Core Viewpoint - Jiangbolong (301308), a leading domestic storage company, is expected to achieve significant growth in its 2025 performance, with a projected net profit increase of over 210% year-on-year and a non-recurring profit increase exceeding 700% [1][3]. Financial Performance - For the fiscal year 2025, Jiangbolong anticipates revenue between 22.5 billion to 23 billion yuan, a steady increase from 17.464 billion yuan in 2024 [3]. - The projected net profit attributable to shareholders is expected to reach between 1.25 billion to 1.55 billion yuan, reflecting a year-on-year growth of 150.66% to 210.82% [3]. - The net profit after deducting non-recurring items is forecasted to be between 11.3 billion to 13.5 billion yuan, with a staggering year-on-year increase of 578.51% to 710.60% [3]. - The fourth quarter's non-recurring net profit is estimated to be around 650 million to 870 million yuan, indicating strong growth momentum in the second half of the year [3]. Market Dynamics - In 2025, storage prices are expected to stabilize after hitting a low in the first quarter, with demand from AI server requirements and a shift in production capacity towards enterprise-level products exacerbating supply-demand conflicts [3][7]. - The global storage industry is currently experiencing a rare super cycle characterized by simultaneous increases in volume and price, driven by high demand from AI servers and data centers [7][10]. - The price of DDR4 has surged nearly 30% in less than a month, with a cumulative increase of over 200% in six months, and predictions indicate that NAND Flash prices will rise by 33% to 38% in early 2026 [8][10]. Technological Advancements - Jiangbolong has successfully completed the first tape-out of the UFS 4.1 main control chip, positioning itself among the few companies globally with self-research capabilities for this generation of chips [4]. - The company has established deep collaborations with several wafer manufacturers and leading smart terminal manufacturers, with flagship storage products set for mass shipment [4]. Strategic Initiatives - Jiangbolong plans to raise 3.7 billion yuan to focus on the development of storage product application technologies, NAND Flash main control chip design, and storage chip packaging testing [5]. - The company is exploring a PTM model to enhance industry collaboration through technology customization and localized services, aiming to become a core supplier in the smart wearable storage market [5][11]. Industry Outlook - The high prosperity of the storage industry is expected to continue, with the super cycle potentially extending until 2027 or beyond, driven by ongoing AI infrastructure development [10][11]. - Domestic storage companies are likely to capture market share in traditional and mid-to-high-end segments as international manufacturers shift focus to high-end products [11].

Core Viewpoint - The storage chip market is experiencing a "super cycle" driven by AI, leading to significant price increases and improved profitability for storage companies, while terminal manufacturers face pressure to raise prices or reduce specifications [1][3]. Group 1: Market Dynamics - The storage market is emerging from a low point, with many companies reporting substantial profit increases due to stabilizing prices driven by AI demand [1]. - As of January 29, 2026, 52 storage-related companies in the A-share market have issued performance forecasts for 2025, with 25 companies expecting profit increases, and 31 companies reporting year-on-year net profit growth [1]. - Notably, 13 companies have projected net profit growth exceeding 100% [1]. Group 2: Company Performance - Companies like Bawei Storage and Jiangbolong are forecasting significant profit increases, with Bawei Storage projecting a net profit growth of 520.22% and Jiangbolong 210.82% [2]. - Jiangbolong attributes its turnaround to the recovery of storage prices and increased demand from AI servers, leading to a shift in supply dynamics [2]. - The storage price surge is expected to continue, with predictions of a 40% to 50% increase in Q1 2026 and an additional 20% in Q2 2026 [3]. Group 3: Competitive Positioning - Storage manufacturers are shifting focus from consumer markets to enterprise-level markets, such as data centers and AI servers, which offer higher profit margins due to lower price sensitivity [5]. - Companies are investing in technology and product development to enhance their competitive edge, with Jiangbolong planning to raise 3.7 billion yuan for technology development and production expansion [6]. - The urgency to secure market position is emphasized, as delays in strategic actions could result in missed opportunities during this lucrative period [7]. Group 4: Impact on Terminal Manufacturers - Terminal manufacturers are facing significant cost pressures due to rising prices of storage components, leading to a projected 14.8% decrease in global laptop shipments in Q1 2026 [8]. - Major brands like Lenovo and Dell have begun to raise prices on various product lines, with Lenovo increasing prices by 500 to 1500 yuan for mid-to-high-end models [8][9]. - The rising costs are impacting profit margins, with companies like Transsion Holdings reporting a 54.11% decline in net profit due to increased supply chain costs [9].

Core Viewpoint - The demand for AI servers has led to a significant increase in the performance forecast of Jiangbolong, a leading domestic storage chip manufacturer, with expected net profits for 2025 projected to grow by 150.66% to 210.82% compared to the previous year [2][4]. Financial Performance - Jiangbolong anticipates a net profit attributable to shareholders of between 1.25 billion to 1.55 billion yuan for 2025, marking a year-on-year increase of 150.66% to 210.82% [2][4]. - The company's revenue is projected to be between 22.5 billion to 23 billion yuan, compared to 17.46 billion yuan in the same period last year [4]. - The net profit after deducting non-recurring gains is expected to be between 1.13 billion to 1.35 billion yuan, reflecting a year-on-year growth of 578.51% to 710.60% [4]. Market Position and Product Development - Jiangbolong is recognized as a global leader in semiconductor storage, established in 1999, and offers a range of products including embedded storage, solid-state drives, mobile storage, and memory modules [4]. - The company has successfully developed and applied several main control chips, including the UFS4.1 main control chip, positioning itself among the few companies globally with self-research capabilities in this technology [7]. - Jiangbolong has achieved mass shipments of customized AI storage products to major clients and has introduced wafer-level SiP packaged mSSD products, which are being accelerated for adoption by leading PC manufacturers [8]. Strategic Initiatives - The company is actively pursuing financing to expand production, with a plan to issue up to 126 million shares to raise no more than 3.7 billion yuan, primarily for high-end storage research and industrialization projects related to AI [8]. - Jiangbolong has maintained a focus on improving operational efficiency, resulting in a reduction in overall expense ratios compared to 2024, which supports the growth of high-end products and supply chain resilience [8].

报告期内，存储价格在一季度触底后企稳回升，三季度末因AI服务器需求爆发及原厂产能向企业级产 品倾斜，导致供给进一步失衡，存储价格持续上涨。公司依托高端产品布局、海外业务拓展及自有品牌 优势，上半年实现扭亏为盈，下半年盈利水平稳步提升，第四季度扣非净利润约为6.5亿元至8.7亿元。 报告期内，公司多款主控芯片已经实现批量应用，并成功完成UFS4.1主控芯片的首次流片，成为全球 少数具备该代际主控芯片自研能力的企业。依托主控芯片、固件算法、封装测试的全栈能力，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，以UFS4.1为代表的旗舰存储产品正在批 量出货前夕。同时，公司已经实现定制化端侧AI存储产品在头部客户的批量出货。报告期内公司还推 出了Wafer级SiP封装的mSSD产品，正在多家头部PC厂商加快导入。上述技术布局与深度协同机制，使 公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙（301308）(301308.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润12.5亿元 至15.5亿元，同比增长150.66%至210.82%;扣除非经常性 ...

Core Viewpoint - The company, Jiangbolong (301308.SZ), forecasts a significant increase in net profit for the fiscal year 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2]. Financial Performance - The company expects net profit attributable to shareholders to be between 1.25 billion to 1.55 billion yuan, representing a year-on-year growth of 150.66% to 210.82% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 1.13 billion to 1.35 billion yuan, indicating a substantial increase of 578.51% to 710.60% year-on-year [1]. - The fourth quarter's net profit, excluding non-recurring items, is estimated to be approximately 650 million to 870 million yuan [1]. Market Dynamics - Storage prices stabilized after hitting a low in the first quarter and have been rising due to an imbalance in supply, driven by surging demand for AI servers and a shift in production capacity towards enterprise-level products [1]. - The company has successfully turned losses into profits in the first half of the year, with steady profit growth in the second half [1]. Technological Advancements - The company has achieved mass application of several main control chips and successfully completed the first tape-out of the UFS4.1 main control chip, positioning itself among the few companies globally with self-research capabilities for this generation of chips [2]. - The company has established deep cooperative relationships with multiple wafer foundries and leading smart terminal device manufacturers, with flagship storage products based on UFS4.1 set to enter mass production [2]. - The introduction of customized edge AI storage products has also seen successful mass shipments to key clients [2]. - The company launched wafer-level SiP packaged mSSD products, which are being rapidly adopted by several leading PC manufacturers [2].