存储芯片巨头突发涨价，全系上调10%

Core Insights - The upstream supply chain for the smartphone industry is experiencing price increases, with SanDisk announcing a price hike of over 10% for all products, potentially signaling a new round of price increases across the board [1] - The domestic smartphone market has shown a "rise and then fall" trend, with high-end market support becoming more pronounced, as evidenced by a 4% year-on-year decline in smartphone shipments in Q2 2025 [2] - The "national subsidy" program has had a stimulating effect on high-end smartphone sales, but its impact is expected to diminish in the second half of the year, leading to increased competition among manufacturers [2][10] Supply Chain Dynamics - Major storage manufacturers have announced production halts for DDR4 products, leading to a price inversion with DDR5, although some manufacturers are reconsidering complete halts due to ongoing supply-demand imbalances [1] - The DRAM price index has increased by approximately 72% in less than six months, with DDR4 and LPDDR4X prices starting to rise in Q2 and expected to continue through the end of the year [5] - Micron's exit from the mobile NAND market is anticipated to result in a slight increase in NAND prices in Q4 [6] Company Performance - Sunny Optical reported a revenue of 19.652 billion yuan in the first half of the year, a 4.2% increase year-on-year, despite a 21% decline in smartphone camera module shipments [3] - Q Technology achieved a revenue of approximately 8.832 billion yuan, a 15.1% year-on-year increase, driven by a 47.9% growth in sales of camera modules for non-mobile applications [3] - The average selling price of camera modules increased by about 27.2%, contributing to revenue growth for Q Technology [3] Market Trends - The high-end smartphone segment, priced above $600, saw a year-on-year shipment increase of approximately 9.2% in the first half of the year, indicating strong resilience [4] - The overall global smartphone shipment is projected to reach 1.22 billion units in 2023, reflecting a slight year-on-year increase of 0.1% [4] - The competitive landscape is shifting, with manufacturers focusing on differentiation and high-quality products to stimulate consumer demand for upgrades [4][10] Strategic Responses - Companies are adapting to rising supply chain costs by increasing inventory and diversifying suppliers for mid-range memory components [9] - Realme plans to enhance its product offerings and marketing strategies, focusing on differentiation to attract younger consumers [10] - The company aims to open 400 new service and experience stores, bringing the total to 900 by the end of the year [10]