[Table_Info1] 江波龙(301308) 电子 [Table_Title] 证券研究报告 / 公司点评报告 需求回升+企业级存储放量，单季度营收创历史新高 [Table_Summary] 2025 年上半年公司实现营业收入 101.96 亿元，同比增长 12.80%；归母 净利润 0.15 亿元，同比下降 97.51%。其中二季度实现营业收入 59.39 亿元，同比增长 29.51%，环比增长 39.53%；归母净利润 1.67 亿元，同 比下降 20.55%，环比增长 209.73%。 点评 企业级存储发力，国产替代加速。公司企业级存储业务规模增长显 著，成为公司业务增长的重要引擎。公司构建了全面的企业级产品体 系，包括成功点亮 SOCAMM 产品，并结合 MRDIMM、CXL2.0 内存 拓展模块。其 eSSD 与 RIDMM 产品已完成与鲲鹏、海光、飞腾等多个 国产 CPU 平台服务器的兼容性适配，DDR5 RDIMM 产品也通过了 AMD 认证，为产品在主流平台的广泛应用筑牢技术根基。公司企业级 业务客户广泛，涵盖运营商、大型及中型互联网企业、服务器企业等， 产品在通信、互联网、金融等行业成 ...

Core Viewpoint - Jiangbolong held a conference call on August 22, 2025, to discuss its enterprise-level business strategy, TCM model progress, and main control chip R&D with 90 institutional investors [1] Group 1: Enterprise-Level Business Development - Jiangbolong's enterprise-level storage products have gained recognition from well-known clients due to its proprietary core intellectual property and technical capabilities [1] - According to IDC data, Jiangbolong's SATA eSSD has a domestic market share second only to Solidigm and Samsung, while its PCIe SSD and RDIMM products have been mass-produced for leading domestic enterprises [1] Group 2: SOCAMM Product Development - The SOCAMM product has been activated, showing over 2.5 times the bandwidth compared to traditional RDIMM at the same capacity, with a 20% reduction in latency and a size one-third that of standard RDIMM [2] - However, the SOCAMM product has not yet generated revenue, indicating certain risks [2] Group 3: TCM Model Progress and Market Space - Jiangbolong is focusing on high-end, brand, and overseas development, investing in key areas such as main control, firmware, and packaging testing to build a comprehensive service capability [3] - The TCM model connects wafer manufacturers with core downstream clients, simplifying the business model and reducing the impact of industry cycle fluctuations [3] - Jiangbolong has partnered with SanDisk to launch customized UFS products and solutions for the mobile and IoT markets, accelerating the introduction of UFS products into multiple Tier 1 client supply chains [3] Group 4: Main Control Chip Technology and R&D Plans - Jiangbolong has established a self-developed main control chip R&D team and continues to invest in it, utilizing leading processes and proprietary core IP [4] - The UFS4.1 product, equipped with self-developed main control chips, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - As of the end of July, over 80 million main control chips have been deployed, with UFS4.1 products undergoing validation with multiple Tier 1 manufacturers [4] Group 5: Embedded Business Opportunities - Jiangbolong has launched new embedded products such as UFS4.1 and eMMC Ultra, leveraging its advantages in self-developed main control, firmware, algorithms, and packaging testing [5] - The UFS product's performance advantages have led to a strategic partnership with SanDisk, while QLC eMMC products are being applied in numerous mobile terminal products due to their large capacity and price advantages [5] Group 6: Impact of U.S. Tariff Policies on Zilia - After acquiring Zilia, a leading storage manufacturer in Brazil, Jiangbolong has empowered it with its technology and product design solutions, leveraging Zilia's local manufacturing and service advantages [6] - Zilia has established long-term cooperative relationships with global top clients and manufacturers in Brazil [6]

Group 1: Company Performance - In the first half of 2025, the company achieved total revenue of 10.196 billion yuan, a year-on-year increase of 12.80% [1] - The company reported a net profit attributable to shareholders of 32 million yuan, with a significant second-quarter revenue of 5.939 billion yuan, reflecting a quarter-on-quarter growth of 39.53% [1] - The second quarter's net profit attributable to shareholders reached 234 million yuan, marking a quarter-on-quarter increase of 215.94% [1] Group 2: Business Segments - The enterprise-level storage segment generated revenue of 693 million yuan, a year-on-year increase of 138.66% [3] - The overseas market saw Zilia achieve sales revenue of 1.388 billion yuan, a year-on-year growth of 40.01%, while Lexar's global sales revenue reached 2.145 billion yuan, up 31.61% year-on-year [1] Group 3: Industry Trends - The semiconductor industry is experiencing optimistic growth driven by AI, memory upgrades, and strategic supply chain adjustments [2] - The company is transitioning to a comprehensive semiconductor storage brand, focusing on the entire value chain of semiconductor storage applications [2] Group 4: Product Development - The company has expanded its main business into integrated circuit design, including main control chip design and storage chip design, enhancing market positioning [3] - The company launched various enterprise-level storage products, including eSSD and DDR5 RDIMM, and achieved compatibility certification with AMD Threadripper PRO 9000WX series [3] Group 5: AI and Innovation - The company has introduced several new products targeting AI applications, including eSSD and MRDIMM, and is pioneering QLC storage solutions [4] - The company has developed ultra-thin ePOP and small-sized eMMC products to meet the lightweight demands of AI wearable devices [5] Group 6: Business Model and Strategy - The company has established an open business model, introducing TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to enhance collaboration with clients [6] - The company’s strategy includes a three-in-one layout of self-developed main control chips, high-end packaging, and global manufacturing [7] Group 7: Global Expansion - The Lexar brand has expanded its global presence, achieving revenue growth from 864 million yuan in 2019 to 3.525 billion yuan in 2024, with a compound annual growth rate of 32.48% [8] - The company continues to launch flagship mobile storage products, enhancing its influence in the global consumer market [8]