8月26日，江波龙上海总部乔迁临港新片区滴水湖科创总部湾核心区。上海总部将聚焦企业级、车规级 等关键存储业务，其核心功能聚焦于主控芯片、企业级、工规级、车规级存储产品研发及存储芯片自主 设计，服务领域涵盖人工智能、数据中心、智能汽车、智能电网、工业物联网等快速增长的市场。目 前，依托上海总部，江波龙已推出6款自研主控芯片，覆盖eMMC、SD卡、UFS及USB移动存储等主流 和高端产品。 ...

转自：新华财经 新华财经上海8月27日电（记者 杨有宗）记者获悉，江波龙上海总部已于26日在临港新片区滴水湖科创 总部湾核心区落成。据悉，这一总部将承载"深化构建芯片级研发能力"这一核心使命，聚焦企业级、车 规级等关键存储业务，为江波龙高端存储全球化布局落地奠定坚实基石。 据介绍，江波龙上海总部占地14亩，总建筑面积达4.3万平方米，可容纳超过千名研发工程师。园区定 位为高端芯片和存储产品研发中心，内设多个前沿研发区域与专业实验室，配备尖端技术设施。其核心 功能聚焦于主控芯片、企业级、工规级、车规级存储产品研发及存储芯片自主设计，服务领域涵盖人工 智能、数据中心、智能汽车、智能电网、工业物联网等快速增长的市场。 依托上海总部与研发团队，目前江波龙已推出6款自研主控芯片，覆盖eMMC、SD卡、UFS及USB移动 存储等主流和高端产品。江波龙方面表示，自2020年启动自研规划以来，所有主控芯片均一次性投片成 功并顺利点亮。 据悉，江波龙上海总部将以"存储芯片+高端存储器"双引擎，联动深圳总部研发运营、中山存储产业园 的技术制造与开源创新生态构建、苏州封测制造基地的创新封测工艺、南美洲制造运营中心对海外市场 的快速 ...

佰维存储惠州工厂车间内，几百台公司自研的测试设备整齐排列。测试设备的透明橱窗内，机械臂从料盘上抓取芯片，精准放置到测试座上，待完成电性 测试、高温老化等多重"体检"后，芯片才能出厂。 动辄上千万元的进口测试设备，曾让不少芯片企业发展受限，但佰维存储坚定选择自建封测能力。"唯有掌握核心能力，才能决定产品的竞争力和议价 权。"近日，佰维存储董事长孙成思在接受记者专访时表示，秉持这一信念，公司从零起步搭建起支撑产品研发、验证与交付的研发与封测制造体系。 回过头看，这是一步"妙棋"，它不仅助力公司在激烈的行业竞争中脱颖而出，成为国内少数兼具存储解决方案和先进封测能力的厂商，也为中国存储器补 链强链贡献了佰维力量。 佰维存储生产车间 公司供图 建立研发封测一体化模式 佰维存储成立于2010年，专注半导体存储器的研发设计、封测、生产和销售，其产品广泛应用于智能终端、PC、行业设备、数据中心、智能汽车等多个 领域。 2010年前后，全球存储产业基本由美、日、韩厂商主导。与此同时，移动互联网兴起，带来了对大容量、小型化、低功耗存储的新需求。 "面对强有力的竞争对手，我们决定通过做深解决方案、做强封测能力，实现'两条腿走路'， ...

Core Viewpoint - The company emphasizes the importance of self-built testing and packaging capabilities to enhance product competitiveness and pricing power in the semiconductor storage industry [1][2][3] Group 1: Company Strategy - The company has established a dual strategy focusing on "solution development + self-packaging and testing" to meet market demands for high-capacity, miniaturized, and low-power storage solutions [2][3] - By integrating research and testing capabilities, the company aims to penetrate high-tech fields such as smartphones, PCs, and smart wearables, thereby avoiding intense competition and enhancing differentiation [2][3] Group 2: R&D Investment - The company has significantly increased its R&D investment from 51 million yuan in 2018 to 447 million yuan in 2024, representing a growth of over 7 times [3] - The company maintains a commitment to innovation even during industry downturns, allowing it to seize opportunities during recovery periods [3] Group 3: Market Expansion - The company has successfully entered the supply chains of major brands such as OPPO, VIVO, Lenovo, and Xiaomi with its embedded storage and SSD products [4] - Future focus areas include smart wearables and smart vehicles, with enterprise storage and data center products being prioritized for medium to long-term growth [4][5] Group 4: Emerging Markets - The company anticipates significant growth in the smart glasses segment, projecting revenues exceeding 1 billion yuan in 2024, with a year-on-year increase of nearly 300% [5] - In the automotive sector, the company has begun bulk deliveries of LPDDR RAM and eMMC products to leading car manufacturers, with expectations for increased sales in vehicle-grade storage [5] Group 5: Industry Positioning - The company's transition from reliance on external testing to an integrated approach reflects a strong commitment to self-sufficiency in the domestic storage industry [6] - The company is leveraging its R&D capabilities and global presence to transform challenges into growth opportunities, aiming to move up the value chain in the industry [6]

AI正在推动存储市场加速扩容。 OpenAI的创始人奥特曼表示，准备筹划万亿级AI基建。美国科技巨头微软（MSFT.O）、Meta（MET A.O）、Alphabet（GOOG.O）等也纷纷加码AI资本开支，要在这场科技竞赛中占据一席之地。 受此推动，今年二季度，全球存储巨头SK海力士销售额同比增长35%至22万亿韩元，营业利润同比 大增68%至9万亿韩元，双双创下历史新高。美光（MU.O）二季度营收同比增长38%至80.5亿美元， 净利润同比增幅高达100%。 卡位稀缺，布局存储+晶圆级先进封装。 作者 | 小鑫 编辑 | 小白 产业上的狂飙突进，自然也搅动了股市中的一池春水。AI产业链中服务器、PCB板、铜缆高速互联等 等都成为A股中炙手可热的概念。 另一方面，AI PC、AI手机、AI眼镜等端侧AI需求，正在推高对高性能、大容量、超薄存储的需求。 作为国内存储解决方案领域的领军企业，佰维存储（688525.SH）正积极布局AI产业链，在存储技术 与先进封测领域持续发力，悄然构筑面向未来的核心竞争力。 在最近的8月11日，佰维存储发布半年报。我们不妨从个股的财报中一窥产业发展的方向，以及佰维 存储的竞争力 ...

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Insights - The semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI demand in downstream applications. The report highlights the ongoing push for domestic substitution and the positive performance forecasts for various segments in Q2 and Q3 [6][12]. - The introduction of Huawei's UCM technology is anticipated to significantly boost SSD demand by enhancing AI inference efficiency through innovative data management strategies [10][21]. Summary by Sections Semiconductor Market Overview - In July, major chip manufacturers experienced an increase in delivery times, with prices for storage, analog, power, and passive components showing signs of recovery. The report anticipates a continued upward trend in prices and improved order conditions in the distribution channel for Q3 [5][11][22]. Key Technologies and Innovations - The "Storage Computing" paradigm, initiated by Huawei's UCM, is expected to revolutionize the storage industry by optimizing AI inference processes and reducing reliance on HBM. This innovation is projected to enhance the efficiency of enterprise-level SSD products [10][17][21]. Market Segments and Recommendations - The report suggests focusing on sectors such as storage, power, foundry, ASIC, and SoC for their performance elasticity. It also emphasizes the importance of equipment materials and the domestic substitution of computing chips [6][12]. - Specific companies to watch include Jiangbolong, Zhaoyi Innovation, and Huahong Semiconductor among others, which are positioned to benefit from the anticipated market trends [7].

Summary of Silicon Motion Technology Corporation (SIMO) Conference Call - August 11, 2025 Company Overview - **Company**: Silicon Motion Technology Corporation (SIMO) - **Key Products**: eMMC, UFS for smartphones, SSDs for PCs, enterprise SSDs, automotive memory solutions, IoT and connected devices [3][4] Core Industry Insights - **Market Dynamics**: There is a significant shift in the memory market towards outsourcing, with flash makers increasingly relying on merchant suppliers due to the complexity of managing investments across various memory technologies [4][5] - **Growth Opportunities**: SIMO is positioned to benefit from this shift, particularly in enterprise SSDs and automotive markets, as they expand their product offerings and capabilities [5][22] Key Points and Arguments - **Market Share Growth**: SIMO aims to increase its market share in client SSDs from 30% to 40% over the next few years, driven by their advanced PCIe Gen five eight-channel controller [12][15] - **Performance Advantage**: SIMO's SSD controllers are noted for their superior performance and lower power consumption compared to competitors, which translates into tangible cost savings for customers [10][11] - **Automotive Market Potential**: The automotive segment is expected to grow from 5% to over 10% of SIMO's revenue, driven by the increasing number of storage devices required for advanced automotive technologies [22][24] - **Enterprise SSDs**: The introduction of QLC NAND technology is seen as a game-changer, allowing SIMO to offer high-density SSDs that are cost-competitive with traditional hard drives, particularly in AI applications [25][26][28] Financial Performance and Projections - **Gross Margins**: SIMO is guiding for gross margins to return to the historical range of 40% to 50%, with expectations of being at the upper end of this range by the end of the year [35][36] - **Operating Margins**: The company is investing heavily in R&D, which is expected to yield returns and improve operating margins over the next 12 to 18 months [39] - **Revenue Contribution from New Segments**: The enterprise segment is projected to contribute 5% to 10% of revenue by 2026-2027, with significant growth potential beyond that [30][34] Strategic Initiatives - **Capital Allocation**: SIMO has a three-pronged capital allocation strategy focusing on dividends, share buybacks, and selective acquisitions, ensuring a balanced approach to returning value to shareholders [40][41] Additional Insights - **Technological Advancements**: The transition to smaller process geometries (e.g., 6nm) is costly but necessary for maintaining competitive advantage in high-performance SSD controllers [14][15] - **Market Trends**: The memory market is expected to grow at low single digits, but SIMO is leveraging its relationships and technological advancements to capture share in emerging applications like smart glasses and AI devices [17][19] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the growth potential and competitive advantages of Silicon Motion Technology Corporation in the evolving memory market.

Group 1: Company Growth and Revenue - The company's revenue in the enterprise storage sector is expected to grow over 600% in 2024, with a further increase of over 200% in Q1 2025 [3] - The company has launched enterprise-level storage products such as eSSD, DDR4 RDIMM, and DDR5 RDIMM, which have received certifications from various sectors [3] - The company has established a partnership with SanDisk to offer customized high-quality UFS products for the mobile and IoT markets [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology and market capabilities [4] - The enterprise storage products have strong adaptability and reliability, meeting high-performance and customization needs across various industries [4] - The company has developed its own main control chips, which outperform market competitors in terms of performance and power consumption [4] Group 3: Market Trends and Pricing - The semiconductor storage market is expected to recover gradually starting from Q2 2025, with price increases anticipated due to inventory digestion and rising demand [6] - The company expects storage product prices to maintain upward momentum in Q3 2025, driven by OEM customer demand and storage capacity increases in mobile devices [6] Group 4: Technology and Intellectual Property - The company has a robust semiconductor storage R&D system, with 570 patents and 138 software copyrights as of December 31, 2024 [5] - The company has established patent licensing agreements with various wafer manufacturers and leading independent storage companies [5] Group 5: Strategic Partnerships - The company aims to serve as a crucial link between upstream wafer manufacturers and end-user markets, enhancing its position in the storage ecosystem [7] - Long-term collaborations with industry leaders, such as SanDisk, reflect the company's technical strength and market positioning [7]

Group 1: Company Growth and Market Position - The company achieved a revenue of 319 million CNY in Q1 2025 for its enterprise storage products, representing a year-on-year growth of over 200% [3] - The company is one of the few A-share listed companies that publicly disclose specific enterprise storage product performance, indicating a strong market position [3] - The company has established recognition among major clients across various industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: AI Infrastructure and Storage Demand - The demand for storage is expected to rise due to increased investment in AI infrastructure, which requires enhanced computing and storage capabilities [3] - The penetration rate of DDR5 in RDIMM products has significantly increased, driven by the performance requirements of AI servers [3] - eSSD's advantages in speed and energy efficiency are leading to its widespread adoption, replacing HDDs in cloud service providers [3] Group 3: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its strengths in chip control and firmware development, aiming to introduce high-quality UFS products for the mobile and IoT markets [5] - The UFS4.1 product, featuring high sequential read/write speeds of 4350MB/s and 4200MB/s, has outperformed mainstream market products [5] - The TCM model is expected to enhance revenue and profit by improving visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Self-Developed Controller Chips - The company has launched three self-developed controller chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [7] - The self-developed controller chips are anticipated to see significant growth in application scale throughout 2025 [7] - The company plans to maintain long-term collaborations with third-party controller chip manufacturers to diversify its product offerings [7] Group 5: Storage Price Trends - The semiconductor storage market has shown signs of recovery since late March 2025, driven by inventory digestion and increased downstream demand [8] - Price increases in storage products are expected in Q3 2025 due to inventory needs from server OEM customers and rising storage capacities in mobile devices [8] Group 6: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant growth potential in market share [9] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with a 45.08% increase in Q1 2025 [10] - The integration of Zilia into the company's operations has enhanced its overseas market presence and product offerings [10]

Group 1: Company Growth and Market Position - The company is one of the few A-share listed companies that officially disclose specific enterprise-level storage product performance, achieving a revenue of 319 million CNY in Q1 2025, representing a year-on-year growth of over 200% [3] - The enterprise-level storage products have gained recognition from major clients across various industries, including large internet companies and telecom operators, indicating strong adaptability and reliability [3] - The company expects continued breakthroughs in enterprise-level business due to increasing demand for domestic storage products driven by AI applications and local security concerns [3] Group 2: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its leading capabilities in main control chip development and packaging, aiming to launch customized high-quality UFS products for the mobile and IoT markets [4] - The TCM (Technology Contract Manufacturing) model is being actively promoted, enhancing visibility in supply and demand, which helps mitigate price fluctuations and create value [4] - Collaborations with Tier 1 clients like Transsion and ZTE under the TCM model are expected to yield significant results in the future [4] Group 3: Storage Price Trends - Following production cuts announced by major storage wafer manufacturers, market prices for storage products have begun to rise since late Q1 2025, with downstream demand showing substantial growth [5] - Independent reports indicate that the semiconductor storage market has been gradually recovering since the end of March 2025, with expectations of continued upward momentum in prices for server and mobile storage products in Q3 [5] Group 4: Self-Developed Main Control Chips - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The self-developed main control chips are expected to see significant growth in application scale throughout 2025, maintaining a competitive edge in performance and power consumption [6] Group 5: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant market share growth potential [6] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with Q1 2025 revenue increasing by 45.08% compared to the previous year [6] - The integration of Zilia into the company has enhanced its overseas market presence and product offerings, leveraging local manufacturing and service advantages [6]