Group 1: Company Growth and Market Position - The company achieved a revenue of 319 million CNY in Q1 2025 for its enterprise storage products, representing a year-on-year growth of over 200% [3] - The company is one of the few A-share listed companies that publicly disclose specific enterprise storage product performance, indicating a strong market position [3] - The company has established recognition among major clients across various industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: AI Infrastructure and Storage Demand - The demand for storage is expected to rise due to increased investment in AI infrastructure, which requires enhanced computing and storage capabilities [3] - The penetration rate of DDR5 in RDIMM products has significantly increased, driven by the performance requirements of AI servers [3] - eSSD's advantages in speed and energy efficiency are leading to its widespread adoption, replacing HDDs in cloud service providers [3] Group 3: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its strengths in chip control and firmware development, aiming to introduce high-quality UFS products for the mobile and IoT markets [5] - The UFS4.1 product, featuring high sequential read/write speeds of 4350MB/s and 4200MB/s, has outperformed mainstream market products [5] - The TCM model is expected to enhance revenue and profit by improving visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Self-Developed Controller Chips - The company has launched three self-developed controller chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [7] - The self-developed controller chips are anticipated to see significant growth in application scale throughout 2025 [7] - The company plans to maintain long-term collaborations with third-party controller chip manufacturers to diversify its product offerings [7] Group 5: Storage Price Trends - The semiconductor storage market has shown signs of recovery since late March 2025, driven by inventory digestion and increased downstream demand [8] - Price increases in storage products are expected in Q3 2025 due to inventory needs from server OEM customers and rising storage capacities in mobile devices [8] Group 6: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant growth potential in market share [9] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with a 45.08% increase in Q1 2025 [10] - The integration of Zilia into the company's operations has enhanced its overseas market presence and product offerings [10]

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：2025-013 | 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 | 华商基金、招商证券、长城基金、南土资产、国盛证券、江 | | | 人员姓名 | 海证券 | | | | 2025 年 7 月 14 日 (周一)上午 10:00-11:30 | | | 时间 | 2025 年 7 月 15 日 (周二)下午 15:00-16:30 | | | 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 B 座 2301 | | | 上市公司接待人 | 副总经理、董事会秘书许刚翎 | | | | 投资者关系经理黄琦 | | | 员姓名 | 投资者关系资深主管苏阳春 | | 公司正积极推进 TCM 模式应用，依托于自身核心技术能 力，拉通晶圆原厂与大客户，增加产业供应及需求双向能见 度，一方面部分的降低价格波动产生的影响， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][5] Core Views - The company is expected to benefit from rising storage market prices and rapid growth in enterprise storage business, with projected revenue from enterprise storage reaching 922 million yuan in 2024, a year-on-year increase of 666.30% [2][4] - The collaboration with Sandisk aims to leverage the company's strengths in main control chips and firmware development to enhance market competitiveness in the mobile and IoT sectors [1][2] - The company's global strategy has shown significant results, with overseas business becoming a key growth driver, including a 120.15% year-on-year revenue increase from the acquisition of the Brazilian subsidiary Zilia in 2024 [3][4] Financial Summary - The company forecasts revenues of 10,125 million yuan in 2023, increasing to 29,115 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 12.64% [4][14] - The net profit is projected to turn positive in 2024, reaching 499 million yuan, and further increasing to 1,319 million yuan by 2027 [4][14] - The earnings per share (EPS) is expected to rise from -2.01 yuan in 2023 to 3.15 yuan in 2027 [4][14] Market Position and Strategy - The company has made significant technological advancements, including the successful tape-out of its first self-developed UFS main control chips, which are expected to enhance product competitiveness and customer loyalty [3][4] - The company’s enterprise storage product portfolio, including eSSD and RDIMM, has achieved breakthroughs and is expected to lead future growth [2][4] - The Lexar brand has seen revenue of 3.525 billion yuan, indicating a continuous increase in brand influence and market share [3][4]