格隆汇8月27日丨江波龙(301308.SZ)在投资者互动平台表示，根据公开报道，您所提及的UCM技术是通 过优化缓存管理和数据处理，解决AI推理领域面临的高成本、低效率以及对特定硬件过度依赖的问 题，相关技术要求可能随UCM开源进程逐步披露，公司正密切跟踪AI与数据中心领域的技术发展趋 势。公司eSSD与RDIMM产品已通过鲲鹏、海光等多个国产CPU平台的兼容性验证。 ...

调研纪要：江波龙ST eSSD国内市占率仅次于Solidigm与三星，PCIe SSD与RDIMM已批量导入国内头部企业；SOCMM产品已点亮，带宽比传统 RDIMM高2.5倍以上，延迟降低约20%，尺寸为标准RDIMM的三分之一，但尚未形成收入。公司推出TCM模式，已与闪迪合作推出定制化UFS产 品，加速导入多家Tier1客户。自研主控芯片累计出货超8000万颗，UFS4.1性能显著优于主流产品，正导入验证。公司推出UFS4.1、QLC eMMC、 超小尺寸eMMC、超薄ePOP4x等嵌入式产品，应用于一线厂商智能穿戴设备。Zilia构建完善海外供应链，江波龙赋能其本地化制造，已在巴西与 多家Tier1厂商合作。 根据市场公开信息及8月26日披露的机构调研信息，知名私募盘京投资近期对2家上市公司进行了调研，相关名单如下： 1）江波龙 （上海盘京投资管理中心(有限合伙)参与公司电话会议） 近五日涨跌:4.62% 2）天孚通信 （盘京投资参与公司线上通讯会） 调研纪要：2025年上半年，天孚通信实现营业收入24.56亿元，同比增长57.84%，净利润8.99亿元，同比增长37.46%。有源业务增长主要源于高速 ...

公司报告 | 半年报点评 江波龙（301308） 证券研究报告 25Q2 营收创历史新高，企业级+主控自研驱动高成长 事件：公司发布 2025 年半年度报告。2025 年 H1 公司实现营收 101.96 亿元（yoy+12.80%），归母净利润 1476.63 万元 (上半 年股份支付费用 4857.63 万元，剔除该影响后归母净 6334.26 万元)，扣非净利润 32 20.69 万元。2025 Q2 公司营收 59.39 亿 元（qoq+39.53%），单季度营收创历史新高，扣非净利润 2.34 亿元（qoq+215.94%)，2025 Q2 收入与利润环比均呈现大幅改 善趋势。 点评：公司 25H1 营收同比稳健增长，25Q2营收与利润环比显著改善，看好周期复苏及 TCM模式+企业级存储+自研主控加 持下公司业绩持续回升。公司 25H1 营收同比增长主要系：1）手机、PC 等主要下游市场温和复苏，AI 推动服务器需求增长， 带动存储市场持续增长；2）重点业务表现强劲，驱动业绩提升：企业级业务实现放量增长，同比增长 138.66%；嵌入式存 储市场地位保持领先，技术与模式创新驱动业务增长；海外业务影响 ...

深圳市德明利技术股份有限公司 5．问：公司企业级存储目前定制化服务主要包括哪些，定价模式是 怎样的？ 答：公司企业级业务定位为解决方案提供商与服务商，依托在存储领 域的技术与供应链积累，从客户需求出发提供专业、高效、稳定可控的全 栈定制化服务，具体合作内容包括产品主控芯片定制、整体方案开发、供 应链综合管理等。定价模式基于项目需求、市场行情及价值共创原则协商 确定，保障业务可持续发展。 6．问：公司自研主控目前进展情况如何，后续研发规划是怎样的？ 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他： | | 活动参与人 | 信达澳亚基金、创金合信基金、东方阿尔法基金、国联基金、申万宏源证 | | 员 | 券、国信证券 | | 时间 | 2025 年 8 月 25 日 | | 地点 | 深圳市福田区新一代产业园 1 栋 24 楼公司办公室 | | 上市公司接 | 李虎、褚伟晋、于海燕 | | 待人员 | | | ...

Semiconductor Industry - The semiconductor sector is expected to see a strong recovery, with global sales projected to reach a new high of $687.38 billion in 2025, reflecting a year-on-year growth of 12.5% [6][9] - The memory segment is anticipated to experience significant growth, with a forecasted increase of 76.8% in 2024, while logic chips are expected to grow by 10.7% [9] - The domestic semiconductor market in China is also recovering, with sales reaching $162 billion in April 2025, a year-on-year increase of 14.4% [9] Consumer Electronics - The smartphone and PC markets are showing signs of moderate recovery, with Apple expected to see a 10.5% increase in iPhone sales in 2025 [2] - The 3D printing industry is moving towards mass production, with significant potential for growth in various application areas [2] AI and Computing - The global investment in computing power remains high, driven by the demand for AI infrastructure, with ASIC demand expected to rise significantly [2][23] - Marvell predicts that the market for customized ASICs will grow at a CAGR of 45% from 2023 to 2028, with the total addressable market reaching $750 billion by 2028 [23] Capacitor and Display Technologies - The MLCC market is projected to see double-digit growth from 2024 to 2027, driven by the demand from AI servers and laptops [2] - The LCD TV panel market is stabilizing, with a recovery in demand expected to support price increases [2] CIS Market - The demand for CMOS image sensors (CIS) is expected to rise, particularly in the automotive sector, with a projected increase in global automotive CIS shipments from 354 million units in 2023 to 755 million units by 2029 [34] - The smartphone market remains the largest application area for CIS, accounting for 71.4% of the total market [33]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 115.2 CNY, reflecting an expected relative return of over 20% within six months [6][16]. Core Views - The company is positioned as a core player in the storage price increase cycle, benefiting from both price and volume growth in the storage market, with expected quarterly performance improvements in 2025 [1]. - The company is recognized as a leader in domestic substitution, with significant growth projected in enterprise-level storage products, forecasting revenues of 922 million CNY in 2024, a year-on-year increase of 666.3% [2]. - The self-developed controller technology is establishing a technical barrier, enhancing the company's profitability and operational efficiency through its TCM model, which integrates supply chain management and customer relationships [3]. - The investment thesis highlights a dual logic of "cycle + growth," with short-term benefits from storage price increases, medium-term revenue growth from domestic enterprise storage, and long-term profitability through self-developed chips and TCM model [4]. Financial Summary - The company is projected to achieve revenues of 23.05 billion CNY in 2025, with a growth rate of 32% [5]. - The expected net profit attributable to the parent company for 2025 is revised down to 480 million CNY, with subsequent years showing significant growth to 1.61 billion CNY in 2026 and 2.08 billion CNY in 2027 [5]. - The EBITDA for 2025 is estimated at 2.41 billion CNY, reflecting a strong operational performance [5]. Market Position - The company ranks third in China for enterprise-level SATA SSD total capacity in 2024, showcasing its capability in eSSD and RDIMM product design and supply [2]. - The company has successfully adapted its PCIe SSD and SATA SSD series to multiple domestic CPU platforms, expanding its customer base across various industries [2].

Group 1: Company Growth and Market Position - The company is one of the few A-share listed companies that officially disclose specific enterprise-level storage product performance, achieving a revenue of 319 million CNY in Q1 2025, representing a year-on-year growth of over 200% [3] - The enterprise-level storage products have gained recognition from major clients across various industries, including large internet companies and telecom operators, indicating strong adaptability and reliability [3] - The company expects continued breakthroughs in enterprise-level business due to increasing demand for domestic storage products driven by AI applications and local security concerns [3] Group 2: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its leading capabilities in main control chip development and packaging, aiming to launch customized high-quality UFS products for the mobile and IoT markets [4] - The TCM (Technology Contract Manufacturing) model is being actively promoted, enhancing visibility in supply and demand, which helps mitigate price fluctuations and create value [4] - Collaborations with Tier 1 clients like Transsion and ZTE under the TCM model are expected to yield significant results in the future [4] Group 3: Storage Price Trends - Following production cuts announced by major storage wafer manufacturers, market prices for storage products have begun to rise since late Q1 2025, with downstream demand showing substantial growth [5] - Independent reports indicate that the semiconductor storage market has been gradually recovering since the end of March 2025, with expectations of continued upward momentum in prices for server and mobile storage products in Q3 [5] Group 4: Self-Developed Main Control Chips - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The self-developed main control chips are expected to see significant growth in application scale throughout 2025, maintaining a competitive edge in performance and power consumption [6] Group 5: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant market share growth potential [6] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with Q1 2025 revenue increasing by 45.08% compared to the previous year [6] - The integration of Zilia into the company has enhanced its overseas market presence and product offerings, leveraging local manufacturing and service advantages [6]

Group 1: Market Dynamics - The DRAM market is experiencing a significant shift from oversupply to a supply-demand imbalance, with prices rising sharply, including a 53% increase in DDR4 prices in May, the largest since 2017 [1] - The overall DRAM market price index has increased by 47.7% since early 2025, with a 19.5% rise in June alone, driven by both traditional DRAM and high-value server DRAM [1][7] - The transition to DDR5 is becoming a trend as major DRAM manufacturers shift capacity towards higher-end products, leading to increased demand for older generation products [2] Group 2: Company Positioning - Jiangbolong has developed a comprehensive range of enterprise storage products, including SATA eSSD, PCIe eSSD, RDIMM, and MRDIMM, and reported a revenue increase of over 200% year-on-year in Q1 2025 [3] - The company is focusing on high-end consumer and enterprise-level DDR5 product mass production to meet the growing demand for high-capacity, high-bandwidth, and low-power memory products in gaming, servers, and industrial automation [2][3] - Jiangbolong has signed a memorandum of cooperation with Sandisk to integrate resources and enhance its position in the embedded storage market, aiming to increase market share in high-end storage solutions [4] Group 3: Innovation and Business Model - Jiangbolong has introduced innovative business models such as PTM (Product Technology Manufacturing) and TCM (Technology Contract Manufacturing), which provide new commercial strategies for the storage industry [5][6] - The TCM model has received positive feedback from storage wafer manufacturers and key clients, facilitating collaboration with Tier 1 clients like Transsion and ZTE [6] - The company is leveraging its self-developed core technologies to enhance product differentiation and improve visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Future Outlook - The storage sector is expected to see continued price increases, with general DRAM prices projected to rise by 10% to 15% in Q3 2025, and overall DRAM prices, including HBM, expected to increase by 15% to 20% [7] - The domestic storage market is anticipated to grow further, with an increasing localization rate for high-difficulty and high-speed products, presenting opportunities for industry players [7]

Group 1: Competitive Advantages in Enterprise Storage - The company is one of the few A-share listed companies that officially discloses specific enterprise storage product performance, including eSSD and RDIMM [3] - In Q1 2025, the revenue from enterprise storage products reached 319 million CNY, representing a year-on-year growth of over 200% [3] - The company has gained recognition from various well-known clients across different industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: Impact of TCM Model on Revenue and Profitability - The company has partnered with SanDisk to leverage its strengths in main control chip development and packaging, aiming to launch customized high-quality UFS products for the mobile and IoT markets [4] - The UFS 4.1 product, featuring the company's self-developed main control chip, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, outperforming mainstream market products [4] - The TCM model is expected to enhance visibility in supply and demand, reduce price volatility impacts, and create continuous value through core capabilities [5] Group 3: Future Development of Self-Developed Main Control Chips - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [5] - The first batch of UFS self-developed main control chips has been successfully taped out, indicating progress in high-end product development [5] - The company anticipates significant growth in the application scale of self-developed main control chips throughout 2025, while maintaining long-term collaborations with third-party chip manufacturers to diversify its product offerings [5]

Core Viewpoint - The storage sector is expected to experience significant opportunities in the near term, driven by various factors including price increases and technological advancements [1] Group 1: Market Trends - The storage market is anticipated to see continued price increases in the fourth quarter [1] - The demand for storage capacity is rapidly increasing due to the growth of AI servers, PCs, and smartphones [1] - The penetration rates of high-value products such as HBM, eSSD, and RDIMM are continuously rising, contributing to revenue growth in the sector [1] Group 2: Domestic Market Growth - The domestic storage market is accelerating its growth further [1]