Investment Rating - The report assigns a "Buy-B" rating for Jiangbolong (301308.SZ) based on its strong performance and growth potential [2][3]. Core Views - Jiangbolong has experienced significant revenue growth, with a 143.82% year-on-year increase in revenue to 9.039 billion yuan in the first half of 2024, and a 199.64% increase in net profit to 594 million yuan [2]. - The company benefits from the upward trend in the storage industry, leveraging its scale, technology, and supply chain advantages to enhance its market share [2]. - The report highlights the company's successful transition towards high-end storage products and its expansion into overseas markets, indicating a second growth curve is opening up [3]. Financial Performance Summary - For the first half of 2024, Jiangbolong achieved a revenue of 9.039 billion yuan, with a net profit of 594 million yuan, marking substantial growth compared to the previous year [2]. - The second quarter of 2024 saw a revenue of 4.586 billion yuan, reflecting a 106.05% year-on-year increase, although net profit decreased by 45.41% quarter-on-quarter to 210 million yuan [2]. - The company’s embedded storage, solid-state drives, and memory modules all showed strong growth, contributing to a significant increase in overall revenue [2]. Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 3.26 yuan, 2.57 yuan, and 2.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21.5, 27.3, and 25.7 [3]. - Jiangbolong is expected to continue focusing on customized, high-end brand development while enhancing its capabilities across the semiconductor storage application product chain [3].
江波龙：公司业绩大幅增长，第二增长曲线打开成长空间公司研究/公司快报