Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][5] Core Views - The company is expected to benefit from rising storage market prices and rapid growth in enterprise storage business, with projected revenue from enterprise storage reaching 922 million yuan in 2024, a year-on-year increase of 666.30% [2][4] - The collaboration with Sandisk aims to leverage the company's strengths in main control chips and firmware development to enhance market competitiveness in the mobile and IoT sectors [1][2] - The company's global strategy has shown significant results, with overseas business becoming a key growth driver, including a 120.15% year-on-year revenue increase from the acquisition of the Brazilian subsidiary Zilia in 2024 [3][4] Financial Summary - The company forecasts revenues of 10,125 million yuan in 2023, increasing to 29,115 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 12.64% [4][14] - The net profit is projected to turn positive in 2024, reaching 499 million yuan, and further increasing to 1,319 million yuan by 2027 [4][14] - The earnings per share (EPS) is expected to rise from -2.01 yuan in 2023 to 3.15 yuan in 2027 [4][14] Market Position and Strategy - The company has made significant technological advancements, including the successful tape-out of its first self-developed UFS main control chips, which are expected to enhance product competitiveness and customer loyalty [3][4] - The company’s enterprise storage product portfolio, including eSSD and RDIMM, has achieved breakthroughs and is expected to lead future growth [2][4] - The Lexar brand has seen revenue of 3.525 billion yuan, indicating a continuous increase in brand influence and market share [3][4]
江波龙（301308）：市场升温+企业级存储放量，携手闪迪注入新动能