长江商报消息 ●长江商报记者 沈右荣 供需失衡，存储价格上涨，国内存储模组行业龙头江波龙（301308.SZ）经营业绩爆发式增长。 1月29日晚，江波龙发布年度业绩预告。公司预计2025年度实现营业收入225亿元至230亿元，同比增长 28.84%至31.70%；预计实现扣非净利润11.30亿元至13.50亿元，同比增长578.51%至710.60%。 其中，第四季度，公司预计扣非净利润约为6.5亿元至8.7亿元，超过前三个季度之和，而上年同期为亏 损。 江波龙解释了业绩暴增原因。2025年，存储价格在一季度触底后企稳回升，三季度末因AI 服务器需求 爆发及原厂产能向企业级产品倾斜，导致供给进一步失衡，存储价格持续上涨。依靠技术布局与深度协 同机制，公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙依托自主研发。2024年，公司研发投入为9.10亿元，2025年前三季度为7.01亿元，同比继续保持 增长。 前三季度的营业收入、归母净利润、扣非净利润的数据表现并不突出。 从单个季度看，2025年第一、二、三季度，公司实现的营业收入分别为42.56亿元、59.39亿元、65.39亿 ...

Core Viewpoint - Jiangbolong, a major storage module manufacturer in A-shares, has finalized an inquiry transfer agreement, raising approximately 2.67 billion yuan through the participation of 54 institutional investors, including foreign capital, insurance funds, and well-known quantitative private equity firms [1][2]. Group 1: Share Transfer Details - The share transfer involves a total of 12.5744 million shares, accounting for 3% of the company's total share capital [1][2]. - The initial transfer price was set at 212.09 yuan per share, which received strong market interest, resulting in 63 valid bids during the inquiry period and an additional 44 bids during the supplementary subscription period [2]. - The largest buyer, UBS AG, acquired 0.458% of the shares for 407 million yuan, followed by Taikang Asset Management and Caitong Fund, with notable participation from Shanghai Jinde Private Fund Management Co., Ltd. [2]. Group 2: Shareholder Background and Future Plans - The sellers are employee stock ownership platforms established before Jiangbolong's IPO, and they have released their unified action relationship with the controlling shareholder [2]. - The controlling shareholder and key executives have committed not to participate in this inquiry transfer through the selling entities [2]. - In addition to this transfer, the selling entities plan to reduce their holdings by approximately 1.3073% between September and October 2025, potentially cashing out over 750 million yuan based on the average reduction price [3]. Group 3: Market Performance - Since September of the previous year, Jiangbolong's stock price has nearly tripled, with the latest price at 374 yuan per share and a market capitalization of 156.8 billion yuan [4].

Core Viewpoint - Jiangbolong (301308), a major storage module manufacturer in A-shares, has finalized a share transfer agreement through an inquiry process, raising a total of 2.667 billion yuan from 54 institutional investors, including foreign capital, insurance funds, public offerings, and well-known quantitative private equity firms [1][2]. Group 1: Share Transfer Details - The share transfer involves a total of 12.5744 million shares, accounting for 3% of the company's total share capital, with the transferors being employee stock ownership platforms prior to the company's IPO [2]. - The initial transfer price was set at 212.09 yuan per share, which received strong market interest, resulting in 63 valid bids during the inquiry period and an additional 44 bids during the supplementary subscription period [2]. - UBS AG emerged as the largest acquirer, investing 407 million yuan for 0.458% of the shares, followed by Taikang Asset Management and Caitong Fund, with notable participation from Shanghai Jinde Private Fund Management Co., Ltd. [2]. Group 2: Market Performance and Future Plans - Since September of the previous year, Jiangbolong's stock price has nearly tripled, reaching 374 yuan per share, with a current market capitalization of 156.8 billion yuan [4]. - The transferring entities plan to reduce approximately 1.3073% of their shares between September and October 2025, with an estimated cash-out of over 750 million yuan based on the average reduction price [3].

Core Viewpoint - Jiangbolong (301308) announced that five of its major shareholders plan to transfer a total of 12.57 million shares, accounting for 3% of the company's total share capital, due to their own funding needs [2][4]. Shareholder Information - The five shareholders involved in the transfer are all associated with Jiangbolong's initial public offering and have now terminated their concerted action relationship. The controlling shareholder has committed not to participate in this transfer [4][9]. - The shareholders planning to transfer shares include: - Longxi No.1: 17,516,047 shares (4.18%) - Longxi No.2: 17,516,047 shares (4.18%) - Longxi No.3: 16,410,859 shares (3.92%) - Longjian Management: 6,575,485 shares (1.57%) - Longxi No.5: 5,801,905 shares (1.38%) [5][6]. Transfer Details - Each shareholder will transfer approximately 19.70% of their holdings, with Longxi No.1 and Longxi No.2 transferring the largest amounts of 3,451,142 shares each, representing 0.82% of the total share capital [8]. - The transfer price will be set at no less than 70% of the average trading price over the 20 trading days prior to January 16, and the transfer will be conducted through a market-based inquiry process [8][9]. Company Performance - Jiangbolong is recognized as the largest comprehensive storage module manufacturer in China, with products covering NAND Flash and DRAM storage, targeting consumer, enterprise, and industrial applications [10]. - For the first three quarters of 2025, Jiangbolong reported revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit attributable to shareholders of 713 million yuan, up 27.95% [10]. - The company has indicated that advancements in high-end storage, overseas business, and self-developed main control chips will drive its profitability [10]. Market Performance - As of January 16, Jiangbolong's stock closed at 353.48 yuan per share, up 13.48%, with a total market capitalization of approximately 148.2 billion yuan, reaching a historical high during the trading session [11].

Investment Rating - The report initiates coverage on Jiangbolong (301308.SZ) with a "Buy" rating [7]. Core Insights - Jiangbolong is the largest comprehensive storage module manufacturer in China, offering products that cover NAND Flash and DRAM storage, targeting consumer, enterprise, and industrial applications [7]. - The company is expected to benefit from a price increase cycle in the storage market, driven by major players like Micron, Samsung, and SK Hynix raising their product prices by 20%-30% and 5%-10% respectively [7]. - The report highlights a dual demand pull from both the smartphone market, particularly driven by iPhone upgrades, and the server market, which is experiencing growth in HBM (High Bandwidth Memory) [7]. Financial Data and Profit Forecast - Revenue projections for Jiangbolong are as follows: - 2025E: 239.95 billion CNY - 2026E: 306.18 billion CNY - 2027E: 381.50 billion CNY - Corresponding year-on-year growth rates are 37.4%, 27.6%, and 24.6% respectively [7]. - The forecasted net profit for the same years is: - 2025E: 11.69 billion CNY - 2026E: 21.01 billion CNY - 2027E: 22.53 billion CNY - Year-on-year growth rates are 134.4%, 79.8%, and 7.2% respectively [7]. - The report anticipates an improvement in gross margin from 19.0% in 2024 to 20.2% in 2027 due to optimized product structure [7]. Market Dynamics - The global HBM market is projected to grow from 5.61 billion USD in 2024 to 57.09 billion USD by 2034, with a compound annual growth rate (CAGR) of 26.1% [7]. - The report emphasizes that the storage price increase is expected to be sustained beyond market expectations due to the simultaneous demand from smartphones and servers [7].

Core Viewpoint - The company Demingli (001309.SZ), a leading domestic storage module enterprise, plans to raise up to 3.2 billion yuan through a private placement to enhance its production capacity and technological strength [2][4]. Group 1: Fundraising Plans - Demingli intends to issue no more than 68.07 million shares to specific investors, raising a total of up to 3.2 billion yuan for projects including solid-state drive (SSD) expansion, memory product (DRAM) expansion, and the establishment of an intelligent storage management and R&D headquarters [4][5]. - The investment amounts for the four major projects are 1.123 billion yuan, 747 million yuan, 1.175 billion yuan, and 900 million yuan, respectively [4]. Group 2: Financial Performance - Since the third quarter of 2025, Demingli has seen a rapid rebound in its operating performance, achieving profitability after a period of losses [3][6]. - In 2024, Demingli reported revenue of 4.773 billion yuan, a year-on-year increase of 168.74%, and a net profit of 351 million yuan, up 1302.3% [6][7]. - For the first three quarters of 2025, the company generated revenue of 6.659 billion yuan, a year-on-year increase of 85.13%, but reported a net loss of 27.0765 million yuan [6][7]. Group 3: Shareholder Activity - Important shareholders have reduced their holdings, with the controlling shareholders Li Hu and Tian Hua collectively cashing out approximately 497 million yuan in September 2025 [3][8]. - As of November 26, 2025, Demingli's stock price was 217.35 yuan per share, down 29% from its peak of 306 yuan on November 13, 2025, but still reflecting a year-to-date increase of 250.16% [3][8].

Group 1 - The core viewpoint of the articles highlights a structural and long-term shortage in the global storage industry due to increased AI investments by North American cloud service providers, leading to a significant supply gap in HDDs and a surge in demand for high-capacity QLC SSDs [2] - Major DRAM manufacturers such as SK Hynix, Samsung, and Micron, along with NAND manufacturers like Kioxia and Yangtze Memory Technologies, have seen their capacities fully utilized, indicating that the shortage issue is unlikely to be resolved in the short term, with relief expected only by the end of 2026 [2] - A-share storage module companies are currently prioritizing inventory management over order fulfillment, as the production cycle from wafer procurement to sales impacts profit margins positively when storage wafer prices rise, making inventory a critical asset [2] Group 2 - Among A-share storage module companies, Jiangbo Long leads in inventory with 8.51687 billion yuan, followed by Baiwei Storage, Demingli, Wanrun Technology, Langke Technology, and Tongyou Technology with inventories of 5.69514 billion yuan, 5.93952 billion yuan, 386.74 million yuan, 290.83 million yuan, and 138.24 million yuan respectively [3] - A-share storage module companies have been increasing R&D investments in enterprise storage, high-end consumer storage, overseas business, and self-developed main control chips, which are expected to drive profitability through internal growth factors [3] - Jiangbo Long has the highest R&D investment of 700.86 million yuan for the first three quarters of 2025, followed by Baiwei Storage with 409.93 million yuan, while Demingli, Wanrun Technology, Tongyou Technology, and Langke Technology have significantly lower investments [3] Group 3 - In terms of year-on-year growth rates for R&D investments, Langke Technology shows a notable increase of 32.2264%, followed by Demingli at 25.7229% and Baiwei Storage at 20.9762%, while Jiangbo Long, Wanrun Technology, and Tongyou Technology have much lower or negative growth rates [4] - Jiangbo Long and Baiwei Storage are positioned as leading companies in the industry, with both high inventory levels and R&D investments, which significantly exceed their peers, allowing them to build a competitive moat and widen the gap with competitors [4]

Core Viewpoint - ADATA Technology reported record-breaking financial results for Q3 2025, driven by strong demand from global cloud service providers, indicating a robust growth trajectory for the company and the memory market overall [2][3]. Financial Performance - Q3 consolidated revenue reached NT$145.11 billion, a quarter-over-quarter increase of 13.15% and a year-over-year increase of 54.38% [2]. - Gross margin significantly improved to 22.7%, up nearly 4 percentage points from the previous quarter [2]. - Operating profit was NT$19.1 billion, a year-over-year increase of 137% and a quarter-over-quarter increase of 55.51% [2]. - Net profit after tax was NT$18.62 billion, with a quarterly increase of over 106% and a year-over-year increase of 190%, resulting in an earnings per share (EPS) of NT$5.57, nearly a 200% increase from the same period last year [2]. Year-to-Date Performance - For the first three quarters of the year, consolidated revenue totaled NT$372.43 billion, reflecting a year-over-year increase of 22.8% [2]. - The average gross margin for the first three quarters was 19.04%, with operating profit of NT$35.59 billion [2]. - Net profit after tax for the first three quarters was NT$33.16 billion, with a parent company net profit of NT$31.65 billion, both showing over 30% year-over-year growth [2]. Future Outlook - The chairman of ADATA expressed optimism for Q4 and 2026, highlighting the strong revenue growth and recovery in gross margins as indicators of continued upward momentum [3]. - The demand from large cloud service providers is expected to sustain the memory market's positive outlook, with anticipated increases in DRAM contract prices and NAND Flash prices [3]. - ADATA plans to prioritize support for strategic and key customer orders in Q4, aiming for record revenue and profit, with a target of exceeding NT$500 billion in annual revenue [3]. - The company is also preparing to increase inventory levels to over NT$20 billion to meet strong customer demand [3]. - The operational performance in Q4 is expected to show "leapfrog growth," laying a solid foundation for strong growth in 2026 [3].

Core Viewpoint - Deminli (001309) has announced that its recent business operations are normal, with no significant changes in the internal and external operating environment. The company is currently planning a refinancing initiative, which is still in the internal communication phase, and no specific plan or amount has been determined yet [1][2]. Company Overview - Deminli is a solution provider focused on the storage sector, with integrated circuit design and R&D as its core technological foundation. The company has developed a dual-support system of "hard technology + soft services" and has mastered the core technology of self-controlled main control chip R&D and industrial application [1]. - The product line includes solid-state drives, embedded storage, memory modules, and mobile storage, widely used in data centers, mobile phones, automotive electronics, tablets, and security monitoring [1]. - Deminli has been providing customized, high-quality, and high-performance storage products and solutions to customers in over 100 countries and regions [1]. Stock Trading Activity - Deminli's stock price has experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% over three trading days (November 6, 7, and 10, 2025) [1]. - The company confirmed that there are no corrections or supplements needed for previously disclosed information and has not identified any significant undisclosed information affecting stock prices [2]. Supply Chain and Market Position - As a leading company in the domestic storage module industry, Deminli maintains close cooperation with major storage manufacturers like Yangtze Memory Technologies and Changxin Memory Technologies [2]. - The company is enhancing its supply chain risk management capabilities and establishing a diversified raw material supply system to adapt to the global supply shortage [2]. Future Market Outlook - The rapid evolution and widespread application of technology driven by the AI wave have led to an explosive growth in data storage demand, providing long-term development momentum for the storage industry [3]. - Following recent price increases by major players like Samsung and Micron, storage product prices are expected to continue rising in the fourth quarter due to increased capital expenditure forecasts from leading tech companies and growing demand for storage in servers and data centers [3].

Group 1 - The focus of brokerage strategy analysts this week is on year-end style rebalancing, with historical patterns indicating that sectors with high deviation in holdings during the third quarter, such as new energy, pharmaceuticals, and food and beverage, tend to show weaker performance around November [1][3] - The fourth quarter is expected to face profit-taking pressure in main sectors, as previous main lines have accumulated significant gains, leading to high levels of capital crowding [1][3] - The structure of institutional holdings in the first three quarters of this year is evident, suggesting a high probability of position rebalancing before the spring market rally, which will create favorable conditions for better market performance [1][3] Group 2 - The strategy team from Guojin highlights the fragility of financial cycles among overseas tech giants, leading to a focus on high-certainty varieties, with A-shares also beginning a process of style rebalancing [2][4] - The transition of the tech industry's development from U.S.-led computing infrastructure to China's advantages in electricity, manufacturing, and general infrastructure represents a repricing of Chinese assets [2][4] - In the diffusion market, opportunities in specific sub-sectors within the electric equipment and chemical sectors are worth attention, including electrical instruments, titanium dioxide, organic silicon, and specialty plastics [2][4] Group 3 - The strategy team from Dongwu notes that the spring market rally is likely to experience a position rebalancing before its initiation, with a focus on sectors that have independent logic beyond AI narratives and are experiencing upward trends in ROE from long-term lows [1][3] - The analysis indicates that the small-cap style has a higher probability of rising compared to large-cap style in November, attributed to A-shares being in a performance and macro event "vacuum period," leading to active theme investments based on next year's performance expectations [1][3] Group 4 - The strategy team from Huaxi reviews the past decade, noting that November is favorable for "small-cap value + theme investment," with the market entering an active phase based on performance expectations and industry trends [1][3] - The current investment focus in A-shares may further concentrate on upstream industries and technology applications under the "anti-involution" strategy, with short-term attention on policies promoting consumption [1][3]