证券代码：301308 证券简称：江波龙 公告编号：2025-008 深圳市江波龙电子股份有限公司 第三届董事会第八次会议决议公告 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 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届董事会第八次会 议于 2025 年 3 月 19 日在会议室以现场结合通讯的方式召开。会议通知已于 2025 年 3 月 9 日以适当的方式送达各位董事。本次会议应出席董事 9 名，实际亲自出 席董事 9 名，其中，蔡华波、李志雄、王景阳、蔡靖、胡颖平、唐忠诚、陈伟岳、 黄志强、邓美珊通过通讯方式参加会议。 本次会议由董事长蔡华波先生主持，监事及部分高级管理人员列席。会议召 开符合有关法律、法规、规章和《公司章程》的规定。经各位董事认真审议，会 议形成了如下决议： 二、董事会会议审议情况 （一）审议通过《关于公司<2024 年年度报告>全文及摘要的议案》 公司编制的《2024 年年度报告》全文及摘要符合法律、行政法规、中国证监 会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2024 年 的 ...

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 第三届董事会第八次会议和第三届监事会第八次会议，审议通过了《关于公司 2024年度利润分配预案的议案》，该议案尚需提交公司2024年年度股东大会审议。 现将具体情况公告如下： 一、利润分配预案基本情况 经安永华明会计师事务所（特殊普通合伙）出具的 2024 年度审计报告（安 永华明（2025）审字第 70028183_H01 号），公司 2024 年度实现归属于上市公 司股东的净利润为 49,868.45 万元，母公司净利润为-2,721.75 万元；截至 2024 年 12 月 31 日，合并财务报表的累计可供分配利润为 171,411.69 万元，母公司 累计可供分配利润为 17,377.81 万元。 根据《上市公司监管指引第 3 号—上市公司现金分红》及《公司章程》等 相关规定，为保障公司正常生产经营，综合考虑公司发展及股东长远利益，公 司拟定 2024 年度利润分配预案为：2024 年度不派发现金分红，也不进行资本 公积转增股本和 ...

Financial Performance - The company reported a revenue of RMB 1.5 billion for the fiscal year 2024, representing a year-over-year growth of 15%[15]. - The company projects a revenue growth of 10% for the next fiscal year, targeting RMB 1.65 billion[15]. - The company's operating revenue for 2024 reached ¥17,463,650,272.14, representing a 72.48% increase compared to ¥10,125,111,900.80 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥498,684,535.69, a significant turnaround from a loss of ¥827,809,358.07 in 2023, marking a 160.24% improvement[23]. - The basic earnings per share for 2024 increased to ¥1.20, compared to a loss of ¥2.01 per share in 2023, reflecting a 159.70% increase[23]. - The total assets of the company as of the end of 2024 were ¥16,896,667,412.13, which is a 23.52% increase from ¥13,679,845,767.45 at the end of 2023[23]. - The company reported a weighted average return on equity of 31.27% for 2024, a significant increase of 44.28 percentage points from -13.01% in 2023[23]. - The company’s net profit after deducting non-recurring gains and losses for 2024 was ¥166,542,635.13, compared to a loss of ¥882,103,741.76 in 2023, indicating an improvement of 118.88%[23]. - The company achieved a total cash outflow from financing activities of 5,921,206,520.58 CNY, a significant increase of 147.01% compared to the previous year[129]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, aiming for a 25% market share by 2025[15]. - The company is focusing on technology innovation and customized design to meet the diverse needs of various end markets, enhancing its competitive edge in the semiconductor storage industry[39]. - The company has established partnerships with three major tech firms to enhance its supply chain efficiency[16]. - The company is enhancing its capabilities in storage chip design, main control chip design, and firmware algorithm development to strengthen its market position and industry chain collaboration[43]. - The company is committed to improving product quality and competitiveness in NAND Flash storage products[169]. - The company aims to solidify its position as a leading high-end consumer storage brand globally[171]. Research and Development - Research and development investment increased by 18%, focusing on advanced memory technologies[15]. - The company plans to introduce a new line of low-power memory products, projected to capture 15% of the market within two years[16]. - R&D expenses reached 910 million yuan, a year-on-year increase of 53.34%, with stock-based compensation accounting for 138 million yuan[81]. - The company is accelerating the development of high-performance eSSD products aimed at enterprise applications, including PCIe Gen 5.0[169]. - The company is developing a range of new high-performance NAND Flash storage chips, including SLC and MLC NAND, to enhance its market competitiveness[125]. Risks and Challenges - The company faces risks including high concentration of raw material suppliers, significant overseas procurement, and fluctuations in wafer prices[3]. - The company has established long-term and stable relationships with upstream suppliers to mitigate risks related to raw material supply and price fluctuations[175]. - The company experienced a foreign exchange loss of 61.29 million yuan in 2024, an increase from the 19.49 million yuan loss in 2023, indicating significant currency fluctuation risks[190]. - The company is closely monitoring tax policy changes that could affect its eligibility for tax incentives, which may impact future profitability[192]. - The company is actively assessing the impact of global economic conditions on its business operations, particularly regarding supplier and customer relationships[193]. Product Development and Innovation - New product launches include a next-generation SSD with a 30% increase in read/write speeds compared to previous models[16]. - The company has successfully launched QLC eMMC products in 2024, leveraging their large capacity and cost advantages to maintain market leadership in eMMC[60]. - The company has launched innovative products such as UFS4.1, eMMC Ultra, and 2TB micro SD Card, enhancing its competitive edge in product innovation[98]. - The company has successfully developed and taped out its first batch of self-developed UFS controller chips, with the UFS4.1 product achieving sequential read/write speeds of 4350MB/s and 4200MB/s, respectively[93]. - The company has established a vehicle-grade storage product matrix, including UFS, eMMC, and SPI NAND Flash, and has provided storage solutions to over 20 well-known automotive brands[87]. Operational Efficiency - The gross margin improved to 35%, up from 30% in the previous year, due to cost optimization strategies[15]. - The company aims to improve operational efficiency, targeting a reduction in costs by 5% through process optimization[197]. - The company has established a robust operational process covering the entire product development lifecycle, from market analysis to sales, ensuring efficient product delivery[68]. - The company is actively monitoring market demand and adjusting production plans to manage inventory risks effectively[181]. Financial Management - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[4]. - The company has ongoing projects in the storage industry, with a total investment of ¥184,771,382.09 during the reporting period, contributing to a cumulative investment of ¥583,149,300.73[144]. - The company has established risk control measures for foreign exchange hedging, including conducting risk assessments and selecting suitable financial institutions for transactions[149]. - The company reported a significant amount of restricted cash, totaling ¥524,046,198.16, which includes cash used as collateral for loans[140]. - The company has not engaged in speculative derivative investments during the reporting period[150].

Core Viewpoint - Jiangbolong aims to break the "curse" of storage module operations by achieving over $2 billion in revenue and transitioning towards becoming a semiconductor storage brand [1][2]. Group 1: Self-Developed Chip Strategy - Jiangbolong has increased its investment in technology to support its transition to a semiconductor storage brand, focusing on algorithm and IP design [2]. - The company established a main control chip team in 2020 and launched eMMC and SD controllers last year, marking a significant milestone in its self-developed chip strategy [4][5]. - The self-developed main control chips allow for application innovation in storage technology, enabling high customization based on customer needs [4]. Group 2: New Product Launches - Jiangbolong introduced several self-developed main control chips at the flash memory summit, including WM7400 (UFS 4.1), WM7300 (UFS 3.1), and WM3000 (USB 3.2) [5][6]. - The UFS 4.1 main control chip WM7400 features advanced manufacturing processes and supports both TLC and QLC NAND Flash, achieving sequential read speeds of up to 4350MB/s [7][8]. - The eMMC Ultra product, equipped with the WM6000 main control chip, enhances bandwidth by 50% compared to the eMMC 5.1 standard, providing a theoretical speed of 600MB/s [9][10]. Group 3: Automotive Storage Solutions - Jiangbolong has developed a comprehensive automotive storage product matrix, including AEC-Q100 compliant UFS, eMMC, and LPDDR4x products [11]. - The company has established deep partnerships with over 20 OEMs and 50 Tier 1 automotive clients, with a projected market growth of nearly 100% in the automotive sector [12][18]. Group 4: Business Model Transformation - Jiangbolong is shifting its business model to include Technology Contract Manufacturing (TCM) and Product Technology Manufacturing (PTM) services, aiming to reduce costs and optimize inventory management [15][16]. - The PTM model provides comprehensive storage Foundry services, addressing industry homogenization and innovation bottlenecks [16][18]. - The company has successfully implemented the PTM model across various industries, including automotive, servers, and mobile devices, enhancing its market presence [18][19]. Group 5: Global Market Expansion - Jiangbolong is accelerating its global market strategy, particularly in the Americas and Europe, to deepen the implementation of TCM and PTM models [20][21]. - The company aims to leverage its self-developed chips and proprietary packaging to enhance its service capabilities and meet diverse customer needs [23][24].

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、 ...

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