Investment Rating - The report maintains an "Accumulate" rating for Jiangbolong (301308.SZ) [5] Core Views - The company is expected to benefit from a recovery in storage prices and a continuous increase in enterprise-level storage orders, with a significant quarter-on-quarter increase in net profit [1][2] - The embedded storage business is projected to continue its growth trajectory, while the SSD business is anticipated to benefit from the expansion of enterprise-level storage [2][3] - The global AIGC wave and the "Digital China" initiative are expected to provide new growth momentum for the storage market, positioning the company as a leading independent storage manufacturer in China [4] Financial Summary - For 2023A, the company reported revenue of 10,125 million yuan, with a year-on-year growth rate of 21.6%. The projected revenue for 2024A is 17,464 million yuan, reflecting a growth rate of 72.5% [1][15] - The net profit attributable to the parent company is expected to turn positive in 2024A, reaching 499 million yuan, with a significant year-on-year growth of 160.2% [1][15] - The company's return on equity (ROE) is projected to improve from -13.0% in 2023A to 7.3% in 2024A, and further to 12.6% in 2025E [1][15] Business Segments - The embedded storage segment is expected to generate revenue of 84.25 billion yuan in 2024, accounting for 48% of total revenue, with a gross margin of 17.45% [2] - The SSD segment is projected to generate revenue of 41.47 billion yuan in 2024, representing 24% of total revenue, with a gross margin of 15.93% [2] - The enterprise-level storage business saw a revenue increase of 138.7% year-on-year in the first half of 2025, indicating strong demand and successful integration into major internet companies' supply chains [3][4] Market Outlook - The cessation of Micron's mobile NAND product development is expected to create new growth opportunities in the domestic consumer NAND market, potentially leading to price recovery [3] - The company is well-positioned to capitalize on the growing demand for storage solutions driven by advancements in technology and increasing digitalization [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.10 RMB [4][6]. Core Insights - The company achieved a record high quarterly revenue of 59.39 billion RMB in Q2 2025, benefiting from improved terminal demand and a healthier inventory level in the downstream market [1][2]. - The gross margin improved to 14.82% in Q2 2025, reflecting effective cost control measures and a recovery in storage prices [1][2]. - The company is expected to see continued growth in its enterprise storage and overseas business, with a positive outlook for storage prices in the second half of 2025 [3][4]. Summary by Sections Financial Performance - In 1H25, the company reported revenue of 101.96 billion RMB, a year-over-year increase of 12.80%, but a significant decline in net profit to 0.15 billion RMB, down 97.51% year-over-year [1][2]. - Q2 2025 revenue was 59.39 billion RMB, up 29.51% year-over-year and 39.53% quarter-over-quarter, with a net profit of 1.67 billion RMB, reflecting a 20.55% decrease year-over-year but a 209.73% increase quarter-over-quarter [1][2]. Business Growth - The Lexar brand's overseas business grew by 31.61% year-over-year in 1H25, while Zilia's revenue increased by 40.01% year-over-year, indicating strong international demand [2]. - The enterprise storage segment saw a remarkable 138.66% year-over-year revenue growth in 1H25, with Q2 2025 revenue reaching 3.74 billion RMB, up 17.24% quarter-over-quarter [2]. Market Outlook - The report anticipates that storage prices will continue to rise in the second half of 2025, driven by production cuts from major suppliers like Samsung and Micron, as well as seasonal demand in consumer electronics [3]. - The company is expected to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, which will drive demand for its enterprise storage products [3]. Valuation Adjustments - Revenue forecasts for 2025-2027 have been revised upward to 241.6 billion RMB, 275.0 billion RMB, and 303.6 billion RMB, respectively, reflecting a 6.2%, 3.0%, and 2.7% increase from previous estimates [4]. - Net profit forecasts for the same period have also been increased significantly, with expected profits of 10.5 billion RMB, 13.5 billion RMB, and 15.1 billion RMB, representing increases of 56.7%, 23.0%, and 19.4% [4].

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]

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].

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].