2025 年 08 月 25 日 江波龙 (301308) ——25Q2 营收 59 亿元创历史新高，毛利率 14.8%环比 显著提升 报告原因：有业绩公布需要点评 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,464 | 10,196 | 20,311 | 23,440 | 25,025 | | 同比增长率（%） | 72.5 | 12.8 | 16.3 | 15.4 | 6.8 | | 归母净利润（百万元） | 499 | 15 | 615 | 785 | 1,120 | | 同比增长率（%） | - | -97.5 | 23.4 | 27.6 | 42.8 | | 每股收益（元/股） | 1.20 | 0.04 | 1.47 | 1.87 | 2.67 | | 毛利率（%） | 19.0 | 13.0 | 17.0 | 16.7 | 16.8 | | ROE（%） | 7.7 | 0.2 | 8.7 | 10.1 | 1 ...

江波龙 20250822 摘要 江波龙 2025 年上半年业绩显著改善，二季度营收达 59.39 亿元，创历 史新高，毛利率回升至 14.82%。公司通过有效的费用控制和研发投入， 实现了业绩的稳健增长。 公司自研主控芯片取得突破，已推出多个系列芯片，累计部署超 8,000 万颗，预计 8 月底超 1 亿颗。UFS4.1 主控芯片性能领先，采用 5 纳米 工艺，并与全球前两大 foundry 合作。 公司通过 TCM 模式与闪迪等原厂合作，以 Forsea 品牌向 TIER one 客 户出货，提高国内市场占有率，提升服务器产品性能及利润率，并计划 逐步采用净额法确认收入。 企业级存储业务增长迅速，上半年增长近 200%，抓住千亿蓝海市场机 遇。SATA ESD 市占率国内领先，PCIe SSD 和 RDRAM 已批量导入头 部企业，并前沿布局 MRDIM、CHR2.0 及 Sokam 产品。 公司海外业务高速增长，雷克萨品牌作为国内唯一运营国际化高端消费 类品牌，持续增长。依托巴西制造基地 Zelia，海外出货同比增长 40%。 Q&A 公司在存储产品领域取得了哪些重要进展？ 公司自 1999 年开始进入存 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Viewpoints - The company achieved a revenue growth of 54.41% year-on-year in Q1 2025, despite a decline in storage prices, indicating successful channel and customer expansion [1][33]. - The product structure is continuously optimized, with significant growth in SSD and embedded storage segments, driven by increasing demand from cloud service providers and AI applications [2][30]. - The company is progressing well with self-developed main control chips, which are expected to contribute to future growth alongside existing product lines [3][33]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported revenue of 1.252 billion yuan, a 54.41% increase year-on-year and a 6.5% increase quarter-on-quarter. However, the net profit attributable to the parent company was -75 million yuan, a decrease of 138.9% year-on-year [1][33]. - The gross margin for Q1 2025 was 5.8%, showing a year-on-year decline of 31.4 percentage points but a quarter-on-quarter improvement of 5.5 percentage points [1][33]. Product Lines and Market Demand - The company has established four main product lines: mobile storage, solid-state drives (SSD), embedded storage, and memory modules. In 2024, SSD revenue reached 2.3 billion yuan, a 235.46% increase, while embedded storage revenue was 843 million yuan, a 1730.60% increase [2][30]. - The demand for enterprise-level SSDs is expected to grow significantly due to increased capital expenditure from domestic cloud service providers, with the company successfully entering their supply chains [2][30]. Financial Forecasts - The company forecasts revenues of 6.772 billion yuan in 2025, with a projected net profit of 361 million yuan. The expected PE ratios for 2025-2027 are 50, 42, and 28, respectively [4][33]. - The revenue growth rates for the next few years are projected at 41.9% for 2025, 22.8% for 2026, and 16.1% for 2027 [4][34]. Market Trends - The storage market is expected to see a mild recovery in prices in 2025 after a decline in 2024, driven by inventory adjustments and increased demand from OEMs [23][30]. - The global enterprise storage market is projected to grow from 26.2 billion USD in 2024 to 32.4 billion USD by 2028, indicating a strong demand for high-performance storage solutions [30][26].