3、如何看待公司企业级存储业务的进展？公司在企业 级存储领域的产品布局如何？ 答：公司在自有核心知识产权、技术能力的基础上，积 极参与大客户技术及新产品标案，头部客户与战略客户覆盖 范围持续扩大。根据 IDC 数据，2025 年上半年中国企业级 SATA SSD 总容量排名中，公司位列第三，在国产品牌中位 列第一。与此同时，公司 RDIMM 产品已批量出货，规模稳步 扩大，公司其他形态的企业级存储产品正有序导入国内头部 企业。 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：2025-031 | 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 | 华福证券、博时基金、正圆投资 | | 人员姓名 | | | 时间 2025 | 年 月 11 17 日(周一) 10:00-11:00 | | 地点 | 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 | | | 海金融中心二期 座 B 2301 | | 上市公司接待人 | 投资 ...

Group 1: Supply Chain and Market Dynamics - The global supply of storage wafers is under continuous pressure, with companies establishing long-term agreements (LTA) and memorandums of understanding (MOU) with major suppliers to ensure supply chain stability [2][3] - Recent price increases in storage products are attributed to a significant demand from North American cloud service providers investing in AI, leading to a supply shortage in HDDs and a minimum price increase of 20% for DRAM and NAND products, with some prices rising over 40% [3] Group 2: Enterprise Storage Business Progress - The company ranks third in total capacity for enterprise SATA SSDs in China for the first half of 2025, leading among domestic brands [3] - The company is actively expanding its product offerings in the enterprise storage sector, with RDIMM products being shipped in bulk and other forms of enterprise storage products being introduced to major domestic enterprises [4] Group 3: High-Performance Storage Products - The company is focusing on high-performance storage products for data centers, including new memory types like CXL2.0 and MRDIMM, and has launched SOCAMM2, designed specifically for AI data centers [4] - SOCAMM2 has shown breakthrough performance in bandwidth and power consumption, although it has not yet generated revenue [4] Group 4: UFS4.1 Development and Market Position - The company has successfully developed UFS4.1 products, which are recognized for their superior performance in process, read/write speed, and stability compared to market alternatives [5] - UFS4.1 is positioned as a preferred storage configuration for flagship smart terminal models among Tier 1 clients, with the market transitioning from eMMC to UFS, indicating significant growth potential [5] Group 5: Chip Control and Deployment - The company has launched four series of proprietary control chips, achieving a deployment of over 100 million units by the end of Q3, with rapid growth expected [5] - The control chips are integrated with self-developed firmware algorithms, providing significant performance and power advantages [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [22]. Core Insights - The company reported a significant improvement in its Q3 2025 performance, with revenue reaching 16.73 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% year-on-year. The third quarter alone saw a revenue increase of 54.60% year-on-year and a staggering 1994.42% increase in net profit [6][8]. - The company is positioned as a leading independent storage manufacturer in China, benefiting from the growing demand for AI storage solutions. Its self-developed main control chip deployment has surpassed 100 million units, and it has established strategic partnerships with major global storage manufacturers [8][9]. - The company’s gross margin for the first three quarters of 2025 was 15.29%, with a notable increase to 18.92% in Q3, reflecting improved profitability [8]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 16.73 billion yuan, with a net profit of 713 million yuan. The Q3 results showed a revenue of 6.54 billion yuan and a net profit of 698 million yuan, marking substantial year-on-year growth [6][8]. - The company’s projected revenue for 2025-2027 is expected to be 23.36 billion yuan, 29.64 billion yuan, and 35.40 billion yuan respectively, with corresponding net profits of 1.42 billion yuan, 2.47 billion yuan, and 3.00 billion yuan [10][20]. - The report highlights a projected EPS of 3.39 yuan for 2025, increasing to 7.17 yuan by 2027, with a PE ratio expected to decrease from 79.38 in 2025 to 37.51 in 2027 [10][20]. Market Position and Growth Potential - The company is recognized as the second-largest independent storage manufacturer globally and the largest in China, with a diverse product line including embedded storage, SSDs, mobile storage, and memory modules [8][9]. - The report emphasizes the company's strategic focus on high-performance storage products for data centers, particularly in response to the growing demand driven by AI applications [8][9]. - The company is actively expanding its market share in the enterprise-level storage sector, with its products already compatible with several domestic CPU platforms, positioning it favorably for future growth [8][9].

Group 1: Market Trends and Price Increases - The recent increase in storage prices is attributed to the growing demand from North American cloud service providers investing heavily in AI infrastructure, leading to a significant supply shortage of HDDs [2][3] - DRAM and NAND product prices have seen a minimum increase of 20%, with some prices rising over 40% [3] Group 2: Impact on Profitability - The production cycle from wafer procurement to storage sales will positively impact the company's gross margin during periods of rising storage wafer prices, although raw material price fluctuations are only one factor affecting performance [4] - The company has made significant breakthroughs in enterprise storage, high-end consumer storage, overseas business, and self-developed controller chips, which will drive profitability growth more directly and sustainably [4] Group 3: Resource Supply Stability - As a leading independent storage manufacturer, the company maintains a strong inventory turnover rate and has established long-term partnerships with major wafer suppliers, ensuring resource supply stability [4] - The company has signed long-term agreements (LTA) or memorandums of understanding (MOU) with wafer suppliers, enhancing supply chain resilience and diversity [4] Group 4: Enterprise Storage Business Progress - The company ranks third in total capacity for enterprise SATA SSDs in China for the first half of 2025, leading among domestic brands [4] - The company is actively expanding its high-performance storage products for data center applications, including new memory types like CXL2.0 and MRDIMM, and has officially launched SOCAMM2 [5][6] Group 5: UFS4.1 and Controller Chip Developments - The company has successfully developed UFS4.1 products, which outperform comparable market products in terms of process, read/write speed, and stability, gaining recognition from major clients [6] - The deployment of the company's self-developed controller chips has surpassed 100 million units, with rapid growth expected in the coming year [6]

Group 1: Market Trends and Pricing - The price of 512Gb TLC/1Tb TLC/QLC NAND in the spot market has increased by nearly 40% from September to late October 2025 [3] - The demand for servers has significantly exceeded original supply expectations due to cloud service providers increasing orders for high-capacity QLC SSDs [2] Group 2: Profitability and Supply Chain - The rising prices of wafers positively impact the company's gross margin, although raw material price fluctuations are only one factor affecting performance [4] - The company maintains strong inventory turnover and has established long-term partnerships with major wafer suppliers, ensuring supply chain resilience [4] Group 3: Business Growth and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China for the first half of 2025, leading among domestic brands [5] - The company is actively expanding its high-performance storage products for data centers and has launched SOCAMM2, designed specifically for AI data centers [5] - The UFS4.1 product, developed in-house, has shown superior performance in speed and stability compared to market alternatives, gaining recognition from major Tier 1 clients [6] Group 4: Chip Development and Deployment - The company has launched four series of storage controller chips, achieving a cumulative deployment of over 100 million units by the end of Q3 2025, with rapid growth expected [6] - The UFS4.1 products are currently undergoing validation with multiple Tier 1 manufacturers, indicating strong market potential [6]

Market Overview - The three major U.S. stock indices recorded gains both this week and this month, with the Dow Jones up 0.75%, S&P 500 up 0.71%, and Nasdaq up 2.24% for the week [4] - In October, the Dow Jones increased by 2.51%, S&P 500 by 2.27%, and Nasdaq by 4.7%, marking six consecutive monthly gains for the Dow and S&P 500, and seven for the Nasdaq [4] Federal Reserve Insights - Multiple Federal Reserve officials expressed opposition to the recent interest rate cut decision, emphasizing that a December rate cut is not guaranteed [3][5] - Fed officials highlighted challenges in the labor market, with initial signs of weakness, including layoff announcements [5] - Fed Governor Waller stated that despite the government shutdown, the Fed can still access ample data to guide monetary policy [5] Amazon Performance - Amazon's Q3 net sales reached $180.169 billion, a 13% year-over-year increase, with net profit at $21.187 billion, up 38% [9] - The company's earnings per share rose to $1.95 from $1.43 in the same period last year, exceeding Wall Street expectations [9] - Following the strong earnings report, Amazon's stock price surged nearly 10% [6][9] Nvidia Developments - Nvidia announced plans to collaborate with Samsung to build an AI manufacturing plant in South Korea, deploying up to 260,000 GPUs [11] - The partnership includes significant investments in AI technology, with Samsung set to procure over 50,000 Nvidia GPUs [11] - Nvidia's CEO highlighted the substantial market opportunities in China, estimating a $50 billion opportunity this year, potentially growing to hundreds of billions by the end of the decade [12] Technology Sector Performance - Major tech stocks showed mixed results, with Amazon up over 9%, Tesla nearly 4%, while Google, Microsoft, Facebook, and Apple experienced slight declines [7] - The Philadelphia Semiconductor Index rose by 0.18%, with notable gains in companies like Marvell Technology and Qualcomm [12]

Group 1: Market Trends and Pricing - The recent increase in storage prices is attributed to a significant demand for large-capacity QLC SSDs driven by North American cloud service providers investing in AI infrastructure, leading to a supply shortage of HDDs and a price increase of nearly 40% for 512Gb TLC/1Tb TLC/QLC NAND from September to late October [3] - The company anticipates that the rising wafer prices will positively impact gross margins due to the production cycle from wafer procurement to memory sales, although raw material price fluctuations are only one factor affecting performance [3] Group 2: Business Growth and Profitability - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with enterprise PCIe SSDs and RDIMM products being introduced to major domestic clients [4] - The company is actively expanding its high-performance storage products for data center applications, including new memory types like CXL2.0 and MRDIMM, and has launched SOCAMM2, designed for AI data centers, which has not yet generated revenue [4] Group 3: Supply Chain and Resource Management - The company maintains a strong inventory turnover efficiency and has established long-term partnerships with major wafer suppliers, ensuring a resilient and diversified supply chain [3] - Long-term contracts (LTA) and memorandums of understanding (MOU) with wafer suppliers enhance the stability of key resource supplies [3] Group 4: Technological Advancements - The company has developed UFS4.1 products, which are superior in performance and stability compared to market alternatives, and is currently in the validation phase with several Tier 1 clients [5] - The deployment of self-developed main control chips has surpassed 100 million units by the end of Q3, with continued rapid growth expected [5] Group 5: Strategic Collaborations - The TCM model, which requires comprehensive service capabilities from chip development to packaging, has seen successful collaborations with major clients like SanDisk and ZTE, enhancing customer acceptance during rising storage prices [4] - The company is leveraging its core intellectual property and technical capabilities to expand its coverage among major clients and strategic partners [4]

Core Viewpoint - The storage chip industry is experiencing a significant price surge, driven primarily by the increasing demand for AI computing power, leading to a "super cycle" in the market [6][8][10]. Group 1: Market Performance - The storage index in the A-share market has risen by 59.42% over the past three months, with notable increases in individual stocks such as Jiangbolong (up 210.89%) and Demingli (up 160.95%) [5][12]. - The price of DRAM and NAND Flash products has seen substantial increases, with DRAM prices rising by 47.7% and NAND Flash by 9.2% in the first half of 2025 [8][10]. Group 2: Drivers of Price Surge - The primary driver of the current price surge is the robust demand for HBM (High Bandwidth Memory) from global tech giants due to AI advancements, which has created a supply-demand imbalance [6][8][10]. - Major companies like Nvidia, Amazon, Google, and AMD account for 95% of HBM demand, with domestic firms also increasing their investments in AI infrastructure [8][10]. Group 3: Supply Constraints - Supply constraints are evident as major manufacturers like Micron, Samsung, and SK Hynix have initiated production cuts due to weak NAND Flash demand and pricing pressures [9][10]. - The shift in production focus from traditional DRAM to higher-margin products like HBM and DDR5 has led to shortages in older DRAM products [10][12]. Group 4: Future Outlook - Analysts predict that the price increases will continue into the next year, with expectations of an 8% to 13% rise in older DRAM prices and a 13% to 18% rise in HBM prices in Q4 [10][20]. - The market sentiment remains optimistic, with industry leaders expressing confidence in sustained growth through 2025, driven by ongoing AI-related demand [20][21].

Summary of SEDEX 2025 Review: Global Semiconductors Industry Overview - The conference focused on the semiconductor industry, particularly memory solutions, showcasing advancements in High Bandwidth Memory (HBM4) and AI memory solutions by major players Samsung Electronics and SK Hynix [1][2]. Key Companies - **Samsung Electronics** - Introduced HBM4 with an I/O speed of 11Gbps and a bandwidth of 2.8TB/s per stack, exceeding JEDEC standards [3]. - Emphasized the integration of its diverse business segments, including DRAM and logic semiconductors, to enhance performance [3]. - **SK Hynix** - Highlighted its 16-layer (16L) stacking technology for HBM4, showcasing superior power efficiency with a 20% reduction in power consumption compared to previous models [4]. Core Insights - Both companies presented a range of advanced memory solutions, including LPDDR6, SOCAMM2, LPCAMM, MRDIMM, Server DDR5, and eSSD, indicating a shift towards customized memory solutions driven by AI demands [2][5]. - The diversification of memory products is expected to stabilize the global memory industry, reducing volatility in the mid- to long-term [1][5]. Financial Projections - **Samsung Electronics**: Target price set at W145,000 based on a sum-of-the-parts (SOTP) methodology, with fair-value EV/EBITDA multiples assigned to its main divisions [7]. - **SK Hynix**: Target price of W640,000 derived from applying a 2.8x P/B ratio, reflecting historical demand growth phases and expectations for premium memory demand [9]. Risks Identified - **Samsung Electronics**: Risks include delays in HBM shipment approvals, weaker-than-expected PC sales, aggressive competitor investments, intensified competition in the handset market, and currency fluctuations impacting earnings [8]. - **SK Hynix**: Risks involve potential downturns in DRAM and NAND demand, as well as a collapse in global consumption [10]. Additional Considerations - The emphasis on customized memory solutions reflects a broader trend in the semiconductor industry towards meeting specific customer needs, particularly in the context of AI advancements [5]. - The competitive landscape is evolving, with both companies leveraging their technological advancements to capture market share in a diversifying memory product environment [1][5].

Group 1: Market Trends and Price Forecast - The recent increase in storage prices is attributed to significant new demand from major cloud service providers for high-capacity DDR5 and eSSD, with server customer orders exceeding original supply expectations. [2] - According to CFM's flash market forecast, Q4 price increases are expected to reach 10% for eSSD, approximately 10%-15% for DDR5 RDIMM, and 5%-10% for Mobile NAND ASP, with LPDDR4X/5X ASP rising by 10%-15%. [2][3] Group 2: Enterprise Business Growth - The company ranks third in total capacity for enterprise-grade SATA SSDs in China and first among domestic brands, with its enterprise PCIe SSD and RDIMM products beginning mass adoption by leading domestic companies. [3] - The company is actively expanding its high-performance storage products for data center applications, including new memory types like CXL2.0 and MRDIMM, and has launched SOCAMM2, designed specifically for AI data centers, which offers breakthrough energy efficiency and performance. [3] Group 3: UFS4.1 Product Development - The company has successfully developed UFS4.1 products, a capability held by only a few global enterprises, with its self-developed controller chip outperforming comparable market products in terms of process, read/write speed, and stability. [4] - UFS4.1 is positioned as a high-end product in the embedded storage sector, becoming the preferred storage configuration for flagship smart terminal models from Tier 1 customers, as the market shifts from eMMC to UFS. [4] Group 4: Controller Chip R&D and Deployment - The storage controller chip is critical for overall storage performance, and the company has launched four series of controller chips, achieving significant deployment with over 7,800,000 units by the end of the month, with rapid growth continuing. [5] - Products equipped with the self-developed controller are currently undergoing validation with multiple manufacturers, and the deployment scale of self-developed controller chips is expected to see substantial growth throughout the year. [5]