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江波龙(301308):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
Great Wall Securities· 2025-08-25 13:00
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 | ...
江波龙(301308):2Q25:存储周期向上,环比扭亏
HTSC· 2025-08-25 09:19
证券研究报告 江波龙 (301308 CH) 2Q25:存储周期向上,环比扭亏 2025 年 8 月 25 日│中国内地 半导体 1H25 公司实现营收 101.96 亿元(yoy:+12.80%),归母净利润 0.15 亿 元(yoy:-97.51%),扣非归母净利 0.32 亿元(yoy:-94.02%)。其 中,2Q25 实现营收 59.39 亿元(yoy:+29.51%,qoq:+39.53%),归 母净利润 1.67 亿元(yoy:-20.55%,qoq:+209.73%),扣非归母净润 2.34 亿元(yoy:+33.33%,qoq:+215.94%)。2Q25 公司营收创单季度 历史新高,主要受益于终端需求有所回暖,下游库存逐步回归健康水位, 同时,存储供需格局改善带动存储价格见底回升;毛利率环比改善至 14.82%(yoy:-7.83pct,qoq:+4.47pct),叠加费用管控显效,环比实 现扭亏为盈。存储周期向上,DRAM/NAND 三季度有望保持涨价趋势。公 司企业级存储、Lexar 及巴西 Zilia 等海外业务增长势头强劲,并积极推进 TCM 及 PTM 模式实现大客户突破,带动长 ...
江波龙(301308):携手闪迪合作共启UFS新篇,看好TCM模式赋能升级+企业级存储放量
Great Wall Securities· 2025-06-18 11:09
Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The partnership with SanDisk aims to enhance UFS storage solutions, leveraging SanDisk's advanced 3D NAND technology and the company's expertise in controller chips and manufacturing services [2] - The company's unique TCM model has received positive feedback from major clients, and the collaboration with SanDisk is expected to strengthen its competitive position in the high-end storage market [2] - The storage market is anticipated to grow due to the global AIGC trend and the "Digital China" initiative, providing significant growth opportunities for the company [4] Financial Summary - The company is projected to achieve revenues of 10,125 million yuan in 2023, increasing to 30,125 million yuan by 2027, with a compound annual growth rate (CAGR) of 15% [15] - The net profit is expected to turn positive in 2024, reaching 499 million yuan, and further increasing to 2,012 million yuan by 2027 [15] - The company's return on equity (ROE) is forecasted to improve from -13.0% in 2023 to 17.6% in 2027 [15] Business Segments - The embedded storage segment is expected to generate 8.425 billion yuan in revenue in 2024, reflecting a year-on-year growth of 91% [3] - The solid-state drive (SSD) segment is projected to achieve 4.147 billion yuan in revenue in 2024, with a year-on-year growth of 48% [3] - The enterprise storage products have shown significant growth, with a revenue increase of over 200% in Q1 2025 [3] Market Position - The company is positioned as a leading independent storage manufacturer in China, actively expanding its domestic and international market presence [4] - The strategic partnership with SanDisk is expected to enhance the company's product development and delivery processes, further solidifying its market position [2]
江波龙(301308):海外、企业级存储业务同比高增
HTSC· 2025-04-29 07:49
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].
江波龙(301308):25Q1营收环比+1.5%,看好存储行业回暖+企业级存储放量增长
Great Wall Securities· 2025-04-28 11:34
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [8][22]. Core Views - The company is expected to benefit from a recovery in the storage industry and an increase in enterprise-level storage demand, with revenue projected to grow significantly in the coming years [2][4]. - The embedded storage segment is anticipated to generate substantial revenue growth, with a forecasted increase of 90.5% year-on-year in 2024 [2]. - The company has successfully launched its self-developed UFS 4.1 controller chip, which is expected to enhance its position in the high-end smart terminal market [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 4.256 billion yuan, a 1.5% increase quarter-on-quarter but a 4.4% decrease year-on-year [9][10]. - The gross margin for Q1 2025 was 10.35%, reflecting a decline compared to previous periods, primarily due to slow recovery in the consumer electronics market and inventory digestion issues [2][9]. - The company’s net profit attributable to shareholders was -151.81 million yuan for Q1 2025, indicating a significant year-on-year decline [12]. Revenue Projections - Revenue is projected to reach 10.125 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.6% through 2027, reaching approximately 30.125 billion yuan by 2027 [1][15]. - The company expects to achieve a net profit of 4.99 billion yuan in 2024, a 160.2% increase year-on-year [11]. Market Position and Growth Potential - The company is positioned as a leading independent storage manufacturer in China, with significant growth potential driven by global trends such as AIGC and the "Digital China" initiative [4]. - The enterprise storage segment saw a remarkable revenue increase of over 200% year-on-year in Q1 2025, indicating strong demand in various sectors including internet and finance [3][4].