格隆汇9月24日丨恒烁股份(688416.SH)公布2025年限制性股票激励计划，公司2025年限制性股票激励计 划拟向激励对象授予限制性股票107.9万股，约占本次激励计划草案公告时公司总股本的1.30%。本次授 予为一次性授予，无预留权益。 ...

Core Viewpoint - Hengshuo Co., Ltd. (688416.SH) has a diverse product portfolio including NOR Flash memory chips, general-purpose 32-bit MCU chips based on Arm® Cortex®-M0+ architecture, AI chip business (general AI SoC chips, AI algorithm models, and AI module boards), and large-capacity storage module products [1] Product Overview - The main products of the company include: - NOR Flash memory chips - General-purpose 32-bit MCU chips based on Arm® Cortex®-M0+ architecture - AI chips, which consist of general AI SoC chips, AI algorithm models, and AI module boards - Large-capacity storage module products such as SPI NAND, SD NAND, PPI NAND, eMMC, and DRAM [1] Application Fields - The primary application areas for the company's products are in consumer electronics and industrial control sectors [1] - The company's DDR4 modules have not yet been applied in cloud computing power [1]

Group 1 - The storage industry is currently experiencing a favorable trend driven by the AI wave, leading to a restructuring of supply and demand [1] - The ongoing changes in the industry are characterized as structural changes driven by technological innovation, indicating strong sustainability [1] - The company's main products include large-capacity storage module products, such as NAND Flash and DRAM, with a steady increase in shipment volume expected to contribute positively to the company's performance [1]

Market Overview - The global NOR Flash market revenue is expected to exceed $2.6 billion by 2025, with applications divided into four main categories: PC (approximately 13%), automotive (approximately 21%), industrial (approximately 27%), and consumer (over 30%) [2] - Emerging consumer applications, including AI headphones, glasses, and toys, show significant demand growth, making them the most prosperous sector [2] - AI server shipments have increased significantly, with strong price support, while demand for AI PCs, automotive electronics, and industrial sectors (non-AI server) has also risen considerably [2] Competitive Landscape - Domestic AI server manufacturers are shifting from "copying" to self-replacement, with an expected replacement share of around 20% this year, indicating a clear trend of replacing Taiwanese manufacturers [2] - This shift presents new market opportunities for A-share storage chip manufacturers such as Zhaoyi Innovation, Beijing Junzheng, Fudan Microelectronics, Dongxin Co., Puran Co., Jucheng Co., and Hengsuo Co. [2] R&D Investment - Zhaoyi Innovation leads in R&D investment with 567.68 million yuan, followed by Fudan Microelectronics with 508.61 million yuan, and Beijing Junzheng with 348.28 million yuan [5] - In terms of R&D expenses as a percentage of revenue, Dongxin Co. ranks first at 30.74%, followed by Fudan Microelectronics at 27.66%, and Hengsuo Co. at 24.58% [7] R&D Personnel - Zhaoyi Innovation has the highest number of R&D personnel at 1,481, followed by Fudan Microelectronics with 1,113, and Beijing Junzheng with 760 [8] Product Development - Zhaoyi Innovation has a diverse product matrix including NOR Flash, SLC NAND Flash, and niche DRAM, covering various applications in consumer electronics, industrial, communications, and automotive sectors [9] - The company launched a dual-voltage supply SPI NOR Flash product for 1.2V SoC applications, enhancing its strategic layout in embedded storage solutions [10] - Beijing Junzheng's storage chip categories include SRAM, DRAM, and Flash, with a strong presence in automotive and industrial markets [11] - Fudan Microelectronics has a comprehensive product layout in non-volatile memory, with new SONOS platform products entering mass production [12] - Puran Co. offers a full range of EEPROM and NOR Flash products, catering to various applications including smartphones and AI devices [13] - Hengsuo Co. is expanding its product line to include DRAM memory products and has launched DDR4 products in 2025 [15] - Dongxin Co. has achieved mass production of its 1xnm flash memory products and is continuously optimizing its design and process [16]

Industry Overview - The storage chip market, particularly NOR Flash, is experiencing rapid growth driven by advancements in technologies such as artificial intelligence and the Internet of Things, despite a lackluster performance last year due to supply and demand factors [2] - In the first half of this year, the market showed signs of recovery with significant inventory reduction and gradual demand restoration, particularly in industrial markets and supported by long-term demand from AI and high-performance computing [2] - Starting from the third quarter, overall storage demand is rebounding, with prices showing an upward trend, indicating a positive outlook for the second half of the year [2] Company Performance - In the first half of the year, the revenue rankings among storage chip manufacturers are as follows: Zhaoyi Innovation (4150.31 million), Beijing Junzheng (2249.11 million), Fudan Microelectronics (1838.85 million), Puran Co. (906.70 million), Jucheng Co. (574.86 million), Dongxin Co. (342.99 million), and Hengshuo Co. (174.28 million) [3] - Zhaoyi Innovation leads in net profit with 575.48 million, followed by Jucheng Co. (205.15 million) and Beijing Junzheng (203.12 million), while Dongxin Co. and Hengshuo Co. reported losses of 110.97 million and 70.78 million respectively [4] - In terms of gross margin, Jucheng Co. has the highest at 60.25%, followed by Fudan Microelectronics at 56.80%, and Zhaoyi Innovation at 37.21% [5] Inventory Management - Fudan Microelectronics holds the highest inventory at 3088.98 million, followed by Beijing Junzheng (2773.43 million) and Zhaoyi Innovation (2400.65 million) [6] - Inventory turnover days are highest for Fudan Microelectronics at 705 days, with Dongxin Co. at 596 days and Hengshuo Co. at 355.66 days, while Zhaoyi Innovation has the lowest at 163.95 days [7] - In terms of inventory impairment provisions, Fudan Microelectronics has the highest at 548.26 million, followed by Zhaoyi Innovation (287.39 million) and Beijing Junzheng (263.53 million) [7]

Group 1 - The A-share market for storage chip stocks has strengthened, with Jiangbolong rising over 16%, Demingli and Dawi shares hitting the 10% limit, and several other companies experiencing gains of over 5% [1] - Micron has notified channels of a price increase of 20%-30% for storage products, while Samsung has informed major clients of a projected price increase of 15%-30% for DRAM products in Q4 [1] - North American internet giants are seeing revenue and profit exceed expectations this year, driven by the expanding scale of AI usage and rapid penetration of AI applications [1] Group 2 - Research institutions believe that the price increases from SanDisk, Micron, and Samsung indicate an unexpected surge in the storage market, countering previous concerns about price pressure in Q1 2026 [1] - Current demand from data centers remains strong, with high-end product capacity utilization at full, and limited new capacity being added by NAND manufacturers [1] - Northeast Securities states that the global storage industry is undergoing a historic transition from cyclical fluctuations to technology-driven growth, with the price surge confirming an industry turning point [1] Group 3 - The following companies have shown significant stock performance: - Jiangbolong: +16.42%, market cap 55.6 billion, YTD increase 54.31% - Demingli: +10.00%, market cap 32 billion, YTD increase 126.94% - Dawi shares: +9.99%, market cap 4.467 billion, YTD increase 38.88% - Wanrun Technology: +6.93%, market cap 12.4 billion, YTD increase 20.86% - Pulang shares: +6.47%, market cap 16.1 billion, YTD increase 51.27% - Lianyun Technology: +6.19%, market cap 24 billion, YTD increase 27.72% - Shannon Chip: +6.00%, market cap 37.1 billion, YTD increase 181.47% - Baiwei Storage: +5.51%, market cap 38.3 billion, YTD increase 32.53% - Hengsuo shares: +5.20%, market cap 3.96 billion, YTD increase 22.44% [2]

Core Viewpoint - Hengshuo Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 was 174.28 million yuan, a decrease of 1.79% compared to the same period last year [1][3]. - The net profit attributable to shareholders was -70.78 million yuan, showing a continued loss [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -77.26 million yuan, also reflecting a loss [1][3]. - The net cash flow from operating activities was 40.38 million yuan, a significant improvement from -89.03 million yuan in the previous year [1][3]. Company Background - Hengshuo Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 29, 2022, with an initial public offering of 20.66 million shares at a price of 65.11 yuan per share [4]. - The total amount raised from the IPO was 1.35 billion yuan, with a net amount of approximately 1.21 billion yuan after deducting issuance costs [4]. - The company originally planned to raise 753.88 million yuan for various R&D projects, including NOR flash memory chip upgrades and AI inference chip development [4].

Core Viewpoint - Hengshuo Semiconductor (Hefei) Co., Ltd. has shown a significant stock price increase of 5.03%, reaching 44.88 CNY per share, with a total market capitalization of 3.722 billion CNY [1] Group 1: Company Overview - Hengshuo Semiconductor was established on February 13, 2015, and went public on August 29, 2022 [1] - The company specializes in the research, design, and sales of storage chips and MCU chips, with revenue composition being 83.57% from storage chips and 16.37% from microcontrollers and others [1] Group 2: Shareholder Information - Huaxia Fund's Huaxia Industry Prosperity Mixed Fund (003567) is among the top ten circulating shareholders of Hengshuo, having increased its holdings by 2.2982 million shares in Q2, now holding 3.1436 million shares, which is 6.54% of the circulating shares [2] - The fund has achieved a year-to-date return of 49.16% and a one-year return of 99.56% [2] Group 3: Fund Manager Performance - The fund manager of Huaxia Industry Prosperity Mixed Fund is Zhong Shuai, who has been in the position for 5 years and 48 days, with the fund's total asset size at 8.253 billion CNY [3] - During his tenure, the best fund return was 158.06%, while the worst was 4.8% [3] Group 4: Fund Holdings - Huaxia Fund's Huaxia Zhaoxin Hongrui Mixed A Fund (018730) has also increased its holdings in Hengshuo by 44,900 shares, now holding 268,500 shares, which constitutes 5.74% of the fund's net value [4] - This fund has achieved a year-to-date return of 52.31% and a one-year return of 121.66% [4]

Group 1 - The storage chip sector in the A-share market experienced significant gains, with several companies reaching their daily limit up [1] - Notable performers included Jingzhida with a 20% increase, Shannong Xinchuan up over 17%, and Jiangbolong rising over 15% [1][2] - Other companies such as Tongyou Technology, Pulang Co., Beijing Junzheng, and Baiwei Storage also saw substantial increases, ranging from 10% to 13% [1][2] Group 2 - The total market capitalization of Jingzhida is 12.6 billion, with a year-to-date increase of 84.54% [2] - Shannong Xinchuan has a market cap of 35.1 billion and a year-to-date increase of 166.48% [2] - Jiangbolong's market cap stands at 47.1 billion, with a year-to-date increase of 30.62% [2]

Core Viewpoint - The global DRAM market is expanding, driven by the rise of generative AI, leading to optimistic AI order expectations and benefiting the storage industry chain [1][3]. Group 1: Market Trends - The NAND price is expected to rise in Q3, with SanDisk announcing a price increase of over 10% for all channels, indicating the start of a new pricing cycle [1][2]. - The global DRAM market size increased by approximately 17% in Q2 2025, reaching $30.9 billion, primarily due to the demand from generative AI [3]. Group 2: Supply and Demand Dynamics - The supply-demand gap is expected to widen, with strong storage demand driven by AI applications and data centers, while supply is constrained due to production shifts and financial difficulties of some suppliers [2]. - The transition of NAND manufacturers to next-generation nodes is causing a shortage of low-density chips, further tightening supply [2]. Group 3: Domestic Industry Growth - Domestic advanced storage capacity is expanding, with companies like Zhaoyi Innovation and Changxin Storage maintaining close partnerships to benefit from the transition to DDR5/LPDDR5 [3]. - Changxin Storage is projected to capture about 30% of the domestic NAND market this year, with expectations to reach 15% of global NAND flash capacity by the end of 2026 [4].