记者丨骆轶琪 | 序号 名称 | | 现价 涨跌幅 | 成交量 | 换手率 市盈率 | | 成交额 | 60日涨幅 | 年初至今 | 总市值 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 澜起科技 | -5.19% 121.17c | 2948万 | 2.58% | 67.2 | 36.14亿 | 34.59% | 79.61% | 1388亿 | | 2 | 兆易创新 | 205.78c -9.55% | 5486万 | 8.22% | 101 | 115.31亿 | 70.81% | 93.22% | 1373亿 | | 3 | 江波龙 | 291.07c -10.77% | 2137万 | 7.79% | 186 | | 63.66亿 225.25% 238.45% | | 1220亿 | | 4 | 紫光国微 | 74.85c -3.48% | 1942万 | 2.29% | 44.4 | 14.69亿 | -0.53% | 16.66% | 636亿 | | 5 | 德明利 | 270.00c -7.5 ...

Core Viewpoint - The article highlights the significant growth and performance of domestic storage companies in China, particularly in the context of a global price surge in the storage industry, with a focus on companies like Jiangbolong, which has successfully transitioned from a component supplier to a brand-driven enterprise [1][3]. Group 1: Market Performance - The current market includes three major storage companies in A-shares with market capitalizations exceeding 100 billion yuan: Lanqi Technology, Zhaoyi Innovation, and Jiangbolong [1]. - Jiangbolong's stock price has seen a steep increase, rising from approximately 95 yuan per share in September to a peak of 331.5 yuan, marking a cumulative increase of over 248.95% [19]. - As of November 14, Jiangbolong's market capitalization reached 1220.02 billion yuan, with a closing price of 291.07 yuan per share [3]. Group 2: Company Growth and Strategy - Jiangbolong's growth story reflects a broader trend among domestic storage manufacturers, focusing on higher technical capabilities and diverse business models to gain more global market influence [3]. - The company has transitioned from OEM to establishing its own brand, "FORESEE," and has expanded its product line to include eMMC and SSD products [7]. - A significant acquisition of the Lexar brand from Micron in 2017 marked a pivotal shift for Jiangbolong, allowing it to enhance its product offerings and brand recognition [7][8]. Group 3: Financial Performance - In Q3 2023, Jiangbolong reported a revenue of 6.54 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, reflecting a dramatic growth of 1994.42% compared to the previous year [17][18]. - The company's cash flow from operating activities also saw a substantial increase of 183.43% [18]. Group 4: Future Outlook and Industry Trends - The storage industry is experiencing a cyclical upturn driven by AI demand, with expectations of continued price increases in DRAM and NAND products [16][21]. - Jiangbolong is actively pursuing international expansion and enhancing its R&D capabilities, including the development of self-researched main control chips to improve product efficiency and competitiveness [15][16]. - The company is adopting new operational models, such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing), to meet the evolving demands of core clients and enhance service customization [23].

Core Insights - The domestic storage manufacturers are experiencing a significant performance and stock price increase due to a rare price surge in the global storage industry, with companies like Jiangbolong, which has a market capitalization exceeding 100 billion yuan, leading the charge [1][12]. Company Development - Jiangbolong was founded by Cai Huabo after he moved to Huaqiangbei, Shenzhen, where he began working with electronic components. The company initially faced challenges but pivoted to develop the world's first U-disk based on AG-AND flash memory, which became popular due to the rise of Apple's iPod [2][3]. - In 2011, Jiangbolong transitioned from OEM to establishing its own brand, "FORESEE," to enhance profit margins and market presence. The brand has since launched various products, including eMMC and SSD, solidifying its position in the embedded storage sector [3][4]. - The acquisition of Lexar from Micron in 2017 marked a significant shift for Jiangbolong, allowing it to expand its product line and transition from a technology-focused company to a brand-oriented one [3][4]. Market Position and Strategy - Jiangbolong's IPO in August 2022 accelerated its research and development efforts, focusing on high-end storage markets, particularly enterprise-level storage, which is projected to grow significantly [7][12]. - The company has made strategic acquisitions to enhance its manufacturing capabilities and expand its market reach, including a recent purchase of SMART Brazil to establish a manufacturing presence in Brazil [8][12]. - Jiangbolong is also moving towards self-developed main control chips, which are crucial for improving product efficiency and overall competitiveness in the storage market [9][12]. Financial Performance - In Q3 2023, Jiangbolong reported a revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, reflecting a dramatic growth of 1994.42% compared to the previous year [12]. - The company's stock price has surged significantly, rising from approximately 95 yuan per share in September to a peak of 331.5 yuan, marking an increase of over 248.95% [12]. Industry Trends - The storage industry is currently experiencing a bifurcation, with major players like Samsung and Micron reducing capital expenditures in favor of more profitable segments like HBM (High Bandwidth Memory) [11][12]. - The demand for NAND Flash is declining, while AI-driven applications are creating new opportunities for growth in the storage sector [10][12]. - Morgan Stanley forecasts that contract prices for DRAM and NAND products will continue to rise, indicating a favorable market environment for manufacturers like Jiangbolong [13].

Core Insights - Guangdong manufacturing is gaining global attention with innovative products showcased at the 138th Canton Fair, highlighting the region's proactive transformation amidst technological and industrial changes [1][2] - The traditional manufacturing sector in Guangdong is leveraging tax policies to support its transition and upgrade, focusing on high-quality development [1][4] Group 1: Company Innovations and Market Expansion - Deepway Technology has expanded its product range from handheld laser rangefinders to six product lines, achieving a 30% export ratio since entering overseas markets in 2013 [2][3] - Wola Technology is shifting from primarily export-focused to a dual domestic and international sales strategy, with a current sales structure of 60% export and 40% domestic [3] - United Optics has developed a groundbreaking black light full-color technology for low-light environments, breaking the monopoly of Japanese and German companies in high-end optical lenses [7][8] Group 2: Tax Policies and Financial Support - Export tax rebate policies have significantly aided companies like Deepway and Wola Technology, enhancing their cash flow and supporting raw material procurement [4][5] - Guangdong tax authorities have streamlined export tax rebate processes, reducing average processing time to three working days for eligible companies [5] - Companies such as Jiangbolong Electronics have benefited from tax incentives, allowing for substantial R&D investments and product development [6] Group 3: R&D and Compliance - United Optics has invested over 8% of its revenue in R&D over the past five years, supported by tax deductions amounting to approximately 2.26 million yuan [8][16] - Aima CNC has transitioned from a shoe factory to a key player in CNC technology, applying for 151 patents and benefiting from tax incentives totaling 2.6 million yuan [9][10] - Compliance with tax regulations is emphasized as a critical factor for sustainable growth, with companies like Deepway and Aima CNC actively engaging with tax authorities for guidance [13][16]