分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 ——江波龙(301308)季报点评 证券研究报告-季报点评 买入(维持) 市场数据(2025-11-06) | 收盘价(元) | 268.80 | | --- | --- | | 一年内最高/最低(元) | 308.00/67.26 | | 沪深 300 指数 | 4,693.40 | | 市净率(倍) | 14.97 | | 流通市值(亿元) | 737.58 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 17.96 | | 每股经营现金流(元) | 2.20 | | 毛利率(%) | 15.29 | | 净资产收益率_摊薄(%) | 9.47 | | --- | --- | | 资产负债率(%) | 58.93 | | 总股本/流通股(万股) | 41,914.53/27,439.79 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 企业级产品有望受益于 AI 存储需求爆发 资料来源：中原证券研究所，聚源 相关报告 - ...

北京商报讯（记者 陶凤 王天逸）11月6日，江波龙披露投资者关系活动记录表称，根据IDC数据，2025 年上半年中国企业级SATA SSD 总容量排名中，公司位列第三，在国产品牌中位列第一。除此之外，公 司RDIMM产品已批量出货，规模稳步扩大。同时，公司其他形态的企业级存储产品正在有序导入国内 头部企业。 ...

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：2025-029 | 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 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 国金证券、盘京投资、光大证券、鹏华基金、长江证券、招 | | 人员姓名 | 商基金、国海证券、国寿养老 | | | 2025 年 11 月 03 日 (周一) 上午 10:00-11:00 | | | 年 月 日 (周一) 下午 2025 11 03 14:00-15:00 | | 时间 | 2025 年 11 月 04 日 (周二) 下午 14:00-15:00 | | | 年 月 日 (周二) 下午 2025 11 04 16:30-18:00 | | 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 座 B 2301 | | 上市公司接待人 | 副总经理、董事会秘书 许刚翎 | | 员姓名 | 投资者关系经理 黄琦 | | | 投资者关系资深主管 苏阳春 | | ...

答：晶圆采购至存储器销售的生产周期间隔，决定了存 储晶圆价格上行时对公司毛利率将产生正面影响，但原材料 价格波动仅为业绩结果的部分因素。近年来公司在企业级存 储、高端消费类存储、海外业务以及自研主控芯片等方面持 续取得突破，内生性成长因素将更直接且持续地驱动公司盈 利能力的提升。 3、如果存储供应出现短缺，公司如何保障资源供应稳 定性？ 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：2025-028 | 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 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 富国基金、恒越基金、东北证券、国信证券、巴克莱 | | 人员姓名 | | | | 2025 年 10 月 30 日 (周四) 下午 15:00-16:00 | | | 年 月 日 (周四) 下午 2025 10 30 16:00-17:30 | | 时间 | 2025 年 10 月 31 日 (周五) 上午 10:00-11:30 | | | 年 月 日 (周五) 下午 2025 ...

Core Viewpoint - The storage chip sector experienced a collective surge in stock prices, driven by significant revenue growth in key companies and rising market demand for storage solutions [1][2]. Company Summaries - **江波龙 (Jiangbolong)**: Reported a 138.66% year-on-year increase in enterprise storage revenue for the first half of 2025, reaching 6.93 billion yuan, with its enterprise SATA SSD ranking first in total capacity among domestic brands [1]. - **德明利 (Demingli)**: Achieved an 88.83% year-on-year revenue growth in the first half of 2025, with embedded storage business revenue reaching 1.7 billion yuan, a substantial increase of 290.1% [1][2]. - **兆易创新 (Zhaoyi Innovation)**: Holds an 18.5% global market share in SPI NOR Flash, ranking second, with cumulative shipments exceeding 27 billion units and a 1.7% increase in its niche DRAM market share in the first half of 2025 [1]. - **澜起科技 (Lanke Technology)**: As a leader in DDR5 memory interface chips, it commands over 40% market share, with first-half revenue of 2.633 billion yuan, reflecting a 58.17% year-on-year growth [1][2]. Market Trends - According to TrendForce, the spot market saw a price increase of 15%-20% for DDR4 and DDR5 chips, with major players like Samsung and SK Hynix planning to raise DRAM and NAND flash prices by up to 30% in Q4 2025 [2]. - There is a growing trend of customers negotiating long-term supply agreements to mitigate storage chip shortages, with some manufacturers pausing quotes or offering limited-time pricing due to market volatility [2]. Investment Outlook - 湘财证券 (Xiangcai Securities) maintains a positive outlook on the electronics sector, highlighting opportunities in AI infrastructure, end-side SOC, foldable smartphone supply chains, and the storage industry due to ongoing recovery in consumer electronics and advancements in AI technology [3]. - 国金证券 (Guojin Securities) notes that despite some factories withholding sales in anticipation of price increases, demand in the spot market remains strong, driven by expectations of tight supply in Q4 and preemptive stocking by end customers [3].

Core Viewpoint - The storage chip market is experiencing a price increase, driven by both international manufacturers like Micron and SanDisk and domestic companies such as Jiangbolong, with expectations of a comprehensive price rise in the fourth quarter due to various market demands and supply strategies [1][3]. Group 1: Market Dynamics - Recent announcements indicate that SanDisk has raised product prices by over 10%, while Micron has paused pricing for DDR4, DDR5, LPDDR4X, and LPDDR5X, with potential increases of 20%-30% for channel storage products [3]. - The demand for NAND in the server market is expected to rise as AI server shipments increase, alongside new smartphone releases driving a replacement demand [3]. Group 2: Company Performance - Jiangbolong ranks third in total capacity for enterprise-grade SATA SSDs in China and is the leading domestic brand, with its enterprise-grade PCIe SSD and RDIMM products being adopted by major domestic companies [3]. - As of the end of July, Jiangbolong has deployed over 80 million units of its main control chip series, with rapid growth in deployment scale continuing [3]. Group 3: Product Development - The self-developed UFS4.1 products are currently undergoing validation with multiple Tier 1 manufacturers, indicating a significant increase in deployment scale for the year [4].

Group 1 - The company recently held a targeted research activity with participation from three institutions: CICC, Hangyin Wealth Management, and Hanxin Private Equity [1] - The event focused on the company's growth expectations and advantages, highlighting its core intellectual property and technology capabilities, with the company ranking third in China's enterprise SATA SSD total capacity in 2024, leading among domestic brands [5] - The TCM model's progress was discussed, showcasing the company's collaboration with SanDisk, which emphasizes its leading capabilities in main control chip, firmware development, and packaging and testing manufacturing [5] Group 2 - The company's main control chip technology and planning were highlighted, with its series of main control chips utilizing leading foundry processes and self-developed core IP and firmware algorithms, resulting in performance and power consumption advantages [5] - The storage price trend was analyzed, indicating a substantial recovery in semiconductor storage market demand since the end of March 2025, driven by AI server shipments and increased mobile storage capacities [5] - The company noted that the CFM flash memory market is expected to see upward price movement in the third quarter due to supply strategies from storage wafer manufacturers [5]