证券研究报告 | 公司动态点评 2025 年 08 月 25 日 江波龙（301308.SZ） 25Q2 扣非净利润环比+215.9%，看好存储价格回暖+企业级存储订单持续放量 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10,125 | 17,464 | 21,830 | 26,195 | 30,125 | | 增长率 yoy（%） | 21.6 | 72.5 | 25.0 | 20.0 | 15.0 | | 归母净利润（百万元） | -828 | 499 | 986 | 1,617 | 2,012 | | 增长率 yoy（%） | -1237.1 | 160.2 | 97.7 | 64.0 | 24.4 | | ROE（%） | -13.0 | 7.3 | 12.6 | 17.2 | 17.6 | | EPS 最新摊薄（元） | -1.97 | 1.19 | 2.35 | 3.86 | 4.80 | | P/E（倍） | -48.9 | 81.2 | ...

截至预案公告日，本次发行尚未确定具体的发行对象，因而无法确定发行对象与公司的关系。最终 本次发行是否存在因关联方认购本次发行的人民币普通股股票而构成关联交易的情形，将在发行结束后 相关公告中予以披露。 截至预案公告日，方利强、李敏夫妇共计持有公司股份100,920,906股，占公司总股本的38.19%， 为公司控股股东及实际控制人。本次发行完成后，公司原股东的持股比例将有所下降，但因本次发行规 模较小，股权比例稀释效应有限，预计方利强、李敏夫妇发行后持股比例不低于30%，仍为公司控股股 东及实际控制人。因此，本次发行不会导致公司控制权发生变化。 中国经济网北京8月25日讯 诚邦股份（603316.SH）近日披露《2025年度以简易程序向特定对象发 行股票预案》。本次发行拟募集资金总额不超过12,938万元（含本数），且不超过公司最近一年末净资 产的20%，扣除相关发行费用后的募集资金净额将全部用于嵌入式存储芯片扩产项目、SSD高端化升级 改造项目和补充流动资金。 本次以简易程序发行的股票种类为境内上市的人民币普通股（A股），每股面值为人民币1.00元。 本次发行采用以简易程序向特定对象发行的方式。 本次发行对 ...

Group 1 - The company plans to raise up to 129.38 million yuan through a simplified procedure for issuing shares to no more than 35 qualified investors, with the funds allocated for embedded storage chip expansion, SSD high-end upgrades, and working capital supplementation [1] - The company's core business has shifted from ecological environment construction to include semiconductor storage, following a 5.8 million yuan investment to acquire 51.02% of Chip Storage Technology [1] - The ecological environment construction segment has faced challenges, with a reported revenue of 347.89 million yuan and a net loss of 99.47 million yuan in 2024, continuing a trend of declining revenue and losses [1] Group 2 - Chip Storage Technology achieved a quarterly revenue of 111 million yuan in October 2024, with an annual revenue exceeding 300 million yuan, accounting for 31.79% of the company's total revenue [2] - The gross profit margins for both the ecological environment construction and semiconductor storage businesses are relatively low, with 3.47% and 3.85% respectively in 2024 [2] - The company anticipates a net loss of approximately 10.5 million yuan for the first half of 2025, primarily due to increased financial expenses and insufficient new orders in the ecological environment construction segment [2]

证券代码：603316 证券简称：诚邦股份 公告编号：2025-044 诚邦生态环境股份有限公司 关于 2025 年度以简易程序向特定对象发行股票摊薄即期回报的 风险提示及填补回报措施和相关主体承诺的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》 （国办发〔2013〕110 号） 《国务院关于进一步促进资本市场健康发展的若干意见》 行时间以取得中国证监会发行注册并实际完成发行为准； 公积转增股本、股票回购注销等）所导致的股本变动。本次发行前公司总股本为 计算，本次发行完成后，公司总股本将达到 283,002,029.00 股。该发行股票数量仅 为估计，最终以经中国证监会同意注册后实际发行股票数量为准； 资金总额仅为估计值，最终以经中国证监会同意注册并实际发行完成的募集资金总额 为准； （国发〔2014〕17 号）和《关于首发及再融资、重大资产重组摊薄即期回报有关事 （证监会公告〔2015〕31 号）等相关法律、法规和规范性文件的要求， 项 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the investment value of significant events, analysis of industry chain companies, and key points of major policies [1] - The company has obtained agency qualifications for Cambrian, SK Hynix, and has officially entered the mass production phase of SSDs [1] Group 2 - The investment in GPU companies is focused on integrated chip architecture, which has already been implemented in multiple intelligent computing centers [1] - Local state-owned assets have become significant shareholders in the company, indicating strong support and potential for growth [1] - The company is expected to benefit from upstream production cuts and the domestic production process of SSDs [1]

微软于8月中旬向 Win11 24H2 用户发布了 KB5063878 更新，内部版本号为 26100.4946。此次更新主要针对操作系统的安全问题进行了修复，并引入了一些新功能 和改进。 | 然而，部分用户安装后发现了严重漏洞，该更新存在一些可能导致固态硬盘（SSD）和机械硬盘（HDD）出现故障的问题。 | | --- | 值得注意的是，Win11 23H2 和 Win10 用户也没能躲过。 Win10更新版本： KB5063709 / KB5063877 / KB5063871 / KB5063889 Win11更新版本： KB5063878 、 KB5063875 据悉，是一位名为 @Necoru_cat 的外网用户最先发现了这个问题。这位网友在安装 KB5063878 后为《赛博朋克 2077》打补丁时，发现安装该游戏的SSD突然在系 统中无法识别，也就是出现了俗称的"掉盘"状况。 | | 高级成立 (F7) | | | | --- | --- | --- | --- | | | | 10 : F12 | | | EFI | 内存容量: 16384MB | MB: MAG B660M MORTAR W ...

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Insights - The semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI demand in downstream applications. The report highlights the ongoing push for domestic substitution and the positive performance forecasts for various segments in Q2 and Q3 [6][12]. - The introduction of Huawei's UCM technology is anticipated to significantly boost SSD demand by enhancing AI inference efficiency through innovative data management strategies [10][21]. Summary by Sections Semiconductor Market Overview - In July, major chip manufacturers experienced an increase in delivery times, with prices for storage, analog, power, and passive components showing signs of recovery. The report anticipates a continued upward trend in prices and improved order conditions in the distribution channel for Q3 [5][11][22]. Key Technologies and Innovations - The "Storage Computing" paradigm, initiated by Huawei's UCM, is expected to revolutionize the storage industry by optimizing AI inference processes and reducing reliance on HBM. This innovation is projected to enhance the efficiency of enterprise-level SSD products [10][17][21]. Market Segments and Recommendations - The report suggests focusing on sectors such as storage, power, foundry, ASIC, and SoC for their performance elasticity. It also emphasizes the importance of equipment materials and the domestic substitution of computing chips [6][12]. - Specific companies to watch include Jiangbolong, Zhaoyi Innovation, and Huahong Semiconductor among others, which are positioned to benefit from the anticipated market trends [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - Micron's exit from the mobile NAND market is driven by strategic focus and alignment with industry trends, rather than solely profitability concerns [2] - The storage industry is witnessing a shift where wafer manufacturers focus on front-end processes, allowing storage solution providers to enhance their value by developing customized solutions [3] - The exit of Micron, a leading manufacturer, will improve the competitive landscape and create new demand redistribution dynamics within the industry [3] Summary by Sections Micron's Market Exit - Micron has announced significant layoffs in its UFS and eMMC departments, ceasing the development of mobile NAND products due to poor financial performance and slower growth compared to other NAND opportunities [1] - The decision reflects a broader trend where mobile NAND is increasingly customized, with phone manufacturers procuring wafers and outsourcing the design and production of storage solutions [2] Industry Trends - The storage industry is evolving, with major wafer manufacturers concentrating on front-end processes, thus providing more opportunities for storage solution providers to engage directly with clients [3] - The demand for high-performance, high-speed, and high-capacity storage solutions is expected to rise, particularly in the AI era, leading to greater value for solution providers [3] Beneficiaries of the Shift - Storage solution providers, particularly those with a high proportion of embedded storage, such as Jiangbolong and Baiwei Storage, are positioned to benefit from the favorable industry trends following Micron's exit [4]

Core Viewpoint - The article discusses the recent layoffs at Micron Technology in China, primarily affecting the embedded team, and highlights the company's strategic shift away from mobile NAND product development due to market performance issues [2][4]. Group 1: Company Actions - Micron Technology has announced layoffs in its China operations, impacting teams involved in embedded development, testing, and support [2]. - The company will cease the development of future mobile NAND products, including UFS5, while continuing to support other NAND solutions such as SSDs and automotive applications [4]. - Micron's revenue forecast for the upcoming quarter is projected at $11.2 billion, with a variance of $100 million, an increase from the previous expectation of $10.7 billion [4]. Group 2: Financial Performance - Micron has raised its adjusted gross margin forecast for the fourth quarter to 44.5%, up from a previous estimate of 42% [4]. - For the fiscal year 2024, Micron's revenue distribution shows that the United States is its largest market, contributing $13.17 billion, which accounts for 52.44% of total revenue [4]. - China Taiwan follows as the second-largest market with $4.71 billion, representing 18.75% of total revenue, while mainland China ranks third with $3.05 billion, making up 12.13% of total revenue [5].

据产业链消息，美光（ Micron ）中国区于8月11日启动裁员，主要涉及国内嵌入式团队研发、 测试以及FAE/AE等支持部门，上海、深圳等多地员工受影响。 突发！美光中国区启动裁员 对 此，美光回应指出，鉴于 移动NAND 产品在市场持续疲软的财务表现，以及相较于其他NAND机 会增长放缓，我们将在全球范围内停止未来移动NAND产品的开发，包括终止 UFS5 的开发。 美光表示，此项决策仅影响全球移动NAND产品的开发工作，美光将继续开发并支持其他NAND 解决方案，如SSD和面向汽车及其他终端市场的NAND解决方案。美光还将继续在全球范围内开 发和支持移动 DRAM 市场，并提供业界领先的DRAM产品组合。 此前，美光表示，"中国是美光全球业务的重要组成部分。我们深知，中国不仅是全球最大的市 场之一，更是创新和技术发展的重要引擎。在投资中国的20多年，美光从研发、设计、制造和技 术支持方面全链条服务中国，助力中国建设半导体生态系统。" 随着大型科技公司加大对AI数据中心的投资，美光科技等半导体制造商的高带宽内存（HBM）芯 片凭借其强大的数据处理能力，订单激增。 转自：天天IC 加入"中国IC独角兽联盟" ...