Market Outlook - The terminal market demand is expected to show structural differentiation starting from the second half of 2024, with stable growth in mid-to-high-end products like enterprise storage and automotive-grade storage [3] - In 2025, server market demand is anticipated to continue growing due to competitive investments from large tech companies, while AI technology is expected to accelerate penetration in consumer electronics, driving demand for higher capacity and performance storage products [3] - The automotive storage market is projected to experience a new growth phase driven by the integration of "vehicle-road-cloud" technology, which increases the requirements for speed, capacity, and durability [3] Competitive Landscape - The enterprise storage market is characterized by high technical difficulty, long R&D cycles, and strong customer loyalty, which tests the comprehensive capabilities of storage companies [3] - The company has launched multiple enterprise-grade products and completed compatibility adaptations for mainstream domestic CPU platforms, establishing a comprehensive product portfolio [3] - The company has secured multiple procurement orders from well-known enterprises, laying a solid foundation for future growth in enterprise storage [3][4] AI Server Applications - AI servers require high-performance memory systems to match the capabilities of high-performance computing chips, leading to increased demand for traditional high-performance DIMM memory and a significant rise in the penetration rate of DDR5 in RDIMM products [4] - eSSD's advantages in speed and low energy consumption are leading to its widespread adoption over HDDs, with major cloud service providers beginning large-scale procurement of eSSD [4] Storage Price Trends - Global storage prices in 2024 are expected to show a trend of high prices followed by lower prices, with traditional consumer electronics experiencing a moderate recovery [5] - The AI sector's eventual breakthrough is likely to rebound the entire consumer electronics market, significantly boosting storage applications and market scale [5] Growth Potential in Enterprise Storage - The company is one of the few in China with the capability to design and supply "eSSD + RDIMM" products, having received certifications from various sectors and continuous procurement orders from well-known enterprises [6][7] - The enterprise storage business is projected to achieve a sales scale of approximately 900 million yuan in 2024, with further growth expected due to national policy support and increasing local demand for domestic products [6][7] Inventory Management - The company achieved a double-digit reduction in inventory in Q3 2024 while maintaining a balanced inventory level to meet delivery and liquidity needs [8] - The company is actively promoting TCM and PTM models to ensure stable supply for downstream clients and optimize inventory structure [8] Manufacturing Integration - The integration of Yuan Cheng Suzhou is aimed at enhancing production capabilities and will serve as a key testing and packaging base for the company [8] - Yuan Cheng Suzhou has successfully passed client audits and is becoming a strategic asset in the packaging and testing domain [8] Product Planning and Profitability - The company has developed self-researched main control chips for SD cards, eMMC, and automotive-grade USB, achieving over ten million applications [9] - The enhancement of self-researched main control chip capabilities is expected to improve profitability and customer retention [9] AI Sector Strategy - The company is focusing on the ePOP storage used in AI wearable devices, with products already applied in leading brands [9] - The company is preparing for potential trends in AI applications in wearable devices and has begun resource allocation for market expansion [9]
江波龙(301308) - 2025年1月26日投资者关系活动记录表