Core Viewpoint - Jiangbolong has relocated its Shanghai headquarters to the core area of the Lingang New Area, focusing on key storage businesses such as enterprise-grade and automotive-grade storage products [1] Company Summary - The new Shanghai headquarters will concentrate on the research and development of main control chips, enterprise-grade, industrial-grade, and automotive-grade storage products [1] - Jiangbolong has launched six self-developed main control chips that cover mainstream and high-end products including eMMC, SD cards, UFS, and USB mobile storage [1] Industry Summary - The service areas for Jiangbolong's products include rapidly growing markets such as artificial intelligence, data centers, smart vehicles, smart grids, and industrial IoT [1]

Core Insights - Jiangbolong's Shanghai headquarters has been established to enhance chip-level R&D capabilities, focusing on enterprise-grade and automotive-grade storage businesses [1][2] - The headquarters spans 14 acres with a total construction area of 43,000 square meters, accommodating over 1,000 R&D engineers [1] - The facility is designed as a high-end chip and storage product R&D center, featuring advanced research areas and specialized laboratories [1] Company Strategy - Jiangbolong aims to create a dual-engine model of "storage chips + high-end storage devices," integrating R&D operations from its Shenzhen headquarters and manufacturing capabilities from its Zhongshan storage industrial park [2] - The company plans to establish a dual-circulation supply chain model that includes domestic R&D, domestic and overseas manufacturing, and global sales [2] - The chairman and general manager, Cai Huabo, emphasized that the Shanghai headquarters marks a key milestone in Jiangbolong's global layout, leveraging the advantages of the Lingang New Area [2]

Core Viewpoint - The article discusses the evolution and current state of storage devices, particularly focusing on SD cards and CFE cards, highlighting their specifications, classifications, and recommendations for usage in various devices [3][29]. Group 1: SD Cards - SD cards, developed in 1999 by Panasonic, Toshiba, and SanDisk, have evolved into a family of products with various capacities and speed classifications [3][5]. - The capacity levels for SD cards are categorized into four types: SD (up to 2GB), SDHC (2GB to 32GB), SDXC (32GB to 2TB), and SDUC (2TB to 128TB) [5]. - SD cards are classified based on write speed into three standards: Speed Class (C), UHS Speed Class (U), and Video Speed Class (V), with specific minimum write speeds ranging from 2MB/s to 90MB/s [7][8]. - UHS levels (UHS-I, UHS-II, UHS-III) indicate bus speed, with theoretical maximum speeds of 104MB/s, 312MB/s, and 624MB/s respectively [8][11]. - Manufacturers may label speeds using X ratings, where 1X equals 150KB/s, allowing for easy conversion to MB/s [13]. Group 2: TF Cards - TF cards, originally known as TransFlash cards, are smaller than SD cards and share similar speed classifications [15][17]. - TF cards also include an A rating for application performance, with A1 and A2 levels indicating different IOPS performance for running apps directly from the card [17][18]. Group 3: CFE Cards - CFE cards, based on PCIe and NVMe standards, offer high performance suitable for high-end cameras, with maximum read/write speeds of 2000MB/s for CFE-A and 4000MB/s for CFE-B [20][22]. - CFE cards are categorized by VPG levels, ensuring minimum sustained write speeds of 200MB/s to 400MB/s, with future standards promising even higher speeds [22][23]. Group 4: Recommendations for Use - For entry-level cameras, a V30 SD card with a capacity starting at 64GB is recommended, while higher-end models should consider CFE cards of 256GB or more for optimal performance [24][26]. - High-end cameras require CFE cards to fully utilize their capabilities, and users are expected to be knowledgeable about their specific storage needs [27]. - For devices like drones and action cameras, TF cards of at least 128GB with U3 and A2 ratings are suggested for efficient 4K recording [27][30].

Group 1: Company Growth and Revenue - The company's revenue in the enterprise storage sector is expected to grow over 600% in 2024, with a further increase of over 200% in Q1 2025 [3] - The company has launched enterprise-level storage products such as eSSD, DDR4 RDIMM, and DDR5 RDIMM, which have received certifications from various sectors [3] - The company has established a partnership with SanDisk to offer customized high-quality UFS products for the mobile and IoT markets [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology and market capabilities [4] - The enterprise storage products have strong adaptability and reliability, meeting high-performance and customization needs across various industries [4] - The company has developed its own main control chips, which outperform market competitors in terms of performance and power consumption [4] Group 3: Market Trends and Pricing - The semiconductor storage market is expected to recover gradually starting from Q2 2025, with price increases anticipated due to inventory digestion and rising demand [6] - The company expects storage product prices to maintain upward momentum in Q3 2025, driven by OEM customer demand and storage capacity increases in mobile devices [6] Group 4: Technology and Intellectual Property - The company has a robust semiconductor storage R&D system, with 570 patents and 138 software copyrights as of December 31, 2024 [5] - The company has established patent licensing agreements with various wafer manufacturers and leading independent storage companies [5] Group 5: Strategic Partnerships - The company aims to serve as a crucial link between upstream wafer manufacturers and end-user markets, enhancing its position in the storage ecosystem [7] - Long-term collaborations with industry leaders, such as SanDisk, reflect the company's technical strength and market positioning [7]

Core Viewpoint - The decline in memory prices has ended, with prices expected to stabilize and rebound in Q1 and Q2 of 2025 [1] Group 1: Price Changes - Hynix's DRAM prices have increased by approximately 12% [2] - SanDisk announced a price increase of over 10% for flash memory products starting April 1 [2] - The fixed trading price for DDR4 8Gb DRAM products rose by 22.22% compared to March [2] Group 2: Industry Overview - DRAM and flash memory are essential components in various devices, including PCs, smartphones, SSDs, and USB drives [4][6] - The demand for DRAM is increasing due to the deployment of GenAI in devices, requiring larger memory capacities [7][8] Group 3: Key Companies in A-Share Market - Major DRAM companies include Beijing Junzheng and Deep Technology, with Deep Technology being a leader in DRAM packaging and testing [13] - Key flash memory companies include Zhaoyi Innovation, Dongxin Co., Puran Co., and Jiangbolong [14] - Zhaoyi Innovation and Dongxin Co. have flash memory revenue shares of over 60% [15] Group 4: Company Profiles - Jiangbolong is a leader in storage modules, including SSDs and memory cards [17] - Demingli's SSDs account for 48.20% of its revenue, with mobile storage at 28.01% [21] - Zhaoyi Innovation's storage chip revenue reached 5.194 billion yuan, making up 70.6% of total revenue [23] - Beijing Junzheng's storage chips are its primary revenue source, focusing on consumer markets like security monitoring [24]

Core Viewpoint - The article discusses the complexity and confusion surrounding various storage card standards and types, emphasizing the need for consumers to understand these differences when purchasing storage cards for their devices [3][11][60]. Group 1: Storage Card Evolution - The evolution of storage cards began with the introduction of NOR and NAND flash memory technologies in the 1980s, leading to the first compact flash card in 1994 [15][17]. - The introduction of the SD card in 1999, as a response to Sony's proprietary Memory Stick, marked a significant shift in the market, with SD cards quickly gaining popularity due to their lower cost and open standards [28][34]. - The SD card has undergone multiple iterations, including SDHC, SDXC, and SDUC, expanding its maximum capacity from 2GB to 128TB [38][39]. Group 2: Types and Standards - Storage cards are categorized into three main types of markings: capacity, performance, and manufacturer-specific marketing terms [35]. - The article highlights the importance of matching the storage card's capacity and speed with the device's requirements, as older devices may only support certain standards [37][45]. - Different speed classes (Class, UHS, and Video Speed Class) are essential for determining the card's performance, especially for high-resolution video recording [48][50][51]. Group 3: Consumer Guidance - Consumers are advised to check their device specifications before purchasing a storage card to ensure compatibility with the required standards [45][63]. - The article suggests that for photography and videography, speed ratings and performance classes should be prioritized, while for general file storage, alternatives like USB drives may be more suitable [56][59]. - The complexity of storage card standards necessitates a clearer labeling system to reduce consumer confusion and improve purchasing decisions [62][64].

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company is one of the few in China capable of providing "eSSD+RDIMM" product design and large-scale supply, with expected sales of enterprise storage reaching approximately 900 million yuan in 2024 [21]. - The demand for server and automotive-grade storage is anticipated to continue growing into 2025, driven by the acceleration of AI technology across various consumer electronics [21]. - The company has achieved significant sales growth for its Lexar brand, with projected revenue of around 3.5 billion yuan in 2024, indicating a strong market position and growth potential [23]. - Zilia, a recent acquisition, is expected to generate approximately 2.3 billion yuan in revenue for 2024, reflecting a year-on-year growth of about 120% [24]. Summary by Sections 1. Research Overview - The research was conducted on February 24, 2025, focusing on the semiconductor industry, specifically the company Jiangbolong [13]. 2. Participating Institutions - The research involved various institutions, including fund management companies, insurance companies, and investment firms, highlighting a diverse interest in the semiconductor sector [14][15]. 3. Market Trends - The semiconductor market is expected to see a recovery in pricing as supply and demand dynamics improve, with adjustments in production capacity by several storage wafer manufacturers [21]. - The company plans to leverage its competitive advantages in technology and supply chain to mitigate the impact of fluctuating gross margins due to market conditions [24]. 4. Product Development - The company has successfully developed and applied over ten million units of its self-developed main control chips, focusing on high-end product segments [22]. - The company is actively enhancing its inventory management strategies to optimize turnover rates while meeting delivery demands [24].