证券研究报告 | 公司动态点评 2025 年 08 月 25 日 江波龙（301308.SZ） 25Q2 扣非净利润环比+215.9%，看好存储价格回暖+企业级存储订单持续放量 | 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 | 1,617 | 2,012 | | 增长率 yoy（%） | -1237.1 | 160.2 | 97.7 | 64.0 | 24.4 | | ROE（%） | -13.0 | 7.3 | 12.6 | 17.2 | 17.6 | | EPS 最新摊薄（元） | -1.97 | 1.19 | 2.35 | 3.86 | 4.80 | | P/E（倍） | -48.9 | 81.2 | ...

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]

Core Viewpoint - Jiangbolong aims to break the "curse" of storage module operations by achieving over $2 billion in revenue and transitioning towards becoming a semiconductor storage brand [1][2]. Group 1: Self-Developed Chip Strategy - Jiangbolong has increased its investment in technology to support its transition to a semiconductor storage brand, focusing on algorithm and IP design [2]. - The company established a main control chip team in 2020 and launched eMMC and SD controllers last year, marking a significant milestone in its self-developed chip strategy [4][5]. - The self-developed main control chips allow for application innovation in storage technology, enabling high customization based on customer needs [4]. Group 2: New Product Launches - Jiangbolong introduced several self-developed main control chips at the flash memory summit, including WM7400 (UFS 4.1), WM7300 (UFS 3.1), and WM3000 (USB 3.2) [5][6]. - The UFS 4.1 main control chip WM7400 features advanced manufacturing processes and supports both TLC and QLC NAND Flash, achieving sequential read speeds of up to 4350MB/s [7][8]. - The eMMC Ultra product, equipped with the WM6000 main control chip, enhances bandwidth by 50% compared to the eMMC 5.1 standard, providing a theoretical speed of 600MB/s [9][10]. Group 3: Automotive Storage Solutions - Jiangbolong has developed a comprehensive automotive storage product matrix, including AEC-Q100 compliant UFS, eMMC, and LPDDR4x products [11]. - The company has established deep partnerships with over 20 OEMs and 50 Tier 1 automotive clients, with a projected market growth of nearly 100% in the automotive sector [12][18]. Group 4: Business Model Transformation - Jiangbolong is shifting its business model to include Technology Contract Manufacturing (TCM) and Product Technology Manufacturing (PTM) services, aiming to reduce costs and optimize inventory management [15][16]. - The PTM model provides comprehensive storage Foundry services, addressing industry homogenization and innovation bottlenecks [16][18]. - The company has successfully implemented the PTM model across various industries, including automotive, servers, and mobile devices, enhancing its market presence [18][19]. Group 5: Global Market Expansion - Jiangbolong is accelerating its global market strategy, particularly in the Americas and Europe, to deepen the implementation of TCM and PTM models [20][21]. - The company aims to leverage its self-developed chips and proprietary packaging to enhance its service capabilities and meet diverse customer needs [23][24].