Core Insights - The automotive storage market is undergoing significant transformation driven by the growth of smart and connected electric vehicles, with Jiangbolong emerging as a key player in this sector [1][6]. Group 1: Automotive Storage Solutions - Jiangbolong has showcased its strength in automotive storage by presenting four star products at the recent Smart Expo, highlighting its comprehensive range of automotive storage solutions that cater to various critical applications such as smart cockpits and advanced driver-assistance systems (ADAS) [3]. - The company offers a full suite of automotive storage solutions, including eMMC, UFS, LPDDR, and SPI NAND Flash, which are designed to perform reliably in extreme conditions while maintaining low power consumption [3][5]. Group 2: Competitive Advantage - Jiangbolong's leading position in the automotive storage market is attributed to its unique PTM (Product Technology Manufacturing) model, which allows for comprehensive control over the entire production chain, ensuring product quality and effective cost management [5]. - The company has developed proprietary main control chips and firmware algorithms, enabling rapid market response and customized solutions, while its high-reliability production lines ensure consistency and reliability in its products [5]. Group 3: Technological Innovation - Jiangbolong continues to drive innovation in automotive storage technology, with its automotive-grade eMMC, UFS, LPDDR4x, and SPI NAND Flash products achieving industry-leading performance in terms of speed, capacity, and power consumption [5]. - The automotive-grade UFS offers over six times the read/write performance compared to eMMC, significantly reducing transmission latency for applications such as ADAS domain controllers and cockpit HMI systems [5]. - The automotive-grade LPDDR4x balances high speed and low power consumption, providing robust support for interactive experiences like AI voice assistants in smart cockpits [5]. Group 4: Future Outlook - As the market for smart connected electric vehicles continues to expand, Jiangbolong is committed to deepening its focus on the storage sector, aiming to support the global automotive industry in transitioning towards a smarter and greener era of mobility [6][7].

Core Viewpoint - Jiangbolong, established in 1999, is a leading Chinese storage company known for its embedded storage solutions, including UFS, eMMC, ePoP, LPDDR, and SLC NAND Flash, catering to various industries such as consumer electronics, data centers, industrial, communication, and automotive [1][2]. Automotive Storage Market - The automotive storage market is experiencing significant growth due to the rise of smart and electric vehicles, with IDC predicting that revenue from automotive storage chips will exceed $7 billion by 2027 [2]. - Jiangbolong has been proactive in this sector, investing in research and development for automotive storage since 2017 and launching automotive storage products in 2019 [2][4]. Product Development and Capabilities - Jiangbolong offers a range of automotive storage products, including automotive-grade eMMC, UFS, and LPDDR, and has established partnerships with over 20 OEMs and 50 Tier 1 automotive clients [6][8]. - The company has a robust testing and packaging capability, with over 5,000 test cases and a dedicated testing base in Zhongshan, ensuring high reliability for automotive storage products [4][6]. New Product Launches - Jiangbolong recently introduced several new automotive storage products, including a custom automotive-grade eMMC with a maximum capacity of 128GB and a self-developed WM6000 controller, achieving speeds up to 600MB/s [11][12]. - The automotive-grade LPDDR4x storage solution features a data rate of 4266Mbps and supports low power consumption, making it suitable for applications like AI voice assistants in smart cabins [11][13]. Competitive Advantages - Jiangbolong's competitive edge lies in its self-developed core components, which enhance overall performance by over 10%, and its ability to quickly address core issues [12][16]. - The company emphasizes a "full-link reliability" approach, ensuring high-quality and reliable automotive storage solutions [13][16]. Future Outlook - Jiangbolong aims to deepen its "technology self-research + ecosystem co-construction" strategy, collaborating with industry partners to unlock the potential of automotive storage [17].

Core Viewpoint - Jiangbolong experienced a quarterly loss in Q1 2024 after achieving profitability in the previous year, with total revenue of 4.256 billion yuan, a slight decline of 4.41% year-on-year, and a net profit of -152 million yuan, a dramatic drop of 139.52% year-on-year [1][2]. Group 1: Financial Performance - In Q1 2024, Jiangbolong's sales gross margin further decreased to 10.35%, down 8.7 percentage points quarter-on-quarter and down 14.04 percentage points year-on-year [4]. - The company reported a significant increase in revenue for 2024, reaching 17.464 billion yuan, a year-on-year growth of 72.48%, and a net profit of 499 million yuan, a year-on-year increase of 160.24% [2]. - The gross margin for Jiangbolong's sales declined sequentially throughout 2024, with figures of 24.39%, 23.51%, 21.54%, and 19.05% for Q1 to Q4 respectively [4]. Group 2: Business Segments - Jiangbolong's consumer storage segment, which includes the Lexar brand, accounted for 58% of revenue in 2024, despite a 5.3 percentage point decline in gross margin to 15.6% due to weak demand in consumer electronics [3]. - The automotive-grade storage segment is identified as a growth area, with revenue share increasing from 7% in 2023 to 12% in 2024, and expected to exceed 15% by 2025 [5]. - The enterprise storage segment saw explosive growth, with revenue reaching 922 million yuan in 2024, a staggering year-on-year increase of 666.30%, driven by the demand for AI computing [6][7]. Group 3: Market Conditions and Challenges - The global storage chip market is facing a downturn, with significant price declines in DRAM and NAND Flash products, impacting Jiangbolong's profitability [7][8]. - Jiangbolong's inventory reached 7.814 billion yuan, with a substantial increase in inventory impairment provisions, indicating significant inventory pressure [8]. - The company is investing heavily in R&D, with expenditures of 910 million yuan in 2024, a year-on-year increase of 53.34%, which is expected to enhance technological capabilities but also increases cash flow pressure [9]. Group 4: Strategic Outlook - Jiangbolong is focusing on establishing a foothold in the automotive-grade storage market, with collaborations with over 20 major automotive manufacturers [5]. - The company has made significant advancements in self-developed high-end products, including the successful mass production of the UFS 4.1 controller chip, which is expected to support its entry into the mid-to-high-end market [8][9]. - Despite short-term losses, Jiangbolong's breakthroughs in automotive and enterprise storage markets, along with its commitment to self-research, lay the groundwork for long-term growth [10].

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]