Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a record high revenue of 5.9 billion yuan in Q2 2025, with a significant increase in gross margin to 14.8%, up 4.4 percentage points from the previous quarter [7] - The company is the second largest independent storage manufacturer globally and the largest in China, with three major storage brands: FORESEE, Zilia, and Lexar [7] - The company is experiencing rapid growth in enterprise storage, with a projected revenue of 9.22 billion yuan in 2024, representing a year-on-year increase of 666.3% [7] - The company has successfully completed compatibility adaptations for its PCIe SSD and SATA SSD product lines with multiple domestic CPU platforms [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 17.464 billion yuan - 2025: 20.311 billion yuan - 2026: 23.440 billion yuan - 2027: 25.025 billion yuan - The company expects a net profit of 0.615 billion yuan in 2025, with a year-on-year growth rate of 23.4% [2][8] - The gross margin is projected to be 17.0% in 2025, with a return on equity (ROE) of 8.7% [2][8] Market Data - The closing price of the company's stock is 96.73 yuan, with a market capitalization of 26.543 billion yuan [3] - The company has a price-to-earnings (P/E) ratio of 66 for 2025 [2][3] Product Development - The company has expanded its automotive-grade storage product matrix, with successful product verification and mass production of UFS2.1 and UFS3.1 products [7] - The company has shipped over 50 million SLC NAND chips and over 80 million self-developed controller chips [7]

江波龙递表港交所拟"A+H"上市：市值415亿元， 2024年净利大涨160% 瑞财经 王敏 3月21日，据港交所官网，A股创业板公司深圳市江波龙电子股份有限公司（以下简称"江 波龙"）向港交所递交招股书，联席保荐人为花旗和中信证券。 | 最高:102.00 | 今开:102.00 | 涨停:123.44 | | --- | --- | --- | | 图纸: 97.88 | 昨收:102.87 | 跌停:82.30 | | 0手:8.25% | 盘后量:10手 | 量比: 1.23 | | 長幅:4.01% | 盘后额:9.97万 | 委比: -34.35% | | 布盈率(动): 83.18 | 市盈率(TM): 83.18 | 每股收益:1.20 | | 市盈率(静): 83.18 | 市净率:6.41 | 每股净资产:15.55 | | 品股本:4.16亿 | 52周景高: 116.60 | 品押率:一 | | 流通股:1.16亿 | 52周最低:60.43 | 商誉/净资产:12.28% | | 中册制:晨 | VIF20 · 否 | 货币单位:CNY | 截至3月21日A股收盘，江波龙股价报99. ...