编号：2025-012 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □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 中信保诚基金、中邮证券 时间 2025 年 7 月 8 日 (周二)下午 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 员姓名 副总经理、董事会秘书许刚翎 投资者关系经理黄琦 投资者关系资深主管苏阳春 1、公司企业级存储的竞争优势体现在哪些方面？如何 看待公司企业级存储未来的增长空间？ 答：截止至今，公司系极少数能够在定期报告等信息披 露文件正式披露具体企业级存储产品组合（eSSD 和 RDIMM） 业绩的 A 股上市公司。从公开信息来看，公司也是国内少数 具备"eSSD+RDIMM"产品设计、组合以及规模供应能力企 业。2025 年，公司企业级存储产品组合继续取得突破，一 季度实现收入 3.19 亿元，同比增长超 200%。 公司的企业级存储产品在自有核心知识产权、技术能力 的基础上，已取得了不同行业知名客户的共同认可，客户涵 盖中大 ...

25 年 6 月 16 日，江波龙与全球知名存储解决方案提供商 Sandisk(闪迪)在中 山存储产业园签署合作备忘录。此次合作将深度整合双方优势资源，基于闪 迪先进的 BiSC8—-218 层 3D 闪存技术，结合江波龙在主控芯片(由旗下子公 司慧忆微提供)、自有固件和元成 ESAT 专品专线封测制造服务方面的专业技 术能力，面向移动设备及 IOT 应用推出高品质 UFS 存储解决方案。 证券研究报告 | 公司动态点评 2025 年 06 月 18 日 江波龙（301308.SZ） 携手闪迪合作共启 UFS 新篇，看好 TCM 模式赋能升级+企业级存储放量 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10,125 | 17,464 | 21,830 | 26,195 | 30,125 | | 增长率 yoy（%） | 21.6 | 72.5 | 25.0 | 20.0 | 15.0 | | 归母净利润（百万元） | -828 | 499 | 986 | ...

截至2025年5月底，已有超430家科创板公司推出超760单股权激励计划，板块覆盖率超7成。 "科创板八条"发布即将满一周年，近一年来各项改革举措渐次落地。其中，在实施"提质增效重回报"行 动中，科创板公司披露了研发投入、并购重组、股权激励等计划。 自去年1月，科创板率先实施"提质增效重回报"行动以来，目前已有逾八成公司披露了相关行动方案。 2024年及2025年，披露行动方案的公司分别有470家、479家，其中科创50、科创100成份股公司连续两 年实现全覆盖。 从2025年行动方案来看，科创板公司对并购重组的热情仍在持续升温，多家公司提出将加快推动产业并 购落地。比如，华海诚科（688535.SH）称，2024年以现金收购同行业头部企业衡所华威30%股份， 2025年将通过发行股份、可转换公司债券及支付现金购买衡所华威剩余70%股权。 已完成并购交易的科创板企业，也在推动并购双方从基础的资源整合步入业务合作、技术协同创新的新 阶段。三友医疗（688085.SH）提出，该公司收购的企业水木天蓬，今年2月已100%纳入合并报表，今 年将从业务技术、资产、财务及人员等维度，推进水木天蓬与公司深度融合。 另外，多 ...

本报讯 （记者毛艺融）自去年6月19日中国证监会发布《关于深化科创板改革服务科技创新和新质生产 力发展的八条措施》（以下简称"科创板八条"）以来，各项改革举措渐次落地，政策效应日益显现。 在积极营造良好市场生态方面，"科创板八条"明确，深入实施"提质增效重回报"行动。2024年度及2025 年度，科创板分别有470家、479家公司披露年度"提质增效重回报"行动方案，占比均超八成，科创50、 科创100成份股公司连续两年实现全覆盖。 在专项行动推动下，科创板公司以高质量发展为主线，全面优化经营质效、科技创新能力和投资者回报 政策，丰富企业价值内涵，为资本市场"投科技"注入长期信心。 强化"硬科技"定位 加快培育新质生产力 "科创板八条"将强化科创板"硬科技"定位摆在首要位置。聚焦"硬科技"特色，科创板公司采取务实举 措，加快培育新质生产力。数据显示，2024年科创板全年研发投入总额达到1680.78亿元，最近3年复合 增速达10.7%。研发投入占营业收入比例中位数达12.6%，持续领跑A股各板块。 结合科创板公司"提质增效重回报"2025年度行动方案披露情况看，公司普遍提出，将加大研发投入，推 进新产品研发，推 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, down 139.52% year-over-year and down 160.58% quarter-over-quarter [1][2]. - The growth in overseas and enterprise-level storage businesses has been robust, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year [2][3]. - The report anticipates a price rebound in DRAM/NAND products in Q2 2025, driven by inventory digestion and increased stocking willingness from downstream customers [1][3]. Summary by Sections Q1 2025 Performance - The company reported a revenue of 4.256 billion RMB, with a year-over-year decline of 4.41% and a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, reflecting a significant year-over-year decline of 139.52% [1][2]. - The gross margin was reported at 10.35%, down 14.04 percentage points year-over-year, but the decline in margin has narrowed compared to previous quarters [2]. Growth Drivers - The overseas and enterprise-level storage businesses showed strong growth, with Lexar's revenue increasing by 20.73% and Zilia's revenue increasing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2][3]. - The company is actively expanding its product offerings and customer base, particularly in the high-end product segment [2][3]. 2025 Outlook - The report expects a price rebound in consumer storage products starting in Q2 2025, as major manufacturers like Micron have announced price increases. The company’s self-developed UFS 4.1 controller chip has successfully entered mass production, which will support new product launches [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency and expanded the company's reach into South American markets [3]. Financial Projections - The company’s revenue forecasts for 2025-2027 are 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB, respectively, indicating a growth trajectory [4][6]. - The report projects a net profit of 668.52 million RMB for 2025, with an expected EPS of 1.61 RMB [6][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].

1)第一大业务嵌入式存储，24 年营收84.25 亿元，同比+90.5%，占比48%。 2)第二大业务为固态硬盘，24 年营收41.47 亿元，同比+48.0%，占比24%。 25Q1 营收环比+1.5%， 扣非净利润环比亏损收窄，基本符合预期。 25Q1 营收42.56 亿元，环比+1.5%，扣非净利-2.02 亿元，环比亏损收窄；毛利率10.35%，环 比-0.81pct，净利率-3.36%，环比-2.02pct；扣非净利率-4.75%，环比+3.12pct，主要系资产减值损失率环 比-3.12pct 所致。Q1 业绩承压主要系消费电子复苏缓慢+下游消化库存影响，行业价格上升受挫所致。 24 年嵌入式存储/SSD营收同比+91/+48%，25 年业绩或有望逐季改善。 公司收购巴西Zilia 带来优势逐步递增，25Q1 公司巴西控股子公司 Zilia 营收同比+45.1%，有望助力公 司构建海外增长极。公司Lexar 品牌业务收入持续增长，同比+20.7%。预计25 年仍将受益全球影响力持 续攀升带来业绩增长。 25Q1 企业级存储收入同比增长超200%， 期待未来订单持续放量。 公司企业级存储产品组合(e ...

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 - 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]

江波龙董事长蔡华波在日前举办的闪存峰会演讲中回顾道，去年江波龙就做出了要突破存储模 组经营"魔咒"的决定。而他所定义的突破"魔咒"，就包含了两层意思：一是公司营收突破20亿 美金；二是模组厂越来越同质化，要实现向半导体存储品牌转型。 扩充自研芯片版图， 冒险创新向更多领域进发 按照蔡华波的说法，自研主控芯片体现了江波龙"明知山有虎，偏向虎山行"的魄力。 江波龙副总裁、嵌入式存储事业部总经理黄强先生在与半导体行业观察等交流的时候更是直接坦 言，江波龙去年推出的eMMC/SD自研主控里程碑性的一次性成功，在市场上带来了很大的反响。因 为这意味着公司掌握了 Flash 存储核心的技术之一。基于自研主控，江波龙也可以实现存储技术的 应用创新，根据客户需求实现高度定制化，利用技术来增加效率，降低成本。 "比如搭载自研 WM6000 主控的 QLC eMMC，兼具高密度存储与成本优势，容量从 128GB 至 512GB，未来还将拓展至 1TB。"黄强举例说。他进一步指出，江波龙的芯片设计团队成员都是有多 年丰富经验的工程师，公司的主控产品更是以高规格高标准定义，设计流程也非常严谨。当然，因 为公司还有广泛客户基础的市场能 ...