Group 1: Company Performance and Market Outlook - The company's enterprise storage business achieved revenue of CNY 291 million in the first half of 2024, with Q3 revenue expected to exceed Q2 levels [2] - The enterprise storage market has significant growth potential, driven by national policies and increasing demand for domestic products due to localization and security concerns [2] - The company maintains a relatively optimistic outlook for Q1 and Q2 of next year, despite facing pressure from the consumer electronics market [3] Group 2: Inventory and Supply Chain Management - The company reduced its inventory scale by double digits in Q3 2024, improving operational efficiency and cash flow [4] - Inventory turnover days have decreased, indicating a healthier inventory level, while the company will adopt different stocking strategies for various product lines [4] - After significant inventory consumption in Q3, downstream customer inventory levels are expected to be healthier in Q4 [5][6] Group 3: Product Development and Competitive Advantages - The company has launched multiple high-speed enterprise SSD products, covering capacities from 480GB to 3.84TB, establishing a comprehensive product portfolio [4] - The company’s PCIe SSDs have advanced features and compatibility with various domestic CPU platforms, enhancing their market application [4] - Lexar's overall gross margin is slightly higher than the company's average, supported by a rich product line [5] Group 4: International Expansion and Strategic Investments - Zilia, a subsidiary, achieved revenue of CNY 991 million in the first half of the year, contributing positively to the company's income and profits [5] - Zilia's investment plan of CNY 650 million (approximately CNY 859 million) aims to enhance R&D and expand production capacity, leveraging Jiangbolong's technology and supply chain advantages [5] - The combination of Jiangbolong's R&D capabilities and Zilia's local service strengths is expected to support the company's long-term international business development [5]

Summary of the Conference Call Company Overview - The company, Jiangbolong, has been focused on the storage industry since its establishment in 1999 and has developed core capabilities in chip design, firmware algorithms, and manufacturing [2] - Jiangbolong has received various accolades, including being recognized as a "National Specialized and Innovative Small Giant" and ranking among the top 50 in the "2024 Electronic Information Competitiveness" list [2] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.268 billion RMB, a year-on-year increase of 101.68% [5] - Q3 2024 revenue reached 4.229 billion RMB, with a stable quarter-on-quarter performance [5] - The company reported a gross profit of 557 million RMB for the first three quarters, with a gross margin of 21.54% [5] - Inventory decreased from 8.833 billion RMB to 7.815 billion RMB, a reduction of 11.52% [6] Market Dynamics - The storage industry is experiencing pressure from high upstream prices and reduced demand in the consumer electronics sector, leading to a decline in profit margins [8] - The company has strategically sacrificed some product gross margins to maintain revenue stability [8] - There is a notable growth in overseas and high-end business segments, with Q3 revenue from Zillia exceeding previous records [8] Product Development and Strategy - The company is transitioning towards UFS storage standards and has made significant advancements in enterprise-level storage products [3] - Jiangbolong's self-developed chips, including SLC NAND flash and various controller chips, are gaining traction in the market [3][16] - The company is focusing on expanding its product matrix from chip-level to module-level products [2] Competitive Landscape - The storage market is becoming increasingly competitive, particularly in the consumer electronics segment, where many new entrants have emerged [38] - The company is adapting to market changes by optimizing inventory strategies and enhancing supply chain efficiency [6][30] Future Outlook - The company anticipates a recovery in demand for consumer electronics in Q4, driven by seasonal factors [25] - There is optimism regarding the long-term growth of the storage market, particularly due to the increasing demand from AI applications and enterprise-level storage solutions [11][12] - Jiangbolong aims to complete its transformation into a comprehensive semiconductor brand, leveraging its technological advancements and market positioning [12] Key Takeaways - Jiangbolong's revenue growth is driven by both domestic and international markets, with a strong emphasis on high-end storage solutions [14] - The company is actively pursuing a second growth curve, focusing on enterprise storage and chip development [12] - Despite current market pressures, the company remains optimistic about future growth opportunities, particularly in AI and enterprise storage sectors [11][12]

关于 2024 年 1-9 月计提信用减值损失及资产减值损失 的公告 证券代码：301308 证券简称：江波龙 公告编号：2024-081 深圳市江波龙电子股份有限公司 本公司根据《企业会计准则第 22 号——金融工具确认和计量》，以预期信 用损失为基础，对于不含重大融资成分的应收款项以及合同资产，按照相当于整 个存续期内的预期信用损失金额计量损失准备。 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"或"本公司"） 根据《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》《企业 会计准则》及公司相关会计制度的规定，对截至 2024 年 9 月 30 日合并财务报表 范围内相关资产计提减值损失。现将本次计提减值损失的具体情况公告如下： 一、本次计提信用减值损失及资产减值损失的情况概述 为更加真实、准确地反映公司财务状况和经营成果，依照《企业会计准则》 及公司会计政策的相关规定，基于谨慎性原则，公司对合并报表范围内截止至 2024 年 9 月 30 日的各类存货、应收账款、其他应收款、固定资产 ...

证券代码：301308 证券简称：江波龙 公告编号：2024-082 深圳市江波龙电子股份有限公司 关于公司全资子公司为公司提供担保的公告 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。 一、 担保情况概述 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召 开第二届董事会第二十六次会议，并于 2024 年 5 月 13 日召开 2023 年年度股东 大会，审议通过了《关于公司 2024 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总额不超过人民币 130 亿元（或等值外币）的综合授信额度（包括固定授信额度及临时授信额度）， 有效期为自公司 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会 召开之日止。具体内容详见公司在巨潮资讯网上披露的《关于公司 2024 年度向 金融机构申请综合授信额度的公告》（公告编号：2024-020）。 在上述审批的融资额度范围内，公司全资子公司江波龙电子（香港）有限公 司（以下简称"香港江波龙"）及上海江波龙微电子技术有限公司（以下 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥4,229,407,985.77, an increase of 47.28% compared to the same period last year[2]. - The net profit attributable to shareholders was a loss of ¥36,837,953.40, representing an increase in loss of 87.16% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥42,046,050.86, an increase in loss of 85.63% compared to the previous year[2]. - The company's basic earnings per share for the period was -¥0.09, a decrease of 86.96% year-over-year[2]. - The company achieved a total revenue of ¥13,268,215,136.35 for the first nine months of 2024, a 101.68% increase compared to the same period in 2023[5]. - The net profit attributable to shareholders for the same period was 557 million yuan, up 163.09% year-on-year, while the net profit excluding non-recurring gains and losses was 497 million yuan, an increase of 155.38%[6]. - Net profit for the current period was ¥561,247,341.24, a turnaround from a net loss of ¥882,826,776.61 in the previous period[23]. - Earnings per share (EPS) for the current period was ¥1.35, compared to a loss per share of ¥2.14 in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥16,926,850,536.12, reflecting a growth of 23.74% from the end of the previous year[2]. - Total assets increased to ¥16,926,850,536.12 from ¥13,679,845,767.45 at the beginning of the period, reflecting a growth of approximately 23.4%[21]. - The company's total liabilities increased to 9,893,442,739.58 CNY from 7,230,441,473.88 CNY, reflecting a rise in financial obligations[20]. - The total liabilities and equity ratio indicates a healthy balance, with total liabilities at ¥9,893,520,739.58, representing about 58.5% of total assets[21]. Inventory and Operating Costs - The company reported a significant increase in inventory, which reached ¥7,815,386,262.11, up 32.62% due to expanded operations and increased stock[5]. - The operating costs for the first nine months of 2024 were ¥10,409,834,603.00, reflecting a 62.49% increase due to sales growth[5]. - The company's inventory increased to 7,815,386,262.11 CNY from 5,893,165,429.16 CNY, indicating a significant rise in stock levels[19]. - The company successfully reduced inventory levels by double digits in 2024, indicating improved operational efficiency[7]. Cash Flow - The net cash flow from operating activities improved by 35.12% to -1.11 billion yuan compared to the same period in 2023[6]. - Operating cash inflow for the current period reached CNY 13,808,306,950.89, a significant increase from CNY 6,670,264,779.75 in the previous period, representing a growth of approximately 106.4%[25]. - Net cash flow from operating activities was negative CNY 1,105,431,109.52, an improvement compared to negative CNY 1,703,821,075.42 in the prior period[25]. - Cash and cash equivalents at the end of the period decreased to CNY 1,177,870,746.72 from CNY 1,827,011,615.28, reflecting a decline of about 35.5%[26]. Research and Development - R&D expenses for the first nine months of 2024 reached 695.91 million yuan, a 74.00% increase compared to the same period in 2023, driven by higher salaries, benefits, and depreciation of R&D materials and equipment[6]. - Research and development expenses for the current period were ¥695,914,052.72, compared to ¥399,957,205.11 in the previous period, marking an increase of approximately 74.0%[22]. Shareholder Information - The company reported a total share capital increase from 412,864,254 shares to 415,981,564 shares due to the completion of the first vesting period of the 2023 restricted stock incentive plan, with 3,117,310 shares listed for circulation[13]. - The company’s major shareholders include China Industrial Bank Co., Ltd. with 2,697,250 shares, accounting for 0.65% of the total share capital[10]. - The company’s actual controller, Cai Huabo, holds 162 million shares, which are subject to a lock-up period until August 5, 2025[11]. - The company’s total number of restricted shares remains at 300,125,380 shares after accounting for the changes in the reporting period[11]. Other Developments - The company is making progress in the development of its self-developed main control chips, achieving breakthroughs in tape-out and mass production as planned[7]. - The company continues to transform into a comprehensive semiconductor storage brand, with growth in overseas businesses such as Lexar and Zilia in Brazil[7]. - The company has not disclosed any new product or technology developments in the current report[13]. - The company has not announced any market expansion or acquisition strategies in the current report[13].

证券代码：301308 证券简称：江波龙 公告编号：2024-079 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 额超过上市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。 深圳市江波龙电子股份有限公司 关于为全资子公司提供担保的进展公告 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、担保情况概述 公司于 2024 年 4 月 19 日、2024 年 5 月 13 日分别召开了第二届董事会第二 十六次会议以及 2023 年年度股东大会，会议审议通过了《关于公司 2024 年度担 保额度预计的议案》。 为了满足日常经营及业务发展所需，自 2023 年年度股东大会审议通过之日 起至 2024 年年度股东大会召开之日止，公司为纳入合并报表范围的子公司向银 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 90 亿 元（或等值外币）的担保额度。其中经审议通过的公司 ...

证券代码：301308 证券简称：江波龙 公告编号：2024-078 深圳市江波龙电子股份有限公司 2024 年半年度权益分派实施公告 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"本公司"或"公司"）2024 年半年 度利润分配预案已分别获得 2024 年 8 月 23 日召开的第三届董事会第四次会议以及 2024 年 9 月 11 日召开的 2024 年第二次临时股东大会审议通过，现将权益分派事宜公 告如下： 一、 股东大会审议通过利润分配方案的情况 1、公司于 2024 年 9 月 11 日召开 2024 年第二次临时股东大会，审议通过了《关 于公司 2024 年半年度利润分配预案的议案》，本次利润分配预案为：以公司现有总股 本 415,981,564 股为基数，向全体股东按每 10 股派发现金股利 2.5 元（含税），共分配 现金股利 103,995,391.00 元（含税），剩余未分配利润结转以后年度分配。本次利润分 配不送红股，不以资本公积金转增股本。若利润分配方案实施前公司总股本发生变动， 将按照分配总额 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - Jiangbolong has achieved a revenue breakthrough of over 10 billion yuan in 2023, establishing itself as a leading domestic semiconductor storage company with a diverse product matrix including embedded storage, solid-state drives, mobile storage, and memory bars [2][9] - The company is positioned to benefit from the increasing demand for storage solutions driven by the AI wave and the "Digital China" initiative, with significant growth potential in the domestic market [2][12] Financial Summary - Revenue (in million yuan): - 2022: 8,330 - 2023: 10,125 (21.6% YoY growth) - 2024E: 16,434 (62.3% YoY growth) - 2025E: 20,543 (25.0% YoY growth) - 2026E: 24,651 (20.0% YoY growth) [2][10] - Net Profit (in million yuan): - 2022: 73 - 2023: -828 - 2024E: 1,021 - 2025E: 1,645 - 2026E: 2,379 [2][10] - Return on Equity (ROE): - 2022: 1.1% - 2023: -13.0% - 2024E: 13.7% - 2025E: 18.0% - 2026E: 20.7% [2][10] - Earnings Per Share (EPS): - 2022: 0.18 - 2023: -1.99 - 2024E: 2.45 - 2025E: 3.95 - 2026E: 5.72 [2][10] Business Overview - Jiangbolong's main business segments include: - Embedded Storage: 43.7% of revenue, 44.23 billion yuan in 2023 - Solid-State Drives: 27.7% of revenue, 28.02 billion yuan in 2023 - Mobile Storage: 23.0% of revenue, 23.28 billion yuan in 2023 - Memory Bars: 5.1% of revenue, 5.13 billion yuan in 2023 [2][9][12] - The company has established a strong market position, being ranked first in the domestic eMMC and UFS market and third globally for Lexar storage cards and flash drives [17] Competitive Analysis - Jiangbolong's growth potential is compared to Kingston, highlighting differences in growth paths, business models, and strategic focus [2][19] - The company has developed a TCM (Technology Contract Manufacturing) model, which enhances collaboration with upstream suppliers and Tier 1 customers, differentiating it from competitors [2][18] Industry Outlook - The global demand for NAND and DRAM storage is expected to grow by 14% in 2024, driven by the AI wave and increasing storage needs across various sectors [2][12] - The domestic market for storage solutions is projected to exceed 112.8 billion yuan due to the rise of domestic innovation and replacement demand [2][12]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - Jiangbolong has achieved a revenue breakthrough of over 10 billion yuan in 2023, establishing itself as a leading domestic semiconductor storage company with a diverse product matrix including embedded storage, solid-state drives, mobile storage, and memory bars [2][9] - The company is positioned to benefit from the increasing demand for storage solutions driven by the AI wave and the "Digital China" initiative, with significant growth potential in the domestic market [2][12] Financial Performance - Revenue (in million yuan): 2022A: 8,330; 2023A: 10,125; 2024E: 16,434; 2025E: 20,543; 2026E: 24,651, with a year-on-year growth rate of 21.6% in 2023 [2] - Net profit (in million yuan): 2022A: 73; 2023A: -828; 2024E: 1,021; 2025E: 1,645; 2026E: 2,379, with a significant recovery expected in 2024 [2] - Return on Equity (ROE) is projected to improve from -13.0% in 2023A to 20.7% in 2026E [2] - Earnings per share (EPS) is expected to rise from -1.99 yuan in 2023A to 5.72 yuan in 2026E [2] Business Model and Competitive Position - Jiangbolong has transitioned from a trading model to a comprehensive semiconductor storage enterprise, focusing on technology and brand development [2][17] - The company has established a TCM (Technology Contract Manufacturing) model, collaborating closely with upstream suppliers and Tier 1 customers to enhance its competitive edge [2][18] - Jiangbolong's product lines are well-diversified, with embedded storage accounting for 43.7% of revenue, solid-state drives for 27.7%, mobile storage for 23.0%, and memory bars for 5.1% in 2023 [2][9] Market Opportunities - The global demand for NAND and DRAM storage is expected to grow by 14% in 2024, driven by the AI boom [2][12] - The domestic market for storage replacement in the context of "Xinchuang" (domestic innovation) is projected to exceed 112.8 billion yuan, presenting a significant growth opportunity for Jiangbolong [2][12] Future Outlook - The company is expected to achieve net profits of 1.021 billion yuan in 2024, 1.645 billion yuan in 2025, and 2.379 billion yuan in 2026, with corresponding P/E ratios of 34, 21, and 15 [2][12] - Jiangbolong's strategic focus on enhancing its supply chain capabilities and expanding its product offerings positions it well for future growth in the semiconductor storage market [2][19]

证券代码：301308 证券简称：江波龙 公告编号：2024-077 深圳市江波龙电子股份有限公司 关于公司完成注册资本工商变更登记的公告 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。 特此公告。 深圳市江波龙电子股份有限公司董事会 2024 年 10 月 14 日 一、工商变更登记情况 近日，公司完成了注册资本工商变更登记以及变更后《公司章程》的备案登记手 续，并取得了深圳市市场监督管理局出具的《登记通知书》，公司的注册资本由人民币 41,286.4254 万元变更为人民币 41,598.1564 万元。 二、备查文件 1、深圳市市场监督管理局出具的《登记通知书》。 2、深交所要求的其他文件。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2024 年 7 月 17 日、2024 年 9 月 11 日召开第三届董事会第二次会议以及 2024 年第二次临时股东大会，审议通 过了《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》。公司 于 2024 年 6 月办理完成了 2023 年限制性股票激励计划首次授予部分第一个归属期股 份归属的登 ...