Venture(US:VEMLY) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-15 00:49Core Viewpoint - The recent price surge in the global storage industry has positively impacted the performance and stock prices of domestic storage manufacturers, with three companies in the A-share market exceeding a market capitalization of 100 billion yuan [1]. Company Performance - Three major storage companies in the A-share market are: - Lanqi Technology: Market cap of 138.8 billion yuan, current price at 121.17 yuan, with a 60-day increase of 34.59% and a year-to-date increase of 79.61% [2]. - Zhaoyi Innovation: Market cap of 137.3 billion yuan, current price at 205.78 yuan, with a 60-day increase of 70.81% and a year-to-date increase of 93.22% [2]. - Jiangbolong: Market cap of 122 billion yuan, current price at 291.07 yuan, with a year-to-date increase of 238.45% [2][3]. Jiangbolong's Growth Story - Jiangbolong's founder, Cai Huabo, started from humble beginnings in Huaqiangbei and transformed the company into a major player in the storage industry through self-research, acquisitions, and international expansion [6]. - The company has shifted from being a backend player in the supply chain to focusing on higher technical capabilities and diverse business models to gain more global market influence [3][11]. Financial Performance - Jiangbolong reported a significant increase in revenue and profit in Q3 2023, achieving 6.539 billion yuan in revenue, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, a staggering increase of 1994.42% [18][19]. - The company’s stock price has risen sharply, from approximately 95 yuan per share in September to a peak of 331.5 yuan, marking an increase of over 248.95% [21]. Market Trends - The storage industry is experiencing a new cycle driven by AI, with a notable shift in demand towards high bandwidth memory (HBM) and a reduction in capital expenditure for NAND Flash and DRAM products [18][23]. - Jiangbolong is actively expanding its business through acquisitions and enhancing its production capabilities, including a recent acquisition of 81% of SMART Brazil to manufacture general storage products [14][24]. Strategic Initiatives - Jiangbolong is focusing on self-research in main control chips, which are crucial for storage performance, and has launched multiple series of self-developed chips [16]. - The company is adopting new operational models such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to enhance its service offerings and meet the demands of core clients [23][24].