研報掘金丨天風證券:維持江波龍“買入”評級,預計25年業績逐季度改善
天風證券研報指出,存儲量價齊升邏輯明確,存儲龍頭優先傳導漲價紅利,預計25年江波龍業績逐季度改善。TrendForce預期NAND 25Q3合約價漲幅5%-10%,公司也表示受服務器OEM客戶備庫存需求,以及存儲晶圓原廠的價格策略影響,預計eSSD在Q3也將出現5%-10%的上漲。 DRAM方面由於原廠停產部分DDR4產品帶動的上漲行情仍在持續,近期渠道市場供應端資源普遍大幅跳漲20%水平,DDR4原廠Q3預漲30%-40%。行業量價齊升趨勢下,公司憑藉模組龍頭地位、庫存管理能力及高附加值產品佈局(如eSSD、RDIMM),有望優先受益於漲價紅利,驅動2025年業績彈性釋放。江波龍具備"週期+成長"雙擊邏輯——短期受益於存儲漲價帶來的毛利率彈性,中期依託企業級存儲國產替代實現訂單放量收入高增,中長期則通過主控芯片自主化和TCM模式構建高毛利率及強技術壁壘,持續提升盈利能力和行業領先地位。由於公司“週期+成長”的雙擊邏輯,給予公司2026年30倍PE,預測市值約483億元,對應目標價115.2元,維持“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.