中信建投证券股份有限公司关于 行承诺 未履行承诺 的原因及解 决措施 深圳市江波龙电子股份有限公司 2024 年上半年度跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：江波龙 | | --- | --- | | 保荐代表人姓名：彭欢 | 联系电话：0755-23953863 | | 保荐代表人姓名：俞鹏 | 联系电话：0755-23953869 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括 | 是 | | 但不限于防止关联方占用公司资源的制度、募 | | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6 次 | | （2）公司募 ...

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：2024-013 | --- | --- | --- | --- | |-------------------------|--------------------------------------------------------|-------------------------------------------|---------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | √特定对象调研 \n□ 业绩说明会 \n□ 现场参观 □ | □ 分析师会议 \n □ 新闻发布会 \n电话会议 | □ 媒体采访 \n□ 路演活动 \n □ 其他 | | 参与单位名称及 人员姓名 | 中金财富、国投证券及中小投资者代表共 | | 23 人 | | 时间 | 2024 年 9 月 6 日 | ( 周五 ) 下午 | 14:30~16:00 | | 地点 | 深圳市前海深港合作区南山街 ...

江波龙（301308.SZ） 优于大市 2Q24 营收同环比增长，企业级存储与自研芯片加速起量 2Q24 营收实现同环比增长。公司主要以存储颗粒为原材料进行存储模组产品 的开发，产品包括嵌入式存储、固态硬盘(SSD)、内存条及移动存储(U 盘、 存储卡)。受市场疲软影响，1H23 各存储颗粒原厂营业利润均跌入负值区间， 随上游厂商持续减产供给收缩，存储价格自 4Q23 显著回暖，进入 2Q24 需求 温和复苏，价格增速放缓，在此背景下：公司 2Q24 实现营收 45.9 亿元 (YoY+106.1%,QoQ+2.99%)，归母净利润2.1亿元(YoY+166.47%,QoQ-45.41%)， 扣非归母净利润 1.76 亿元(YoY+154.61%,QoQ-51.62%)，毛利率 22.65% (YoY+22.12pct,QoQ-1.74pct）。 2Q24 市场需求逐步分化，高端产品库存占比提升。随着模组厂与下游备货完 成，消费电子需求温和复苏，相比 1Q24，2Q24 消费应用出货放缓，根据 Trendforce 数据，2Q24 消费类 NAND Flash 零售渠道的出货量年减 40%，叠 加 NAND ...

证券代码：301308 证券简称：江波龙 公告编号：2024-070 深圳市江波龙电子股份有限公司 关于公司控股子公司为其子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"）子公司 Zilia Technologies Indústria de Componentes Semicondutores Ltda.（以下简称"Zilia Semicondutores"） 因业务发展的需要，拟向银行申请不超过 1,500 万美元（或等值外币）的 Stand- by Letter of Credit，用于支持其向供应商采购日常经营相关的商品及服务事宜。 公司控股子公司 Zilia Technologies Indústria e Comércio de Componentes Eletrônicos Ltda.（以下简称"Zilia Eletrônicos"）拟为上述事项提供最高额保证担保。 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》《深圳证券交易所 ...

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：2024-012 | --- | --- | --- | |-------------------------|---------------------------------------------------------------|---------------------------| | | □ 特定对象调研 □ | □ 媒体采访 | | 投资者关系活动 | □ 业绩说明会 □ | □ 路演活动 | | 类别 | □ 现场参观 | □ 其他 | | 参与单位名称及 人员姓名 | 富国基金、长江养老、华创证券、国盛证券 | | | 时间 | 2024 年 8 月 29 日 2024 年 8 月 30 日 | 09:30~10:30 15:00~16:00 | | 地点 | 电话会议 | | | 上市公司接待人 员姓名 | 副总经理、董事会秘书 投资者关系经理 黄琦 投资者关系资深主管 | | | --- | --- | |----------------|-------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][10]. Core Insights - The company reported a significant increase in revenue for the first half of 2024, achieving 9.039 billion yuan, a year-on-year growth of 143.83%. The net profit attributable to the parent company reached 594 million yuan, up 199.64% year-on-year [1]. - The growth is attributed to several factors, including a recovery in the global semiconductor storage market, effective self-research strategies, successful mergers and acquisitions, and increased R&D investments [1]. - The enterprise storage business saw a remarkable increase, with revenue exceeding 2000% year-on-year, driven by the popularity of Lexar products and the introduction of new high-speed eSSD products [1][2]. Financial Performance Summary - The company achieved a revenue of 9.039 billion yuan in H1 2024, with a net profit of 594 million yuan, marking a significant increase from the previous year [1]. - R&D expenses reached 475 million yuan in H1 2024, reflecting a year-on-year increase of 92.51% [1]. - The company’s total assets were reported at 10.215 billion yuan for 2024E, with a projected revenue of 15.005 billion yuan for the same year [5][6]. Market Position and Strategy - The company has successfully integrated its acquisitions, such as Zilia in Brazil, enhancing its global supply chain and market presence [2]. - The introduction of new memory products like LPCAMM 2 aims to enhance performance and energy efficiency, catering to the growing demand in consumer electronics [2]. - The company has established a strong patent portfolio with 560 patents, including 221 invention patents, which supports its competitive edge in the market [1]. Future Outlook - The report projects a continued upward trend in the semiconductor storage industry, with expected net profits of 1.052 billion yuan in 2024 and 1.152 billion yuan in 2025 [4][5]. - The company is well-positioned to capitalize on the recovery of the smartphone and personal computer storage markets, with a forecasted revenue growth rate of 48.20% for 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit increase for the next six months [3][10]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 9.039 billion yuan, a year-on-year growth of 143.83%, and net profit attributable to the parent company at 594 million yuan, up 199.64% [1]. - The growth is attributed to several factors, including a recovery in the semiconductor storage market, successful self-research strategies, effective mergers and acquisitions, and increased R&D investment [1]. - The company has successfully integrated its acquisitions in Brazil, contributing positively to its global supply chain and revenue [1]. - The enterprise storage business saw a remarkable increase, with revenue exceeding 2000% year-on-year, driven by the popularity of its Lexar brand and innovative product offerings [1][2]. Financial Performance Summary - The company achieved a revenue of 9.039 billion yuan in H1 2024, with a net profit of 594 million yuan, marking a significant increase from the previous year [1]. - The report forecasts a continued upward trend in revenue, projecting 15.005 billion yuan for 2024 and 19.012 billion yuan for 2025, with respective growth rates of 48.20% and 26.70% [4]. - The EBITDA for 2024 is estimated at 1.480 billion yuan, indicating a strong recovery from previous losses [4]. Product and Market Development - The company has launched new memory products, such as LPCAMM 2, enhancing performance and energy efficiency for consumer storage applications [2]. - The automotive-grade products have successfully passed mass production validation, establishing a solid foundation in the automotive smart storage sector [2]. - The Lexar brand has seen a 70.55% increase in sales revenue in H1 2024, reaching 1.63 billion yuan, with significant market presence in various countries [1][2]. Research and Development - The company has increased its R&D investment, with expenses reaching 475 million yuan in H1 2024, a year-on-year growth of 92.51% [1]. - The company holds a leading position in patent technology, with a total of 560 patents, including 221 invention patents [1].

Investment Rating - The report assigns a "Buy-B" rating for Jiangbolong (301308.SZ) based on its strong performance and growth potential [2][3]. Core Views - Jiangbolong has experienced significant revenue growth, with a 143.82% year-on-year increase in revenue to 9.039 billion yuan in the first half of 2024, and a 199.64% increase in net profit to 594 million yuan [2]. - The company benefits from the upward trend in the storage industry, leveraging its scale, technology, and supply chain advantages to enhance its market share [2]. - The report highlights the company's successful transition towards high-end storage products and its expansion into overseas markets, indicating a second growth curve is opening up [3]. Financial Performance Summary - For the first half of 2024, Jiangbolong achieved a revenue of 9.039 billion yuan, with a net profit of 594 million yuan, marking substantial growth compared to the previous year [2]. - The second quarter of 2024 saw a revenue of 4.586 billion yuan, reflecting a 106.05% year-on-year increase, although net profit decreased by 45.41% quarter-on-quarter to 210 million yuan [2]. - The company’s embedded storage, solid-state drives, and memory modules all showed strong growth, contributing to a significant increase in overall revenue [2]. Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 3.26 yuan, 2.57 yuan, and 2.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21.5, 27.3, and 25.7 [3]. - Jiangbolong is expected to continue focusing on customized, high-end brand development while enhancing its capabilities across the semiconductor storage application product chain [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced significant revenue growth, with a 143.8% year-on-year increase in revenue for the first half of 2024, reaching 90.39 billion yuan, and a net profit of 5.94 billion yuan, marking a turnaround from losses [2][6] - The embedded storage segment is the largest business, contributing 44% of revenue in 2023, and is expected to benefit from new major clients and rising product prices in 2024 [6][8] - The enterprise storage segment saw revenue growth of over 20 times year-on-year in the first half of 2024, driven by large-scale shipments of self-developed eSSD products [6][8] - The company is expanding its international and domestic supply chain through acquisitions, contributing positively to revenue and profit [8] - The global AIGC wave and the "Digital China" initiative provide substantial growth opportunities for the storage market, positioning the company favorably as a leading domestic storage module provider [2][6] Financial Summary - Revenue (in million yuan): - 2022: 8,330 - 2023: 10,125 - 2024E: 18,002 - 2025E: 26,374 - 2026E: 33,381 - Year-on-year growth rates: - 2022: -14.6% - 2023: 21.6% - 2024E: 77.8% - 2025E: 46.5% - 2026E: 26.6% [3][11] - Net profit (in million yuan): - 2022: 73 - 2023: -828 - 2024E: 1,096 - 2025E: 2,096 - 2026E: 3,080 - Year-on-year growth rates: - 2022: -92.8% - 2023: -1237.1% - 2024E: 232.3% - 2025E: 91.3% - 2026E: 47.0% [3][11] - ROE: - 2022: 1.1% - 2023: -13.0% - 2024E: 14.6% - 2025E: 21.8% - 2026E: 24.3% [3][11] Business Segments - The embedded storage business generated 44.23 billion yuan in revenue in 2023, with a gross margin of 3.11% [6][8] - The solid-state drive segment accounted for 28% of revenue in 2023, with a gross margin of 5.46% [6][8] - The company has successfully launched self-developed main control chips, enhancing its competitive edge in the enterprise storage market [6][8] Market Position - The company has established a resilient international and domestic supply chain through acquisitions, enhancing its manufacturing capabilities [8] - Lexar, a subsidiary, achieved a 70.6% year-on-year revenue increase in the first half of 2024, with leading market positions in several segments [6][8] - The company is well-positioned to capitalize on the growing demand driven by the global AIGC trend and the "Digital China" initiative [2][6]

深圳市江波龙电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □ 特定对象调研 \n√业绩说明会 \n□ 现场参观 □ | □ 分析师会议 \n □ 新闻发布会 | □ 媒体采访 \n □ 路演活动 \n其他（请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | 参与公司 2024 | 年半年度业绩说明会的投资者 | | | 时间 | 2024 年 8 月 27 日 | （周二 ) 下午 | 15:00~16:30 | | 地点 | 全景路演（ | https://rs.p5w.net/html/ ...