“沾光”存储芯片涨价潮，江波龙2025年净利预增超150%

Core Viewpoint - Jiangbolong expects a significant increase in net profit for 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2] Group 1: Financial Performance - Jiangbolong forecasts a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year growth of 150.66% to 210.82% [1] - The company's non-GAAP net profit is projected to be between 1.13 billion and 1.35 billion yuan, reflecting a year-on-year increase of 578.51% to 710.60% [1] - The company transitioned from a net loss of 152 million yuan in Q1 2024 to a net profit of 1.67 billion yuan in Q2 and 6.98 billion yuan in Q3, with an expected Q4 profit of 537 million to 837 million yuan [1] Group 2: Market Dynamics - The recovery in storage prices began after a low point in Q1 2024, with significant increases attributed to surging demand for AI servers and a shift in production capacity towards enterprise-level products [1] - According to TrendForce, global DRAM prices are expected to rise by 8% to 13% quarter-on-quarter in Q4 2025, with increases of 13% to 18% when including HBM [1] - The current cycle of rising storage chip prices is anticipated to last until mid-2027, with some high-end products potentially extending to 2028 [1] Group 3: Company Strengths - Jiangbolong is the second-largest independent memory manufacturer globally, offering a comprehensive range of storage solutions, including embedded storage, solid-state drives, mobile storage, and memory modules [2] - The company has established partnerships with several wafer foundries and leading smart terminal manufacturers, enhancing its market position [2] - Jiangbolong's self-developed main control chips have seen deployment exceed 100 million units by the end of Q3 2025, with multiple flagship products achieving mass application [2] Group 4: Research and Development - Jiangbolong has consistently increased its R&D expenditures, reaching 701 million yuan by Q3 2025, following previous investments of 356 million yuan, 594 million yuan, and 910 million yuan in the preceding years [3] - The company announced a fundraising of 3.7 billion yuan in early 2025 to support high-end storage research and development projects, particularly in the AI sector [3]