在全球存储芯片价格"跌跌不休"的行业寒冬中，这家中国存储龙头正经历着转型期的阵痛与突围。 在2024年实现扭亏之后的今年一季度，江波龙又出现了单季亏损：营业总收入42.56亿元，同比微降 4.41%；归母净利润-1.52亿元，同比暴跌139.52%，这是继2023年Q4后再次单季亏损。 江波龙是国内第一家突破百亿规模的存储公司，客户覆盖中兴通讯、联想、比亚迪、上汽集团、中国移 动等多个领域的龙头。 但江波龙产品更多集中在嵌入式存储、固态硬盘等业务上，这些产品的附加值并不高。2024年这两大业 务营收占比之和超过七成，拉低了江波龙的整体盈利能力。 2024年，江波龙曾凭借行业复苏实现营收174.64亿元，同比增长72.48%，录得净利润4.99亿元，同比增 长160.24%，成功扭亏为盈。 作者：周源/华尔街见闻 这一成绩背后，是企业级存储（收入9.22亿元，同比巨幅增长666.30%）与巴西子江波龙Zilia（收入 23.12亿元，同比大增120.15%）的爆发式增长。 然而，2024年四季度净利润环比从三季度的4.97亿元骤降至1.67亿元，暴露出消费级存储需求疲软与库 存压力的双重隐患。 作为国内少数具备 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-035 深圳市江波龙电子股份有限公司 关于持股 5%以上股东减持股份预披露公告 本公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路产业基 金"）持有深圳市江波龙电子股份有限公司（以下简称"公司"）股份 24,216,806 股（占公司总股本比例为 5.82%），计划在 2025 年 5 月 27 日至 2025 年 8 月 26 日期间通过证券交易所以集中竞价交易方式合计减持公司股份不超过 4,159,815 股（占公司总股本比例为 1.00%）。 公司于近日收到股东国家集成电路产业基金的《关于股份减持计划的告知 函》，现将具体情况公告如下： 一、股东的基本情况 1、股东名称：国家集成电路产业投资基金股份有限公司。 2、股东持股情况：截至本公告披露之日，国家集成电路产业基金持有公司 股份 24,216,806 股，占公司总股本比例为 ...

Group 1: Market Trends and Demand - The demand for high-performance computing and storage hardware is expected to grow due to continuous investment in AI hardware by cloud service providers in 2025 [3] - The semiconductor storage market began to recover gradually from the end of March 2025, with significant price increases anticipated in the latter half of Q1 2025 [3][11] - The company's enterprise storage products achieved revenue of 319 million CNY in Q1 2025, representing over 200% year-on-year growth [7] Group 2: Global Tariff Policies and Company Strategy - The company is closely monitoring global tariff changes and has maintained normal production operations [3] - Following the acquisition of SMART Brazil, the company saw a revenue increase of over 120% in 2024, leveraging low tariff advantages to expand overseas markets [3] Group 3: Gross Margin and Product Strategy - The company's gross margin is positively influenced by rising storage wafer prices, but is also affected by product structure and market competition [4] - The company is advancing its PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [4][5] Group 4: Inventory Management and Future Outlook - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on market demand and operational efficiency [9] - The market for enterprise-level storage products is expected to grow significantly, driven by AI applications and cloud services [7][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, down 139.52% year-over-year and down 160.58% quarter-over-quarter [1][2]. - The growth in overseas and enterprise-level storage businesses has been robust, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year [2][3]. - The report anticipates a price rebound in DRAM/NAND products in Q2 2025, driven by inventory digestion and increased stocking willingness from downstream customers [1][3]. Summary by Sections Q1 2025 Performance - The company reported a revenue of 4.256 billion RMB, with a year-over-year decline of 4.41% and a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, reflecting a significant year-over-year decline of 139.52% [1][2]. - The gross margin was reported at 10.35%, down 14.04 percentage points year-over-year, but the decline in margin has narrowed compared to previous quarters [2]. Growth Drivers - The overseas and enterprise-level storage businesses showed strong growth, with Lexar's revenue increasing by 20.73% and Zilia's revenue increasing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2][3]. - The company is actively expanding its product offerings and customer base, particularly in the high-end product segment [2][3]. 2025 Outlook - The report expects a price rebound in consumer storage products starting in Q2 2025, as major manufacturers like Micron have announced price increases. The company’s self-developed UFS 4.1 controller chip has successfully entered mass production, which will support new product launches [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency and expanded the company's reach into South American markets [3]. Financial Projections - The company’s revenue forecasts for 2025-2027 are 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB, respectively, indicating a growth trajectory [4][6]. - The report projects a net profit of 668.52 million RMB for 2025, with an expected EPS of 1.61 RMB [6][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [8][22]. Core Views - The company is expected to benefit from a recovery in the storage industry and an increase in enterprise-level storage demand, with revenue projected to grow significantly in the coming years [2][4]. - The embedded storage segment is anticipated to generate substantial revenue growth, with a forecasted increase of 90.5% year-on-year in 2024 [2]. - The company has successfully launched its self-developed UFS 4.1 controller chip, which is expected to enhance its position in the high-end smart terminal market [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 4.256 billion yuan, a 1.5% increase quarter-on-quarter but a 4.4% decrease year-on-year [9][10]. - The gross margin for Q1 2025 was 10.35%, reflecting a decline compared to previous periods, primarily due to slow recovery in the consumer electronics market and inventory digestion issues [2][9]. - The company’s net profit attributable to shareholders was -151.81 million yuan for Q1 2025, indicating a significant year-on-year decline [12]. Revenue Projections - Revenue is projected to reach 10.125 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.6% through 2027, reaching approximately 30.125 billion yuan by 2027 [1][15]. - The company expects to achieve a net profit of 4.99 billion yuan in 2024, a 160.2% increase year-on-year [11]. Market Position and Growth Potential - The company is positioned as a leading independent storage manufacturer in China, with significant growth potential driven by global trends such as AIGC and the "Digital China" initiative [4]. - The enterprise storage segment saw a remarkable revenue increase of over 200% year-on-year in Q1 2025, indicating strong demand in various sectors including internet and finance [3][4].

Core Viewpoint - The 2025 Shanghai Auto Show serves as a significant platform for showcasing innovative technologies in the automotive industry, with a focus on smart vehicle storage solutions [1] Group 1: Company Overview - Jiangbolong, a leading enterprise in the semiconductor storage field, debuted its self-developed automotive storage products and PTM full-stack customization services at the auto show, highlighting its strong innovation capabilities in smart automotive scenarios [3][6] - The company has established deep partnerships with over 20 OEMs and more than 50 Tier 1 automotive clients, creating a solid competitive barrier in the automotive storage sector [6] Group 2: Product Launch and Features - Jiangbolong introduced several innovative automotive storage products, including automotive-grade eMMC custom versions, UFS, LPDDR4x, and SPI NAND Flash, all adhering to AEC-Q100 reliability standards, catering to advanced applications like smart driving and automotive AI [3][8] - The automotive-grade eMMC custom version, featuring the WM6000 controller, supports high-speed modes with a maximum capacity of 128GB and operates within a temperature range of -40℃ to 105℃, suitable for mid-lightweight intelligent automotive scenarios [8] Group 3: Technological Innovations - The launch of automotive-grade LPDDR4x represents a significant breakthrough, offering capacities from 2GB to 8GB, a speed of 4266Mbps, and a 30% increase in bandwidth utilization, enhancing AI voice interaction response times in smart cockpits [11] - The LPDDR4x product incorporates advanced technologies such as ODT and DQS, ensuring stable data transmission in complex electromagnetic environments while maintaining performance and energy efficiency [11] Group 4: Future Plans - Jiangbolong is building a comprehensive automotive-grade product matrix, with plans to introduce automotive-grade LPDDR5, NOR Flash, and UFS4.1 in the near future, aiming to set new benchmarks in storage technology for the rapidly evolving smart automotive industry [12]

Core Viewpoint - Jiangbolong (301308) reported a stable revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan, indicating an improvement trend in profitability despite slow terminal recovery and inventory digestion [1] Group 1: Financial Performance - The company achieved a revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan and a non-recurring net loss of 202 million yuan [1] - The net loss margin significantly narrowed, showing signs of profitability improvement [1] - Revenue from enterprise-level storage (eSSD and RDIMM) reached 319 million yuan, growing over 200% year-on-year [2] Group 2: Product Development and Market Position - Jiangbolong has made significant progress in self-developed main control chips, successfully mass-producing UFS4.1 chips and applying over 30 million self-developed chips [3] - The company has launched new products to meet the urgent demand for high-capacity SSDs and DRAM, enhancing its offerings in mobile and smart wearable markets [3] - Jiangbolong has established deep cooperation with major automotive manufacturers, covering over 10 types of in-vehicle applications, leveraging its early entry into the automotive storage sector [2] Group 3: Brand and Market Expansion - Jiangbolong is the second-largest independent storage company globally and the largest in China, with significant brand presence in both B2B and B2C markets [4] - The Lexar brand achieved a 21% year-on-year revenue growth in Q1 2025, continuing its expansion in the global consumer market [4] - The acquisition of Zilia, a leading storage manufacturer in Brazil, has enhanced Jiangbolong's product offerings and supply chain efficiency [4] Group 4: Strategic Outlook - The company is well-positioned for future growth due to its strategic focus on high-end storage, technological breakthroughs, and effective market expansion [5] - The ongoing demand for AI hardware and high-performance computing is expected to create further opportunities for Jiangbolong's high-end business [1]

关于作废 2023 年限制性股票激励计划首次授予部分 已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开第三届董事会第九次会议审议通过了《关于作废公司 2023 年限制性股票激 励计划首次授予部分已授予尚未归属的限制性股票的议案》。根据公司《2023 年 限制性股票激励计划（草案）》（以下简称"《激励计划》"或"《2023 年限制性股 票激励计划》"）、《2023 年限制性股票激励计划实施考核管理办法》及公司 2022 年年度股东大会的授权，公司董事会同意就 2023 年限制性股票激励计划（以下 简称"本次激励计划"或"本激励计划"）首次授予部分已授予但尚未归属的限 制性股票合计 686,116 股进行作废，现将具体内容公告如下： 一、本次激励计划已履行的相关审批程序 1、2023 年 3 月 20 日，公司第二届董事会第十二次会议审议通过了《关于 公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-030 深圳市江波龙电子股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第二个归属期及 预留授予部分第一个归属期归属条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、本次符合归属条件的激励对象人数共计：290 人，其中首次授予部分激励 对象 275 人，预留授予部分激励对象 15 人。 2、本次第二类限制性股票拟归属数量共计：3,163,703 股，其中首次授予部 分拟归属数量 2,819,272 股，预留授予部分拟归属数量 344,431 股。 3、归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 4、归属价格：35.98 元/股（调整后） 5、本次归属的限制性股票在相关手续办理完后，公司将发布限制性股票上 市流通的提示性公告，敬请投资者注意。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开第三届董事会第九次会议和第三届监事会第九次会议，审议通过了《关于公 司 2023 年限制性股票激励计划首次授予 ...