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江波龙(301308):1H25业绩符合预期 关注存储价格复苏
Xin Lang Cai Jing· 2025-08-26 00:44
Core Viewpoint - The company reported a strong performance in 1H25, with revenue of 10.196 billion yuan, a year-on-year increase of 12.80%, and a net profit of 0.15 billion yuan, marking a turnaround from losses [1] Revenue Growth - In 2Q25, the company achieved revenue of 5.939 billion yuan, reflecting a quarter-on-quarter increase of 39.53% and a year-on-year increase of 29.51%, with a net profit of 0.167 billion yuan, up 209.73% quarter-on-quarter [1][2] - The semiconductor storage market demand is a key driver of revenue growth, with significant increases in orders from downstream customers [2] Business Performance - The enterprise-level storage business saw substantial growth, with revenue reaching 0.693 billion yuan, a year-on-year increase of 138.66% [2] - The company has implemented refined cost management and optimized resource allocation, contributing to performance improvement [2] Product Development - The company has completed product certifications for UFS 4.1/3.1/2.2 controllers and USB controllers, with QLC eMMC achieving mass production, positioning the company among the few capable of such production [2] - The ongoing expansion of the product lineup and high performance are expected to strengthen the company's competitive advantage in the storage market [2] Global Expansion - The company has made significant strides in global expansion, with its Brazilian subsidiary Zilia establishing a comprehensive overseas supply chain [3] - Lexar has received high recognition from international media and institutions, with a revenue increase of 31.61% year-on-year in 1H25 [3] - The company plans to accelerate global market expansion, focusing on storage needs in the AI era, which is expected to enhance its global influence [3] Earnings Forecast and Valuation - The revenue forecast for 2025 has been raised by 8.5% to 21.67 billion yuan, and the net profit forecast has been increased by 74.8% to 0.36 billion yuan [4] - The 2026 revenue forecast has been adjusted upward by 11.7% to 24.86 billion yuan, with the net profit forecast increased by 28.4% to 0.70 billion yuan [4] - The target price has been raised by 25.1% to 100.04 yuan, corresponding to a 60x P/E for 2026, indicating a 3.6% upside potential from the current stock price [4]