Jin Rong Jie·2025-07-02 02:13Core Insights - The global semiconductor storage industry is entering a structural growth cycle, with Micron Technology reporting record high revenues in its DRAM business for Q3 FY2025 [1][2] - Jiangbo Long, a leading domestic storage company, anticipates a price increase of 5%-10% for enterprise SSDs in Q3, indicating a sustained trend of rising prices and demand in the storage market [1][3] Company Performance - Micron's Q3 FY2025 report shows DRAM revenue reached $7.071 billion, accounting for 76% of total revenue, with a quarter-over-quarter growth of 15.5%, marking a historical high [1] - High Bandwidth Memory (HBM) revenue grew nearly 50% quarter-over-quarter, while data center business revenue doubled year-over-year, driving overall performance [1] - The mobile business unit (MBU) saw a 45% quarter-over-quarter revenue increase, driven by higher DRAM capacity demand, and the embedded business unit (EBU) experienced a 20% growth due to recovering industrial and consumer applications [1] Market Trends - The demand for HBM driven by AI servers is pushing storage technology upgrades, with Micron projecting Q4 FY2025 revenues to grow to $10.4-11 billion and gross margins to improve to 41%-43% [2] - The global strategy of reducing production among storage wafer manufacturers, combined with supply-demand adjustments for DDR4 and DDR5 products, is expected to lead to a 30%-40% increase in DRAM contract prices in Q3 [2] Industry Dynamics - Jiangbo Long indicates that the storage market has begun a substantial price recovery, with a dual driver of server stocking and consumer electronics revival [3] - The company reports a significant increase in enterprise SSD orders, with expected price increases of 5%-10% for eSSD in Q3, aligning with industry trends [3] - Technological breakthroughs in high-end storage and partnerships with companies like SanDisk are enhancing Jiangbo Long's capabilities in customized UFS solutions for mobile and IoT markets [3] Future Outlook - The storage industry is characterized by two main trends: AI computing demand driving storage specification upgrades and domestic supply chain breakthroughs altering the global competitive landscape [4] - The price of 32GB DDR4 RDIMM has risen over 30% since early April, with domestic manufacturers poised to benefit from the price increase cycle due to inventory advantages and stable production [4] - Major players like Micron and Samsung are gradually exiting the DDR4 market, creating opportunities for domestic manufacturers, with projections indicating the domestic storage market could exceed 10 billion yuan by 2025 and reach 20 billion yuan by 2028, with a compound growth rate exceeding 45% [4]