兆易创新封跌停，此前开普云、万润科技、中电港、太极实业、深科技跌停，中微半导、普冉股份、香 农芯创、江波龙等均跌超10%。 (本文来自第一财经) 兆易创新封跌停，此前开普云、万润科技、中电港、太极实业、深科技跌停，中微半导、普冉股份、香 农芯创、江波龙等均跌超10%。 (本文来自第一财经) ...

长江商报消息 ●长江商报记者 沈右荣 供需失衡，存储价格上涨，国内存储模组行业龙头江波龙（301308.SZ）经营业绩爆发式增长。 1月29日晚，江波龙发布年度业绩预告。公司预计2025年度实现营业收入225亿元至230亿元，同比增长 28.84%至31.70%；预计实现扣非净利润11.30亿元至13.50亿元，同比增长578.51%至710.60%。 其中，第四季度，公司预计扣非净利润约为6.5亿元至8.7亿元，超过前三个季度之和，而上年同期为亏 损。 江波龙解释了业绩暴增原因。2025年，存储价格在一季度触底后企稳回升，三季度末因AI 服务器需求 爆发及原厂产能向企业级产品倾斜，导致供给进一步失衡，存储价格持续上涨。依靠技术布局与深度协 同机制，公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙依托自主研发。2024年，公司研发投入为9.10亿元，2025年前三季度为7.01亿元，同比继续保持 增长。 前三季度的营业收入、归母净利润、扣非净利润的数据表现并不突出。 从单个季度看，2025年第一、二、三季度，公司实现的营业收入分别为42.56亿元、59.39亿元、65.39亿 ...

日前，国内存储龙头江波龙（301308）发布2025年度业绩预告，公司全年业绩实现跨越式增长，归母净利润同比增幅最高超210%，扣非净利润增幅更是 突破700%。 | | | | | | 单位: 月元 | | --- | --- | --- | --- | --- | --- | | 项 目 | 本报告期 | | | | 上年同期 | | 归属于上市公司 | | 125,000 | 1 | 155,000 | 49.868.45 | | 股东的净利润 | 比上年同 期增长 | 150.66% | 1 | 210.82% | | | 扣除非经常性损 | 比上年同 | 113.000 | 1 | 135,000 | 16.654.26 | | 益后的净利润 | 期增长 | 578.51% | 1 | 710.60% | | | 营业收入 | | 2,250,000 | 1 | 2,300,000 | 1.746.365.03 | 业绩预告显示，2025年1-12月，江波龙预计实现营业收入225亿元至230亿元，较2024年同期的174.64亿元稳步增长；归母净利润预计达12.5亿元至15.5亿 元，同比增长150 ...

Core Insights - The storage chip market is experiencing a significant turnaround driven by strong AI computing demand, leading to a price increase and a "harvest year" for the industry [2][3] Group 1: Market Performance - As of January 30, the storage index has risen by 28.71% year-to-date, significantly outperforming the CSI 300 index, which increased by only 1.65% [2][12] - 16 companies in the storage sector have seen their stock prices rise by over 20% this year, with some companies like Puran Technology and Henghui Technology exceeding 100% growth [12] Group 2: Company Earnings Forecasts - 20 A-share storage companies have disclosed their earnings forecasts for 2025, with 14 companies expected to be profitable, including Bawei Storage and Jiangbolong, which anticipate profit increases of over 100% [2][4] - Bawei Storage's net profit is projected to be between 850 million to 1 billion yuan, reflecting a year-on-year increase of 427.19% to 520.22% [4] - Jiangbolong expects a net profit of 1.25 billion to 1.55 billion yuan, representing a year-on-year increase of 150.66% to 210.82% [5] Group 3: Industry Dynamics - The demand for AI computing has led to a supply-demand imbalance in the storage chip market, with major manufacturers reallocating capacity to high-end products like HBM, resulting in significant price increases across the industry [3][8] - Companies like Demingli and others are also forecasting substantial profit growth, with Demingli's net profit expected to rise by 85.42% to 128.21% [5][6] Group 4: Future Outlook - The storage chip market is expected to continue benefiting from AI demand, with companies like Lanke Technology and others reporting increased sales and improved profit margins due to rising storage prices [9][10] - Analysts suggest that the current price surge is driven by both cyclical recovery and structural growth from new AI-related demands, although there are concerns about potential market corrections [8][10]

Core Viewpoint - The storage chip market is experiencing a "super cycle" driven by AI, leading to significant price increases and improved profitability for storage companies, while terminal manufacturers face pressure to raise prices or reduce specifications [1][3][7]. Group 1: Market Dynamics - The storage market is emerging from a low point, with many companies reporting substantial profit increases due to stabilizing prices driven by AI demand [1][2]. - As of January 29, 2026, 52 storage-related companies in the A-share market have issued performance forecasts for 2025, with 25 companies expecting profit increases, and 31 companies reporting year-on-year net profit growth [1][2]. - Notable profit increases include Bawei Storage with a projected growth of 520.22%, Shangluo Electronics at 344.92%, and Jiangbolong at 210.82% [2]. Group 2: Price Trends - Market research indicates that storage prices are expected to rise by 40% to 50% in Q1 2026 and by approximately 20% in Q2 2026, surpassing historical highs [3][4]. - Companies like Jiangbolong attribute their recovery to the stabilization of storage prices and increased demand from AI servers, leading to a supply-demand imbalance [2][5]. Group 3: Competitive Positioning - Storage manufacturers are shifting focus from consumer markets to enterprise-level markets, such as data centers and AI servers, where profit margins are higher due to lower price sensitivity [5][6]. - Companies are investing in technology and production capabilities to enhance their competitive edge, with Jiangbolong planning to raise 3.7 billion yuan for technology development and production expansion [6]. Group 4: Impact on Terminal Manufacturers - Terminal manufacturers are facing significant cost pressures due to rising component prices, leading to a projected 14.8% decrease in global laptop shipments in Q1 2026 [7][8]. - Major brands like Lenovo and Dell have begun raising prices on their products, with Lenovo increasing prices by 500 to 1500 yuan on mid-to-high-end models [8][9]. - The rising costs of memory components are impacting the profitability of smartphone manufacturers, with companies like Transsion Holdings reporting a 54.11% decline in net profit due to increased supply chain costs [9].

Industry Overview - The semiconductor industry is experiencing significant changes in both performance and market dynamics, with A-share semiconductor companies showing structural growth in their 2025 semi-annual earnings forecasts [2] - Rising supply chain costs have led multiple chip design companies to announce price increases, reflecting the current cost pressures and adjustment trends within the industry [2][9] Earnings Forecasts - Among 115 A-share semiconductor companies that disclosed earnings forecasts, 113 provided specific predictions, with 70 companies expecting a total net profit of approximately 31.39 billion yuan, while 43 companies anticipate a cumulative loss of about 11.75 billion yuan [3] - Key companies with notable earnings include: - Cambricon: Revenue forecast between 5 billion and 7 billion yuan [4] - Shanghai Semei: Revenue forecast between 6.68 billion and 6.88 billion yuan [4] - Lattice Semiconductor: Expected net profit of 2.15 billion to 2.35 billion yuan, with a year-on-year growth of 52.29% to 66.46% [4] Price Increases - Multiple chip design companies have announced price hikes due to rising raw material costs, tight wafer capacity, and increased packaging and testing costs, with price increases generally ranging from 10% to 80% [9][10] - Notable companies announcing price increases include: - Biyimi: Price adjustments on various products due to upstream material price increases [9] - Guokewi: Price adjustments on solid-state storage chips and SSD controllers, with increases of 20% to 80% [9] Smartphone Market Recovery - The global smartphone market is showing signs of mild recovery, with Omdia reporting a 2% increase in global smartphone shipments to 1.25 billion units in 2025, the highest since 2021 [11] - Apple continues to lead the market for the third consecutive year, with a 7% increase in iPhone shipments to 240.6 million units, while Samsung has rebounded with a 7% growth [14][16] - Vivo has reached fourth place for the first time, driven by strong performance in the Indian market and stable domestic sales [16]

Core Insights - The storage chip market is experiencing a "super cycle" driven by AI, leading to significant price increases and improved profitability for storage companies, while terminal manufacturers face pressure to raise prices or reduce specifications [1][2][3] Group 1: Market Dynamics - The storage market is emerging from a low point, entering a new upward cycle, with 52 storage-related companies in A-shares reporting positive earnings forecasts for 2025, including 25 companies with expected profit growth [2] - Storage price increases are the primary factor behind the improved performance of these companies, with some reporting profit growth exceeding 100% [2] - Market research indicates that storage prices are expected to rise by 40% to 50% in Q1 2026 and by approximately 20% in Q2 2026, surpassing historical highs [3] Group 2: Competitive Positioning - Storage manufacturers are ramping up production to meet the surging demand from AI applications, with significant increases in memory requirements for AI servers compared to standard servers [4][5] - Companies are shifting focus from consumer markets to enterprise-level markets, where customers prioritize stability and reliability over price, allowing for better profit margins [5] - Companies like Jiangbolong are enhancing their capabilities through partnerships and new product launches, including a 37 billion yuan fundraising plan to invest in core technology and production processes [5][6] Group 3: Challenges for Terminal Manufacturers - Terminal manufacturers are facing significant cost pressures due to rising prices of components, including CPUs and storage, leading to a projected 14.8% decrease in global laptop shipments in Q1 2026 [7][8] - Major brands like Lenovo and Dell have begun to raise prices on their products, with increases ranging from 10% to 30%, while some brands are even canceling low-end models due to cost pressures [8][9] - The financial impact of rising component costs is evident, with companies like Transsion Holdings reporting a 54.11% decline in net profit due to increased supply chain costs [9][10]

Core Viewpoint - The storage chip market is experiencing a "super cycle" driven by AI, leading to significant price increases and improved profitability for storage companies, while terminal manufacturers face pressure to raise prices or reduce specifications [1][3]. Group 1: Market Dynamics - The storage market is emerging from a low point, with many companies reporting substantial profit increases due to stabilizing prices driven by AI demand [1]. - As of January 29, 2026, 52 storage-related companies in the A-share market have issued performance forecasts for 2025, with 25 companies expecting profit increases, and 31 companies reporting year-on-year net profit growth [1]. - Notably, 13 companies have projected net profit growth exceeding 100% [1]. Group 2: Company Performance - Companies like Bawei Storage and Jiangbolong are forecasting significant profit increases, with Bawei Storage projecting a net profit growth of 520.22% and Jiangbolong 210.82% [2]. - Jiangbolong attributes its turnaround to the recovery of storage prices and increased demand from AI servers, leading to a shift in supply dynamics [2]. - The storage price surge is expected to continue, with predictions of a 40% to 50% increase in Q1 2026 and an additional 20% in Q2 2026 [3]. Group 3: Competitive Positioning - Storage manufacturers are shifting focus from consumer markets to enterprise-level markets, such as data centers and AI servers, which offer higher profit margins due to lower price sensitivity [5]. - Companies are investing in technology and product development to enhance their competitive edge, with Jiangbolong planning to raise 3.7 billion yuan for technology development and production expansion [6]. - The urgency to secure market position is emphasized, as delays in strategic actions could result in missed opportunities during this lucrative period [7]. Group 4: Impact on Terminal Manufacturers - Terminal manufacturers are facing significant cost pressures due to rising prices of storage components, leading to a projected 14.8% decrease in global laptop shipments in Q1 2026 [8]. - Major brands like Lenovo and Dell have begun to raise prices on various product lines, with Lenovo increasing prices by 500 to 1500 yuan for mid-to-high-end models [8][9]. - The rising costs are impacting profit margins, with companies like Transsion Holdings reporting a 54.11% decline in net profit due to increased supply chain costs [9].

Core Viewpoint - The storage industry is experiencing a significant increase in profitability, driven by the growth of AI and computing power, leading to a high prosperity cycle and rising product prices [1][7]. Group 1: Company Performance Forecasts - Baiwei Storage is expected to achieve a net profit of 8.5 billion to 10 billion yuan in 2025, representing a year-on-year growth of 427.19% to 520.22% [2][3]. - Jiangbolong forecasts a net profit of 12.5 billion to 15.5 billion yuan, with a year-on-year increase of 150.66% to 210.82% [4][3]. - Demingli anticipates a revenue of 103 billion to 113 billion yuan, with a year-on-year growth of 115.82% to 136.77%, and a net profit of 6.5 billion to 8 billion yuan, reflecting an increase of 85.42% to 128.21% [6][3]. Group 2: Industry Trends and Drivers - The growth in the storage sector is primarily attributed to the booming AI and computing power industries, which have led to a high demand and rising prices for storage products [7][8]. - The global storage industry is expected to maintain high prosperity through 2026, with price increases anticipated to continue throughout the year, particularly driven by AI demand [7][8]. - The current cycle of price increases is influenced by structural supply-demand mismatches, with AI server demand significantly outpacing other segments [8][7]. Group 3: Market Dynamics and Future Outlook - The storage market is projected to expand due to increasing data and AI proliferation, with a notable rise in demand for storage technology across various sectors [8][7]. - The price of storage products has already seen substantial increases in 2025, with further rises expected in 2026, driven by both AI servers and general server demands [8][7]. - Companies are actively expanding production capacities in response to the favorable market conditions, with domestic manufacturers like Baiwei Storage and Jiangbolong leading the charge [7][8].

证券日报网讯 1月30日，江波龙在互动平台回答投资者提问时表示，公司严格执行会计准则，以存货的 估计售价减去至完工时估计将要发生的成本、估计的销售费用以及相关税费后的金额核算可变现净值。 （文章来源：证券日报） ...