Investment Rating - The investment rating for the company is "Buy" with a target price of 115.2 CNY, maintaining the rating for the next six months [7][18]. Core Views - The company achieved a record high revenue of 10.196 billion CNY in H1 2025, representing a year-on-year growth of 12.80%. The net profit attributable to the parent company was 14.766 million CNY, with a significant improvement in both revenue and profit in Q2 2025 [1][2]. - The growth in revenue is driven by the recovery in key downstream markets such as mobile phones and PCs, along with increased demand for servers due to AI, leading to sustained growth in the storage market [2][3]. - The company is positioned as a leader in domestic substitution, with its enterprise storage business revenue reaching 693 million CNY in H1 2025, a year-on-year increase of 138.66% [3]. - The self-developed controller chips have accelerated application deployment, with over 80 million units deployed by the end of July 2025 [4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 10.196 billion CNY, a year-on-year increase of 12.80%. Q2 2025 revenue reached 5.939 billion CNY, a quarter-on-quarter increase of 39.53% [1][2]. - The net profit attributable to the parent company for H1 2025 was 14.766 million CNY, with a non-recurring net profit of 320.69 million CNY [1]. Business Growth - The enterprise storage business saw significant growth, with revenue of 693 million CNY in H1 2025, up 138.66% year-on-year. The company has established a comprehensive product system for enterprise-level products [3]. - The TCM business model enhances the company's supply chain integration and operational efficiency, contributing to a stronger profit margin [4]. Global Expansion - The company has strengthened its overseas market presence, with sales in Brazil and Latin America reaching 1.388 billion CNY in H1 2025, a growth of 40.01% [5]. - The global brand Lexar achieved sales of 2.145 billion CNY in H1 2025, reflecting a year-on-year growth of 31.61% [5]. Future Outlook - The company is expected to benefit from a dual logic of "cycle + growth," with projected revenues of 23.05 billion CNY, 26.05 billion CNY, and 30.09 billion CNY for 2025, 2026, and 2027 respectively [6][5]. - The net profit attributable to the parent company is forecasted to be 4.82 billion CNY, 16.09 billion CNY, and 20.76 billion CNY for the same years [6].
江波龙(301308):25Q2营收创历史新高,企业级+主控自研驱动高成长