Group 1: Impact of Tariff Policies and Market Trends - The company closely monitors the impact of U.S. tariffs, maintaining normal operations. In 2023, it completed the acquisition of SMART Brazil, which saw revenue growth exceeding 120% in 2024 [3] - The company aims to leverage Brazil's low tariff advantage (currently at 10% with no reciprocal tariffs) to expand overseas markets [3] - The demand for high-performance computing and storage hardware is expected to grow due to ongoing investments in AI hardware by cloud service providers [3] Group 2: Storage Price Outlook - The storage industry is anticipated to experience a "front low, back high" price trend in 2025, as supply-demand dynamics improve with the recovery of terminal inventory levels [3] - Major storage wafer manufacturers have announced capacity adjustments to align with market demand [3] Group 3: 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 [4] - The UFS4.1 products, utilizing self-developed controller chips, achieve sequential read/write speeds of 4350MB/s and 4200MB/s, outperforming market standards [4] - The company expects significant growth in the application scale of self-developed controller chips in 2025 [4] Group 4: Enterprise Storage Market - The enterprise storage market is characterized by high technical difficulty and long R&D cycles, requiring comprehensive capabilities from storage companies [4] - The company is one of the few publicly listed firms capable of mass delivery of enterprise-level server storage products, indicating strong adaptability [4] Group 5: Automotive Storage Business - The company has established a comprehensive automotive storage product matrix, including UFS, eMMC, and SPI NAND Flash, and has partnered with over 20 leading automotive brands [5] - The demand for high-performance storage solutions in autonomous vehicles is expected to drive growth in the automotive storage market [5] Group 6: Gross Margin and Cost Management - The price increase of storage wafers positively impacts the company's gross margin, although it is also influenced by product structure and market competition [6] - The company is implementing PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [6] Group 7: Inventory Strategy - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on demand and market conditions to enhance operational efficiency [7]
江波龙(301308) - 2025年4月7日-11日投资者关系活动记录表