Investment Rating - The report maintains a "Buy" rating for Jiangbolong, indicating a positive outlook for the company's stock performance relative to the market [4][5]. Core Insights - Jiangbolong's 2024 mid-year performance forecast indicates revenue between 8.8 billion to 9.2 billion yuan and a net profit of approximately 520 million to 610 million yuan, representing a significant increase of about 187.26% to 202.36% compared to the previous year [4][5]. - The semiconductor storage market is currently in an upward cycle, with expectations for continued price increases in NAND Flash products [5]. - Jiangbolong's embedded storage revenue accounted for 44% of total revenue, with solid-state drives (SSDs) at 28%, mobile storage at 23%, and memory modules at 5% [5]. - The company is expanding its product offerings from consumer-grade to enterprise-grade and automotive-grade storage solutions, capitalizing on the growing demand in these sectors [5]. - Jiangbolong is accelerating the development of self-researched SLC/MLC NAND Flash and control chips, establishing a competitive edge in the market [5]. - The report maintains profit forecasts for 2024-2026, projecting net profits of 1.584 billion, 985 million, and 1.378 billion yuan respectively, with a PE ratio of 22X for 2024 [4][5]. Financial Summary - For 2024, the total revenue is projected to be 14.657 billion yuan, with a year-on-year growth rate of 44.8% [6]. - The net profit for 2024 is estimated at 1.584 billion yuan, marking a significant recovery from a loss of 828 million yuan in 2023 [6][7]. - The gross margin for 2024 is expected to be 23.7%, reflecting a strong improvement from previous years [6][7].
江波龙：2024中报验证半导体存储高景气