南财智讯2月27日电，江波龙在投资者关系活动中表示，公司目前已推出了应用于UFS、eMMC、SD 卡、高端USB等领域的多款主控芯片，采用领先于主流产品的头部Foundry工艺及自研核心IP与固件算 法；截至2025年三季度末，公司自研的多款主控芯片累计部署量已突破1亿颗。 ...

深圳市江波龙电子股份有限公司 编号：2026-003 | 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 人员姓名 | 东方证券、鹏华基金、Willing Capital | | | | 时间 | 2026 年 2 月 25 日 | (周三) 15:00-16:00 | | | 地点 | 深圳市前海深港合作区南山街道听海大道 | | 5059 号鸿荣源前 | | | 海金融中心二期 B | 座 2301 | | | 上市公司接待人 | 投资者关系经理 | 黄琦 | | | 员姓名 | 投资者关系资深主管 | 苏阳春 | | | | 1、如何看待公司主控芯片的技术能力？公司主控芯片 | | --- | --- | | | 整体的应用规划？ | | | 答：公司目前已推出了应用于 UFS、eMMC、SD 卡、高端 | | | USB 等领域的多款主控芯片。公司主控芯片采用领先于主流 | | | 产品的 ...

Core Viewpoint - The company Jiangbolong, led by siblings Cai Huabo and Cai Lijiang, has significantly benefited from the storage chip industry boom, with its market value reaching 120 billion yuan and stock prices increasing by approximately 250% over the past six months [2][4]. Company Overview - Jiangbolong was founded by Cai Huabo and Cai Lijiang, who have a combined shareholding worth over 53 billion yuan, with Cai Huabo holding 38.67% and Cai Lijiang holding 3.51% [2][5]. - The company has implemented an employee stock ownership plan, allowing employees to cash out a total of 2.67 billion yuan through share transfers [4][7]. Financial Performance - Jiangbolong's projected net profit for 2025 is estimated to be between 1.25 billion and 1.55 billion yuan, representing a year-on-year growth of over 150% [9][10]. - The company anticipates a non-net profit of approximately 650 million to 870 million yuan for the fourth quarter [10]. Investment and Expansion Plans - The company plans to raise up to 3.7 billion yuan through a private placement to invest in AI high-end storage projects, storage control chips, and high-end packaging and testing projects [12][13]. - Cai Huabo is preparing to invest 930 million yuan in AI high-end storage projects and 1.28 billion yuan in control chip projects [13]. Market Trends - The demand for high-performance storage is expected to surge due to the AI server market, with DRAM usage projected to be eight times that of regular servers and NAND Flash usage three times higher [13]. - Jiangbolong is positioned to capitalize on this trend, as it operates in the downstream of the chip industry, focusing on the packaging and integration of storage products [9]. Inventory and Financial Management - As of September 2025, Jiangbolong's inventory reached 8.517 billion yuan, with a debt-to-asset ratio of 58.9% [16]. - The company acknowledges the need to optimize its asset-liability structure and reduce its debt ratio [18]. Mergers and Acquisitions - Jiangbolong has pursued a strategy of acquisitions to expand its business, including the purchase of Lexar and recent acquisitions of Zilia and Yuan Cheng Suzhou to enhance its capabilities in the storage market [21][23][25]. - The acquisition of Zilia is expected to yield significant revenue growth, with projected sales of 2.3 billion yuan in 2024, a 120% increase from the previous year [23].

Group 1 - The company expects to achieve revenue of 10 billion to 12 billion yuan in 2025, representing a year-on-year increase of 49.4% to 79.2% [1] - The estimated net profit attributable to shareholders for 2025 is projected to be between 850 million and 1 billion yuan, reflecting a year-on-year increase of 427.2% to 520.2% [1] - The fourth quarter of 2025 is expected to see revenue between 3.42 billion and 5.42 billion yuan, with a year-on-year increase of 105.1% to 224.9% [1] Group 2 - The company invested 410 million yuan in R&D in the first three quarters of 2025, a year-on-year increase of 21% [2] - The company is focusing on enhancing its core competitiveness through increased investment in chip design, firmware design, and advanced packaging [2] - The company is positioned well in the AI era, with a strong emphasis on storage solutions and advanced packaging capabilities [2] Group 3 - The company is forecasted to achieve net profits of 880 million, 4.47 billion, and 2.87 billion yuan for the years 2025, 2026, and 2027 respectively [3] - The company is rated with a "strong buy" recommendation based on the expected growth driven by AI and storage demand [3]

Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]

Core Viewpoint - Jiangbolong's recent actions in the storage industry have raised eyebrows, as the company is aggressively pursuing dual financing while simultaneously allowing executives and employee stock platforms to cash out, leading to market confusion [1][5][7]. Financing Details - The company plans to raise 37 billion yuan through a private placement, with 11 billion yuan allocated for working capital, which constitutes 29.73% of the total amount, nearing regulatory limits [2]. - Despite a rising debt ratio of 58.93% compared to 25.94% in 2022, Jiangbolong's financial health remains relatively stable when compared to industry leader Demingli's over 70% debt ratio [2]. Stock Performance and Cashing Out - Since September, Jiangbolong's stock price surged from around 100 yuan per share to a peak of 331.5 yuan, marking a 280% increase, with the company's market capitalization approaching 100 billion yuan [5]. - Key executives, including the deputy general manager and board members, have cashed out significant amounts, totaling 14.57 billion yuan, coinciding with the stock price surge [5][7]. Market Dynamics and Opportunities - The storage industry is currently experiencing a dual benefit period, driven by the explosive demand for storage due to AI advancements and the opportunity for domestic replacement in the market [8][10]. - AI services require significantly more storage, with DRAM usage in AI servers being eight times that of regular servers, and NAND Flash usage three times higher, indicating a geometric increase in storage demand [8]. Domestic Market Potential - The domestic storage market accounts for over 20% of global demand, yet the localization rate is below 30%, presenting substantial opportunities for domestic companies like Jiangbolong [10]. - As major foreign manufacturers plan to increase prices starting September 2025, domestic firms are expected to benefit significantly, potentially leading to a turnaround in Jiangbolong's performance [10]. Risks and Challenges - The storage industry is characterized by volatility, with prices experiencing sharp fluctuations, making Jiangbolong's aggressive expansion a high-stakes gamble [12]. - The company's investment projects, including 8.8 billion yuan for high-end AI storage and 12.2 billion yuan for critical control chips, require time to realize returns, posing risks if the market enters a downturn before these projects are completed [14].

Core Viewpoint - The storage industry is experiencing a "super cycle" driven by AI demand, leading to significant expansion plans from major players like Jiangbolong and Demingli, with expectations of continued price increases into the first half of next year [1][8]. Group 1: Expansion Plans and Funding - Jiangbolong plans to raise up to 3.7 billion yuan for technology development in storage applications, NAND Flash controller chip design, and packaging testing [1][5]. - Demingli aims to raise 3.2 billion yuan to enhance its full-chain technical capabilities from storage controller chip R&D to module delivery [1][3]. - Both companies are focusing on high-performance storage solutions to meet the increasing demands of AI applications, with Jiangbolong investing 1.28 billion yuan in NAND Flash controller chip development [5][6]. Group 2: Market Dynamics and Demand - AI servers require significantly more storage than traditional servers, with DRAM usage approximately eight times and NAND Flash usage three times higher [5][6]. - The global semiconductor storage market is projected to grow to $214.8 billion by 2026, reflecting a 16.2% increase [6]. - The domestic storage market is expected to benefit from increased demand, particularly as local manufacturers like Yangtze Memory and Changxin Memory make technological advancements [7]. Group 3: Financial Health and Risks - Jiangbolong's market capitalization is reported at 108.6 billion yuan, while Demingli's is at 49.3 billion yuan [1]. - Both companies are facing cash flow challenges, with Demingli reporting negative operating cash flow for several quarters and a high debt ratio of 73.28% [10]. - The companies' expansion plans are subject to the volatility of the storage market, with potential risks associated with the long implementation periods of their projects [3][10]. Group 4: Inventory and Supply Chain Strategies - Companies are adjusting inventory strategies to ensure supply chain stability amid market fluctuations, with Jiangbolong and Demingli both emphasizing long-term contracts with suppliers [12]. - Jiangbolong's inventory value stands at 8.517 billion yuan, while Demingli's is at 5.940 billion yuan, indicating a focus on maintaining adequate stock levels to meet future demand [11][12]. - The anticipated supply constraints in the storage chip market are expected to create favorable conditions for domestic manufacturers, potentially leading to significant profits in the coming year [12].

Core Viewpoint - Jiangbolong plans to issue up to 126 million shares to raise no more than 3.7 billion yuan for technology development in storage products and related projects, while maintaining control by its major shareholders [1][2] Group 1: Fundraising and Shareholding - Jiangbolong intends to issue shares to no more than 35 specific investors, raising a total of up to 3.7 billion yuan [1] - The current controlling shareholders, Cai Huabo and Cai Lijiang, hold 42.17% of voting rights, which will decrease to 32.44% post-issuance, yet they will still retain control [1] Group 2: Use of Proceeds - The funds will primarily be allocated to three key areas: high-end storage product R&D for AI (880 million yuan), semiconductor storage main control chip development (1.22 billion yuan), and high-end packaging and testing (500 million yuan), with the remaining 1.1 billion yuan for working capital [1] - The fundraising is aimed at addressing the company's financial needs for business development and enhancing its main business in high-end storage products [1] Group 3: Business Expansion and Performance - Jiangbolong has expanded its business into integrated circuit design, covering embedded storage, solid-state drives, mobile storage, and memory modules, with brands like FORESEE and Lexar holding significant market positions [1] - The company is the second-largest independent storage enterprise globally and ranks first among domestic brands in enterprise-level SATA SSD capacity in China as of mid-2025 [2] - From 2022 to Q3 2025, Jiangbolong's R&D expenses increased from 356 million yuan to 701 million yuan, maintaining a research expense ratio of 4.19%-5.86% [2] - For the first three quarters of this year, Jiangbolong reported revenues of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% [2] - The third quarter alone saw revenues of 6.539 billion yuan, a 54.6% increase year-on-year, with net profits of 698 million yuan compared to a loss of 36.84 million yuan in the same period last year [2] Group 4: Inventory and Receivables - Despite positive performance, Jiangbolong's inventory has risen significantly from 3.744 billion yuan in 2022 to 8.517 billion yuan by Q3 this year, accounting for 43.67% of total assets [2] - Accounts receivable also increased from 914 million yuan to 2.786 billion yuan during the same period [2]

Group 1 - The article highlights the significant market share of the company in the photovoltaic fine tungsten wire sector, exceeding 80% [1] - The company has invested 2.2 billion yuan to further enhance its presence in the new energy sector, focusing on FPC, CDU, batteries, energy storage, and AI computing centers [1] - The company plans to raise 3.7 billion yuan through a private placement to fund high-end storage projects aimed at the AI field, including main control chips and advanced packaging [1]

Economic Overview - Guangdong Province's GDP reached 10 trillion 517.698 billion yuan in the first three quarters of 2025, with a year-on-year growth of 4.1%, maintaining the highest economic total in the country [1] - The advanced manufacturing and high-tech manufacturing sectors saw value-added growth of 5.4% and 6.4% respectively [1] Listed Companies - As of November 25, 2025, Guangdong has 887 listed companies in A-shares, ranking first in the country, with 28 companies valued over 100 billion yuan and 3 over 1 trillion yuan [2] - The total revenue of these companies reached 8.03 trillion yuan, with a net profit attributable to shareholders of 636.073 billion yuan [2] - The electronics, computer, electric power, and machinery manufacturing sectors account for 399 companies, representing 44.98% of Guangdong's A-share companies, indicating a strong innovation focus [2] New Listings - Guangdong added 18 new listed companies by November 25, 2025, with 11 in the electronics, computer, electric power, and machinery manufacturing sectors [4] Innovation Ecosystem - Guangdong has fostered a robust innovation and entrepreneurship environment since the reform and opening up, producing 28 A-share companies with a market value exceeding 100 billion yuan [4] - The integration of physical spaces, such as the Shenzhen Qianhai headquarters and the Zhuhai manufacturing base, enhances efficiency and creates a high-performance supply chain network across the Greater Bay Area [6] R&D Investment - Jiangbolong, a company producing high-end main control chips, has achieved a cumulative production of over 100 million units, reflecting the rapid increase in domestic production capabilities [7] - The company "Yingshi Innovation," which focuses on smart imaging, went public on the Sci-Tech Innovation Board in June 2025, reaching a market value of 700 billion yuan on its first day and 1 trillion yuan two months later, showcasing rapid product innovation and development [9] - Yingshi Innovation invested over 1 billion yuan in R&D in the first three quarters of 2025, highlighting the importance of sustained R&D investment for product innovation [9] Robotics Industry - The robotics industry in Guangdong is demonstrating strong cluster effects, with a complete chain from R&D to industrialization present in Shenzhen's "Robot Valley" [10] - Continuous and stable R&D investment is crucial for the growth of technology companies in this sector [10] Financial Ecosystem - Guangdong is committed to creating a virtuous cycle of "technology-industry-finance," promoting multi-level capital market financing for enterprises [12] - From 2020 to 2024, the total R&D expenses of Guangdong's A-share listed companies grew at a compound annual growth rate of over 12%, with R&D expenses reaching 242.853 billion yuan in the first three quarters of 2025, a nearly 10% year-on-year increase [13] Future Development Plans - Shenzhen's recent action plan aims to cultivate 20 more companies with a market value of over 100 billion yuan by 2027, focusing on mergers, acquisitions, and industrial collaboration to position for future industries [14] - The Shenzhen Municipal Financial Office emphasizes attracting patient capital to high-tech sectors, enhancing financial services to support the real economy [16]