证券日报网讯 江波龙（301308）11月27日在互动平台回答投资者提问时表示，公司作为全球领先的半 导体存储品牌企业，已在芯片设计、固件算法开发、存储器设计及封测制造等关键环节构建起系统化技 术能力。近年来，公司在企业级存储、高端消费类存储、海外业务拓展以及自研主控芯片等领域持续实 现突破，多维发力提升全球综合竞争力。投资者可通过公开披露的信息，更好的了解公司业务进展与经 营成果。 ...

Group 1 - The company, Baiwei Storage, is experiencing rapid growth in its enterprise-level business, having obtained core supplier qualifications from major server manufacturers, leading internet companies, and top domestic OEM manufacturers, marking a significant enhancement in its commercial capabilities [1][3] - The enterprise-level products are designed for data centers and critical business scenarios, requiring higher performance stability, sustained write lifespan, and long-term reliability, with a more stringent certification cycle and integration process [3] - The acquisition of core supplier qualifications typically indicates the completion of multiple validation rounds and entry into customer systems, paving the way for subsequent bulk orders [3] Group 2 - The collaboration among server manufacturers, internet companies, and OEMs is expected to accelerate the ramp-up of new enterprise-level products, with the company improving yield and delivery stability during the pre-mass production phase through process optimization and consistency control [3] - Industry trends indicate that AI training and inference are driving data center expansion, leading to changes in enterprise storage demand, with higher bandwidth, lower latency, and greater durability becoming key selection criteria [3] - The company plans to enhance its product matrix and deepen collaborative development with core customers, focusing on performance, reliability, and energy efficiency while optimizing the supply chain to improve large-scale supply capabilities [3] Group 3 - The combination of core qualifications and pre-mass production is seen as a critical step towards commercialization, with future attention needed on the pace of bulk integration, fluctuations in downstream demand, and the impact of price competition on profitability [3] - If the company successfully achieves large-scale mass production, there is potential for further optimization of customer and product structures [3]

Core Viewpoint - The company has shown steady revenue growth in Q3 2025, but net profit has slightly declined, indicating a need for strategic adjustments to maintain profitability while expanding operations [1]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.338 billion yuan, a year-over-year increase of 26%, and a net profit attributable to shareholders of 113 million yuan, up 8% year-over-year. The non-recurring net profit was 103 million yuan, reflecting a 15% increase year-over-year. The gross margin was 20.3%, down 1 percentage point, and the net margin was 8.4%, also down 1 percentage point [1]. - In Q3 2025, revenue reached 483 million yuan, a year-over-year increase of 21% and a quarter-over-quarter increase of 5%. However, the net profit attributable to shareholders was 38 million yuan, down 5% year-over-year and 3% quarter-over-quarter. The non-recurring net profit was 34 million yuan, down 7% year-over-year and 3% quarter-over-quarter. The gross margin was 19.6%, down 3 percentage points year-over-year and 1 percentage point quarter-over-quarter, while the net margin was 7.9%, down 2 percentage points year-over-year and 1 percentage point quarter-over-quarter [1]. Business Development - The company is focusing on the development of complex modules and automotive electronic smart terminals, with the Lingshan base gradually advancing construction to support high-end production lines. The complex modules have begun small-scale supply, marking a breakthrough from zero to one in 2024. These modules integrate various components to create comprehensive solutions for smart home applications [2]. - The automotive electronics segment is experiencing rapid growth, with key clients including BYD, Dongfeng, Wuling, and Changan. The company is enhancing its product offerings with new technologies, such as the LC variable light anti-glare rearview mirror module, which is expected to upgrade the business [2]. - The company is leveraging dual-base collaboration between the Tanwei and Lingshan bases to enhance production capacity. The Tanwei base focuses on flexible production of monochrome LCD modules, while the Lingshan base specializes in large-size TFT automotive and complex modules [2]. Industry Trends - The ASIC and enterprise-level storage sectors are poised for significant growth. The demand for AI inference at the edge is driving ASIC to become a mainstream architecture, with leading manufacturers accelerating their chip development [4]. - The demand for enterprise-level SSDs is being propelled by AI large models and data center construction, with IDC predicting that the global enterprise SSD market will reach $39.6 billion by 2029, and the Chinese market is expected to reach $9.1 billion [4]. - PCM is emerging as a new high-cost-performance storage solution, effectively bridging the performance gap between DRAM and NAND. It has already been commercialized in servers, AI, and cloud computing, showing strong expansion potential [4]. Strategic Investments - The company is actively collaborating with Tianlianxin and Xincun Technology to establish a full-chain layout for ASIC and enterprise-level storage modules. Tianlianxin focuses on ASIC chip development and enterprise-level storage control chips, while Xincun Technology, incubated by Yangtze Memory Technologies, is dedicated to PCM chip design and manufacturing [3][5]. - Tianlianxin has developed a domestic CXL near-storage computing architecture, significantly accelerating AI training and inference performance. The next-generation products are expected to reduce power consumption by 25% and latency by 18% [5]. - Xincun Technology has launched a new generation of memory-level storage chips, achieving significant improvements in performance and reliability, with durability enhanced by over 10 times compared to previous models [5].

Core Insights - Jiangbolong Electronics reported strong financial performance in Q3 2025, with revenue of 6.539 billion yuan, a year-on-year increase of 54.60%, and net profit of 698 million yuan, a staggering growth of 1,994.42% [2] - The company's strategic focus on enterprise-level storage, particularly in the AI storage sector, is driving its growth amid global semiconductor market fluctuations [1][2] Financial Performance - For the first three quarters of 2025, Jiangbolong achieved a revenue of 16.734 billion yuan, up 26.12% year-on-year, and a net profit of 713 million yuan, reflecting a 27.95% increase [1] - In Q3 2025, the company saw a significant rebound in performance, with net profit excluding non-recurring items reaching 447 million yuan, a year-on-year increase of 1,162.09% [2] Business Strategy - Jiangbolong's shift from consumer-grade to enterprise-grade storage has been pivotal, with a focus on high-density, low-power storage products driven by the surge in AI computing demand [2][3] - The company has established a differentiated competitive advantage by proactively entering the enterprise storage market [2] Technological Advancements - Jiangbolong has made significant technological strides, launching the LPCAMM2 memory module and SOCAMM2 memory, which cater to the needs of high-performance computing and AI servers [3] - The company’s enterprise-level UNCIA series SSDs have gained recognition, with products successfully passing rigorous testing and achieving large-scale shipments [4] Industry Positioning - Jiangbolong is integrating deeply into the global AI computing industry chain, aligning its products with domestic computing needs and forming partnerships with leading internet companies [5] - The company ranks third in the Chinese enterprise SATA SSD market, establishing itself as a benchmark in the industry [5] Future Outlook - The expansion of AI computing from cloud to edge is expected to create massive storage demand, positioning Jiangbolong as a key player in the evolving digital economy [6][7] - The Chinese AI server market is projected to reach 120 billion yuan in 2025, with expectations to exceed 450 billion yuan by 2030, indicating a robust growth trajectory for Jiangbolong's enterprise business [7]

Core Insights - The enterprise SSD market in China is projected to reach $9.1 billion by 2029, driven by increased capacity and reduced costs, which will accelerate the replacement of HDDs [1] - The domestic storage industry is expected to benefit from policy support and technological innovations, narrowing the gap with international brands [1] Group 1: Market Growth and Trends - The enterprise SSD market in China is forecasted to grow to $6.25 billion in 2024, representing a year-on-year increase of 187.9% [1] - The demand for enterprise SSDs is expected to rise due to the limitations of HDDs in meeting the storage needs driven by AI and data center requirements [2] Group 2: Technological Advancements - AI servers require higher storage capacities, with enterprise SSDs in AI servers valued at over three times that of general servers [3] - The shift towards larger capacity SSDs (4TB, 8TB, and above) is essential for meeting the rigorous demands of AI training and inference processes [3] Group 3: Competitive Landscape - Solidigm and Samsung are the global leaders in the enterprise SSD market, with Samsung facing challenges from domestic competitors and cost pressures [4] - Domestic storage companies are expected to increase their market share through innovations in large-capacity products and localized services [4]

Group 1: Core Insights - The report indicates a rebound in copper, aluminum, and steel inventories, with the inventory high-frequency index reaching 162.0, an increase of 8.7 points year-on-year [2][3] - The industrial production high-frequency index is at 127.0, reflecting a year-on-year increase of 5.3 points, indicating stable production growth [2] - The report highlights a significant growth opportunity in the enterprise storage market, driven by AI investments, with the market expected to reach $87.8 billion in 2025, growing at a CAGR of approximately 18.7% from 2024 to 2028 [6][7] Group 2: Company-Specific Developments - The company, 香农芯创, has established a dual business model of "distribution + products," having acquired distribution rights for major semiconductor manufacturers and launched a joint venture for enterprise-level SSDs [4][5] - In the first half of 2025, 香农芯创 achieved revenue of 17.1 billion yuan, a year-on-year increase of 119%, indicating strong growth driven by AI-related capital expenditures [6][7] - The company is positioned to benefit from the increasing demand for enterprise-level storage solutions, with a focus on high-capacity and low-energy products, and aims to enhance its market share through domestic product replacements [7][8]

Core Insights - The demand for efficient processing of massive data in the AI era is increasingly urgent, making the construction of AI data lakes essential for enterprises [2] - The prices of enterprise-level storage are continuously rising due to AI-driven demand [4] Group 1: AI and Data Storage Trends - The AI-driven transformation is turning "cold data" into "warm data," with predictions that by 2035, warm data will account for over 70% of data, leading to a shift from a three-tier data structure to a two-tier structure [2] - The performance requirements for storage hardware will increase due to the rise of "warm data," making HDDs less suitable compared to SSDs [2] Group 2: Supply and Demand Dynamics - There is a significant shortage in the supply of Nearline HDDs, with a current shortfall estimated at 150-180EB, potentially reaching 200EB [3] - The delivery cycle for Nearline HDDs has extended from weeks to over 52 weeks, exacerbating the storage gap for cloud service providers (CSPs) [3] Group 3: Price Movements and Investment Opportunities - SSD prices are expected to rise, with a projected seasonal increase of 5-10% for eSSD contracts due to CSP demand [4] - As of September 16, the price for a 512GB PCIe 4.0 SSD was $35.5, reflecting a weekly increase of 6.93% [4] - The prices for DDR4 RDIMM memory modules also saw significant monthly increases, with 32GB and 64GB modules priced at $140 and $240, respectively, marking growths of 16.67% and 4.35% [4] - Investment opportunities are identified in enterprise-level storage modules, including eSSD and RDIMM manufacturers [4][5]

Group 1 - The company recently held a targeted research activity with participation from three institutions: CICC, Hangyin Wealth Management, and Hanxin Private Equity [1] - The event focused on the company's growth expectations and advantages, highlighting its core intellectual property and technology capabilities, with the company ranking third in China's enterprise SATA SSD total capacity in 2024, leading among domestic brands [5] - The TCM model's progress was discussed, showcasing the company's collaboration with SanDisk, which emphasizes its leading capabilities in main control chip, firmware development, and packaging and testing manufacturing [5] Group 2 - The company's main control chip technology and planning were highlighted, with its series of main control chips utilizing leading foundry processes and self-developed core IP and firmware algorithms, resulting in performance and power consumption advantages [5] - The storage price trend was analyzed, indicating a substantial recovery in semiconductor storage market demand since the end of March 2025, driven by AI server shipments and increased mobile storage capacities [5] - The company noted that the CFM flash memory market is expected to see upward price movement in the third quarter due to supply strategies from storage wafer manufacturers [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a record high revenue of 2.9 billion yuan in Q2 2025, doubling both year-on-year and quarter-on-quarter [1][5] - The company has successfully expanded its product lines to include mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, with significant revenue growth in 2024 [5] - The company has established a strong client base across various industries, including cloud service providers and AIoT terminal manufacturers [5] Financial Data and Profit Forecast - Total revenue projections are as follows: 2024: 4,773 million yuan, 2025H1: 4,109 million yuan, 2025E: 8,325 million yuan, 2026E: 9,326 million yuan, 2027E: 11,327 million yuan [4] - Year-on-year growth rates for revenue are projected at 168.7% for 2024, 88.8% for 2025H1, and 74.4% for 2025E [4] - The net profit attributable to the parent company is forecasted to be 351 million yuan in 2024, 725 million yuan in 2025E, 845 million yuan in 2026E, and 1,046 million yuan in 2027E [4] - The company’s gross margin is expected to improve from 5.0% in 2025H1 to 16.4% in 2026E [4] - The company’s return on equity (ROE) is projected to be 22.5% in 2025E, 20.8% in 2026E, and 20.5% in 2027E [4] Market Data - As of August 25, 2025, the closing price is 99.61 yuan, with a market capitalization of 15,915 million yuan [2] - The price-to-earnings (PE) ratio is estimated at 31 for 2025 [4]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is experiencing steady growth in its main business, with a focus on complex modules and automotive electronic smart terminals as future growth drivers [5][9]. - The company is actively expanding into the ASIC and enterprise-level storage module markets, which are expected to open up new growth opportunities [6][8]. Summary by Sections Company Overview - The company has a total share capital of 197.57 million shares and a market price of 27.10 yuan, resulting in a market capitalization of approximately 5,354.22 million yuan [4]. - The company has evolved from black-and-white LCD products to color screens, automotive displays, and complex modules, with a revenue composition of 61% from color LCD modules, 24% from monochrome modules, 12% from displays, and 2% from touch screens and others [4][18]. Financial Performance - The company has achieved a five-year revenue CAGR of approximately 24% and a net profit CAGR of about 33% [5][20]. - Revenue projections for 2023A to 2027E are 1,267 million yuan, 1,477 million yuan, 1,765 million yuan, 2,198 million yuan, and 2,919 million yuan, respectively, with growth rates of 3%, 17%, 20%, 24%, and 33% [2]. - The net profit for the same period is projected to be 107 million yuan, 150 million yuan, 161 million yuan, 209 million yuan, and 306 million yuan, with growth rates of -9%, 40%, 7%, 29%, and 46% [2]. Market and Product Strategy - The company is focusing on complex modules and automotive electronic smart terminals, with significant R&D progress in smart serial display modules and variable light rearview mirror modules [5][30][33]. - The company is also investing in ASIC and enterprise-level storage modules, with a projected global market size for enterprise SSDs expected to reach 396 billion USD by 2029 [6][8]. Investment and Growth Potential - The company has established a full-chain layout for ASIC and enterprise-level storage modules through investments in Tianlianxin and Xincun Technology, enhancing its competitive edge in the semiconductor field [8][25]. - The company’s strategic focus on high-end production lines and complex modules is expected to drive future growth, particularly in the automotive sector [17][35].