Q3 2023, with a market share increase to 22.7%[32] - China's new energy vehicle production and sales reached 9.587 million and 9.495 million units in 2023, with market penetration reaching 31.6%[34] - The automotive storage market is projected to grow from $4 billion in 2021 to $10 billion by 2025, with a CAGR of 28%[34] - By 2025, the average vehicle is expected to carry 16GB DRAM and 204GB NAND, a 3x and 4x increase from 2021 levels respectively[34] - Global shipments of next-gen AI smartphones are expected to reach 170 million units in 2024, accounting for 15% of total smartphone shipments[35] - China's AI smartphone shipments are projected to reach 150 million units by 2027, with a market share exceeding 50%[35] - China's digital economy scale exceeded 50 trillion yuan in 2023, accounting for 41.5% of GDP[30] - AI server demand for SSD is expected to become a significant new growth driver for NAND Flash products[29] - AI technology drives significant data growth, requiring high-performance, large-capacity, and high-reliability storage solutions, with 16GB DRAM becoming the baseline for next-gen AI smartphones[37] - The global semiconductor storage market is expected to rebound strongly in 2024, with a projected growth of 48%[125] - The global NAND Flash market share (by sales) of Samsung, SK Hynix, Kioxia, Western Digital, and Micron was approximately 95.1% in Q4 2023[130] R&D and Product Development - The company plans to increase R&D efforts, optimize product and customer structures, and enhance self-developed controller chips[2] - New products include UFS embedded storage, enterprise-grade SSDs, and enterprise-grade memory modules[3] - R&D investment for 2023 amounted to RMB 1.8 billion, accounting for 17% of total revenue[7] - The company successfully launched the WM 6000 series controller chip, which has been adopted by over 50% of its major clients[7] - The company's UFS products with self-developed firmware have entered mass production, with automotive-grade UFS2.1 products expected to begin mass production in H1 2024[42] - The company has launched the latest uMCP product integrating UFS2.2 and LPDDR4X, offering higher capacity and performance for smartphones and tablets[44] - The company's LPDDR products cover capacities from 4Gb to 64Gb, with LPDDR5 products already in mass production and LPDDR5X under development[45] - The company has shipped over 50 million self-developed SLC NAND Flash chips, with 5 products ranging from 512Mbit to 8Gbit in mass production[46] - The company completed tape-out verification for its first 32Gbit 2D MLC NAND Flash, which may be applied to eMMC and SSD products in the future[47] - The company's Lexar brand SSD NM1090 Gen5 supports PCIe Gen5x4 and NVMe 2.0, achieving read speeds of up to 12000MB/s and write speeds of 11000MB/s[48] - The company has launched multiple enterprise-level SSD products in 2023, featuring advanced functions such as multi-power adjustment and end-to-end data protection[48] - The company's DDR5 RDIMM memory products have capacities ranging from 32GB to 96GB, with transmission speeds expected to reach 7600 MT/s to 8400 MT/s[49][50] - Lexar has introduced DDR5 memory products for ARES RGB desktops with data transfer rates ranging from 4800 MT/s to 7200 MT/s[50] - Lexar's Armor Gold and Silver PRO storage cards feature IP68 waterproof and dustproof capabilities, with a compressive strength of 180N[51] - The company has successfully mass-produced two self-developed controller chips (WM 6000 and WM 5000), with millions of units already shipped[65] - The WM 6000 series controller chip supports eMMC 5.1 protocol, achieving sequential read/write speeds of 345MB/s and 310MB/s, and random read/write speeds of 220MB/s and 190MB/s[65] - The WM 5000 series controller chip supports SD 6.1 protocol, achieving read speeds of over 200MB/s and write speeds of over 150MB/s in UHS-I interface[65] - The company's UFS 2.2 and UFS 3.1 products are in mass production, with LPDDR5 products also being delivered in batches[65] - The company has launched multiple enterprise-level SSD products, compatible with major domestic CPU platforms, and widely used in telecom, banking, and internet sectors[66] - The company's self-developed SLC NAND Flash chips have achieved mass production, with cumulative shipments exceeding 50 million units[68] - The company has successfully mass-produced embedded and wearable ePOP products, enhancing read/write speeds and integrating features like rate mode recognition and behavior judgment conditions to ensure data stability and transmission efficiency[95] - A Gen4x4 NVMe high-speed storage device supporting SM2/3/4 national cryptographic standards has been mass-produced, meeting the demand for high-speed and secure data storage[95] - The company has developed a high-capacity PCIe4.0 SSD with a maximum capacity of 2TB, targeting the consumer market's need for high-speed and high-capacity storage[95] - DDR5-based memory overclocking technology has been mass-produced, covering frequencies from 5200 to 7200, catering to diverse market demands and user needs[95] - A domestically produced enterprise-level DDR4 RDIMM product has been mass-produced, with a capacity of 32GB, meeting customer quality requirements and demonstrating the company's R&D capabilities[95] - The company is in the testing and acceptance phase for a UFS3.1 embedded high-speed storage product, aiming to enter the high-end automotive storage market by supporting next-generation intelligent cockpit and autonomous driving platforms[95] - A 1TB NMCard product is in the testing and acceptance phase, targeting the smartphone market for large-capacity storage expansion[96] - A 2TB MicroSD card is in the testing and acceptance phase, designed to provide large-capacity storage for portable consumer electronic devices[96] - The company is developing a BGA SSD with an 11mmx13mm form factor, targeting the onboard SSD market and enabling various M.2 SSD product forms[96] - A high-capacity CXL2.0 E3.s memory disk project is in the EVT phase, with designs for 64GB/128GB/192GB products completed, aiming to compete in the AIGC market within the next 3-5 years[96] International Expansion and Market Strategy - The company will further implement the dual-brand strategy of FORESEE and Lexar, and actively expand overseas markets[3] - International sales accounted for 45% of total revenue, with significant growth in European and North American markets[7] - The company completed the acquisition of Zilia Eletrônicos, expanding its presence in the South American market[7] - Lexar brand achieved global sales revenue of 2.426 billion yuan in 2023, a year-on-year increase of 59.06%, with significant growth in both developed and developing markets[68] - Lexar brand achieved sales revenue of 425 million yuan in the EU market in 2023, a year-on-year increase of 149.97%[68] - Lexar brand has achieved leading market share in SSD products in multiple countries, including Poland and Vietnam[68] - Lexar achieved significant growth in 2023, driven by talent and organizational optimization, channel development, product innovation, and brand promotion[69] - Lexar expanded its market presence globally, entering major retail chains like Costco, BestBuy, and MediaMart, and increasing its share on platforms like Amazon[69] - Lexar launched competitive consumer storage products in 2023, including the Ares series/NM790 SSD and GOLD microSDXC™ UHS-II card, enhancing read/write performance and capacity[69] - The company completed the acquisition of 70% equity in LiCheng Suzhou (renamed YuanCheng Suzhou) and 81% equity in SMART Brazil (renamed Zilia) to strengthen its global supply chain[70][71] - YuanCheng Suzhou will serve as the company's primary packaging and testing base, with increasing capacity utilization, enhancing cost efficiency and market responsiveness[71] - Zilia's acquisition supports the company's international expansion, leveraging local manufacturing and R&D capabilities to increase overseas market share[71] - The company aims to expand its international presence, building on its existing operations in Brazil, North America, and Asia-Pacific, and gradually establish a global operational system and supply chain network[128] - The company operates dual brands, FORESEE and Lexar, with FORESEE focusing on enhancing brand influence through diversified channels and Lexar aiming to increase market share through online and offline marketing strategies[128] Risks and Challenges - The company faces risks such as high concentration of raw material suppliers, fluctuations in wafer prices, and declining gross margins[3] - No cash dividends, stock dividends, or capital reserve to share capital conversion will be distributed[3] - The company faces risks from high supplier concentration and reliance on overseas procurement, with storage wafers primarily sourced from South Korea, the US, and Japan[130] - The company's gross margin is susceptible to fluctuations due to the volatility of storage wafer prices and the lag between cost changes and sales price adjustments[131] - The company's overseas operations, including procurement, packaging, and sales, are primarily conducted in regions such as Hong Kong, Taiwan, the US, Europe, and Japan, exposing it to potential risks from changes in local laws and regulations[133] - The company faces a risk of goodwill impairment due to the acquisition of 81% of Zilia and 70% of Yuancheng Suzhou, resulting in a goodwill of 869 million RMB. If the semiconductor storage industry underperforms or the acquired companies' profitability declines, it could lead to significant goodwill impairment, adversely affecting the company's profits[137] - The company holds external equity investments with a book value of 419.04 million RMB. A significant decline in the fair value of these assets could result in investment losses, negatively impacting net profit[138] - In 2023, the company experienced foreign exchange gains/losses of 19.49 million RMB, a decrease from 22.37 million RMB in 2022. Future fluctuations in the RMB exchange rate could pose risks to the company's operating performance[141] - The company raised a total of 2.34 billion RMB in its initial public offering, with a net amount of 2.19 billion RMB after deducting issuance costs. If the investment projects funded by these proceeds fail to meet expectations, it could negatively impact the company's financial performance[143] - The company's overseas sales and procurement are primarily denominated in USD, making it vulnerable to exchange rate fluctuations. In 2023, the company's foreign exchange gains/losses amounted to 19.49 million RMB, down from 22.37 million RMB in 2022[141] - The company is exposed to risks from trade frictions, particularly between the US and China, which could affect its supply chain and raw material procurement, especially for storage wafers[145] - The company is subject to risks from changes in tax policies, particularly those related to high-tech enterprise tax incentives and R&D expense deductions. Any unfavorable changes could reduce the company's profitability[142] - The company faces risks from rapid technological advancements in the storage industry. Failure to keep up with technological trends and market demands could lead to product obsolescence and reduced competitiveness[139] - The company has implemented measures to protect its core technologies, including building its own testing facilities and reducing reliance on third-party testing to minimize the risk of technology leakage[140] - The company is addressing risks related to raw material shortages and trade frictions by strengthening its sales force, optimizing customer and product structures, and accelerating market promotion[136] Corporate Governance and Investor Relations - The company's stock code is 301308 and its Chinese name is Shenzhen Longsys Electronics Co., Ltd[11] - The company's registered and office address is located at 8 Kefa Road, Nanshan District, Shenzhen, China[11] - The company's website is www.longsys.com and the email for investor relations is ir@longsys.com[11] - The company's Board Secretary is Xu Gangling and the Securities Affairs Representative is Huang Wenfang[12] - The company's annual report is disclosed on the Shenzhen Stock Exchange website (www.szse.cn) and other major financial media platforms[13] - The company's annual report is also available at the Board Office located at 8 Kefa Road, Nanshan District, Shenzhen[13] - The company's auditor is Ernst & Young Hua Ming LLP, located at 17/F, EY Tower, 1 East Chang'an Avenue, Dongcheng District, Beijing[15] - The signing accountants for the audit are Li Jianguang and Chen Jiexuan[15] - The company's sponsor for the reporting period is China Securities Co., Ltd., located at 35/F, Radio and TV Financial Center, Pengcheng 1st Road, Futian District, Shenzhen[16] - The sponsor representatives are Peng Huan and Yu Peng, with the continuous supervision period from August 5, 2022, to December 31, 2025[16] - The company conducted a total of 15 investor relations activities in 2023, including phone communications, on-site visits, and online exchanges, involving a wide range of institutional investors[146][147][148] - On January 29, 2023, the company held a phone communication with 32 institutional investors, including Ping An Asset Management and China International Capital Corporation[146] - On February 3, 2023, the company conducted an on-site visit with 13 institutional investors, including Bosera Fund and GF Fund[146] - On March 29, 2023, the company held an online exchange for its 2022 annual performance briefing, with participation from online investors[146] - On April 12, 2023, the company held a phone conference with 88 institutional investors, including Dongzheng Ronghui Securities Asset Management and Guangdong Junxinyingtai Investment Management[147] - On April 24, 2023, the company held another phone conference with 132 institutional investors, including Harvest Fund Management and Galaxy Fund Management[147] - On June 14, 2023, the company held a phone conference with 194 institutional investors, including E Fund Management and Bosera Fund Management[147] - On July 10-14, 2023, the company conducted an on-site visit with 19 institutional investors, including Invesco Great Wall and China Merchants Asset Management[147] - On September 1, 2023, the company held an online exchange for its 2023 semi-annual performance briefing, with participation from online investors[147] - On November 8, 2023, the company held a phone conference with 176 institutional investors, including J.P. Morgan Securities (China) and Bank of Communications Schroder Fund Management[148] - The company held six general meetings of shareholders during the reporting period, with all proposals being approved and separate voting for minority shareholders on certain proposals[151] - The company's board of directors consists of nine members, including three independent directors, and held 14 meetings during the reporting period[152] - The

深圳市江波龙电子股份有限公司 2024 年第一季度报告 证券代码：301308 证券简称：江波龙 公告编号：2024-014 深圳市江波龙电子股份有限公司 2024 年第一季度报告 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.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经过审计 □是 否 1 深圳市江波龙电子股份有限公司 2024 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |----------------------------------------------------------|----------------------------------|---------------- ...

【江波龙：向小米汽车供应了公司旗下Foresee品牌的车载DVR高速闪存盘】财联社3月30日电，江波龙 在互动平台表示，鉴于车规级存储业务涉及前期产品导入、测试验证等诸多复杂准备工作，小米作为新 能源汽车领域的新势力品牌，公司暂未与其开展相关车规级存储业务的合作。但是，公司向小米汽车供 应了公司旗下Foresee品牌的车载DVR高速闪存盘。除此之外，公司与小米就其多款消费类智能终端上 的存储器业务，也保持着持续和深入合作。 ...

上 市 公 司 电子 2024 年03月 25 日 江波龙 (301308) 公 司 研 究 ——百亿规模存储领军，模式创新寻求突破（存储系列 4） / 公 司 深 报告原因：首次覆盖 度 买入 投资要点： （首次评级）  江波龙成立于1999年，致力于Flash及DRAM存储产品研发和市场服务，已形成嵌入式 存储、固态硬盘（SSD）、移动存储及内存条4大产品线，提供消费级、工规级、车规级存 证 市场数据： 2024年03月22日 储器以及行业存储软硬件应用解决方案。 券 研 收盘价（元） 96.69  江波龙拥有行业类存储FORESEE和国际高端消费类Lexar两大存储品牌，多项存储产品 究 一年内最高/最低（元） 126.69/65.52 市场份额领先。根据Omdia数据，2021年，Lexar存储卡全球市场份额位列第二名，Lexar 报 市净率 6.7 闪存盘（U盘）全球市场份额位列第三名。根据TrendForce 2021年全球SSD模组企业 告 息率（分红/股价） - 自有品牌渠道市场出货量排名，Lexar 品牌出货量位列该市场全球第四名。根据 CFM 闪 流通A股市值（百万元） 10913 上 ...

公司报告 | 公司点评 江波龙（301308） 证券研究报告 2024年02月29日 投资评级 质量回报双提升，看好公司健康长期高质量发展 行业 电子/半导体 6个月评级 买入（维持评级） 当前价格 78元 事件：公司发布《关于公司推动“质量回报双提升”行动方案的公告》。为践行以“以投资者为本”的上市公司发展理念， 切实维护公司全体股东利益，基于对公司未来发展前景的信心、对公司价值的认可，公司将推动落实“质量回报双提升” 目标价格 元 行动方案，努力通过良好的业绩表现、规范的公司治理、积极的投资者回报，切实履行上市公司的责任和义务，树立良好 的市场形象。 基本数据 点评：公司本次发布《关于公司推动“质量回报双提升”行动方案的公告》，2023年公司在行业周期下行整体市场规模减 A股总股本(百万股) 412.86 少的情况下，公司的市场占有率显著提升，公司预计2023年全年营业收入为100亿元至105亿元，首次突破百亿元，创历 史新高，24年公司有望伴随行业上行周期及市占率持续提升公司业绩持续高增。 流通A股股本(百万股) 112.86 投资者回报方面，公司重视投资者合理回报，共享企业发展成果，公司董监高增持，牢 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 投资者关系活动 □业绩说明会 □新闻发布会 □路演活动 类别 □现场参观 √其他（电话会议） 参与单位名称及 详见附件 人员姓名 2024年2 月1日 (周四) 下午15:30~16:30 时间 2024年2 月2日 (周五) 上午10:00~11:00 2024年2 月5日 (周一) 上午10:00~11:00 地点 电话会议 副总经理、董事会秘书 许刚翎 上市公司接待人 投资者关系经理 黄琦 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2023-015 □特定对象调研 □分析师会议 □媒体采访 投资者关系活动 □业绩说明会 □新闻发布会 □路演活动 类别 □现场参观 √其他（电话会议） 参与单位名称及 详见附件 人员姓名 时间 2023年11 月8日 (周三) 下午15:30~16:30 地点 电话会议 董事、副总经理、财务负责人 朱宇 上市公司接待人 副总经理、董事会秘书 许刚翎 员姓名 投资者关系经理 黄琦 投资者关系资深主管 苏阳春 ...

深圳市江波龙电子股份有限公司 2023 年第三季度报告 证券代码：301308 证券简称：江波龙 公告编号：2023-073 深圳市江波龙电子股份有限公司 2023 年第三季度报告 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.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 1 深圳市江波龙电子股份有限公司 2023 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------------|--------------------|----- ...