Core Viewpoint - The article discusses the recent developments of Jiangbolong (301308.SZ) in the capital market, including its 2024 performance report, H-share IPO prospectus, and the impact of AI on its business growth and market positioning [1][2]. Company Performance - Jiangbolong's stock price peaked on March 18 but has since declined, closing at 92.2 yuan on March 28, down 2.85%, with a total market capitalization of 38.354 billion yuan [2][3]. - The company has transitioned from semiconductor storage trading to a comprehensive semiconductor storage brand, achieving significant revenue growth from 8.33 billion yuan in 2022 to 10.125 billion yuan in 2023, and projected to reach 17.464 billion yuan in 2024 [4]. - Jiangbolong reported a net loss of 828 million yuan in 2023 but is expected to turn a profit in 2024 with a net income of 499 million yuan [4]. AI and Market Trends - The global semiconductor storage market is experiencing significant growth driven by the increasing data generation from AI applications, with Jiangbolong positioning itself to benefit from this trend [4][5]. - The demand for server storage, particularly NAND Flash, is expected to grow by 99.5% in 2024, with high-performance storage prices remaining elevated due to strong demand [5][8]. - Jiangbolong's enterprise storage solutions, particularly in the eSSD and RDIMM segments, are seeing explosive growth, with sales expected to reach approximately 900 million yuan in 2024 [6][4]. Product Development and Innovation - Jiangbolong is focusing on high-performance storage solutions tailored for AI applications, including LP CAMM 2, CAMM 2, and CXL 2.0 memory modules [6]. - The company has launched its self-designed UFS 4.1 controller chip WM7400 for AI-driven mobile terminals and is developing next-generation PCIe Gen5 SSDs [11]. - Jiangbolong's ePOP storage is a key component of its embedded storage business, with applications in smart wearable devices, indicating a strong market presence in this segment [12][13]. Future Outlook - The AI server market is projected to grow significantly, with the Chinese AI server market expected to reach 25.9 billion in 2025, reflecting a 36.2% year-on-year growth [7]. - The enterprise storage market is also anticipated to grow from 134.3 billion by 2028, with a compound annual growth rate of 18.7% [7]. - Despite a cautious outlook for consumer storage markets, the long-term potential for AI applications in consumer electronics is expected to drive future growth opportunities for Jiangbolong [10][13].
江波龙AI变奏：从芯片存储向端侧智能漂移