文 | 新质动能，作者 | 沛林，编辑 | 沐风 谁能想到，在海归博士遍地的芯片圈，带头杀进全球前列的，竟然是一个只有高中学历的江西穷小子。 这个叫蔡华波的男人，带着他的双胞胎姐姐，从深圳华强北几平米的小柜台起步，硬生生干出了一家市 值超1000亿的芯片帝国——江波龙（Longsys）。2025年，公司启动港股IPO冲刺，试图构建"A+H"双资 本平台。 而在2025年第三季度，江波龙交出了一份炸裂财报：公司营收增长超过50%，单季度利润激增近20倍。 存储芯片被全球60多个国家疯抢，单季营收比寒武纪、海光信息等千亿龙头加起来还要多。 现在，江波龙不仅是中国存储芯片领域的老大，更是在国际赛道上硬刚三星、海力士等巨头，稳坐全球 独立存储器市场的前列。那么，一个草根创业者究竟是如何打破国际大牌封锁的呢？ 从华强北"倒爷"到代工厂 故事的起点在"电子产业宇宙中心"——深圳华强北。 1996年，江西九江少年蔡华波高中毕业。他没有继续求学，而是拎着行囊南下深圳，闯入了人潮汹涌的 华强北。那时候的华强北，是无数人梦开始的地方，也是"倒爷"们的江湖。 蔡华波在柜台里接触电阻、电容，学着分辨各种电子元器件。三年后，在二哥的鼓 ...

证券日报网12月23日讯，江波龙（301308）在接受投资者提问时表示，晶圆采购至存储器销售的生产周 期间隔，决定了存储晶圆价格上行时对公司毛利率将产生正面影响。近年来公司在高端存储、海外业务 以及自研主控芯片等方面持续取得突破，内生性成长因素将更直接且持续地驱动公司盈利能力的提升。 ...

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。 ...

Core Viewpoint - Jiangbolong (301308.SZ) has established long-term agreements with wafer suppliers, enhancing supply chain resilience and diversity, while achieving breakthroughs in UFS4.1 products with self-developed main control chips [1] Group 1: Long-term Agreements and Supply Chain - The company has signed long-term contracts (LTA) or memorandums of understanding (MOU) with wafer suppliers, indicating a commitment to long-term direct cooperation with wafer manufacturers [1] - This framework contributes to a robust and diversified supply chain, which is crucial for operational stability [1] Group 2: Product Development and Market Recognition - The company has successfully developed UFS4.1 products using its self-developed main control chips, marking a significant technological advancement [1] - Testing by original manufacturers and third parties has shown that the UFS4.1 products outperform comparable market products in terms of process, read/write speed, and stability [1] - The products have received recognition from major storage manufacturers, including SanDisk, and have been acknowledged by several Tier 1 clients, with the integration process accelerating [1]

Core Viewpoint - The company, Jiangbolong (301308), is experiencing significant growth in its storage product business, driven by rising demand in the cloud services sector and advancements in its proprietary technologies [1][2][3]. Group 1: Market Dynamics - Recent increases in storage prices are attributed to a surge in investment from North American cloud service providers, leading to a supply shortage of HDDs and a shift in focus towards high-capacity QLC SSDs [2]. - The price of storage products has seen a minimum increase of 20%, with some prices rising over 40%, reflecting the heightened demand in the server market [2]. Group 2: Profitability Impact - The company anticipates that the rising prices of storage wafers will positively impact its gross margin, although raw material price fluctuations are only one factor affecting overall performance [3]. - The company has made significant progress in enterprise storage, high-end consumer storage, and self-developed main control chips, which are expected to drive profitability growth [3]. Group 3: Supply Chain Stability - As a leading independent storage manufacturer, the company maintains a strong inventory turnover rate and has established long-term partnerships with major wafer suppliers, ensuring supply chain resilience [4]. - The company has signed long-term contracts and memorandums of understanding with wafer suppliers, enhancing its ability to secure stable resource supply [4]. Group 4: Product Development and Market Position - The company ranks third in the total capacity of enterprise-level ST SSDs in China for the first half of 2025, leading among domestic brands [4]. - The company is actively developing high-performance storage products for data centers, including new memory types like CXL2.0 and MRDIMM, and has launched the SOCMM2 product designed for data centers [5]. Group 5: UFS4.1 and Embedded Storage - The company has successfully developed UFS4.1 products, which are recognized for their superior performance in terms of process, read/write speed, and stability compared to market alternatives [6]. - UFS4.1 is positioned as a preferred storage configuration for flagship smart terminal models among Tier 1 clients, indicating a strong market opportunity as the embedded storage market transitions from eMMC to UFS [6]. Group 6: Main Control Chip Strategy - The company has launched multiple series of proprietary main control chips, achieving a deployment of over 100 million units by the end of Q3 2025, with ongoing rapid growth [7][8]. - The self-developed main control chips are currently undergoing validation with several Tier 1 manufacturers, indicating a strong potential for revenue growth in the coming year [8]. Group 7: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% [8]. - In Q3 2025 alone, the company achieved a main revenue of 6.539 billion yuan, reflecting a substantial year-on-year increase of 54.6% [8]. Group 8: Analyst Ratings and Predictions - Over the past 90 days, 9 institutions have rated the stock, with 8 buy ratings and 1 hold rating, indicating strong market confidence [9]. - The average target price set by institutions is 205.92 yuan, with various profit forecasts for the upcoming years showing optimistic growth expectations [9].

Group 1: Market Trends and Price Increases - The demand for high-capacity DDR5 and eSSD from major cloud service providers has significantly increased, leading to a supply tightening in consumer-grade and embedded storage [2] - According to CFM's market forecast, the price increase for eSSD in Q4 is expected to reach 10%, while DDR5 RDIMM prices may rise by approximately 10% to 15%, and Mobile NAND ASP is projected to increase by 5% to 10% [2] Group 2: Impact on Profitability - The production cycle from wafer procurement to memory sales means that rising wafer prices will positively impact the company's gross margin, although raw material price fluctuations are only one factor affecting performance [3] - The company has made significant breakthroughs in enterprise storage, high-end consumer storage, overseas business, and self-developed main control chips, which will drive profitability growth more directly and sustainably [3] Group 3: Enterprise Business Development - The company's enterprise storage products have gained wide recognition from leading clients across various industries, ranking third in total capacity for enterprise SATA SSDs in China and first among domestic brands according to IDC data for 2024 [3] - The company’s enterprise PCIe SSD and RDIMM products have begun mass introduction to major domestic enterprises [3] Group 4: Product Innovations - The company is actively developing high-performance storage products for data center applications, including CXL2.0 and MRDIMM, and has officially launched SOCAMM2, designed for AI data centers with breakthrough energy efficiency [4] - The SOCAMM2 product has not yet generated revenue, and investors are advised to be aware of associated risks [4] Group 5: UFS4.1 Product Development - The company has successfully developed UFS4.1 products, a high-end embedded storage solution, leveraging its self-developed main control chips, outperforming comparable market products in process, read/write speed, and stability [4][5] - UFS4.1 is the preferred storage configuration for flagship smart terminal models among Tier 1 clients, as the embedded storage market transitions from eMMC to UFS, indicating significant growth potential [5] Group 6: Main Control Chip Deployment - The company’s main control chips utilize advanced foundry processes and proprietary core IP, resulting in significant performance and power advantages [5] - As of July, over 80 million units of the main control chip series have been deployed, with rapid growth expected in deployment scale throughout the year [5]

Group 1: Market Trends and Predictions - The storage market is expected to see a comprehensive price increase in Q4 due to the surge in server shipment demand and supply strategies from storage wafer manufacturers [2][3] - The NAND flash market is predicted to expand continuously, driven by increased inventory demand in the server market and new mobile phone launches [2] Group 2: Business Growth and Competitive Position - The company ranks third in total capacity for enterprise-grade SATA SSDs in China and first among domestic brands, according to IDC data [3] - The company is actively expanding its high-performance storage products for data center applications, including new memory types like CXL2.0 and MRDIMM [3] Group 3: Technology and Product Development - The company has achieved over 80 million units of its self-developed main control chips deployed by the end of July, with rapid growth in deployment scale [5] - The UFS4.1 products equipped with the company's self-developed main control chips demonstrate superior performance, with sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write performance of 630K IOPS and 750K IOPS [4][5] Group 4: TCM Model and Future Prospects - The company has established a TCM (Technology Cooperation Manufacturing) model in collaboration with SanDisk, which is accelerating the introduction of UFS products into multiple Tier 1 customer supply chains [4] - The TCM business model is expected to achieve breakthroughs in cooperation with more manufacturers and Tier 1 customers [4]

Core Viewpoint - Jiangbolong held a conference call on August 22, 2025, to discuss its enterprise-level business strategy, TCM model progress, and main control chip R&D with 90 institutional investors [1] Group 1: Enterprise-Level Business Development - Jiangbolong's enterprise-level storage products have gained recognition from well-known clients due to its proprietary core intellectual property and technical capabilities [1] - According to IDC data, Jiangbolong's SATA eSSD has a domestic market share second only to Solidigm and Samsung, while its PCIe SSD and RDIMM products have been mass-produced for leading domestic enterprises [1] Group 2: SOCAMM Product Development - The SOCAMM product has been activated, showing over 2.5 times the bandwidth compared to traditional RDIMM at the same capacity, with a 20% reduction in latency and a size one-third that of standard RDIMM [2] - However, the SOCAMM product has not yet generated revenue, indicating certain risks [2] Group 3: TCM Model Progress and Market Space - Jiangbolong is focusing on high-end, brand, and overseas development, investing in key areas such as main control, firmware, and packaging testing to build a comprehensive service capability [3] - The TCM model connects wafer manufacturers with core downstream clients, simplifying the business model and reducing the impact of industry cycle fluctuations [3] - Jiangbolong has partnered with SanDisk to launch customized UFS products and solutions for the mobile and IoT markets, accelerating the introduction of UFS products into multiple Tier 1 client supply chains [3] Group 4: Main Control Chip Technology and R&D Plans - Jiangbolong has established a self-developed main control chip R&D team and continues to invest in it, utilizing leading processes and proprietary core IP [4] - The UFS4.1 product, equipped with self-developed main control chips, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - As of the end of July, over 80 million main control chips have been deployed, with UFS4.1 products undergoing validation with multiple Tier 1 manufacturers [4] Group 5: Embedded Business Opportunities - Jiangbolong has launched new embedded products such as UFS4.1 and eMMC Ultra, leveraging its advantages in self-developed main control, firmware, algorithms, and packaging testing [5] - The UFS product's performance advantages have led to a strategic partnership with SanDisk, while QLC eMMC products are being applied in numerous mobile terminal products due to their large capacity and price advantages [5] Group 6: Impact of U.S. Tariff Policies on Zilia - After acquiring Zilia, a leading storage manufacturer in Brazil, Jiangbolong has empowered it with its technology and product design solutions, leveraging Zilia's local manufacturing and service advantages [6] - Zilia has established long-term cooperative relationships with global top clients and manufacturers in Brazil [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is positioned as a leader in storage solutions and is enhancing its layout in advanced wafer-level packaging [4]. - The company has shown strong revenue growth in Q2 2025, with a year-on-year increase of 38% and a quarter-on-quarter increase of 54% [5][6]. - The company is expected to benefit from rising storage prices, with significant price increases projected for various memory products in Q3 2025 [8]. - The company is focusing on high-end product development and has a strong R&D investment strategy, which is expected to enhance its competitive edge [11]. Financial Summary - Total shares outstanding: 461.27 million [2] - Circulating shares: 317.30 million [2] - Market price: 64.07 CNY [2] - Market capitalization: 29,553.29 million CNY [2] - Revenue forecast for 2023A: 3,591 million CNY, with a growth rate of 20% [4]. - Projected revenue for 2024A: 6,695 million CNY, with a growth rate of 86% [4]. - Projected net profit for 2025E: 461 million CNY, with a growth rate of 186% [4]. - Projected EPS for 2025E: 1.00 CNY [4]. - Projected P/E ratio for 2025E: 64.2 [4]. Market and Industry Analysis - The company has a strong market position in embedded storage, PC storage, automotive-grade storage, and enterprise storage, ranking among the top domestic storage manufacturers [8]. - The company is implementing a one-stop solution for storage and wafer-level advanced packaging, which is expected to enhance its competitiveness in the market [10]. - The company has successfully launched its first domestically developed main control chip, which is expected to cater to various applications, including smart wearables and automotive [10].

Group 1: TCM Model and Competitive Advantage - The company has established a TCM model collaboration with storage wafer manufacturers, showcasing its leading capabilities in chip control, firmware development, and packaging manufacturing, which enhances profitability and creates higher technical and service value [3] - The company is one of the few in China capable of designing and supplying "eSSD+RDIMM" products, with a complete enterprise-level product line that meets the high-performance demands of AI servers [3] Group 2: Development Progress and Market Position - The company has been investing in self-developed control chips for several years, resulting in significant performance and power consumption advantages over mainstream market products, with UFS4.1 products achieving sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS [4] - The company's revenue in the enterprise storage sector has seen over 200% growth in Q1 2025, indicating substantial potential for future revenue growth as it captures more market share in high-end storage [5] Group 3: Market Trends and Price Movements - The company anticipates continued upward momentum in storage prices for Q3, driven by inventory demands from server OEM customers and cautious capacity control strategies from storage wafer manufacturers [6]