Storage “shortage” continues Jiang Bolong (301308.SZ) to develop its own master control chip and new opportunities for enterprise-grade memory cards

The Zhitong Finance App learned that memory chips are currently becoming one of the most prosperous tracks in the semiconductor industry chain. TrendForce Jibang Consulting predicts that the month-on-month increase in DRAM contract prices in the fourth quarter of 2026 remained in double digits, and the pattern of short supply in the market continued. The implementation of AI is driving the upgrading of storage from electronic product accessories to core hardware that determines inference performance. In this context, as the first “A+H” independent memory company listed in China, Jiang Bolong (301308.SZ) is relying on the two major grippers of end-side AI storage and enterprise-level storage to deeply upgrade the card industry.

Self-developed master control has accumulated mass production of more than 280 million units Jiang Bolong's full-stack layout to compete for a new paradigm of storage

The accelerated implementation of AI applications is driving the storage industry into the revaluation stage. As the core center of the storage system, the main control chip undertakes key functions such as data scheduling, wear balance, error correction management, and firmware algorithms. Its process process and architecture design directly determine the maximum performance and energy efficiency performance of the storage product. The total production of main control chips independently designed by Jiang Bolong has exceeded 280 million. Among them, the UFS4.1 master control, which was the first to use a 5nm process, has achieved large-scale mass production, driving the storage master control to leapfrog from a mature process to an advanced process, marking that the company's technical strength and commercialization capabilities in the high-end main control field have reached a new level. Market participants pointed out that in a context where demand for high-performance storage continues to rise, storage vendors that have mastered core chip self-development capabilities have stronger product definition, supply chain resilience and cost control capabilities, and are expected to fully benefit from the revaluation of the storage industry.

While deepening self-development of main control chips, the company has adapted storage solutions with many major global main chip manufacturers such as AMD and Ziguang Zhanrui. After joint tuning with AMD, the AI mobile workstation and AI PC platform test data showed that for devices equipped with the company's intelligent software and hardware architecture, the AI model operation scale increased by about 3.2 times, and the memory utilization efficiency increased by about 200%, laying the foundation for the large-scale popularization of AI PCs.

On the product side, the company recently launched new technologies and products such as HLC (Advanced Caching Technology), AIDIMM, and AILPBGA; using SiP packages and MSSD (Micro SSD) products with a size of only 20 x 30 x 2.0 mm, they have achieved large-scale commercial applications in many leading global manufacturers. Industry insiders believe that the first storage vendors to complete the “chip+firmware+package+system tuning” full-stack layout are expected to take the lead in the competition for the new AI storage paradigm.

Enterprise-grade storage, high-speed storage, high-end global layout advanced in depth

Enterprise-grade storage is the most deterministic growth track in this round of AI computing power construction. Gartner predicts that global AI server shipments will grow 180% year-on-year in 2026; Goldman Sachs estimates that global demand for enterprise-grade SSDs will grow 58% in 2026. Among them, Jiang Bolong has taken the lead in achieving large-scale implementation: in the first half of 2026, the company's enterprise storage business revenue was 2.140 billion yuan, an increase of 208.80% over the previous year, leading the overall revenue by a significant growth rate. Products such as eSD and RDIMM have been certified and mass-produced and shipped by leading customers such as Lenovo, JD Cloud, and Bilibili, and have been adapted to mainstream domestic CPU platforms such as Kunpeng, Haiguang, and Feiteng, and are deeply integrated into the domestic computing infrastructure supply chain.

At the same time, the company's global layout continues to reap benefits. In the first half of 2026, the company's overseas revenue was 17.017 billion yuan, up 142.27% year on year, accounting for more than 70% of total revenue; Lexar (Lexar) is deeply involved in the global high-end B2C consumer market, with revenue of 3,966 billion yuan in the first half of the year, an increase of 84.90%; Zilia relied on the Latin American regional market to achieve revenue of 3,950 billion yuan, an increase of 184.58% year on year, forming a business pattern supported by multiple points of globalization.

On the high barrier of vehicle-level storage, the company developed its own 5-nanometer controlled automotive-grade UFS 4.1 product sequential reading speed reached 4,200MB/s. It has already entered the verification and introduction stage for leading global car companies, and has cooperated to cover more than 20 OEMs and more than 50 Tier 1 suppliers. Analysts pointed out that as the construction of computing power infrastructure continues to be implemented and the domestic storage replacement process accelerates, local storage companies with full-stack technical capabilities and leading customer resources are expected to continue to benefit.

As the AI industry moves from the cloud to the end side, the value of storage is being redefined. Jiang Bolong said that the company will continue to deepen strategic investment around self-developed chips, high-end storage, and global layout to promote collaborative scaling of enterprise-level, automotive-level and end-side AI storage services. Analysts believe that the company is expected to rely on full-stack technical capabilities and diversified market layout to achieve sustainable and high-quality development.