August 22, 2025 03:58 PM GMT M Update Shenzhen Longsys Electronics Co Ltd | Asia Pacific 1H25: Off the Call Reaction to earnings Strengthens our thesis Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways We stay OW on Longsys moving toward year-end: At the memory cycle level, 3Q pricing will likely settle at around up 0-5% QoQ for NAND products. Current consensus indicates ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-018 | 投资者关系活动 | □特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 类别 | □业绩说明会 | □新闻发布会 | □路演活动 | | | □现场参观 | √电话会议 | □其他 | | 参与单位名称及 | 详见附件 | | | | 人员姓名 | | | | | 时间 | 2025 年 8 月 22 日 | (周五) 下午 | 20:30-21:30 | | 地点 | 电话会议 | | | | | 副总经理 高喜春 | | | | | 董事长、总经理 | 蔡华波 | | | 上市公司接待人 | 副总经理、财务负责人 | 朱宇 | | | 员姓名 | 副总经理、董事会秘书 | 许刚翎 | | | | 投资者关系经理 1、公司在企业级业务上的发展战略？公司推出的 | 黄琦 | | | | 产品能否与现有产品形成协同？ SOCAMM 答：企业级存储是典型的高端存储产品，具有技术难度 | | | | | 大、研发周期长、客户粘性高等特点，考验存储企业的持续 | | | | | 供 ...

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 ...

Core Viewpoint - SK Hynix has successfully developed low-power DRAM based on next-generation technology, targeting AI memory solutions to meet the demands of major tech companies like NVIDIA [2][3]. Group 1: Product Development - In the first half of the year, SK Hynix developed LPDDR5X based on the 1c (6th generation 10nm) process, which is more energy-efficient compared to standard DRAM [2]. - The LPDDR development sequence has progressed to the 7th generation, with LPDDR5X now in mass production [2]. - The company plans to start transitioning to 1c DRAM production in the second half of the year [2]. Group 2: Technical Specifications - The newly developed 1c 24Gb LPDDR5X product can achieve a maximum operating speed of 10.7Gbps and will be offered in SoCAMM and LPCAMM formats for AI servers and PCs [3]. - LPCAMM technology combines the advantages of traditional LPDDR modules and onboard solutions, reducing packaging area while enhancing energy efficiency [3]. - SOCAMM, similar to LPCAMM, features a higher number of I/O ports (694) compared to LPCAMM (644), making it attractive to major tech companies [3]. Group 3: Market Implications - The advancements in LPCAMM and SOCAMM have garnered attention from global tech giants and storage manufacturers, with NVIDIA expected to adopt these products in the next generation of AI PCs [3].

Core Insights - The rapid development of artificial intelligence (AI) technology has significantly increased the importance of enterprise storage as a key support for AI computing platforms [1] - Jiangbolong, a leading semiconductor storage company in China, is driving a technological revolution in enterprise storage with its innovative SOCAMM product [1] Group 1: Product Development and Performance - Jiangbolong has successfully collaborated with top clients to develop SOCAMM, showcasing its strong technical reserves and forward-looking market layout in next-generation server memory technology [3] - SOCAMM offers a performance leap with advanced LPDDR5X technology, providing over 2.5 times the bandwidth of traditional DDR5 RDIMM at the same capacity, effectively eliminating data transmission bottlenecks in AI training and inference [3] - The product features a 20% reduction in latency by integrating the storage controller with memory units, crucial for real-time data processing scenarios [3] Group 2: Energy Efficiency and Design Innovation - SOCAMM's low voltage characteristic (1.1V) results in power consumption being only one-third of standard DDR5 RDIMM, significantly reducing energy usage in data centers [3] - The compact modular design of SOCAMM is one-third the size of standard RDIMM, supporting high-density deployment and optimizing heat dissipation [5] - The innovative 4-N-4HDI stacking technology enhances hole density by over 10 times, providing a solid physical foundation for SOCAMM's 8×16bit multi-channel architecture [5] Group 3: Market Position and Future Outlook - Jiangbolong emphasizes deep collaboration with clients, offering customized storage solutions under the PTM model to meet diverse customer needs [5] - The company's enterprise storage products are known for high reliability, stability, and low latency, widely used in data centers, cloud computing, and AI [5] - Jiangbolong plans to continue focusing on the enterprise storage market, driving innovation to contribute to the advancement of AI computing platforms [5]

Group 1: TCM Model and Competitive Advantage - The company has established a TCM model collaboration with storage wafer manufacturers, showcasing its leading capabilities in chip control, firmware development, and packaging manufacturing, which enhances profitability and creates higher technical and service value [3] - The company is one of the few in China capable of designing and supplying "eSSD+RDIMM" products, with a complete enterprise-level product line that meets the high-performance demands of AI servers [3] Group 2: Development Progress and Market Position - The company has been investing in self-developed control chips for several years, resulting in significant performance and power consumption advantages over mainstream market products, with UFS4.1 products achieving sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS [4] - The company's revenue in the enterprise storage sector has seen over 200% growth in Q1 2025, indicating substantial potential for future revenue growth as it captures more market share in high-end storage [5] Group 3: Market Trends and Price Movements - The company anticipates continued upward momentum in storage prices for Q3, driven by inventory demands from server OEM customers and cautious capacity control strategies from storage wafer manufacturers [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of $170 [7][8] Core Insights - The company reported FY25Q3 revenue of $9.3 billion, which is a 37% year-over-year increase and a 15% quarter-over-quarter increase, exceeding Bloomberg consensus estimates of $8.85 billion [2] - Adjusted EPS for FY25Q3 was $1.91, up 208% year-over-year and 22% quarter-over-quarter, also surpassing consensus expectations of $1.60 [2] - The company plans to reduce NAND wafer capacity by over 10% by the end of FY25 to balance supply and demand [1][2] - HBM revenue exceeded $1.5 billion in FY25Q3, with a quarter-over-quarter growth of over 50%, and is expected to account for 20-25% of market share in FY25H2 [3][4] Revenue and Profitability - FY25Q3 DRAM revenue was $7.1 billion, a 51% year-over-year increase, while NAND revenue was $2.2 billion, with a quarter-over-quarter growth of 16% [2] - The adjusted gross margin, operating margin, and net margin increased to 39.0%, 26.8%, and 23.4% respectively, compared to 37.9%, 24.9%, and 22.1% in FY25Q2 [2] - The company provided guidance for FY25Q4 revenue of $10.7 billion, with adjusted EPS of $2.50, both higher than consensus estimates [2] Market Position and Competitive Landscape - The company is benefiting from increased demand for HBM driven by GPU and ASIC applications, with significant supply agreements with major clients including NVIDIA and AMD [1][3] - The company has begun sampling HBM4 to major clients, with plans for mass production in early 2026 [4][14] - The competitive landscape includes rivals like SK Hynix and Samsung, both of which are also advancing their HBM technologies [13][15] Valuation and Future Outlook - The target price has been raised from $144 to $170, reflecting a shift to a 3.0x FY26E price-to-book ratio [4][38] - The company is expected to benefit from the growing AI accelerator market, with HBM becoming a critical component [4][38] - Revenue projections for FY26 are estimated at $45.4 billion, with a year-over-year growth of 25.8% [6][40]

Core Viewpoint - The article discusses significant developments in the semiconductor industry, highlighting investments, market trends, and technological advancements that could impact future growth and competition in the sector [8][10][12]. Investment and Policy Developments - Guangzhou Development Zone and Huangpu District have introduced policies to support the domestic production of semiconductor manufacturing materials and equipment, encouraging the development of high-end semiconductor materials [8]. - The U.S. semiconductor manufacturer Wolfspeed has announced bankruptcy, while Texas Instruments plans to invest over $60 billion in building seven semiconductor factories in the U.S. [9][12]. - South Korea's government plans to invest over 16 trillion KRW (approximately $11.56 billion) over the next five years to enhance its AI infrastructure [10]. Market Trends and Supply Chain Dynamics - Samsung is reducing DDR4 supply, leading to a potential shortage that may last until Q3 2025, with prices for DDR4 components significantly increasing [17]. - CounterPoint Research reports that the domestic market share of Chinese automotive remote communication control units (TCUs) is expected to reach 58% by Q1 2025, with a 16% year-on-year sales growth [11]. - The average price of enterprise SSDs has dropped by nearly 20% in Q1 2025 due to reduced orders from major clients, impacting the revenue of leading SSD manufacturers [18]. Technological Advancements - The Chinese Academy of Sciences has made breakthroughs in high thermal conductivity graphite films, which could support thermal management in 5G chips and power semiconductors [20]. - A new ultra-high parallel optical computing integrated chip has been developed, achieving significant advancements in photon computing capabilities [20]. Company-Specific Developments - Intel plans to cut up to 20% of its factory workforce, which may affect its core business operations significantly [12]. - NIO is restructuring its chip business into an independent entity, named Anhui Shenji Technology Co., Ltd., to attract strategic investors [14]. - Japan Display (JDI) has approved a plan to spin off its automotive business to focus on semiconductor-related technologies [16].

Core Viewpoint - The DRAM market is undergoing significant changes, highlighted by a rapid increase in DDR4 prices and shifts in market dynamics among major players like Micron, Samsung, and SK Hynix [1][5]. Group 1: Micron's Developments - Micron has announced the discontinuation of DDR4 production, leading to a dramatic price surge in DDR4 DRAM, with prices increasing over 100% this season [1]. - The company has introduced its 1γ (1-gamma) DDR5 technology, which boasts a 15% increase in data transfer speed compared to its predecessor and a 20% reduction in power consumption, crucial for AI and data center applications [2]. - Micron plans to invest $200 billion in expanding advanced DRAM manufacturing and R&D in the U.S., which is expected to significantly impact the future DRAM landscape [5]. Group 2: Samsung's Challenges - Samsung has faced difficulties with HBM certification, with reports indicating multiple failures in obtaining HBM3E certification, which is critical for its product offerings [7][9]. - Despite these challenges, Samsung has successfully delivered HBM3E chips to AMD, marking a significant step in its HBM product line [8]. - The company is also planning to expand its 1c DRAM production line, which is essential for its HBM4 technology, indicating a commitment to overcoming current production hurdles [9][10]. Group 3: SK Hynix's Strategy - SK Hynix has emerged as a leader in the DRAM market, capturing a 36% market share, surpassing Samsung's 34% [11]. - The company is taking a cautious approach to expanding its DRAM and HBM production capacity, delaying equipment investments and scaling back production expectations [12][13]. - SK Hynix is also focusing on future technology roadmaps, including the development of 4F² and 3D DRAM technologies to enhance performance and capacity [14]. Group 4: Future of DRAM Technology - The future of DRAM technology is promising, with advancements expected in 3D DRAM architectures and the transition to smaller nodes, including 0c/0d by 2033-2034 [19]. - Major manufacturers are exploring various architectural paths to achieve 3D DRAM integration, indicating a competitive landscape driven by innovation [19]. - The introduction of HBM4 and HBM5 is anticipated to significantly increase memory bandwidth and data transfer rates, with HBM4 expected to reach 2 TB/s by 2026 [21].

Core Viewpoint - NVIDIA has commissioned Micron, Samsung, and SK Hynix to develop SOCAMM memory modules, with Micron surprisingly being the first to receive mass production approval, outpacing its competitors [1][2]. Group 1: SOCAMM Technology - SOCAMM is a memory module designed by NVIDIA, consisting of 16 stacked LPDDR5X chips in four groups, primarily aimed at supporting AI accelerators by ensuring peak performance [1]. - Unlike HBM, which connects DRAM through vertical drilling, SOCAMM uses wire bonding with copper wires, which helps reduce heat generation due to copper's high thermal conductivity [1]. - Micron claims its latest low-power DRAM has a power efficiency that is 20% higher than its competitors [1]. Group 2: Market Position and Innovations - NVIDIA's next-generation AI servers will feature four SOCAMM modules, equating to 256 LPDDR5X chips, indicating a significant technological advancement [2]. - Micron's later adoption of EUV exposure equipment has allowed it to supply products earlier than Samsung and SK Hynix, focusing on structural design innovations to enhance memory efficiency while minimizing heat [2]. - Micron is expected to expand its HBM market share due to its low heat generation technology, as the number of stacked DRAM chips continues to increase [3]. Group 3: Competitive Landscape - Despite entering the HBM market later, Micron's thermal management technology and geographical advantages as a U.S. company position it to catch up with competitors [3]. - Micron's capital expenditure for this year is projected to reach $14 billion, indicating potential stable orders from major clients [3].