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]

Group 1: Company Growth and Market Position - The company is one of the few A-share listed companies that officially disclose specific enterprise-level storage product performance, achieving a revenue of 319 million CNY in Q1 2025, representing a year-on-year growth of over 200% [3] - The enterprise-level storage products have gained recognition from major clients across various industries, including large internet companies and telecom operators, indicating strong adaptability and reliability [3] - The company expects continued breakthroughs in enterprise-level business due to increasing demand for domestic storage products driven by AI applications and local security concerns [3] Group 2: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its leading capabilities in main control chip development and packaging, aiming to launch customized high-quality UFS products for the mobile and IoT markets [4] - The TCM (Technology Contract Manufacturing) model is being actively promoted, enhancing visibility in supply and demand, which helps mitigate price fluctuations and create value [4] - Collaborations with Tier 1 clients like Transsion and ZTE under the TCM model are expected to yield significant results in the future [4] Group 3: Storage Price Trends - Following production cuts announced by major storage wafer manufacturers, market prices for storage products have begun to rise since late Q1 2025, with downstream demand showing substantial growth [5] - Independent reports indicate that the semiconductor storage market has been gradually recovering since the end of March 2025, with expectations of continued upward momentum in prices for server and mobile storage products in Q3 [5] Group 4: Self-Developed Main Control Chips - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The self-developed main control chips are expected to see significant growth in application scale throughout 2025, maintaining a competitive edge in performance and power consumption [6] Group 5: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant market share growth potential [6] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with Q1 2025 revenue increasing by 45.08% compared to the previous year [6] - The integration of Zilia into the company has enhanced its overseas market presence and product offerings, leveraging local manufacturing and service advantages [6]

Group 1: Market Outlook and Trends - The demand for high-performance computing and storage hardware is expected to grow due to continuous investments by cloud service providers in AI hardware, particularly in the server sector [3] - The storage market began to recover gradually from the end of March 2025, following a series of production cuts announced by major storage manufacturers [3] - The first quarter of 2025 saw a revenue of 319 million CNY for enterprise storage products, representing a year-on-year growth of over 200% [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology, manufacturing, and market capabilities [5] - The customer base for the company's enterprise storage products is diverse, including large internet companies and telecom operators, indicating strong adaptability and recognition across various industries [5] Group 3: Product Development and Innovation - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The UFS products utilizing the self-developed main control chips are expected to maintain and expand the company's leading position in the embedded storage market [6] Group 4: Business Model and Inventory Strategy - The TCM model aims to establish a new type of supply-demand relationship, enhancing visibility and reducing price volatility impacts [7] - The company is transitioning towards a service and value-driven model, adjusting inventory strategies flexibly based on market conditions and business development needs [7]

Core Viewpoint - Jiangbolong aims to establish Lexar as a top three brand in the global consumer storage market, reflecting the company's ambition for globalization and brand recognition [5][6]. Group 1: Company Strategy - Jiangbolong has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing ("A+H") to enhance its financing capabilities and reduce domestic uncertainties [2][3]. - The company previously planned to issue convertible bonds to raise nearly 3 billion yuan for acquiring 81% of SMART Brazil but canceled the issuance due to external environment changes and strategic factors [4]. - The chairman, Cai Huabo, emphasizes the importance of building a global brand and has expressed a desire to differentiate products to combat the cyclical nature of the storage industry [5][6]. Group 2: Market Positioning - The decision to list in Hong Kong is driven by financial needs and the desire to expand overseas, as it allows for raising funds in Hong Kong dollars to alleviate cash flow pressures [3]. - Jiangbolong's strategy includes enhancing brand recognition and transparency in operations, which is expected to facilitate international customer expansion [3][5]. - The company believes that the differentiation in global market demands can mitigate cyclical risks and lead to higher profit margins compared to the domestic market [6]. Group 3: Leadership and Vision - Cai Huabo holds a significant 38.96% stake in Jiangbolong, with a personal net worth of approximately 15.016 billion yuan based on the company's market value of 38.865 billion yuan [7]. - Industry experts recognize Cai Huabo's strategic vision and successful transition from various roles in the electronics industry, positioning him as a potential leader in the domestic electronic sector [7].