Core Viewpoint - Jiangbolong plans to raise 3.7 billion yuan through a private placement to actively invest in high-end AI storage, storage controller chips, and advanced packaging and testing [1] Group 1: Fundraising and Investment Plans - The company intends to use 880 million yuan of the raised funds to develop storage products targeting the AI sector, including enterprise-level SSDs and high-end consumer SSDs [1] - The company is expanding its enterprise storage business by leveraging self-developed technology and actively participating in major client technology and new product bidding [1] Group 2: Market Growth and Opportunities - The global AIGC wave and the "Digital China" top-level planning are providing new growth momentum for the storage market [1] - As a leading independent memory manufacturer in China, the company is advancing its domestic and international dual-wheel layout in the storage industry, indicating significant growth potential [1] Group 3: Financial Projections - The company's projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 1.16 billion, 1.85 billion, and 2.32 billion yuan, respectively [1] - Corresponding price-to-earnings ratios for 2025, 2026, and 2027 are forecasted to be 99, 62, and 49 times, respectively, maintaining a "buy" rating [1]

Core Viewpoint - Jiangbolong (301308.SZ) plans to raise up to 3.7 billion yuan through a private placement of A-shares to support its business expansion in AI high-end storage and main control chips [1][3]. Summary by Sections Fundraising Details - The company intends to issue no more than 126 million shares, accounting for up to 30% of the pre-issue total share capital, with a fundraising target of no more than 3.7 billion yuan [3]. - The issuance will be directed towards no more than 35 qualified institutional and other investors, with the share price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [3]. Allocation of Funds - The raised funds will be allocated to four main areas: 1. 880 million yuan for AI high-end storage research and industrialization projects [3]. 2. 1.22 billion yuan for semiconductor storage main control chip series research projects [3]. 3. 500 million yuan for high-end packaging and testing construction projects [4]. 4. 1.1 billion yuan for working capital to support business expansion [4]. Project Investments - The high-end storage research project has a total investment of 930 million yuan, focusing on enterprise-level SSDs and RDIMM memory modules for AI applications [3]. - The main control chip project has a total investment of 1.28 billion yuan, targeting SoC architecture design and firmware algorithm development for various storage technologies [3]. - The high-end packaging and testing project has a total investment of 540 million yuan, aimed at enhancing the company's packaging and testing capacity for embedded storage and SSD products [4]. Company Performance - In the first three quarters of the year, Jiangbolong achieved revenue of 16.734 billion yuan, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of 712 million yuan, up 27.95% year-on-year [4]. - After the issuance, the total share capital will increase to approximately 545 million shares, with the actual controllers' combined shareholding ratio decreasing from 42.17% to 32.44% [4].