Core Viewpoint - Jiangbolong, a domestic storage manufacturer, has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing after its previous listing on the Shenzhen Stock Exchange in 2022. The company is expanding despite facing cash flow challenges and increasing debt levels during the semiconductor storage industry's downturn [1][10]. Company Overview - Jiangbolong is a leading independent semiconductor storage manufacturer, providing a full range of storage solutions, primarily NAND Flash and DRAM products, and ranks second globally and first in China among independent storage manufacturers as of 2023 [2]. - The company has established brands such as FORESEE, Zilia, and Lexar, with four main product lines: embedded storage, solid-state drives, mobile storage, and memory modules [2]. Shareholder Structure - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund") is the second-largest shareholder, holding 5.82% of shares as of the end of 2024, while the founder, Cai Huabo, holds 38.96% [3]. Operational Model - Jiangbolong has a comprehensive operational model covering the entire product development lifecycle, including design, manufacturing, and packaging/testing. The company has its own design capabilities for small-capacity storage chips and collaborates with semiconductor foundries for manufacturing [4][5]. Financial Performance - The company's gross margin has fluctuated significantly due to the volatility in raw material costs, with gross margins of 10.4%, 4.7%, and 15.8% from 2022 to 2024. The embedded storage product line, which contributes nearly 50% of revenue, achieved a gross margin of 13.8% in 2024 after a recovery in the industry [5][6]. - In 2024, Jiangbolong reported a revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit of 499 million yuan, marking a significant turnaround from previous losses [6]. Expansion Strategy - Jiangbolong has accelerated its expansion efforts, acquiring a 70% stake in a domestic high-end packaging and testing company and an 81% stake in a Brazilian storage manufacturer in 2023. The company plans to use funds from its Hong Kong listing to further expand production capacity [8][9]. - The company aims to invest in its factories in Suzhou, Zhongshan, and Brazil to enhance production capabilities and maintain competitiveness in the market [9]. Future Outlook - Jiangbolong is focused on improving cash flow and reducing debt levels through its upcoming Hong Kong listing, with plans to optimize resource allocation and enhance operational efficiency [10].

中信建投证券股份有限公司关于 深圳市江波龙电子股份有限公司 2024 年度跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：江波龙 | | --- | --- | | 保荐代表人姓名：彭欢 | 联系电话：0755-23953863 | | 保荐代表人姓名：俞鹏 | 联系电话：0755-23953869 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 2 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | ...

Investment Rating - The report maintains a "Recommended" investment rating for Jiangbolong (301308.SZ) [1][9]. Core Views - Jiangbolong's enterprise-level storage continues to grow, and the recovery in storage prices has led to improved performance. In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [4][8]. Summary by Sections Financial Performance - In 2024, Jiangbolong's revenue reached 17.464 billion yuan, with a year-on-year growth of 72.48%. The net profit attributable to shareholders was 499 million yuan, reflecting a significant increase of 160.24% year-on-year [4][8]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin rose by 11.16 percentage points to 2.89% [8]. Business Growth - The enterprise-level storage segment saw a remarkable revenue increase of 666% year-on-year, reaching 922 million yuan. The company has launched multiple high-speed eSSD products, achieving compatibility with various domestic CPU platforms [8]. - The Brazilian subsidiary Zilia reported revenue of 2.312 billion yuan in 2024, a year-on-year growth of 120%, benefiting from Jiangbolong's market brand and technical resources [8]. - The Lexar brand continued its rapid growth, with global revenue increasing from 860 million yuan in 2019 to 3.53 billion yuan in 2024 [8]. Future Projections - The report projects net profits for 2025, 2026, and 2027 to be 639 million yuan, 887 million yuan, and 1.278 billion yuan, respectively. The estimates for 2025 and 2026 have been revised downwards due to expected fluctuations in net profit [9][11]. - The company is expected to benefit from a stable recovery in storage prices and strong demand for enterprise-level storage driven by AI and data center growth [9].

文/瑞财经 杨宏彬 1996年，20岁的蔡华波从九江市第三中学毕业，他在继续求学和打工之间，选择了后者。 他加入做照明设备的海洋王（002724.SZ），担任销售员，干了三年。离开海洋王后，蔡华波决定自己做老板，创立了江波 龙，一家半导体存储器厂商。 做半导体存储器，有一定的技术门槛。蔡华波虽然自己学历不高，但他在创立江波龙后引入一些高学历且专业对口的人 才，包括拥有华中科技大学电子与通信工程硕士学位的李志雄，以及拥有复旦大学电子及信息系统学士学位的王景阳，此 二人均是较早加入江波龙，并持有江波龙股权的高管。 随着人才的不断加入，江波龙的业务也不断扩张。 2022年时，公司已经登陆深交所。时隔两年有余，江波龙向A H股发起 冲刺。 近3年来，江波龙收入是不断增长的，但公司净利润却存在波动，2023年甚至出现亏损的情况。 在递表港交所前，江波龙进行了两次分红，分红金额超3亿元。而截至今年2月末，公司还存在短期的流动性压力。 01、多位高管0成本入股，员工持股平台有大量外人 江波龙创立于1999年4月，初始注册资金50万元，由蔡锦江及陈广瑜先生分别持有90%和10%），二人所持股权是替蔡华波 持有。2001年3月 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7][18]. Core Insights - The company achieved a record revenue of 17.464 billion yuan in 2024, representing a year-on-year growth of 72.48%. The net profit attributable to the parent company was 499 million yuan, a significant increase of 160.24% [1]. - The business structure has been optimized, with all four product lines showing growth. Embedded storage accounted for 48.24% of revenue, mobile storage 18.37%, solid-state drives 23.75%, and memory bars 8.74% [1]. - The company is expected to benefit from the recent price increases in storage chips, with major manufacturers like SanDisk and Micron raising prices by over 10% [2]. - The company is expanding its global market presence by submitting an IPO application to the Hong Kong Stock Exchange, which is expected to enhance its market competitiveness [2]. - The company has established a chip design team to develop its own main control chips, enhancing product differentiation and performance [3]. - The enterprise-level storage revenue reached 922 million yuan in 2024, a staggering growth of 666.30%, driven by increased demand from AI and data center investments [4]. Financial Summary - The company's revenue for 2023 was 10.125 billion yuan, projected to grow to 21.830 billion yuan by 2025, with a compound annual growth rate of 25% [6]. - The net profit attributable to the parent company is expected to increase from 498.68 million yuan in 2024 to 1.227 billion yuan by 2027 [6]. - The EBITDA for 2024 is projected at 2.552 billion yuan, with a significant increase in profitability metrics [6]. - The company has a total market capitalization of approximately 38.616 billion yuan, with a price-to-earnings ratio of 77.43 for 2024 [8].

Core Viewpoint - The semiconductor storage market is expected to recover since 2025 due to the continuous growth in AI and high-performance computing demand, coinciding with Shenzhen JIANGBOLOONG Electronics Co., Ltd.'s (hereinafter referred to as "Jiangbolong") A+H strategic layout and its upcoming IPO on the Hong Kong Stock Exchange [1][6]. Financial Performance - Jiangbolong reported a loss of 837 million yuan in 2023, with its debt-to-asset ratio increasing from 25.94% in 2022 to 59.17% in 2024, and inventory growing from 3.744 billion yuan in 2022 to 7.833 billion yuan in 2024 [1][20][15]. - The company's revenue for 2022, 2023, and 2024 was approximately 8.33 billion yuan, 10.13 billion yuan, and 17.46 billion yuan, respectively, showing year-on-year growth of 21.6% and 72.5% for 2023 and 2024 [8][9]. - Net profit fluctuated significantly, with figures of 72.8 million yuan in 2022, a loss of 837 million yuan in 2023, and a profit of 505 million yuan in 2024, reflecting a gross margin of 10.4%, 4.7%, and 15.8% respectively [9][10]. Market Position and Strategy - Jiangbolong ranks second among global independent memory manufacturers and first in the Chinese market, with clients including Dell, Lenovo, and Xiaomi [8]. - The company has four major product lines: embedded storage, solid-state drives, mobile storage, and memory bars, and has seen a significant increase in enterprise business revenue, which grew over 600% in 2024 [7][8]. - Jiangbolong's acquisition strategy includes purchasing 70% of Yuancheng Suzhou for approximately 132 million USD and 81% of Brazilian semiconductor storage company Zilia, contributing significantly to revenue growth [4][13]. Inventory and Cash Flow - Inventory levels have more than doubled over three years, reaching 7.833 billion yuan in 2024, with provisions for inventory recorded at approximately 162 million yuan, 120 million yuan, and 236 million yuan over the same period [15][18]. - The company has faced cash flow pressures, with negative net cash flow from operating activities for three consecutive years, amounting to -326 million yuan, -2.798 billion yuan, and -1.189 billion yuan [17][18]. Debt and Supplier Concentration - Jiangbolong's total liabilities increased from 2.325 billion yuan in 2022 to 9.997 billion yuan in 2024, with a debt-to-asset ratio that rose sharply in 2023 [20][21]. - The company relies heavily on a concentrated supplier base, with over 80% of raw material costs attributed to storage wafers, and significant purchases from a few key suppliers [22]. Future Outlook - Jiangbolong's dual listing strategy aims to alleviate cash flow pressures and enhance global expansion, but the company must stabilize its performance, manage inventory levels, and reduce its debt-to-asset ratio to ensure sustainable growth [22].

Core Viewpoint - The article discusses the recent developments of Jiangbolong (301308.SZ) in the capital market, including its 2024 performance report, H-share IPO prospectus, and the impact of AI on its business growth and market positioning [1][2]. Company Performance - Jiangbolong's stock price peaked on March 18 but has since declined, closing at 92.2 yuan on March 28, down 2.85%, with a total market capitalization of 38.354 billion yuan [2][3]. - The company has transitioned from semiconductor storage trading to a comprehensive semiconductor storage brand, achieving significant revenue growth from 8.33 billion yuan in 2022 to 10.125 billion yuan in 2023, and projected to reach 17.464 billion yuan in 2024 [4]. - Jiangbolong reported a net loss of 828 million yuan in 2023 but is expected to turn a profit in 2024 with a net income of 499 million yuan [4]. AI and Market Trends - The global semiconductor storage market is experiencing significant growth driven by the increasing data generation from AI applications, with Jiangbolong positioning itself to benefit from this trend [4][5]. - The demand for server storage, particularly NAND Flash, is expected to grow by 99.5% in 2024, with high-performance storage prices remaining elevated due to strong demand [5][8]. - Jiangbolong's enterprise storage solutions, particularly in the eSSD and RDIMM segments, are seeing explosive growth, with sales expected to reach approximately 900 million yuan in 2024 [6][4]. Product Development and Innovation - Jiangbolong is focusing on high-performance storage solutions tailored for AI applications, including LP CAMM 2, CAMM 2, and CXL 2.0 memory modules [6]. - The company has launched its self-designed UFS 4.1 controller chip WM7400 for AI-driven mobile terminals and is developing next-generation PCIe Gen5 SSDs [11]. - Jiangbolong's ePOP storage is a key component of its embedded storage business, with applications in smart wearable devices, indicating a strong market presence in this segment [12][13]. Future Outlook - The AI server market is projected to grow significantly, with the Chinese AI server market expected to reach $19 billion in 2024 and $25.9 billion in 2025, reflecting a 36.2% year-on-year growth [7]. - The enterprise storage market is also anticipated to grow from $67.8 billion in 2024 to $134.3 billion by 2028, with a compound annual growth rate of 18.7% [7]. - Despite a cautious outlook for consumer storage markets, the long-term potential for AI applications in consumer electronics is expected to drive future growth opportunities for Jiangbolong [10][13].

Group 1: Company Growth Potential - The company sees significant growth opportunities in high-end storage markets, despite challenges in the mid-to-low end market due to homogenized competition [2] - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [3] - The UFS 4.1 products, equipped with self-developed main control chips, have achieved sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, outperforming mainstream market products [3] Group 2: Innovation and Market Strategy - The company is actively promoting innovative business models such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to leverage its technological and manufacturing advantages [3] - The acquisition of a stake in Brazilian storage manufacturer Zilia enhances the company's overseas market expansion, utilizing Zilia's resources and capabilities to penetrate the global market [4] - The company has established a research and development team of over 1,000 personnel, focusing on storage chip design, main control chip design, and firmware algorithm development [5] Group 3: Product Development and Market Trends - The company’s UFS products are being widely adopted by major clients in the smart terminal market, indicating a strong market position [5] - The transition from eMMC to UFS is expected to continue, driven by the increasing demand for diverse and customized storage solutions in smart devices [6] - The company is positioned to benefit from the growing demand for high-performance computing and storage hardware, particularly in AI applications [9] Group 4: Financial Outlook and Cash Flow Management - The company anticipates a gradual improvement in supply-demand dynamics, leading to a price recovery trend in the storage industry by 2025 [9] - Measures to improve cash flow include optimizing payment terms with suppliers and employing various financial strategies to stabilize liquidity [10] - The self-developed main control chips are expected to see significant growth in shipment volume in 2025, contributing to the company's revenue [10]

Core Viewpoint - The company reported strong revenue and profit growth for 2024, despite challenges in the consumer electronics market and declining storage prices [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.5%, and a net profit attributable to shareholders of 499 million yuan, up 160.2% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 4.195 billion yuan, a year-on-year increase of 18.3%, but a quarter-on-quarter decline of 0.8% [1]. - The company’s non-recurring net profit in 2024 was 167 million yuan, reflecting a year-on-year increase of 118.9% [1]. Group 2: Market Trends - The demand recovery for mobile phones and PCs has been slow, leading to inventory digestion in the industry and downward pressure on storage prices [1][2]. - The embedded storage business grew by 90% year-on-year, accounting for 48.2% of total revenue [2]. - The company’s enterprise storage business saw significant growth, with revenue reaching 922 million yuan, a year-on-year increase of 666.3% [2]. Group 3: Future Outlook - In 2025, storage prices are expected to rebound in the second half of the year, driven by supply control from manufacturers and AI integration [3]. - The company is well-positioned to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, enhancing its enterprise product offerings [3]. - The integration of Zilia is progressing well, improving operational efficiency and expanding the company’s presence in the South American market [3]. Group 4: Investment Recommendations - The company is projected to achieve revenues of 22.76 billion yuan, 26.70 billion yuan, and 29.57 billion yuan for 2025-2027, with net profits of 669 million yuan, 1.096 billion yuan, and 1.268 billion yuan respectively [4]. - The target price for the company is set at 125.8 yuan, reflecting a price-to-sales ratio of 2.3x for 2025 [4].

Group 1 - The company reported a revenue of 17.464 billion yuan in 2024, representing a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [1] - In Q4 2024, the revenue was 4.195 billion yuan, showing a year-on-year growth of 18.3%, but a quarter-on-quarter decline of 0.8%, with a gross margin of 11.17%, down 6.2 percentage points [1] - The global storage market is entering a strong upward cycle from H2 2023 to H1 2024, but the consumer storage market is expected to face significant pressure in H2 2024 due to inventory digestion [1] Group 2 - The company owns three major storage brands: FORESEE, Zilia, and Lexar, making it the second-largest independent storage company globally and the largest in China [2] - Zilia's sales revenue reached 2.312 billion yuan in 2024, a year-on-year increase of 120.15%, while Lexar's global sales revenue hit 3.525 billion yuan, setting a new record [2] - The enterprise storage segment saw rapid growth, with a revenue of 291 million yuan in the first half of 2024, up over 2000% year-on-year, and an expected full-year revenue of 922 million yuan, up 666.30% [2] Group 3 - The company has successfully shipped over 50 million SLC NAND chips in 2023 and exceeded 100 million cumulative shipments of self-developed storage chips in 2024 [3] - Cumulative shipments of self-developed main control chips surpassed 30 million, with significant applications in high-end eMMC and storage cards [3] - The profit forecast for 2025 and 2026 has been revised down, with net profit estimates adjusted from 985 million and 1.378 billion yuan to 614 million and 783 million yuan, respectively [3]