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国盛证券：重视企业级存储升级趋势 关注存储模组等相关厂商
智通财经网·2025-09-16 09:13

Core Insights - The enterprise storage market is projected to reach approximately $87.8 billion by 2025, with a CAGR of about 18.7% from 2024 to 2028, driven by increasing AI demand and significant growth in capital expenditures [1][2] - The value of memory in AI servers is significantly higher than in traditional CPU servers, with examples showing DRAM costs of $7,860 for H100 AI servers compared to $3,930 for Intel Sapphire Rapids servers [1] - The transition to PCIe 5.0 for SSDs and advancements in data center SSDs towards QLC and SCM technologies highlight the ongoing upgrade trend in enterprise storage driven by AI [2] Market Dynamics - Major storage manufacturers are increasing product prices due to tightening supply in DRAM and NAND markets, with companies like SanDisk raising flash memory prices by 10% [3] - The demand for enterprise SSDs remains strong, while server memory prices continue to rise, further tightening supply amid the AI wave [3] Opportunities in Domestic Production - Domestic storage module manufacturers are poised to benefit from the ongoing supply-demand tightness, price increases, and the push for localization in the storage industry [4] - The quality of DRAM chips is crucial for the performance of enterprise memory modules, making stable and high-quality supply essential for manufacturers [4] Industry Growth and Expansion - Changxin Memory Technologies is expected to increase its market share in the DRAM sector to 10-12% by the end of 2025, while Yangtze Memory Technologies has already reached an 8% market share in NAND [5] - The establishment of Changxin's third phase is anticipated to accelerate domestic production and technological advancements in 3D NAND and 3D DRAM [5] Investment Recommendations - Recommended companies in the storage module sector include Shannon Chip Creation, Kape Cloud, and Demingli [6] - Notable storage chip companies include Zhaoyi Innovation and Lanke Technology, while semiconductor equipment firms include Zhongwei Company and Beifang Huachuang [6]