2026.03. 24 本文字数：2644，阅读时长大约4分钟 作者 | 第一财经 魏中原 普冉股份（688766.SH）3月22日同步披露了2025年年度报告和资产收购公告。 财报显示，公司全年实现营业收入23.2亿元，同比增长约28.6%，归母净利润为2.08亿元，同比减 少近三成，呈现典型的"增收不增利"局面。报告期内，公司的毛利率同比下降5.19个百分点，研 发、管理及销售费用的攀升，以及较为积极的备货策略导致的存货减值损失，共同侵蚀了利润。 与此同时，普冉股份宣布拟以发行股份、可转换公司债券及支付现金相结合的方式，作价2.47亿元 收购珠海诺亚长天存储技术有限公司（下称"诺亚长天"）剩余49%股权。这已是公司继2025年3 月、11月后的第三次资本运作，交易完成后诺亚长天将成为普冉股份控股子公司。 在存储芯片行业迎来AI驱动的景气周期背景下，普冉股份股价过去10个月累计涨幅达376%，但业 绩表现却未能匹配估值提升，基本面验证时刻正在到来。 截至3月23日收盘，普冉股份股价报273.11元，跌2.46%，总市值404亿元。 毛利率受双重挤压 年报显示，普冉股份全年实现营业收入23.2亿元，同比增长2 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 | | 1、随着全球主要存储原厂（如美光等）战略重心向企 | | --- | --- | | | 业级市场倾斜，消费级存储市场将迎来哪些机遇与挑战？面 | | | 对这一趋势，公司中长期的业务结构将会有哪些变化？ | | | 答：受数据中心需求爆发驱动，全球主要存储晶圆原厂 | | | 正将资源向企业级存储领域倾斜，导致全球半导体存储产业 | | | 出现了结构性调整以及持续性供应短缺。根据媒体公开报 | | | 道，美光将在全球范围内停止未来移动 NAND 产品的开发。 | | | 部分原厂在消费级存储领域的战略收缩，将重塑全球消费级 | | | 市场的竞争格局。 | | | 在供应短缺以及价格上涨的同时，消费级存储领域的需 | | | 求，特别是端侧 AI、中高端智能终端设备的存储需求机会 | | | 仍存。公司将把握这一历史性机遇，从中长期战略出发，持 | | | 续推动技术升级以及业务提升，以公司自研芯片、公司自有 | | | 封测能力为基础的，聚焦端侧 AI、中高端消费级存储需求， | | 投资者关系活动 | 构建差异化的产品体系。其中，搭载公司自 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 法人认为，旺宏2027年eMMC位元出货量占当年度eMMC需求仅约25%，仍具显著成长空间。在 车用、无人机、工控与网通应用支撑低容量eMMC长尾需求下，看好该公司在几年内将稳定获利。 研调机构TrendForce认为，2026年全球MLC NAND Flash产能将年减41.7%，供需失衡加剧。由 于供给急缩且短期未有具规模、可快速承接的产能，从2025年第一季底开始，MLC NAND Flash 市场出现明显追货、提前锁量现象，价格上涨至今。 全球供需失衡推动eMMC价格大涨，随着全球NAND大厂于2026-2027年陆续退出MLC市场，使得 低容量eMMC供给正快速收缩。供应链消息传出，由于MLC NAND供应紧俏，首季价格历经翻涨 后，第二季价格将再翻涨。 近年NAND Flash技术快速演进，由于无尘室空间有限，相较主流TLC与QLC架构，MLC的单位 产值最低，不符合NAND原厂追求规模经济与资本效率的策略，因此原厂正积极集中资源于TLC、 QLC与DRAM，并逐步将MLC产品停产（EOL）。 三星率先于去年（2025）10月中下旬决定停产，2026年第一 ...

Summary of Conference Call for Dawi Co., Ltd. Industry and Company Overview - **Company**: Dawi Co., Ltd. - **Industry**: Semiconductor storage and lithium mining Key Points from the Conference Call Semiconductor Storage Business - Revenue from semiconductor storage exceeded 1 billion yuan, with a year-on-year increase of over 25%, accounting for more than 90% of total revenue [2][16] - Gross margin for the semiconductor storage business is approximately 6.5% [2][16] - The company successfully introduced products to major clients such as Sichuan Jiuzhou, Konka, and leading domestic server ODM manufacturers, enhancing its market penetration in key industries [2][4] - The core growth logic for 2025 includes the super price increase cycle in the industry, domestic substitution trends, and the explosive demand from AI scenarios [3][16] - The company is transitioning from a module supplier to an integrated design and manufacturing entity by establishing a subsidiary focused on high-end storage chip R&D [2][7] Product Development and Client Expansion - The company is optimizing its product structure, maintaining stable sales of DDR4, LPDDR4X, and eMMC series while increasing the sales proportion of server memory and enterprise SSDs [3] - New key clients include Youxian Technology, Sichuan Jiuzhou, and Guangdong Chaoge, which diversify the client structure and enhance strategic cooperation [4] Supply Chain and Risk Management - The company has established a dual-driven supply system combining international and domestic suppliers to mitigate risks from core material price fluctuations [5] - Strategic inventory management and supplier relationships are in place to ensure material supply and counteract price volatility [5] Future Plans and Market Positioning - In 2026, the focus will be on high-end storage applications in AI, with plans to accelerate the production of large-capacity eMMC and LPDDR5 products [6] - The company aims to deepen collaboration with upstream and downstream partners to optimize product performance and reliability [6] Lithium Mining Projects - The company has invested 150 million yuan in the Chenzhou lithium project, with a key milestone achieved in the exploration report approval [9] - The Guizhou Dachong lithium mine has significant resources, including 200 million tons of feldspar and 320,000 tons of lithium oxide, with a potential value in the hundreds of billions [11][12] - The mining strategy includes a combined recovery process for lithium, tungsten, and tin, maximizing resource utilization and reducing costs [11][15] Brand Development - The company's self-owned brand "Dawi Innovation" (DW Micro) has made significant progress in product development and market entry, focusing on high-end and domestic products [8] - The brand has received recognition and certifications, enhancing its market presence [8] Financial Strategy - The company is launching a targeted private placement to fund embedded storage R&D, with an expected post-tax internal rate of return of 14% [2][17] - The financing aims to capitalize on the current AI-driven market demand and support the company's long-term strategic goals [16][17] Competitive Advantages - The company possesses advanced equipment and a solid R&D team, ensuring high-quality product development and market competitiveness [16][18] - Established relationships with major clients and a robust supply chain position the company well for future growth [18][19] Tungsten Mining Strategy - The company plans to develop tungsten resources alongside lithium mining, utilizing a comprehensive recovery approach to enhance economic efficiency [20] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's growth trajectory in the semiconductor storage and lithium mining sectors.

Group 1 - The core viewpoint of the articles highlights a significant surge in the storage chip market driven by the AI boom, with major companies like SanDisk, Micron, and Western Digital seeing stock increases of over 5% following NVIDIA CEO Jensen Huang's statement on storage capacity demand [1] - Samsung Electronics plans to raise NAND Flash prices significantly, with a reported increase of over 100% in Q1 2023, leading to an expected cumulative price rise of over 200% in the first half of the year [1] - Other NAND manufacturers, including SK Hynix and Kioxia, are expected to follow suit with price increases, indicating a broader trend in the industry [1] Group 2 - According to Rongzhong Consulting, the price increase trend for storage chips is expected to continue at least until the second half of 2026, with projections of a 40%-50% rise in Q1 2026 and an additional 20% increase in Q2 [2] - The DRAM supply shortage is anticipated to last until Q1 2027, while NAND shortages are expected to persist until Q3 2026, indicating prolonged demand pressures in the market [2] - TrendForce data suggests that the growth rate for DRAM and NAND will accelerate in 2026, with DRAM growth projected at 26% and NAND growth at 21%, both higher than in 2025 [2]

Core Viewpoint - The company, Dawi Co., Ltd., reported a revenue of 1.222 billion yuan for the year 2025, marking a year-on-year growth of 16.74%. The semiconductor storage business showed significant growth, achieving a revenue of 1.098 billion yuan, a 25.20% increase, solidifying its core position in the company's strategy. Despite a net loss of 15.62 million yuan, the company has made substantial progress in its semiconductor storage and new energy sectors, indicating strong potential for future growth [4][24][54]. Group 1: Business Overview - The company focuses on semiconductor storage and new energy sectors, with its semiconductor storage business primarily conducted through its wholly-owned subsidiary, Dawi Chuangxin. The product range includes various DRAM and NAND Flash products, which are widely used in consumer electronics and industrial applications [3][4]. - The new energy business includes investments in lithium battery projects and trade in new energy materials, aiming to expand the industrial chain [11]. Group 2: Financial Performance - The company achieved a total revenue of 1.222 billion yuan, with the semiconductor storage business contributing 1.098 billion yuan, accounting for 90% of total revenue. The overall gross margin improved to 6.5% [4][24]. - The net loss for the year was significantly reduced by 67.73% compared to the previous year, indicating improved profitability despite ongoing investments in R&D and new projects [4][24]. Group 3: Market and Product Development - The semiconductor storage sector is experiencing a structural recovery and a "super price increase cycle," which the company is leveraging to enhance its revenue and profitability [4][6]. - The company has made significant advancements in product innovation, including the development of LPDDR5 and UFS storage products, and has successfully integrated its products with domestic CPU platforms [6][7]. Group 4: New Energy Initiatives - The company has invested approximately 155 million yuan in its lithium battery project, achieving important milestones in resource exploration and technology development [12][14]. - The exploration report for the Guizhou Daqiongli mining area has been approved, confirming substantial mineral resources, including lithium, which will support the company's new energy business [14][13]. Group 5: Corporate Governance and Future Plans - The company plans not to distribute dividends for the year 2025 due to its net loss, focusing instead on reinvesting in its core business and future growth strategies [25][54]. - The board of directors has approved various measures to enhance operational efficiency and market competitiveness, including the appointment of new management personnel [60].

Core Viewpoint - The semiconductor storage market is experiencing explosive growth driven by AI applications, with predictions indicating the global storage chip market will exceed $230 billion by 2025, with DRAM and NAND Flash seeing significant price increases of 95% and 40% respectively [3][4]. Group 1: Company Performance - In 2025, the company achieved a revenue of 10.79 billion yuan, a year-on-year increase of 126%, and a net profit of 689 million yuan, up 96% year-on-year [6][7]. - The company's product structure has shifted from primarily mobile storage to a diversified portfolio including mobile storage, solid-state drives (SSD), embedded storage, and memory modules [6][8]. - Embedded storage has become the largest growth driver, accounting for over 30% of revenue, fueled by the explosion of AI terminal devices [8][9]. Group 2: Product Development and Market Position - The SSD segment grew by 99% in 2025, driven by the adoption of PCIe 5.0 SSDs in consumer markets and the ramp-up of enterprise SSD production [10][12]. - The company has developed self-research capabilities in main control chips and firmware algorithms, which are crucial for entering the enterprise SSD market [13]. - The company is also focusing on QLC NAND applications, which are cost-effective for large-capacity storage, and is preparing for future high-end storage markets with CXL and HBM technologies [14]. Group 3: Market Trends and Future Outlook - The demand for SSDs in AI servers increased by over 60% in 2025, with large-capacity SSDs becoming standard in data centers [12]. - The company is benefiting from the domestic DRAM market's growth, with local manufacturers achieving significant production milestones [12]. - The company is positioned to continue its growth trajectory by leveraging its strengths in product adaptation and market trends, particularly in the AI storage wave [16][17].

Core Insights - The company has launched multiple main control chips for UFS, eMMC, SD cards, and high-end USB applications, utilizing advanced foundry processes and proprietary core IP, resulting in significant performance and power consumption advantages [1] Group 1: Product Development - The company's flagship storage products are among the few globally capable of developing UFS4.1 products at the chip level, with its UFS4.1 products outperforming comparable market products in terms of process, read/write speed, and stability [1] Group 2: Market Position - As of the end of Q3 2025, the cumulative deployment of the company's self-developed main control chips has exceeded 100 million units, indicating strong market penetration [1] Group 3: Partnerships - The company has established deep cooperative relationships with several wafer foundries and leading smart terminal device manufacturers, with UFS4.1 products featuring the company's main control chips on the verge of mass shipment [1]

Core Viewpoint - The company reported its preliminary financial data for the fiscal year 2025, indicating a significant increase in total revenue but a decline in net profit, highlighting the impact of market dynamics and strategic acquisitions on its financial performance [2][5]. Financial Performance Summary - Total revenue for 2025 reached 2,319.75 million RMB, an increase of 28.62% compared to the previous year [5]. - Net profit attributable to shareholders was 208.23 million RMB, a decrease of 28.79% year-on-year [5]. - The net profit after deducting non-recurring gains and losses was 164.58 million RMB, down 38.88% from the previous year [5]. - Total assets at the end of 2025 were 3,660.12 million RMB, up 41.95% from the beginning of the reporting period [5]. - Shareholders' equity attributable to the parent company was 2,418.38 million RMB, an increase of 9.06% [5]. - The net asset value per share attributable to the parent company was 16.33 RMB, up 8.58% [5]. Operational and Financial Condition - The increase in revenue was driven by favorable changes in the storage chip market and a surge in demand from AI servers, high-end smartphones, and PC upgrades [6]. - The company continued to invest in R&D for its storage chip products and maintained competitive compensation to attract key talent, leading to a significant increase in total employee compensation [7]. - The company adopted an aggressive supply chain strategy, resulting in higher inventory levels and a decrease in inventory turnover rate, with asset impairment losses increasing by approximately 63 million RMB [7]. - In November 2025, the company acquired 51% of Zhuhai Noah Changtian Storage Technology Co., which positively impacted its profits [8][9]. Impact of Non-Recurring Gains and Losses - The acquisition of Zhuhai Noah Changtian Storage Technology Co. resulted in a non-recurring gain of approximately 19 million RMB, positively affecting the net profit attributable to shareholders [9]. - The acquisition contributed approximately 46 million RMB to the net profit attributable to shareholders and 27 million RMB to the net profit after deducting non-recurring gains and losses [10].

Group 1 - Kioxia's annual performance forecast significantly exceeds market expectations, with revenue and net profit targets higher than analyst predictions by approximately 35% to 60% [1] - Demand for storage driven by AI computing power is becoming dominant, leading to a sustained shortage in storage [1] - In the DRAM sector, major cloud service providers (CSPs) in North America and China are actively negotiating long-term agreements for server DRAM supply, resulting in a projected price increase of about 90% in Q1, marking the highest increase on record [1] Group 2 - The market demand for high-performance storage devices is expected to exceed forecasts due to the expansion of AI inference applications, with major CSPs in North America starting to ramp up orders for Enterprise SSDs from the end of 2025 [2] - The supply gap is prompting buyers to aggressively stock up, leading to a projected price increase of 53-58% for Enterprise SSDs in Q1 2026, the highest quarterly increase on record [1][2] - Financial Street Securities anticipates that the trend of tight storage capacity will continue into 2026, with domestic manufacturers like "Two Storage" having sufficient motivation to expand production, benefiting the domestic storage industry chain [2] Group 3 - Zhaoyi Innovation, a global leader in NOR Flash, is expanding into niche DRAM and MCU markets, accelerating its growth in automotive electronics and AI terminal markets [3] - Daway Co., Ltd. has a subsidiary, Daway Chuangxin, whose main products include various DRAM products (DDR3, DDR4, LPDDR4X, DDR5) and NAND Flash products (eMMC, BGA NAND Flash) [3]