爱建证券近日发布电子行业周报：SKhynixCEOKwakNoh-Jung在韩国首尔举办 的"SKAISummit2025"峰会上，正式宣布公司转型"全线AI存储创造者"的新愿景，同时揭晓 了包含定制化高带宽内存（CustomHBM）、AI专用DRAM（AI-D）及AI专用NAND（AI- N）在内的三大存储新路线。 以下为研究报告摘要： 投资要点： 存储芯片涨价带动其他电子Ⅲ上涨。本周（2025/11/03-11/07）SW电子行业指数 （-0.09%），涨跌幅排名21/31位，沪深300指数（+0.82%）。SW一级行业指数涨跌幅前五 别为：电力设备（+4.98%），煤炭（+4.52%），石油石化（+4.47%），钢铁（+4.39%）， 基础化工（+3.54%），涨跌幅后五分别为:美容护理（-3.10%），计算机（-2.54%），医药 生物（-2.40%），汽车（-1.24%），食品饮料（-0.56%）。本周SW电子三级行业指数涨跌 幅前三分别是：其他电子Ⅲ（+4.88%），被动元件（+4.85%），印制电路板（+4.32%）； 涨跌幅后三分别是：品牌消费电子（-3.60%），模拟芯片设计（-2.25%） ...

Group 1 - The storage chip market is experiencing a significant price increase, with SanDisk's recent price hike stimulating storage companies. Morgan Stanley has raised the target price for Jiangbolong from RMB 122 to RMB 325 under the base case scenario, and to RMB 435 under an optimistic scenario [1] - The new policy from the National Development and Reform Commission and the National Energy Administration on November 10 aims to promote renewable energy consumption and regulation, indicating a shift towards a more stable pricing mechanism for energy resources [1] - The evolution of policy from "capacity compensation" to "capacity pricing" suggests a clear direction towards establishing a long-term stable mechanism, ensuring effective transmission of market price signals to end users [1] Group 2 - A series of significant policies this year, particularly the "Document No. 136," has shifted energy storage development from mandatory storage to a more sustainable market-driven model, improving the profitability of storage projects through clear economic compensation mechanisms [2] - The continuous support from policies and institutional innovations indicates a spiral upward trend for renewable energy and storage, with confidence in the commitment from central and local governments to invest in energy storage [2] - As of November 11, 2025, the performance of key stocks in the sector shows positive growth, with Jiangbolong up 7.83%, and other major players like CATL and EVE Energy also experiencing gains [2]

Group 1 - The Chuangye 50 ETF (159682) experienced a mid-session increase of 0.82% with a trading volume exceeding 57 million yuan, driven by gains in component stocks such as Jiangbolong, Sungrow Power Supply, Jinlang Technology, Yiwei Lithium Energy, and CATL [1] - On November 10, the Chuangye 50 ETF recorded a decline but attracted 99.05 million yuan in capital inflow, indicating strong investor interest despite market fluctuations [1] - The ETF tracks the Chuangye 50 Index, which includes sectors such as manufacturing, information transmission, software, and technology services, with key weighted stocks including CATL, Dongfang Wealth, and others [1] Group 2 - Dongwu Securities forecasts a gradual introduction of domestic capacity compensation electricity prices and continuous growth in overseas emerging markets, predicting a 40%-50% increase in global energy storage installations next year and a compound growth rate of 30%-50% over the next three years [2] - The company maintains a positive outlook on large-scale energy storage, integrated storage solutions, and leading energy storage battery manufacturers [2] Group 3 - The National Development and Reform Commission and the National Energy Administration released guidelines to promote the consumption and regulation of new energy, focusing on large-scale development and high-quality consumption, with the aim of building a new power system compatible with high proportions of new energy [1] - Experts emphasize the importance of guiding various types of new energy development and enhancing the adaptability of the new power system, which will be crucial for large state-owned enterprises in the power generation, grid, and equipment manufacturing sectors [1]

Core Insights - The A-share market for storage chip concept stocks continues to rise, with significant gains observed in several companies following a major price increase announcement from SanDisk [1] Group 1: Market Performance - SanDisk announced a substantial price increase of up to 50% for NAND flash contracts, causing a ripple effect throughout the storage supply chain [1] - Notable stock performances include: - Sanfu Co., Ltd. (三孚股份) with a 2-day consecutive rise - Jiangbolong (江波龙) up by 9%, reaching a new high - Jingzhida (精智达) increasing nearly 9% - Langke Technology (朗科科技) rising over 5% - Other companies like Baiwei Storage (佰维存储), China Electric Port (中电港), and Dawi Co. (大为股份) seeing gains of over 4% [1][2] Group 2: Individual Stock Data - Key stock data includes: - Sanfu Co., Ltd. (603938): 0.99% increase, market cap of 9.103 billion, YTD increase of 120.40% - Jiangbolong (301308): 9.00% increase, market cap of 129.8 billion, YTD increase of 260.05% - Jingzhida (688627): 8.91% increase, market cap of 2.05 billion, YTD increase of 200.10% - Langke Technology (300042): 5.13% increase, market cap of 6.739 billion, YTD increase of 45.58% - Baiwei Storage (688525): 4.51% increase, market cap of 62.3 billion, YTD increase of 115.33% [2]

Core Viewpoint - The A-share market for storage chip concept stocks continues to rise, driven by significant price increases in NAND flash memory contracts announced by SanDisk, which could impact the entire storage supply chain [1] Group 1: Market Performance - Sanfu Co. has achieved two consecutive trading limits, indicating strong investor interest [1] - Jiangbolong has increased by 9%, reaching a new high, while Jingzhida and Langke Technology have both risen nearly 9% [1] - Other companies such as Baiwei Storage, China Electric Port, and Dawi Co. have seen increases of over 4%, with Kexiang Co., Saiteng Co., and others rising over 3% [1] Group 2: Price Changes and Supply Chain Impact - SanDisk plans to significantly raise NAND flash contract prices by up to 50% in November [1] - This price hike has caused a ripple effect in the storage supply chain, prompting companies like Transcend, ADATA, and Apacer to halt shipments and reassess their pricing strategies [1]

Core Viewpoint - The storage chip sector continues to show strong performance, with companies like Shannon Semiconductor and Jiangbolong reaching new highs, while Sanfu Co. and Shenkong Co. have achieved consecutive gains [1] Company Performance - Shannon Semiconductor and Jiangbolong both hit record highs in their stock prices [1] - Sanfu Co. and Shenkong Co. have recorded two consecutive trading limit increases [1] - Other companies such as Dawi Co. and Langke Technology are also experiencing upward trends in their stock prices [1]

Group 1 - The storage chip sector experienced a collective rise, with companies like ShenGong Co. and YingTang ZhiKong hitting the daily limit, while others like PuRan Co. and XiangNeng XinChuang saw significant gains [1] - SanDisk, a leader in flash memory, announced a substantial price increase of up to 50% for NAND flash contracts, prompting companies like Transcend and ADATA to pause shipments and reassess pricing [1] - SanDisk's Q1 FY2026 revenue reached $2.308 billion, a 23% year-over-year increase, with NAND product demand exceeding supply and inventory turnover days decreasing from 135 to 115 [1] Group 2 - The storage sector has seen an average stock price increase of 85.43% this year, with notable performers like DeMingLi and Dongxin Co. rising by 355.04% and 264.46%, respectively [2] - In November, seven storage concept stocks underwent institutional research, with companies like XiangChuang Data receiving attention from over 82 institutions [2] - XiangChuang Data reported a 54.43% year-over-year revenue increase to $8.331 billion in the first three quarters, benefiting from the rapid growth of AI services and a favorable storage market [2] Group 3 - Fudan Microelectronics received interest from 21 institutions in November, focusing on FPGA development and launching a new 32TOPS computing chip [3] - Among storage concept stocks, companies like Lanqi Technology and Ziguang Guowei reported net profits exceeding $1 billion in the first three quarters, while others like Xingsen Technology turned losses into profits [3] - Over half of the storage concept stocks saw increased financing, with six stocks receiving over $100 million in net purchases in November, including JiangBolong and DeMingLi [3]

Group 1 - The storage chip sector experienced a collective rise, with companies like ShenGong Co. and Yingtang Zhikong hitting the daily limit, while others like Purun Co. and Shannon Chip also saw significant gains [1] - SanDisk, a leader in flash memory, announced a substantial price increase of up to 50% for NAND flash contracts, prompting companies like Transcend and ADATA to halt shipments and reassess pricing [1] - SanDisk's Q1 FY2026 revenue reached $2.308 billion, a 23% year-over-year increase, with NAND product demand exceeding supply and inventory turnover days decreasing from 135 to 115 days [1] Group 2 - The average stock price of storage-related companies has risen by 85.43% this year, with Demingli, Dongxin Co., and Jiangbolong leading with increases of 355.04%, 264.46%, and 230.31% respectively [2] - In November, seven storage concept stocks were investigated by institutions, with companies like Kechuang Data and Fudan Microelectronics receiving significant attention [2] - Kechuang Data reported a revenue of 8.331 billion yuan for the first three quarters of the year, a 54.43% increase year-over-year, benefiting from the rapid growth of AI services and a favorable storage market [2] Group 3 - Among storage concept stocks, companies like Lanke Technology, Unisoc, and Zhaoyi Innovation reported net profits exceeding 1 billion yuan in the first three quarters [3] - More than half of the storage concept stocks received increased financing in November, with six stocks seeing net purchases exceeding 100 million yuan, including Jiangbolong and Demingli [3]

Group 1 - SanDisk has announced a price increase of up to 50% for flash memory contracts, reflecting a trend among leading storage manufacturers to raise prices multiple times this year [1] - The rapid development of AI technology is driving a surge in demand for storage products, leading to a "super cycle" in the storage industry [1][2] - AI servers require significantly more storage, with DRAM usage being approximately 8 times and NAND Flash usage about 3 times that of traditional servers [1] Group 2 - The shortage of storage products driven by AI demand is expected to last at least until 2027, with DRAM demand stabilizing only after that, while NAND Flash and high-capacity storage needs may persist until 2028 or longer [2] - The profitability of leading companies in the storage sector is increasing, as evidenced by the rising net profits of companies like兆易创新 and 深圳市江波龙 over the first three quarters of 2025 [2] - Companies in the upstream equipment sector are actively innovating and increasing production capacity to seize market opportunities, with new products being successfully launched [2][3] Group 3 - In the downstream manufacturing sector, companies like 深圳佰维存储科技 are achieving competitive differentiation through self-developed control chips and advanced packaging capabilities, targeting AI-related products [3] - The increase in domestic production rates for storage devices presents significant opportunities for upstream companies, which should focus on customer capacity building and technological innovation [3] - Downstream companies are encouraged to leverage the broad market for AI terminal products by offering customized storage solutions to drive innovation [3]

Core Viewpoint - The storage industry is experiencing a significant price increase driven by supply constraints and strong demand, particularly from AI applications, which is expected to continue until at least the end of 2026 [2][3][4]. Part 1: Storage Super Cycle - The storage super cycle is still in its early stages, with DRAM prices increasing unexpectedly, particularly DDR5 PC memory prices rising by 25-30% quarter-on-quarter, and server DRAM prices increasing by 28-33% [3]. - NAND prices are also strong, with enterprise SSD contract prices up 25-30% and eMMC/UFS prices up 20-25%, while 3D NAND wafers have seen a quarter-on-quarter increase of 65-70% due to capacity constraints [3]. - Current NAND average selling prices are approximately $0.08-$0.09 per GB, with a potential increase of 40%-60% to reach the previous cycle peak of $0.13 [3]. Part 2: Supply Constraints - Module manufacturers and upstream chip suppliers are actively limiting supply to maintain price stability during this upcycle [4]. - Major cloud service providers like Microsoft and Amazon are attempting to secure long-term agreements for capacity expansion but have not yet reached consensus with suppliers, leading to a supply-demand gap expected to last until at least the end of 2026 [4]. Part 3: AI-Driven Growth - The demand for high-capacity eSSD from AI servers is a core growth driver, with storage capacity needs for AI servers being 5-8 times that of regular servers [5]. - The proliferation of edge AI devices is further driving the upgrade of consumer storage, transitioning the storage industry from a "consumer-led" to a "enterprise + AI-led" growth model [5]. Company-Specific Advantages - Jiangbo Long is expanding its enterprise business, with enterprise SSD revenue expected to rise from 15% in 2024 to 28% in 2026, significantly boosting overall gross margins from 18% in 2025 to 25% [6]. - The company has achieved a 12%-15% cost reduction by developing its own storage controllers, enhancing product competitiveness and supporting higher profit margins [7]. - Jiangbo Long has established long-term partnerships with key chip suppliers like Samsung and Micron, ensuring stable wafer supply and maintaining over 70% capacity utilization in a tightening supply environment [8]. Financial Forecasts - Revenue and profit forecasts have been significantly raised, with projected revenues for 2025, 2026, and 2027 now at 240.59 billion, 382.00 billion, and 452.79 billion yuan respectively, and net profit forecasts adjusted to 14.82 billion, 43.08 billion, and 51.55 billion yuan [9]. - The embedded storage business is expected to benefit from AI edge device demand, with projected revenue of 183.25 billion yuan in 2026, a 77% year-on-year increase [10]. Valuation Logic - The target price is based on a residual income model, with an implied 11x price-to-book ratio for 2026, aligning with the global trend of valuation reassessment in the storage sector due to the AI super cycle [11]. Scenario Analysis - In the base case scenario, the target price is set at 325 yuan, assuming a continued supply-demand gap and stable AI-driven demand growth [12]. - In an optimistic scenario, the target price could reach 435 yuan, driven by a 90% year-on-year increase in AI server shipments and significant growth in enterprise SSD demand [14][15]. - In a pessimistic scenario, the target price could drop to 90 yuan due to weak demand and excess supply, with a projected decline in smartphone and PC shipments [17][18]. Investment Strategy - The report maintains an overweight investment rating for Jiangbo Long, highlighting its position as a key beneficiary of the storage super cycle, supported by ongoing supply constraints, enterprise business expansion, and AI-driven structural demand [19].