Core Viewpoint - Jiangbolong Electronics is expected to achieve significant growth in its 2025 performance forecast, driven by a recovery in the storage industry and the company's technological and product advantages [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.25 billion to 1.55 billion yuan, representing a year-on-year increase of 150.66% to 210.82% [1][2] - The expected non-recurring net profit is projected to be between 1.13 billion to 1.35 billion yuan, showing a substantial year-on-year growth of 578.51% to 710.6% [1][2] - Revenue is forecasted to be between 22.5 billion to 23 billion yuan, compared to 17.464 billion yuan in the same period last year [1][2] Industry Dynamics - The demand for AI servers and the shift of original manufacturers towards enterprise-level products are driving up storage product prices [1] - Jiangbolong has successfully turned a profit in the first half of the year, with a steady increase in profitability in the second half, particularly in Q4 where the non-recurring net profit is estimated to be between 650 million to 870 million yuan [1] - The company has achieved mass application of several main control chips and completed the first tape-out of the UFS4.1 main control chip, positioning itself as one of the few companies globally with self-research capabilities in this generation of main control chips [1] Market Outlook - The market perceives that server demand is the primary driver for storage needs, but the upgrade cycle of smartphones, particularly iPhones, is also contributing to the current storage price increases [3] - The global HBM market is projected to grow from 5.61 billion dollars in 2024 to 57.09 billion dollars by 2034, with a compound annual growth rate of 26.1% [3] - Major manufacturers like Micron have sold out their HBM capacity for 2025, and enterprise SSD demand is expected to increase by over 30% [3] Future Catalysts - The ongoing storage upgrade cycle for iPhones is expected to continue, with anticipated enhancements in storage parameters for new models in 2026, further driving up storage prices [4] - Continuous upgrades in server computing power are likely to sustain long-term demand for HBM, providing support for Jiangbolong's future development [4] - Recent supply chain research indicates that DRAM and NAND flash prices have entered an upward trend since the end of 2025, which may continue into early 2026, benefiting related companies in the storage industry [4]
受益于存储价格持续上涨，江波龙2025年扣非利润预增超578%