江波龙 20251029 摘要 江波龙在嵌入式存储领域全球领先，移动存储领域位居第二，具备芯片 设计、固件开发、存储器设计及封测制造等全方位技术能力，尤其在自 研主控芯片方面，已推出多个系列，累计部署超 1 亿颗，采用三星和台 积电的先进制程，性能领先。 公司推行 TCI 模式，通过与闪迪等上游厂商锁定晶圆供应量与价格，并 与下游客户锁定出货量与价格，以应对晶圆价格波动，同时，公司与 T2 one 等手机厂商合作，为其旗舰机型提供高性能存储器产品。 2025 年第三季度，江波龙营收达 65.39 亿元，创历史新高；毛利 18.92 亿元，显著回升；归母净利润 6.98 亿元。前三季度研发费用 7.01 亿元，显示持续高强度投入。截至三季度末，库存规模 85.17 亿 元，低价准备余额 1.52 亿元。 公司认为本轮存储上行周期尚未结束，供应端缺乏有效产能增量，而需 求端服务器领域有积极放量变化。北美 CSP 厂商 AI 订单能见度延长至 2027 年，HDD 供应缺口扩大，QLC SSD 替代 HDD 趋势明显，推动整 体市场增长。 Q&A 请介绍一下公司在存储器行业中的地位和主要业务领域。 根据第三方机构的 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 156.2 CNY, maintaining the rating [6][10]. Core Views - The company has shown significant improvement in Q3 performance, with a revenue increase of 6.58% year-on-year and a substantial net profit growth of 42.81% quarter-on-quarter, driven by the upturn in the storage market [2][3]. - The company has established a dual-driven development model of "distribution + self-research," enhancing its competitive edge in the storage industry [3][10]. - Future revenue projections indicate a growth trajectory, with expected revenues of 362.20 billion CNY, 420.69 billion CNY, and 484.58 billion CNY for 2025, 2026, and 2027 respectively [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 26.4 billion CNY, a year-on-year increase of 59.90%, and a net profit of 359 million CNY, a slight decrease of 1.36% year-on-year [1]. - In Q3 2025 alone, the company reported a revenue of 9.276 billion CNY, a year-on-year increase of 6.58% and a quarter-on-quarter increase of 0.64%, with a net profit of 202 million CNY, reflecting a year-on-year decrease of 3.11% but a quarter-on-quarter increase of 42.81% [1][2]. Market Dynamics - The storage market is experiencing an upturn, with expected price increases in DRAM and NAND products due to supply shortages and increased demand from data centers driven by AI applications [2][3]. - The company benefits from a robust distribution network and has successfully launched its own brand products, enhancing its market position [3]. Strategic Developments - The establishment of a joint venture with Wuxi Lingjing Cloud aims to strengthen the company's "distribution + self-research" strategy, facilitating deeper industry collaboration and expanding sales channels [3][10]. - The company has completed the R&D and trial production of enterprise-level DDR4, DDR5, and Gen4e SSDs, marking a significant step towards mass production [3].