每经AI快讯，2月27日，江波龙（301308）在投资者关系活动中表示，截至2025年三季度末，公司自研 的多款主控芯片累计部署量已突破1亿颗。基于领先的主控芯片能力，公司已与多家晶圆原厂及头部智 能终端设备厂商构建了深度合作关系，搭载公司自研主控芯片的UFS4.1产品正在批量出货前夕。 ...

深圳市江波龙电子股份有限公司 编号：2026-003 | 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 人员姓名 | 东方证券、鹏华基金、Willing Capital | | | | 时间 | 2026 年 2 月 25 日 | (周三) 15:00-16:00 | | | 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 | 投资者关系经理 | 黄琦 | | | 员姓名 | 投资者关系资深主管 | 苏阳春 | | | | 1、如何看待公司主控芯片的技术能力？公司主控芯片 | | --- | --- | | | 整体的应用规划？ | | | 答：公司目前已推出了应用于 UFS、eMMC、SD 卡、高端 | | | USB 等领域的多款主控芯片。公司主控芯片采用领先于主流 | | | 产品的 ...

2026年2月以来，海外机构对A股市场的调研活跃度持续攀升，调研方向呈现鲜明的行业聚焦态势，重 点布局高景气赛道。相关上市公司凭借清晰的成长逻辑与坚实的业绩潜力，成为海外机构重点关注的对 象。 2月以来海外机构调研30股 据证券时报·数据宝统计，2月以来，海外机构调研30股。其中，9股获得5家及以上机构调研，奥比中 光-UW、大金重工、天顺风能获机构调研家数居前，分别达到26家、9家和8家，值得注意的是，大金重 工和天顺风能均属于风电设备细分行业。 奥比中光-UW在调研活动中透露了公司2025年业绩扭亏为盈的原因。公司表示，2025年，公司通过持续 推动研发效能提升与运营模式优化，依托各类AI端侧应用领域（包括三维扫描、机器人等）的快速发 展，预计实现归母净利润约1.23亿元，整体业务规模和盈利能力不断提升，下游多点开花，盈利状态已 明朗。 大金重工和天顺风能均提到海上风电业务布局情况。大金重工表示，日本、韩国是海外海上风电的重点 新兴市场，公司作为核心供应商正在积极参与投标。公司不仅是海上风电核心装备制造商，同时也是海 工综合服务解决方案系统提供商，已通过延长产业链，为下游客户提供包括运输、母港、安装等在内 ...

Core Viewpoint - The company is advancing in the development of UFS4.1 products, which are positioned as high-end storage solutions for flagship smart devices, indicating a strong market potential [1] Group 1: Product Development - The company, along with a few global enterprises, possesses the capability to develop UFS4.1 products at the chip level [1] - The UFS4.1 products developed by the company, featuring its self-developed main control, outperform comparable market products in terms of process, read/write speed, and stability [1] Group 2: Market Position and Partnerships - UFS4.1 is recognized as the preferred storage configuration for Tier 1 major clients' flagship smart terminal models, highlighting its broad market space [1] - The company has established deep cooperative relationships with several wafer foundries and leading smart terminal device manufacturers, indicating a strong position in the supply chain [1] - Flagship storage products represented by UFS4.1 are on the verge of mass shipment, suggesting imminent revenue generation [1]

Core Viewpoint - The company, along with a few others globally, possesses the capability to develop UFS4.1 products at the chip level, indicating a competitive edge in the market [1] Group 1: Product Development and Capabilities - The UFS4.1 products developed by the company, featuring its self-developed main control, outperform comparable market products in terms of process, read/write speed, and stability [1] - UFS4.1 is positioned as a high-end consumer storage product and is the preferred storage configuration for flagship smart terminal models from Tier 1 major clients [1] Group 2: Partnerships and Market Position - The company has established deep cooperative relationships with multiple wafer foundries and leading smart terminal device manufacturers [1] - Flagship storage products represented by UFS4.1 are on the verge of mass shipment, indicating strong market demand and readiness for deployment [1]

Market Overview - Major indices showed declines: Shanghai Composite Index (-0.64%), Shenzhen Component Index (-1.37%), ChiNext Index (-1.96%), North Star 50 (-2.50%), and Sci-Tech Innovation 50 (-2.80%) [1] - TMT sector led the gains with SW Portal (+6.79%), SW Marketing Agency (+2.49%), and SW Gaming III (+0.40%) [1] - TMT sector faced losses with SW Military Electronics III (-5.41%), SW Communication Terminals and Accessories (-5.34%), and SW Communication Cables and Accessories (-5.20%) [1] Domestic News - XREAL announced a strategic partnership with ASUS ROG to launch the ROG XREAL R1 AR glasses, featuring micro OLED technology with a resolution of 1920 x 1080 and a virtual screen equivalent to 171 inches at 4 meters [2] - Jiangbolong reported that its self-developed UFS4.1 product outperforms market counterparts in process, read/write speed, and stability, gaining recognition from major clients [2] - Yongxi Electronics plans to invest 2.1 billion yuan in a packaging base in Malaysia, focusing on system-level packaging products for AIoT and power modules [2] - Sanan Optoelectronics disclosed that its SiC MOSFET products have begun bulk supply to leading global power manufacturers, targeting data centers and AI servers [2] Overseas News - SK Hynix is investing in its advanced packaging plant P&T7 to meet global AI storage demand, with the plant expected to play a crucial role in commercializing DRAM as HBM [3] - A collaboration between the University of Cambridge and a German research team has led to the successful development of stable and high-performance cubic InGaN materials for red Micro-LED devices [3] - Counterpoint Research forecasts a 2% year-on-year growth in global smartphone shipments in 2025, driven by high-end demand and emerging market growth, with Apple leading the market at a 20% share [3] - The Indian Space Research Organization (ISRO) faced a setback with the PSLV-C62 rocket losing all 16 satellites during its third phase of flight [3] AI News - Apple and Google have announced a multi-year partnership to develop the next generation of Apple Foundation Models based on Google's Gemini model and cloud technology [4] - Zhipu AI and Didi Chuxing have formed a strategic partnership focusing on the development of intelligent agents for transportation scenarios [4] - Tencent Research Institute and Midjourney have launched the Niji v7 anime-specific model, enhancing details and stability for anime-style creations [4] - Nvidia and Eli Lilly are investing $1 billion to establish an AI lab aimed at accelerating drug discovery and personalized treatment [4] Industry Tracking - The FCC has approved SpaceX to launch an additional 7,500 second-generation Starlink satellites, bringing the total approved to 15,000 [5] - The Eighth Research Institute of China Shipbuilding Group has developed a low-vibration helium re-liquefaction system for high-precision instruments [5] - The National Medical Products Administration of China plans to establish standards for medical devices using brain-computer interface technology [5] - LimX Dynamics has released a new embodied intelligent system that allows for dynamic task adjustments during operation [5] Storage Market - The average price of DDR5 16G (2G×8) 4800/5600 DRAM is reported at $33.563, with a 3.27% increase [6] - The average price of DDR4 16Gb (2G×8) 3200 DRAM is reported at $73.500, with a 2.80% increase [6] Semiconductor Material Prices - The average price for 4N zinc oxide powder is reported at 1,465 yuan/kg, with a daily change of 20 yuan [7] - The average price for 5N high-purity zinc is reported at 6,300 yuan/kg, with no daily change [7]

Important Events - Rongchang Bio signed a licensing agreement with AbbVie, potentially receiving up to $4.95 billion in milestone payments [1] - Zhaoyi Innovation's public offering in Hong Kong was oversubscribed by 542 times, with a share price of HKD 162, and H-shares will start trading on January 13 [1] - Hushen Technology's subsidiary Tianan Chemical is undergoing maintenance shutdown [1] - Huitian Technology plans to invest $300 million in a high-density optoelectronic integrated circuit board project [1] - Nanda Optoelectronics' subsidiary in Ningbo has an annual production capacity of 50 tons for ArF photoresist [1] - Hunan Baiyin has completed all maintenance plans [1] - AVIC Optoelectronics is a core supplier for Blue Arrow Aerospace [1] Investment Activities - Shaanxi Huada is deeply involved in aerospace projects such as Xingwang and Qianfan, providing supporting products for the second phase of Xingwang [1] - Shunhao Co. plans to invest CNY 74.98 million in its associate company, Trajectory Chuangguang [1] - Shengyang Technology is the sole provider of DVB-NIP hardware and software, with its software recognized by a leading European satellite operator [1] - Tengjing Technology's precision optical components meet the requirements for commercial aerospace satellite laser communication, with small batches already delivered to customers [1] - Jiangbolong's UFS4.1 products have been recognized by storage manufacturers, including SanDisk [1] - Blue Arrow Electronics plans to acquire at least 51% of Chengdu Xinyi's shares to expand into the chip design industry chain [1] - Huitian Technology's $300 million investment is expected to add an annual production capacity of 1.3 million high-density optoelectronic integrated circuit boards and generate an additional annual revenue of CNY 2 billion [1] - Boss Electric plans to invest CNY 100 million in Youte Smart Kitchen to jointly develop the smart cooking robot niche market [1] - Weiteou signed a strategic cooperation agreement with Qiteng Robotics [1] - Cangge Mining expects a net profit of CNY 3.7 billion to CNY 3.95 billion in 2025, benefiting from rising copper prices and capacity release from its associate, Tibet Julong Copper Industry Co., Ltd. [1] - Jinlongyu is investing CNY 1.2 billion to build a production line for solid-state batteries with an annual capacity of 2 GWh [1] Performance Forecasts - Chaohongji expects a net profit increase of 125% to 175% year-on-year in 2025 [2] - Asia-Pacific Co. anticipates a net profit increase of 120% to 170% year-on-year in 2025 [2] - WuXi AppTec forecasts a net profit increase of 103% year-on-year in 2025 [2] - Xinong Co. expects a net profit increase of 50.71% to 81.89% year-on-year in 2025 [2] - Lianhua Holdings anticipates a net profit increase of 43.15% to 62.9% year-on-year in 2025 [2] - Rongbai Technology expects to turn profitable in the fourth quarter of 2025 [2]

Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]

Group 1: Market Trends and Supply Chain - The company is the second largest independent memory manufacturer globally and the largest in China, establishing long-term direct cooperation with major memory wafer suppliers through Long-Term Supply Agreements (LTA) and Memorandums of Understanding (MOU) to ensure stable supply of memory wafers [3] - AI technology is driving a surge in storage capacity demand, coupled with tight supply of high-capacity HDDs, leading cloud service providers to shift towards NAND Flash, which is expected to see explosive demand [2] Group 2: Pricing and Sales Strategy - The company determines product sales prices based on industry practices and customer characteristics, using framework agreements and order fulfillment, with prices dynamically adjusted according to market conditions [4] Group 3: Product Development and Performance - As of the end of Q3, the company has deployed over 100 million self-developed main control chips, which utilize advanced foundry processes and proprietary algorithms, leading to significant performance and power consumption advantages [5] - The enterprise storage business is experiencing rapid growth, supported by collaborations with major clients in telecommunications, internet companies, and server manufacturers, with the company ranking third in total capacity for enterprise SATA SSDs in China as of H1 2025, and first among domestic brands [6] Group 4: UFS4.1 Product Commercialization - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its UFS4.1 products recognized for superior process, read/write speed, and stability, accelerating the adoption process with major Tier 1 clients [7]

Core Viewpoint - The company, Jiangbolong, is positioned as a leading independent storage device manufacturer, with significant growth in revenue and profit, and is actively expanding its market presence through strategic partnerships and product development. Group 1: Company Position and Supply Chain - The company is the second largest independent storage device manufacturer globally and the largest in China, which facilitates long-term direct cooperation with major global storage wafer suppliers through long-term supply agreements [2] - The company has established long-term supply agreements and commercial cooperation memorandums with storage wafer manufacturers to ensure a stable supply of storage wafers [2] Group 2: Product Development and Market Growth - As of the end of Q3 2025, the company has deployed over 100 million self-developed main control chips, which are expected to see rapid growth in application scale [3] - The company’s enterprise storage products have been integrated into the supply chains of leading internet companies, with a significant growth trend in enterprise storage business, ranking third in total capacity among Chinese enterprise-level ST SSDs as of H1 2025 [4] - The company’s UFS4.1 products, equipped with self-developed main control chips, outperform comparable market products in terms of process, read/write speed, and stability, gaining recognition from major clients [5] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% year-on-year [6] - In Q3 2025 alone, the company achieved a main revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, reflecting a significant increase of 1994.42% year-on-year [6] Group 4: Analyst Ratings and Predictions - In the last 90 days, 9 institutions have rated the stock, with 7 buy ratings and 2 hold ratings, indicating positive market sentiment [7] - The average target price set by institutions over the past 90 days is 311.8 yuan [7]