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 年上半年度跟踪报告 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."股东会、董事会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10.发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 2 | 项 目 | 工作内容 | | - ...

Core Viewpoint - The company has launched several enterprise-level storage products, including SATAeSSD, PCIeSSD, and RDIMM, and is committed to continuous investment in cutting-edge product areas [1] Product Development - The company is closely following market demand and technological evolution trends to advance new product research and customer integration [1] - Specific product progress will be based on information publicly released by the company [1]

Group 1: Market Overview - Since 2025, the global storage market has shown a clear trend of low-to-high performance, with weak demand in early Q1 due to inventory destocking in major downstream terminals like smartphones and PCs, leading to a decline in NAND Flash and DRAM prices [1] - In March, terminal demand began to recover, and with downstream inventory returning to healthy levels, combined with major storage manufacturers implementing production cuts and inventory control strategies, the supply-demand balance improved significantly, resulting in a rebound in storage prices [1] - In the first half of 2025, the NAND Flash market composite price index increased by 9.2%, while the DRAM market composite price index surged by 47.7% [1] Group 2: Company Performance - In terms of revenue for the first half of the year, Jiangbolong achieved 1,019,565.537 thousand yuan, leading the market, followed by Demingli with 410,903.6587 thousand yuan, and Baiwei Storage with 391,233.6914 thousand yuan [4] - From a gross margin perspective, Tongyou Technology had a sales gross margin of 51.6%, while Jiangbolong's was 13%, Baiwei Storage and Wanrun Technology both at 9.1%, and Demingli at 5% [6] - In terms of net profit, Wanrun Technology reported a net profit of 1,553.53 thousand yuan, while Jiangbolong had a net profit of 1,476.6 thousand yuan; however, Demingli and Baiwei Storage reported significant net losses of -11,794.56 thousand yuan and -22,579.55 thousand yuan, respectively [7] Group 3: Inventory and R&D Investment - Jiangbolong led in inventory with 807,615.8102 thousand yuan, followed by Demingli with 464,262.8646 thousand yuan, indicating a strategic approach to stockpiling during low market conditions [9] - Jiangbolong also led in R&D investment with 44,573.88 thousand yuan, followed by Baiwei Storage with 27,292.89 thousand yuan, highlighting the importance of R&D in the storage module industry, especially with the growth in AI technology and data center storage demand [11][12]

Group 1 - A total of 59 institutions conducted 1,678 "buy" ratings covering 929 stocks from September 1 to September 5 [1] - Among the stocks rated "buy," 89 saw a decrease in shareholder accounts compared to the end of Q2, with 41 stocks experiencing a decline of over 10% [1] - The 41 stocks with significant concentration of shares had an average increase of over 20% year-to-date, with 6 stocks, including Aosaikang and Tengya Precision, rising over 50% [1] Group 2 - 15 stocks underperformed the Shanghai Composite Index, which had a year-to-date increase of 13.75%, with 8 stocks, including Zhejiang Dingli, Huaihe Energy, and Huaibei Mining, experiencing a decline in stock price [1][2] - Specific companies such as Zhejiang Dingli and Huaihe Energy reported significant drops in net profit, with declines of 17.96% and 14.36% respectively [2] - The coal industry showed notable underperformance, with companies like Huaihe Energy and Huaibei Mining reporting net profit decreases of 22.15% and 64.85% respectively [2]

Group 1 - Jiangbolong's stock price dropped by 5.12% to 87.36 CNY per share, with a trading volume of 654 million CNY and a turnover rate of 2.66%, resulting in a total market capitalization of 36.617 billion CNY [1] - Jiangbolong Electronics, established on April 27, 1999, specializes in the research, design, and sales of semiconductor storage application products, with 99.99% of its revenue coming from storage products [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) increased its holdings by 293,000 shares in the second quarter, bringing its total to 1.9116 million shares, which accounts for 1.61% of the circulating shares [2] - The Southern CSI 500 ETF has a total scale of 113.438 billion CNY, with a year-to-date return of 21.5% and a one-year return of 51.34% [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has been in the position for 12 years and 139 days, managing assets totaling 138.999 billion CNY [3] - During his tenure, the best fund return was 141.73%, while the worst was -47.6% [3]

Core Insights - The card reader industry in China is experiencing significant growth, with the market size projected to increase from 12 billion yuan in 2020 to 18.5 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 11.43% [1][11] - The integration of 5G and IoT technologies is expected to further enhance the role of card readers as critical interfaces connecting the physical and digital worlds, with the market size anticipated to reach 20.8 billion yuan by 2025 [1][11] - The industry is characterized by a competitive landscape with both international and domestic players, where international brands dominate the high-end market while local brands focus on cost-effective solutions [1][12] Industry Overview - Card readers are specialized tools for reading data from storage and smart cards, connecting with devices like computers, smartphones, and cameras [3][11] - The evolution of card readers has seen them transition from basic data reading to incorporating encryption algorithms for identity verification and access management [1][11] Industry Development History - The origins of card readers date back to the 1970s with magnetic stripe card readers, evolving through the 1990s with the introduction of compact flash and smart media cards [5][6] - The 21st century saw a surge in digital products, leading to innovations in card reader technology, including support for multiple card types and wireless reading capabilities [5][6] Industry Chain - The card reader industry chain consists of upstream raw materials and components, midstream manufacturing, and downstream applications in various sectors such as digital imaging, financial payment terminals, and IoT [6][7] Chip Industry Insights - Chips are the core components of card readers, responsible for reading card information and performing encryption and decryption [8] - China's chip production reached 451.42 billion units in 2024, showing a year-on-year growth of 14.38%, indicating a recovery in the semiconductor industry [8] Financial Sector Impact - The financial sector is a significant application area for card readers, particularly for reading and verifying financial IC cards, with the financial industry's added value growing from 6.48 trillion yuan in 2017 to 9.85 trillion yuan in 2024, a CAGR of 6.16% [9][10] Current Market Trends - The card reader industry is moving towards smart, high-end, and integrated solutions, with products increasingly featuring intelligent diagnostics, high-speed data transfer capabilities, and multifunctional designs [13][14][15]

Group 1: Market Position and Product Development - The company ranks third in the total capacity of enterprise-grade SATA SSDs in China for 2024, and first among domestic brands according to IDC data [3] - The company has successfully introduced SOCAMM products, which are designed for AI servers, achieving over 2.5 times the bandwidth and approximately 20% lower latency compared to traditional RDIMM [3] - The company has deployed over 80 million units of its main control chips by the end of July, with rapid growth in deployment scale [4] Group 2: Strategic Partnerships and Business Models - The company has established a TCM (Technology Contract Manufacturing) model, which connects wafer manufacturers directly with core downstream customers, reducing the complexity of traditional storage module business models [4] - A strategic partnership with SanDisk has been formed to launch customized high-quality UFS products and solutions for the mobile and IoT markets [6] - The TCM model has shown good demonstration effects and is expected to achieve breakthroughs in cooperation with more manufacturers and Tier 1 customers [4] Group 3: Product Performance and Future Plans - The UFS4.1 products equipped with self-developed main control chips achieve sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write performance of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [5] - The company is preparing for the development of the next generation of main control chips to meet the increasing performance demands of AI terminals [5] - The company has launched new embedded products such as UFS4.1, eMMC Ultra, and QLC eMMC, leveraging its self-developed technologies to meet market demands [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock price growth exceeding market benchmarks by more than 15% within the next six months [5][14]. Core Insights - The company achieved a record high quarterly revenue of 10.196 billion yuan in the first half of 2025, marking a year-on-year increase of 12.80%. However, the net profit attributable to shareholders saw a significant decline of 97.51% to 0.15 billion yuan [1]. - The enterprise-level storage business has become a crucial growth driver, with significant advancements in product compatibility and technology, including successful adaptations with various domestic CPU platforms [2]. - The company has made breakthroughs in self-developed main control chips, with over 80 million units deployed, and has established strategic partnerships to enhance its product offerings [3]. - The company is actively expanding its global market presence, reaching over 60 countries and regions, and aims to capitalize on the growing demand for storage solutions in the AI era [3]. Financial Summary - The company forecasts net profits of 0.615 billion yuan, 1.112 billion yuan, and 1.503 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 68, 38, and 28 times [4]. - Revenue projections for the upcoming years are 22.341 billion yuan in 2025, 26.692 billion yuan in 2026, and 29.471 billion yuan in 2027, reflecting growth rates of 27.93%, 19.48%, and 10.41% respectively [4][12].

Investment Rating - The industry rating is maintained as "Outperform the Market" [7] Core Insights - The global semiconductor industry is experiencing structural prosperity driven by rapid growth in AI computing demand, accelerated terminal intelligence, recovery in automotive electronics, and deepening domestic substitution [2][5] - In Q2 2025, the semiconductor sector achieved revenue of 133.66 billion RMB and a net profit of 10.63 billion RMB, indicating a clear trend of profit recovery [2][32] - The electronic sector remains the top heavy allocation industry with a configuration ratio of 18.67%, while the semiconductor sub-sector leads with a holding ratio of 10.47% [2][19] Summary by Sections 1. Q2 2025 Semiconductor Performance Summary - The semiconductor industry saw significant growth across most sub-sectors, with integrated circuit manufacturing, packaging and testing, and chip design performing particularly well [3][15] - Major players like SMIC and Hua Hong Semiconductor reported revenue growth of 23.1% and 19.1% respectively, with capacity utilization exceeding 90% [3][15] - The advanced packaging demand is increasing, with leading companies like Longji Technology and Tongfu Microelectronics showing revenue growth of 20.1% and 17.67% respectively [3][15] 2. IC Design Sector - The SoC sector is leading with significant growth, driven by AIoT and new product launches from major companies [4][16] - Companies like Rockchip and Hengxuan Technology reported net profit growth of 191% and 106.45% respectively [4][16] - The ASIC segment, represented by companies like Cambricon, saw a staggering revenue increase of 4347.82% year-on-year [4][16] 3. Storage and Power Semiconductors - The storage sector is entering an upward price cycle, with companies like Jiangbolong and Baiwei Storage reporting significant revenue increases [4][16] - The power semiconductor sector is recovering, driven by demand from electric vehicles and industrial applications, with companies like Wentai Technology and Silan Microelectronics showing substantial profit growth [4][16] 4. Equipment and Materials - The equipment and materials sector is optimistic, with companies like North Huachuang reporting a revenue increase of 29.51% in H1 2025 [3][15] - The domestic substitution trend is accelerating, with a positive outlook for orders in the equipment materials sub-sector [3][15] 5. Market Outlook - The semiconductor industry is expected to maintain an optimistic growth trajectory in 2025, driven by AI and domestic substitution [5][17] - The report suggests focusing on storage, power, foundry, ASIC, and SoC sectors for performance elasticity, as well as the domestic substitution of equipment materials and computing chips [5][17]

Core Viewpoint - Jiangbolong (301308) has successfully developed SOCAMM, a high-performance memory product designed specifically for AI data centers, which offers significantly higher bandwidth compared to traditional RDIMM [1] Group 1: Product Development - SOCAMM provides several times the bandwidth of traditional RDIMM while achieving a smaller physical size and superior power efficiency [1] - The technology has a broad market potential, particularly in the context of AI applications [1] Group 2: Market Considerations - The transition from technological breakthrough to large-scale application will be influenced by factors such as ecosystem adaptation and customer onboarding [1]