Xin Lang Cai Jing·2025-09-23 05:17Core Viewpoint - The future of artificial intelligence (AI) still has room for growth, but the leading sectors are shifting from CPO and PCB to the undervalued storage chip market, particularly companies closely tied to Huawei, Samsung, and SK Hynix, which may replicate significant growth stories [1] Group 1: Market Dynamics - The storage chip market has entered a "scramble for goods" phase, with Micron and SK Hynix announcing full-year HBM capacity sold out in Q1 [3] - Citigroup warns that the global storage chip market may face a comprehensive shortage by 2026 [3] - A price surge has begun, with SanDisk announcing over a 10% price increase across all storage products, and Micron planning a 20%-30% price hike on channel products [3] Group 2: HBM Market Potential - Not all storage chips are experiencing growth; HBM chips, which are highly correlated with AI, are considered "scarce assets" [3] - HBM technology, utilizing 3D stacking, enhances bandwidth by 3-5 times compared to traditional DRAM, reduces power consumption by nearly half, and decreases space usage by over 90%, making it crucial for overcoming high-end computing bottlenecks [3] - According to Guosheng Securities, the global HBM market size is projected to surge from $17 billion in 2024 to $98 billion by 2030, indicating nearly fivefold growth over five years [3] Group 3: Key Companies in HBM Sector - Huahai Chengke: The only domestic company achieving mass production of GMC (granular epoxy encapsulation material), which is essential for HBM packaging and has been validated by multiple clients [4] - Saiteng Co., Ltd.: The only A-share company producing HBM measurement equipment, having acquired Japanese Optima to master one of the three global HBM full-process detection technologies, with precision reaching 0.1 microns, supplying major storage giants like Samsung and SK Hynix [5] - Shannon Chip Creation: The exclusive cloud service storage agent for SK Hynix in mainland China, benefiting directly from the surge in HBM demand through exclusive agency of DDR5 and HBM high-end storage [6] - Invisible Champion in HBM Materials: The only domestic company achieving mass production of HBM precursors, also involved in electronic specialty gases and silicon micropowder, filling domestic gaps and forming a complete supply chain for HBM materials [7]