事件 投资建议 考虑到公司算力中心核心成本高算力GPU 仍维持高价，我们预计公司2025-2027年营业收入分别为 66.21/77.98/91.05 亿元， 同比增速分别为17.76%/17.77%/16.77%，归母净利润分别为2.63/3.09/3.64 亿 元，同比增速分别为30.19%/17.13%/17.96%，EPS 分别为0.19/0.23/0.27 元/股，3 年CAGR 为21.62%。 鉴于公司深度参与上海城市数字化，松江二期项目建成，有望受益于数据要素产业发展和算力设施建 设，建议保持关注。 风险提示：市场竞争加剧风险，产品和技术不及预期，租赁价格波动风险。 云赛智联发布2025 年第一季度报告，公司实现营收14.10 亿元，同比下降2.07%；归母净利润0.42 亿 元，同比下降29.03%；扣非归母净利润0.39 亿元，同比下降26.98%；毛利率为17.29%，同比下降 1.01pct。 强化主业结构优化整合，布局算力聚焦主业业务公司2024 年积极布局智能算力业务，夯实"做优IDC"的 基础底座。松江大数据计算中心二期是上海市为打造超大规模自主可控智能算力基础设施而部署的政策 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [8][22]. Core Views - The company is expected to benefit from a recovery in the storage industry and an increase in enterprise-level storage demand, with revenue projected to grow significantly in the coming years [2][4]. - The embedded storage segment is anticipated to generate substantial revenue growth, with a forecasted increase of 90.5% year-on-year in 2024 [2]. - The company has successfully launched its self-developed UFS 4.1 controller chip, which is expected to enhance its position in the high-end smart terminal market [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 4.256 billion yuan, a 1.5% increase quarter-on-quarter but a 4.4% decrease year-on-year [9][10]. - The gross margin for Q1 2025 was 10.35%, reflecting a decline compared to previous periods, primarily due to slow recovery in the consumer electronics market and inventory digestion issues [2][9]. - The company’s net profit attributable to shareholders was -151.81 million yuan for Q1 2025, indicating a significant year-on-year decline [12]. Revenue Projections - Revenue is projected to reach 10.125 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.6% through 2027, reaching approximately 30.125 billion yuan by 2027 [1][15]. - The company expects to achieve a net profit of 4.99 billion yuan in 2024, a 160.2% increase year-on-year [11]. Market Position and Growth Potential - The company is positioned as a leading independent storage manufacturer in China, with significant growth potential driven by global trends such as AIGC and the "Digital China" initiative [4]. - The enterprise storage segment saw a remarkable revenue increase of over 200% year-on-year in Q1 2025, indicating strong demand in various sectors including internet and finance [3][4].

Core Viewpoint - The semiconductor storage market is experiencing uneven performance among manufacturers, with some companies benefiting from AI-related demand while others struggle due to slow recovery in consumer electronics [1][3]. Group 1: Company Performance - Jiangbolong reported a revenue of 4.256 billion yuan in Q1, a year-on-year decline of 4.41%, and a net loss of 152 million yuan [2][3]. - Langke Technology recorded a revenue of 234 million yuan in Q1, a year-on-year increase of 5.19%, but also reported a net loss of 13 million yuan, which widened compared to the previous year [2]. - Companies like Lanke Technology and Jiangbolong are facing challenges due to weak consumer demand and inventory issues, leading to a decline in revenue and profit margins [7][6]. Group 2: Growth Companies - Companies such as Lankai Technology, Zhaoyi Innovation, and Demingli reported significant growth in Q1, with Lankai's net profit increasing by 65.78% to 1.222 billion yuan, and Zhaoyi's revenue growing by 17.32% to 1.909 billion yuan [2][3]. - Demingli's revenue surged by 168.74% to 4.773 billion yuan, with a net profit increase of 1302.3% [3]. Group 3: Market Demand and Trends - The demand for NAND Flash and DRAM is showing signs of recovery, particularly in data centers, while consumer electronics remain sluggish [8][9]. - The global smartphone shipment in Q1 was 304.9 million units, a year-on-year increase of 1.5%, which is lower than the previous year's growth rate [8]. - Companies are adjusting production to stabilize prices, with Micron announcing a 10% reduction in NAND wafer production [9]. Group 4: Future Outlook - Companies expect a gradual recovery in the semiconductor storage market starting from late Q1, driven by inventory digestion and production adjustments by major manufacturers [9][10]. - TrendForce predicts that NAND Flash prices will stabilize in Q2, with expected price increases of 3% to 8% due to a procurement surge [10].

Core Insights - The storage industry is undergoing significant transformation driven by the explosive growth of AI computing power, which presents challenges in performance, capacity, and energy efficiency [1] - The 2025 China Flash Memory Summit highlighted key trends in flash technology and innovations from leading companies like Yilian [1] Group 1: Flash Technology Trends - The adoption of PCIe 5.0 SSDs is accelerating due to a surge in high-performance demands, with PCIe 5.0 offering double the theoretical bandwidth of PCIe 4.0, reaching up to 32GT/s [2] - AI applications are driving the need for high-capacity and ultra-fast SSDs, with predictions indicating that AI PCs will increase from 17% of total shipments in 2024 to 43% by 2025 [3] - Low-power design in SSDs is becoming crucial for data centers and edge devices to manage operational costs and enhance efficiency [4] Group 2: Yilian's Technological Innovations - Yilian is responding to market trends by launching new PCIe 5.0 enterprise SSDs, which feature lower latency and higher bandwidth, ensuring reliability for critical applications like AI training and cloud computing [5] - In the consumer market, Yilian has introduced a 2TB SSD to meet the storage demands of AI PCs, achieving a 9% performance advantage over competitors in loading large AI models [7] - Yilian's enterprise SSDs are designed with energy efficiency in mind, contributing to lower operational costs and sustainable performance improvements [9][10] Group 3: R&D and Testing Capabilities - Yilian has established a comprehensive enterprise-level storage innovation center, equipped with advanced testing facilities to ensure high reliability and performance of its SSD products [11] - The consumer storage lab at Yilian is recognized for its advanced capabilities, conducting extensive testing to ensure data security and optimal user experience [12] - Yilian's intelligent manufacturing platform supports high-volume production and efficient testing, enhancing the overall cost-effectiveness of product delivery [15] Group 4: Industry Evolution - The storage industry is shifting from a focus on scale expansion to value creation, with a new paradigm of technological innovation encompassing architecture restructuring and energy efficiency optimization [16] - Yilian is committed to deepening R&D investments and collaborating with industry partners to build a sustainable and efficient next-generation data storage ecosystem [16]

截至本招股说明书签署之日，兰满桔直接持有公司40.71%股份，通过广州蓝云间接控制公司3.48%的股份，合计控制公司 44.19%的股份。兰满桔系公司的控股股东、实际控制人，为尚航科技的关联方。 根据申报材料，公司所属行业为信息处理和存储支持服务，主营业务包括IDC综合服务和云综合服务，公司的IDC综合服务业 务主要是通过自建机房或租用机柜等基础资源，并与带宽、IP地址等互联网通信资源进行整合后，向下游客户提供机柜租用 及服务器托管服务、带宽租用服务、IP地址租用服务、虚拟专用网服务等。 瑞财经 王敏 4月25日，广州尚航信息科技股份有限公司（以下简称"尚航科技"）及国泰海通证券关于第一轮问询的回复，涉 及经营合法合规性、业绩真实性等。 招股书显示，公司是互联网数据中心领域的一站式服务提供商，主营业务包括IDC综合服务、云综合服务及其他服务。 尚航科技的前身为尚航有限，成立于2010年7月，初始注册资金350万元，由兰满桔、雷军及广州菁英分别持有28.57%、 57.15%及14.28%。其中，股东雷军正是小米的创始人，现为小米集团董事长兼首席执行官。 公开资料显示，小米的成立时间是2010年4月。换言之，尚 ...

Core Viewpoint - The 2025 Shanghai Auto Show serves as a significant platform for showcasing innovative technologies in the automotive industry, with a focus on smart vehicle storage solutions [1] Group 1: Company Overview - Jiangbolong, a leading enterprise in the semiconductor storage field, debuted its self-developed automotive storage products and PTM full-stack customization services at the auto show, highlighting its strong innovation capabilities in smart automotive scenarios [3][6] - The company has established deep partnerships with over 20 OEMs and more than 50 Tier 1 automotive clients, creating a solid competitive barrier in the automotive storage sector [6] Group 2: Product Launch and Features - Jiangbolong introduced several innovative automotive storage products, including automotive-grade eMMC custom versions, UFS, LPDDR4x, and SPI NAND Flash, all adhering to AEC-Q100 reliability standards, catering to advanced applications like smart driving and automotive AI [3][8] - The automotive-grade eMMC custom version, featuring the WM6000 controller, supports high-speed modes with a maximum capacity of 128GB and operates within a temperature range of -40℃ to 105℃, suitable for mid-lightweight intelligent automotive scenarios [8] Group 3: Technological Innovations - The launch of automotive-grade LPDDR4x represents a significant breakthrough, offering capacities from 2GB to 8GB, a speed of 4266Mbps, and a 30% increase in bandwidth utilization, enhancing AI voice interaction response times in smart cockpits [11] - The LPDDR4x product incorporates advanced technologies such as ODT and DQS, ensuring stable data transmission in complex electromagnetic environments while maintaining performance and energy efficiency [11] Group 4: Future Plans - Jiangbolong is building a comprehensive automotive-grade product matrix, with plans to introduce automotive-grade LPDDR5, NOR Flash, and UFS4.1 in the near future, aiming to set new benchmarks in storage technology for the rapidly evolving smart automotive industry [12]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月27日消息，近日，出品"六个核桃"的养元饮品披露一则对外投资公告，公司控制的芜湖闻名泉 泓投资管理合伙企业（有限合伙）（下称"泉泓投资"）以货币出资方式对长江存储科技控股有限责 任公司（下称"长控集团"）增资人民币16亿元！ 长江存储是一家半导体存储器研发商，是专注于3D NAND闪存设计制造一体化的IDM集成电路企 业，同时也提供完整的存储器解决方案。 河北养元智汇饮品股份有限公司（养元饮品）始建于1997年，专注植物蛋白饮料核桃乳的研发、生 产和销售业务。在 河北衡水、安徽滁州、江西鹰潭、河南漯河、四川简阳设有生产加工基地，是国 内产销规模领先的核桃乳企业。六个核桃是企业代表性产品。 根据公告，投资方出资人民币16亿元认购标的公司新增注册资本。本次投资款应用于标的公司的业务运 营和发展，包括但不限于预期业务扩展、资本支出和补充一般营运资金。 对于投资的目的，养元饮品称，本次投资能够推动公司探索股权投资的商业运营模式。在短期内对公司 经营成果不会构成重大影响，长期有利于增强公司的投资能力，更好 ...

Core Viewpoint - Jiangbolong (301308) reported a stable revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan, indicating an improvement trend in profitability despite slow terminal recovery and inventory digestion [1] Group 1: Financial Performance - The company achieved a revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan and a non-recurring net loss of 202 million yuan [1] - The net loss margin significantly narrowed, showing signs of profitability improvement [1] - Revenue from enterprise-level storage (eSSD and RDIMM) reached 319 million yuan, growing over 200% year-on-year [2] Group 2: Product Development and Market Position - Jiangbolong has made significant progress in self-developed main control chips, successfully mass-producing UFS4.1 chips and applying over 30 million self-developed chips [3] - The company has launched new products to meet the urgent demand for high-capacity SSDs and DRAM, enhancing its offerings in mobile and smart wearable markets [3] - Jiangbolong has established deep cooperation with major automotive manufacturers, covering over 10 types of in-vehicle applications, leveraging its early entry into the automotive storage sector [2] Group 3: Brand and Market Expansion - Jiangbolong is the second-largest independent storage company globally and the largest in China, with significant brand presence in both B2B and B2C markets [4] - The Lexar brand achieved a 21% year-on-year revenue growth in Q1 2025, continuing its expansion in the global consumer market [4] - The acquisition of Zilia, a leading storage manufacturer in Brazil, has enhanced Jiangbolong's product offerings and supply chain efficiency [4] Group 4: Strategic Outlook - The company is well-positioned for future growth due to its strategic focus on high-end storage, technological breakthroughs, and effective market expansion [5] - The ongoing demand for AI hardware and high-performance computing is expected to create further opportunities for Jiangbolong's high-end business [1]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自经济日报 ，谢谢。 三星电子宣布成立一个工作组，致力于推进第七代 DRAM 的量产。这一举措被视为潜在的游戏规 则改变者，旨在颠覆高带宽内存 (HBM) 领域及其他领域的当前动态。这一声明是在业内竞争对手 SK Hynix 和美光的激烈竞争中发布的，这两家公司都在 DRAM 技术方面取得了重大进展。 去年，SK海力士完成了第六代DRAM（D1c）的开发，并于8月对D1d进行了工艺可靠性评估。该 公司目前已确保该代产品的量产能力，并计划从今年下半年开始将其应用于通用DRAM。在去年 1 月举行的业绩发布会上，SK 海力士强调了其战略投资，旨在提高产量，以应对未来的 HBM 供应 形势。 SK海力士相关人士表示："未来我们将把1c纳米工艺应用于HBM4E，通过及时开发和供应 来保持市场领先地位。" 与此同时，美光公司上个月也通过向潜在客户运送基于"1γ"（伽马）的 DDR5 样品引起轰动，这 与他们在 D1c 技术方面的进步相一致。尽管在第五代 DRAM 方面最初落后于三星电子，但 SK 海力士和美光去年都成功将 D1b 商业化。 三星决定停止生产较旧的 1 ...

Core Viewpoint - Tesla's Q1 financial results showed a significant decline in automotive revenue and earnings, falling short of market expectations, indicating challenges in the electric vehicle market and broader economic conditions [2][3][4]. Financial Performance - Tesla reported Q1 revenue of $19.335 billion, a decrease of 24.8% quarter-over-quarter and 9.2% year-over-year, below the expected $21.11 billion [2]. - The automotive business generated $13.967 billion in revenue, with a quarter-over-quarter decline of 29.5% and a year-over-year decline of 19.6% [2]. - Diluted and adjusted earnings per share for Q1 were $0.27, down 55% quarter-over-quarter and 40% year-over-year, also below the expected $0.39 [2]. Sales and Deliveries - Global vehicle deliveries in Q1 totaled 336,700 units, representing a 32% decline quarter-over-quarter and a 13% decline year-over-year, marking the lowest delivery quarter since Q2 2022 [3]. - The decline in revenue was attributed to reduced vehicle delivery volumes, lower average vehicle prices, and adverse currency effects [3]. Government Subsidies and Profitability - Tesla received $595 million in government subsidies for electric vehicle sales in Q1, while the net profit for the quarter was only $420 million, indicating potential losses in the automotive business without these subsidies [2]. Business Outlook - Tesla expressed uncertainty regarding the impact of changing global trade policies on supply chains and cost structures, which may affect demand for its products [4]. - The company plans to reassess its annual performance guidance based on the speed of automation, factory output improvements, and overall macroeconomic conditions [4]. Stock Performance and Market Sentiment - Tesla's stock price rose by 4.6% to $237.97 following the earnings announcement, with a notable increase in after-hours trading [6]. - Year-to-date, Tesla's stock has declined by 41.07%, with significant short-selling activity resulting in $11.5 billion in profits for short-sellers this year [6][7]. - The stock's performance has been influenced by trade tensions and a perceived weakening of the brand, with analysts noting the need for the stock to break certain resistance levels to regain upward momentum [7].