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]

证券研究报告 | 行业周报 2024 年 10 月 13 日 非银行金融 市场前行中波动调整，继续看好相对低估的非银金融板块 -非银周 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|---------------------------------------------------------------------------------------|----------------| | | | | | ...

Investment Rating - The industry rating is "Outperform the Market" [2][23]. Core Insights - The report highlights the continuous iteration of visual AI applications and the potential market opportunities as AI technology evolves, particularly in the context of large models and their multi-modal capabilities [1][2]. - Domestic companies are well-positioned to leverage AI applications, with significant advancements in technology and a growing user base, indicating a promising commercial landscape [1][2]. Summary by Sections 1. AI Large Model Multi-Modal Capabilities - The performance of underlying large models is crucial for AI application capabilities, categorized into foundational models (L0) and industry-specific models (L1) [5]. - Major overseas tech companies, including OpenAI, Google, and MetaAI, have made significant advancements in their models, enhancing performance, reducing costs, and improving response times [8][9]. 2. Domestic Companies' Progress - Kuaishou's Keling AI has undergone multiple upgrades, now offering comprehensive API services for video and image generation, with over 2.7 million videos and 53 million images generated since its launch [10]. - ByteDance's Doubao AI has achieved significant breakthroughs in video modeling, with capabilities in semantic understanding and multi-angle consistency, leading to a tenfold increase in daily token usage since its launch [11][13]. - Companies like Light Media and Huace Film & TV are actively exploring AI technologies, integrating them into various production processes, and showing strong revenue growth [15][16]. 3. Key Listed Companies Overview - Light Media reported a revenue of 1.334 billion yuan in H1 2024, a year-on-year increase of 120.43%, with a strong focus on AI in animation production [15]. - Huace Film & TV's self-developed "Youfeng" model has been recognized as a significant advancement in AI applications within the film industry, enhancing script evaluation and production efficiency [16]. - Jiecheng Co. has launched its AI creative engine ChatPV, which integrates with Huawei's cloud services, aiming to reshape video production processes [17]. - Meitu's revenue reached 1.621 billion yuan in H1 2024, driven by the growth of its AI-driven subscription services [19].

执业证书编号：S1070522110001 汽车 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|---------------|---------------|---------------|------------------|------------|-------|-------|-------------------|------------------|---------| | 1 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | | 强于大市（维持） | | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 14.03 | | 10.39 | | | | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 13.41 | | 11.35 | 行业走势 | | | | 002284.SZ | 亚太股份 | ...

执业证书编号：S1070522110001 汽车 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|---------------|---------------|---------------|------------------|------------|-------|-------|-------------------|------------------|---------| | 1 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | | 强于大市（维持） | | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 14.03 | | 10.39 | | | | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 13.41 | | 11.35 | 行业走势 | | | | 002284.SZ | 亚太股份 | ...

证券研究报告 | 行业周报 2024 年 10 月 13 日 建材 前 9 月百强房企销售暂未有起色，增量政策持续出台 本周关注（10.8-10.11）：前 9 月百强房企销售暂未有起色，增量政策持 续出台 2024 年 1-9 月，TOP100 房企销售总额同比下降 38.8%，降幅较前 8 月 扩大 0.3pct。其中 9月单月销售额同比下降 38.81%。2024 年 1-9 月，TOP100 房企销售总额为 2.97 万亿元，同比下降 38.8%，降幅较前 8 月扩大 0.3pct， 其中 9 月单月销售额同比下降 38.81%，环比下降 2.20%。1-9 月销售金额靠 前的企业有保利发展（2421.0 亿元）、中海地产（1988.0 亿元）、绿城中国 （1871.9亿元）；销售面积靠前的企业有保利发展（1343.0万㎡）、万科（1321.9 万㎡）、绿城中国（926.0 万㎡）。 2024 年 1-9 月，TOP100 企业拿地总额同比下降 38.1%，同比降幅较前 8 月收窄 1.9pct。2024 年 1-9 月，TOP100 企业拿地总额为 5324 亿元，同 比下降 38.1%。其中 9 ...

证券研究报告 | 行业周报 2024 年 10 月 14 日 机械 财政政策加码利好化债，9 月我国挖掘机内销同比+21.5% | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 宏观经济研究*动态点评 2024 年 10 月 13 日 宏观经济研究 核心 CPI 同比放缓至 0.1%——9 月通胀数据点评 数据： 9 月份 CPI 同比 0.4%，前值 0.6%；环比 0.0%，前值 0.4%；核心 CPI 同比 0.1%，前值 0.3%。PPI 同比-2.8%，前值-1.8%；环比-0.6%，前 值-0.7%。 要点： 总体而言，9 月国内的物价数据与 8 月数据的特征较为相似，一是核心 CPI 同比仍在放缓，交通、居住、文旅等有效需求可能均待提振，对耐用 品、黑色、非金属等行业 PPI 同比的拉动也需更长时间；二是全球制造业 修复相对较慢，国际大宗商品价格波动下行，也会削弱国内 PPI 价格回 升的动力。而 9 月价格边际好转的部分如交通工具价格、国内钢材价格环 比降幅收窄，可能体现的是国内政策对预期的阶段性提振，而有效需求回 升确认需要价格端更加全面的信号。 9 月 24 日中央三部委新闻发布会、9 月 26 日政治局会议均一定程度扭转 了市场预期。10 月 12 日财政部新闻发布会又宣布一揽子增量政策举措即 将推出，包括支持地方化解隐性债务、支持国有大型商业 ...

证券研究报告 | 行业专题报告 2024 年 10 月 12 日 传媒 竞争格局趋稳叠加高股东回报率，强烈推荐港股互联网板块 美联储开启降息周期，恒生科技指数有望迎来估值修复：美联储年内或还有 一定降息空间。根据美联储，多数预测今年还有 50BP 降息空间，2025 年降 息 100BP；而 9 月 19 日 CME Fed Watch 显示，市场预期 11 月、12 月分别 降息 25BP 和 50BP；2025 年至少可能累计降息 125BP。根据 EPFR，海外主 动基金对中资股的持股比例已由 2020 年高点的 15%下降至 2024 年的 5%左右，处于历史低位水平。我们认为美联储开启降息周期后，全球资金 有望迎来再配置，或为港股带来海外资金流入。 注：本段美联储相关观点摘自《长城证券：美联储 9 月议息会议点评：激进 的开端，鹰派的指引》 互联网大平台竞争进入初步成熟阶段，竞争格局趋于稳定：互联网板块因短 视频等平台兴起，整体流量格局发生较大变化，叠加短视频平台拓展直播电 商、本地生活等业务，导致整体互联网板块竞争加剧。目前，随短视频流量 逐步见顶以及业务拓展趋于稳定，整体互联网板块竞争格局边际转 ...