千亿存储龙头迷之操作！融资百亿扩产，股东悄悄套现离场

Core Viewpoint - Jiangbolong's recent actions in the storage industry have raised eyebrows, as the company is aggressively pursuing dual financing while simultaneously allowing executives and employee stock platforms to cash out, leading to market confusion [1][5][7]. Financing Details - The company plans to raise 37 billion yuan through a private placement, with 11 billion yuan allocated for working capital, which constitutes 29.73% of the total amount, nearing regulatory limits [2]. - Despite a rising debt ratio of 58.93% compared to 25.94% in 2022, Jiangbolong's financial health remains relatively stable when compared to industry leader Demingli's over 70% debt ratio [2]. Stock Performance and Cashing Out - Since September, Jiangbolong's stock price surged from around 100 yuan per share to a peak of 331.5 yuan, marking a 280% increase, with the company's market capitalization approaching 100 billion yuan [5]. - Key executives, including the deputy general manager and board members, have cashed out significant amounts, totaling 14.57 billion yuan, coinciding with the stock price surge [5][7]. Market Dynamics and Opportunities - The storage industry is currently experiencing a dual benefit period, driven by the explosive demand for storage due to AI advancements and the opportunity for domestic replacement in the market [8][10]. - AI services require significantly more storage, with DRAM usage in AI servers being eight times that of regular servers, and NAND Flash usage three times higher, indicating a geometric increase in storage demand [8]. Domestic Market Potential - The domestic storage market accounts for over 20% of global demand, yet the localization rate is below 30%, presenting substantial opportunities for domestic companies like Jiangbolong [10]. - As major foreign manufacturers plan to increase prices starting September 2025, domestic firms are expected to benefit significantly, potentially leading to a turnaround in Jiangbolong's performance [10]. Risks and Challenges - The storage industry is characterized by volatility, with prices experiencing sharp fluctuations, making Jiangbolong's aggressive expansion a high-stakes gamble [12]. - The company's investment projects, including 8.8 billion yuan for high-end AI storage and 12.2 billion yuan for critical control chips, require time to realize returns, posing risks if the market enters a downturn before these projects are completed [14].