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].
存储龙头江波龙冲刺港股：业绩扭亏仍负债77亿，现金流为负