Group 1: Market Dynamics - The DRAM market is experiencing a significant shift from oversupply to a supply-demand imbalance, with prices rising sharply, including a 53% increase in DDR4 prices in May, the largest since 2017 [1] - The overall DRAM market price index has increased by 47.7% since early 2025, with a 19.5% rise in June alone, driven by both traditional DRAM and high-value server DRAM [1][7] - The transition to DDR5 is becoming a trend as major DRAM manufacturers shift capacity towards higher-end products, leading to increased demand for older generation products [2] Group 2: Company Positioning - Jiangbolong has developed a comprehensive range of enterprise storage products, including SATA eSSD, PCIe eSSD, RDIMM, and MRDIMM, and reported a revenue increase of over 200% year-on-year in Q1 2025 [3] - The company is focusing on high-end consumer and enterprise-level DDR5 product mass production to meet the growing demand for high-capacity, high-bandwidth, and low-power memory products in gaming, servers, and industrial automation [2][3] - Jiangbolong has signed a memorandum of cooperation with Sandisk to integrate resources and enhance its position in the embedded storage market, aiming to increase market share in high-end storage solutions [4] Group 3: Innovation and Business Model - Jiangbolong has introduced innovative business models such as PTM (Product Technology Manufacturing) and TCM (Technology Contract Manufacturing), which provide new commercial strategies for the storage industry [5][6] - The TCM model has received positive feedback from storage wafer manufacturers and key clients, facilitating collaboration with Tier 1 clients like Transsion and ZTE [6] - The company is leveraging its self-developed core technologies to enhance product differentiation and improve visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Future Outlook - The storage sector is expected to see continued price increases, with general DRAM prices projected to rise by 10% to 15% in Q3 2025, and overall DRAM prices, including HBM, expected to increase by 15% to 20% [7] - The domestic storage market is anticipated to grow further, with an increasing localization rate for high-difficulty and high-speed products, presenting opportunities for industry players [7]
DRAM涨价与迭代迎来反转向上行情，江波龙加速布局高端存储市场