Core Viewpoint - The report from Ping An Securities indicates that Jiangbolong achieved a net profit attributable to shareholders of 713 million yuan in the first three quarters of 2025, representing a year-on-year increase of 27.95% [1] - In Q3, the company reported a net profit of 698 million yuan, showing a remarkable year-on-year growth of 1994.42% and a quarter-on-quarter increase of 318.94% [1] Financial Performance - For the first three quarters of 2025, Jiangbolong's net profit reached 713 million yuan, up 27.95% year-on-year [1] - In Q3 alone, the net profit was 698 million yuan, reflecting a significant year-on-year increase of 1994.42% and a quarter-on-quarter rise of 318.94% [1] Business Trends - The company has continued the improvement trend observed since Q2 2025, with multiple business areas achieving sustained breakthroughs and significant operational performance improvements [1] - The ongoing high demand for AI is driving storage needs, and the successful inventory digestion in the industry has led to a rebound in storage prices since Q2 2025 [1] Market Outlook - Given the current favorable market supply and demand conditions, the upward cycle in storage is expected to continue [1] - As a leading storage manufacturer in China, the company is well-positioned to benefit from this upward industry cycle, with expectations for continued improvement in profitability [1]
研报掘金丨平安证券：维持江波龙“推荐”评级，盈利水平有望迎来持续改善