【招商电子】江波龙（301308）深度报告：国内存储器龙头多维布局，伴随AI大势迎来广阔成长空间

Core Viewpoint - Jiangbolong, as a leading domestic NAND module manufacturer, has established a comprehensive capability in "design + firmware + packaging" and is focusing on high-end storage fields such as AI, supported by a stable supply chain and brand matrix [2][10][49]. Group 1: Company Overview and Capabilities - Jiangbolong has developed a full-stack capability in storage chip design, firmware development, and packaging, transitioning from a trading company to a technology brand enterprise [10]. - The company has created three major brands: FORESEE, Lexar, and Zilia, with significant market positions in their respective segments [10]. - Jiangbolong's revenue from embedded storage, solid-state drives, mobile storage, and memory modules is expected to grow significantly, with embedded storage being the main product line [20][32]. Group 2: Financial Performance and Growth Projections - The company achieved a revenue CAGR of 26.7% from 2018 to 2024, with a projected revenue of 225-230 billion yuan in 2025, reflecting a year-on-year increase of 30.27% [3][19]. - The net profit for 2025 is expected to be between 12.5-15.5 billion yuan, representing a year-on-year increase of 181% [3][27]. - The company anticipates a significant increase in revenue and profit due to rising storage prices and the growing demand for AI-related products [19][27]. Group 3: Product Development and Market Demand - The company has launched enterprise-level SSDs and DDR5 RDIMM products, with enterprise storage revenue expected to reach 6.93 billion yuan in the first half of 2025, a year-on-year increase of 138.66% [4][47]. - AI servers require significantly more DRAM and NAND Flash compared to traditional servers, driving demand for high-performance storage solutions [5][35]. - Jiangbolong's SOCAMM products, designed for AI applications, offer superior performance with reduced latency, enhancing data throughput for AI training and inference tasks [5][47]. Group 4: Supply Chain and Business Model Innovation - The company has implemented a TCM (Technology Contract Manufacturing) model to stabilize supply chain dynamics and mitigate price fluctuations [49]. - Jiangbolong's PTM (Product Technology Manufacturing) model integrates design, firmware, and packaging to provide customized solutions, enhancing competitiveness [51]. - The company has established a stable supply chain with major global foundries and packaging partners, ensuring resource availability and pricing stability [4][49]. Group 5: Research and Development Investments - Jiangbolong plans to raise 3.7 billion yuan for R&D in high-end storage, semiconductor control chips, and advanced packaging, focusing on AI and enterprise-level products [16][17]. - The company has increased its R&D expenditure significantly, reaching 9.1 billion yuan in 2024, to support the development of new products and technologies [26]. - The self-developed UFS4.1 control chip is expected to enhance product performance and market competitiveness, with strategic partnerships established for its deployment [57][60].