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美国修订出口管制条例,国产链加速发展
NORTHEAST SECURITIES· 2025-09-14 11:43
[Table_Title] 证券研究报告 / 行业动态报告 美国修订出口管制条例,国产链加速发展 事件: [Table_Summary] 当地时间 2025 年 9 月 12 日,美国商务部工业与安全局以"违背美国国 家安全或外交政策利益"为由,发布公告,称修订了《出口管理条 例》,共将 32 个实体添加到管制实体名单中,其中涵盖中国(23 个)。 核心观点: ➢ 海外引领,全球算力迎来共振时刻 (1)Oracle 业绩指引大超预期,Capex 指引超预期:财报数据显示,甲 骨文第一季度总收入达到 149 亿美元,按美元计算同比增长 12%。其中, 云收入总计 72 亿美元,同比大幅增长 28%,成为驱动公司整体业绩的核 心引擎。其中,IaaS 收入为 33 亿美元,同比激增 55%,反映出市场对甲 骨文高性能、安全云基础设施的旺盛需求。在手订单暴增,业绩增长确 定性强,公司 RPO(剩余履约义务,即尚未确认的合同收入)总额激增 至 4550 亿美元,同比增幅高达 359%;(2)CCL 上游供需缺口大:Rubin CPX 可能对于 HVLP4 单月需求扩大到 600-700t,而海外龙头三井明年 RTF 产 ...
江波龙(301308) - 2025年5月19日-21日投资者关系活动记录表
2025-05-23 11:06
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]