Core Insights - Jiangbolong is a leading independent semiconductor memory manufacturer globally, providing complete storage value chain solutions [2] - The company designs, produces, and sells NAND Flash and DRAM storage products for consumer, enterprise, and industrial applications [2] - According to Zhaoshang Consulting, Jiangbolong ranks as the second largest independent memory manufacturer globally and the largest in China based on storage product revenue in 2023 [2] Company Positioning - Jiangbolong's FORESEE brand ranks fifth among global independent brands in B2B storage product revenue for 2023 [2] - The company's Lexar brand is the second largest in the global independent consumer storage product market based on 2023 revenue [2] - In the Latin American and Brazilian storage product markets, Jiangbolong's Zilia brand holds the top position among independent memory manufacturers [2]

Core Viewpoint - Jiangbolong (301308.SZ) is preparing for an IPO on the Hong Kong Stock Exchange, with a projected shift from profit to loss in 2024, alongside a declining revenue growth rate [3][6]. Group 1: Company Overview - Jiangbolong is a semiconductor storage manufacturer that provides complete storage value chain solutions, focusing on NAND Flash and DRAM products for consumer, enterprise, and industrial applications [3]. - The company is the second-largest independent storage manufacturer globally and the largest in China, with its FORESEE brand ranking fifth among independent brands and its Lexar brand ranking second among consumer brands in 2023 [4]. Group 2: Financial Performance - Revenue figures from 2022 to 2024 are as follows: 8.33 billion, 10.125 billion, and 17.464 billion RMB, with profits of 73 million, -837 million, and 505 million RMB respectively [4]. - The adjusted net profits for the same period are 50 million, -611 million, and 427 million RMB [4]. - Revenue growth in 2023 was driven by increased consumer demand for storage-capable electronic products and strategic business expansion [5]. Group 3: Future Projections and Challenges - In 2024, the company is expected to experience a significant decline in revenue growth, with quarterly growth rates dropping from 200.54% in Q1 to just 18% in Q4 [6]. - The gross profit margins from 2022 to 2024 were 12%, 4%, and 19%, indicating volatility in profitability [6]. - The company has faced negative cash flow from operating activities for three consecutive years, amounting to -1.2 billion RMB in 2024 [6]. Group 4: Debt and Inventory - Jiangbolong's debt ratio has increased from 26% in 2022 to 59% in 2024, with total debts reaching 7.7 billion RMB and short-term debts at 5.2 billion RMB [6]. - Inventory levels have risen significantly, from 3.736 billion RMB in 2022 to 7.833 billion RMB in 2024 [6]. Group 5: IPO Fund Utilization - The funds raised from the IPO are intended for expanding overall production capacity, enhancing independent R&D capabilities, strengthening sales and marketing efforts, and general corporate purposes [7].