China Unicom(600050) 新浪财经·2025-03-28 06:28Market Overview - The Shenwan Electronics Industry Index fell by 4.09% last week, ranking 29th among 31 industries, underperforming the CSI 300 Index which rose by 1.80% [1] Company Performance - Micron's financial guidance is optimistic, with an increase in the HBM market size forecast. For FY2025Q2, revenue is projected at 6.123 billion, accounting for 76% of total revenue, with a quarter-over-quarter decrease of 4.4%. DRAM bit shipments are expected to decline by 7%-9%, while ASP is expected to grow in the low single digits [1] - NAND revenue is projected at 4.564 billion, a quarter-over-quarter increase of 4%, driven by over 50% growth in HBM revenue. The MBU segment's revenue was 35 billion for the 2025 calendar year [2] Future Outlook - In the data center business, Micron expects HBM3E 12H to account for a significant portion of total HBM shipments in the second half of 2025. HBM revenue is projected to reach several billion dollars in FY2025, with mass production of HBM4 expected in 2026 [2] - Due to short-term customer inventory impacts, NAND demand has slowed, but bit shipments are expected to recover in the coming months. For Q3 (March-May 2025), both DRAM and NAND bit shipments are expected to achieve positive growth, with revenue projected to reach 9 billion, potentially setting a quarterly revenue record [2] Capital Expenditure Plans - Tencent's capital expenditure has seen triple-digit year-over-year growth for four consecutive quarters, expected to exceed 76.7 billion yuan in 2024, a 221% increase. The capital expenditure as a percentage of revenue is projected at 12% for 2024, with guidance for low double digits in 2025 [3] - China Unicom's capital expenditure for computing power is expected to rise by 19% in 2024 and 28% in 2025, with fixed asset investment around 55 billion yuan, focusing on upgrading IDC to AIDC and traditional computing to intelligent computing [3] Investment Strategy - With upstream storage production control, inventory digestion, and expanding AI applications driving new demand for enterprise data centers, the supply-demand relationship in the industry is expected to gradually improve, leading to a potential recovery in storage prices and demand. Companies to watch include Baiwei Storage, Lanke Technology, Demingli, Jiangbolong, and others in the storage module sector, as well as those in AI-driven and domestic substitution logic within the AI industry chain and consumer electronics [3]