Investment Rating - The investment rating for the company is "Outperform the Market" [4][8]. Core Insights - The company reported a revenue of 4.59 billion yuan in Q2 2024, representing a year-over-year increase of 106.1% and a quarter-over-quarter increase of 2.99%. The net profit attributable to shareholders was 210 million yuan, up 166.47% year-over-year but down 45.41% quarter-over-quarter [1]. - The company is experiencing a gradual recovery in demand, particularly in enterprise-level storage products, with a significant increase in sales of self-developed chips [1]. - The company has adjusted its revenue forecasts for 2024-2026 due to slowing growth in consumer electronics, projecting net profits of 1.16 billion yuan, 1.07 billion yuan, and 1.14 billion yuan for 2024, 2025, and 2026 respectively [1]. Financial Performance Summary - In Q2 2024, the gross margin was 22.65%, an increase of 22.12 percentage points year-over-year but a decrease of 1.74 percentage points quarter-over-quarter [1]. - The company’s enterprise storage revenue reached 291 million yuan in the first half of 2024, a year-over-year increase of over 2000% [1]. - The company’s self-developed main control chips have been applied in over 10 million units, indicating strong market acceptance [1]. Market Position and Strategy - The company has successfully positioned itself in the high-end product segment, with a significant increase in inventory for enterprise-level products [1]. - Following the acquisition of Lexar, the company has achieved leading market shares in solid-state drives in Poland and Singapore, and in CFe storage cards in China and France [1]. - The company is expanding its global business footprint, with recent acquisitions enhancing its supply chain capabilities [1].
江波龙：2Q24营收同环比增长，企业级存储与自研芯片加速起量