企业级业务与SOCAMM产品协同发展 企业级存储作为高端存储产品，对企业综合实力要求极高。江波龙的企业级存储产品凭借自有核心知识 产权与技术能力，获得不同行业知名客户认可。据IDC数据，其率先应用的SATA eSSD国内市占率仅次 于Solidigm与三星，PCIe SSD与RDIMM产品已批量导入国内头部企业。 同时，公司积极跟进存储行业新趋势，已点亮SOCAMM产品。内部评估显示，该产品相同容量下带宽 比传统RDIMM高出2.5倍以上，延迟降低约20%，尺寸为标准RDIMM的三分之一，能突破传统RDIMM 的带宽、延迟瓶颈及高温痛点。不过，公司也提醒投资者，SOCAMM产品目前尚未形成收入，存在一 定风险。 TCM模式进展与市场空间 江波龙持续向高端、品牌、海外发展，在主控、固件、封测等关键领域投入，构建全链条产业综合服务 能力，并推出TCM模式。该模式依托自研主控芯片与封测能力，连通晶圆原厂与核心下游客户，简化 业务模式，降低产业周期波动影响。 8月22日晚间，江波龙举行电话会议，接受创金合信基金管理有限公司等90家机构调研。公司董事长、 总经理蔡华波等多位高管出席会议，就企业级业务发展战略、TCM模式 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-018 | 投资者关系活动 | □特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 类别 | □业绩说明会 | □新闻发布会 | □路演活动 | | | □现场参观 | √电话会议 | □其他 | | 参与单位名称及 | 详见附件 | | | | 人员姓名 | | | | | 时间 | 2025 年 8 月 22 日 | (周五) 下午 | 20:30-21:30 | | 地点 | 电话会议 | | | | | 副总经理 高喜春 | | | | | 董事长、总经理 | 蔡华波 | | | 上市公司接待人 | 副总经理、财务负责人 | 朱宇 | | | 员姓名 | 副总经理、董事会秘书 | 许刚翎 | | | | 投资者关系经理 1、公司在企业级业务上的发展战略？公司推出的 | 黄琦 | | | | 产品能否与现有产品形成协同？ SOCAMM 答：企业级存储是典型的高端存储产品，具有技术难度 | | | | | 大、研发周期长、客户粘性高等特点，考验存储企业的持续 | | | | | 供 ...

公司报告 | 半年报点评 江波龙（301308） 证券研究报告 25Q2 营收创历史新高，企业级+主控自研驱动高成长 事件：公司发布 2025 年半年度报告。2025 年 H1 公司实现营收 101.96 亿元（yoy+12.80%），归母净利润 1476.63 万元 (上半 年股份支付费用 4857.63 万元，剔除该影响后归母净 6334.26 万元)，扣非净利润 32 20.69 万元。2025 Q2 公司营收 59.39 亿 元（qoq+39.53%），单季度营收创历史新高，扣非净利润 2.34 亿元（qoq+215.94%)，2025 Q2 收入与利润环比均呈现大幅改 善趋势。 点评：公司 25H1 营收同比稳健增长，25Q2营收与利润环比显著改善，看好周期复苏及 TCM模式+企业级存储+自研主控加 持下公司业绩持续回升。公司 25H1 营收同比增长主要系：1）手机、PC 等主要下游市场温和复苏，AI 推动服务器需求增长， 带动存储市场持续增长；2）重点业务表现强劲，驱动业绩提升：企业级业务实现放量增长，同比增长 138.66%；嵌入式存 储市场地位保持领先，技术与模式创新驱动业务增长；海外业务影响 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 115.2 CNY, reflecting an expected relative return of over 20% within six months [6][16]. Core Views - The company is positioned as a core player in the storage price increase cycle, benefiting from both price and volume growth in the storage market, with expected quarterly performance improvements in 2025 [1]. - The company is recognized as a leader in domestic substitution, with significant growth projected in enterprise-level storage products, forecasting revenues of 922 million CNY in 2024, a year-on-year increase of 666.3% [2]. - The self-developed controller technology is establishing a technical barrier, enhancing the company's profitability and operational efficiency through its TCM model, which integrates supply chain management and customer relationships [3]. - The investment thesis highlights a dual logic of "cycle + growth," with short-term benefits from storage price increases, medium-term revenue growth from domestic enterprise storage, and long-term profitability through self-developed chips and TCM model [4]. Financial Summary - The company is projected to achieve revenues of 23.05 billion CNY in 2025, with a growth rate of 32% [5]. - The expected net profit attributable to the parent company for 2025 is revised down to 480 million CNY, with subsequent years showing significant growth to 1.61 billion CNY in 2026 and 2.08 billion CNY in 2027 [5]. - The EBITDA for 2025 is estimated at 2.41 billion CNY, reflecting a strong operational performance [5]. Market Position - The company ranks third in China for enterprise-level SATA SSD total capacity in 2024, showcasing its capability in eSSD and RDIMM product design and supply [2]. - The company has successfully adapted its PCIe SSD and SATA SSD series to multiple domestic CPU platforms, expanding its customer base across various industries [2].

Core Viewpoint - Jiangbolong aims to break the "curse" of storage module operations by achieving over $2 billion in revenue and transitioning towards becoming a semiconductor storage brand [1][2]. Group 1: Self-Developed Chip Strategy - Jiangbolong has increased its investment in technology to support its transition to a semiconductor storage brand, focusing on algorithm and IP design [2]. - The company established a main control chip team in 2020 and launched eMMC and SD controllers last year, marking a significant milestone in its self-developed chip strategy [4][5]. - The self-developed main control chips allow for application innovation in storage technology, enabling high customization based on customer needs [4]. Group 2: New Product Launches - Jiangbolong introduced several self-developed main control chips at the flash memory summit, including WM7400 (UFS 4.1), WM7300 (UFS 3.1), and WM3000 (USB 3.2) [5][6]. - The UFS 4.1 main control chip WM7400 features advanced manufacturing processes and supports both TLC and QLC NAND Flash, achieving sequential read speeds of up to 4350MB/s [7][8]. - The eMMC Ultra product, equipped with the WM6000 main control chip, enhances bandwidth by 50% compared to the eMMC 5.1 standard, providing a theoretical speed of 600MB/s [9][10]. Group 3: Automotive Storage Solutions - Jiangbolong has developed a comprehensive automotive storage product matrix, including AEC-Q100 compliant UFS, eMMC, and LPDDR4x products [11]. - The company has established deep partnerships with over 20 OEMs and 50 Tier 1 automotive clients, with a projected market growth of nearly 100% in the automotive sector [12][18]. Group 4: Business Model Transformation - Jiangbolong is shifting its business model to include Technology Contract Manufacturing (TCM) and Product Technology Manufacturing (PTM) services, aiming to reduce costs and optimize inventory management [15][16]. - The PTM model provides comprehensive storage Foundry services, addressing industry homogenization and innovation bottlenecks [16][18]. - The company has successfully implemented the PTM model across various industries, including automotive, servers, and mobile devices, enhancing its market presence [18][19]. Group 5: Global Market Expansion - Jiangbolong is accelerating its global market strategy, particularly in the Americas and Europe, to deepen the implementation of TCM and PTM models [20][21]. - The company aims to leverage its self-developed chips and proprietary packaging to enhance its service capabilities and meet diverse customer needs [23][24].