Core Viewpoint - The storage chip market is experiencing a "super cycle" driven by AI, leading to improved profit expectations and rising stock prices for related companies in the A-share market [1][4]. Price Trends and Profit Expectations - Global storage chip prices have been rising for nearly six months, with major companies like Samsung and Micron announcing price increases of 15% to 30% for DRAM and 5% to 10% for NAND flash [2]. - Samsung's preliminary results for Q3 2025 showed an operating profit of 12.1 trillion KRW (approximately 60.52 billion RMB), a year-on-year increase of 31.81% [2]. - Domestic storage companies are expected to benefit from a combination of price recovery and domestic substitution, with optimistic profit forecasts [2][7]. Demand Drivers - The current "super cycle" is characterized by a structural shift in demand, primarily driven by AI technology, which has significantly increased the need for large-capacity storage in data centers [4]. - The demand for storage is further fueled by the rising penetration of smart devices such as smartphones and smart cars [1][4]. Market Performance of Companies - Companies like 香农芯创, 佰维存储, and 德明利 have seen their stock prices reach historical highs, with 香农芯创 increasing over 128% from September 1 to October 20 [3]. - The demand for SSDs is rising as traditional HDDs struggle to meet the needs for cold data storage due to performance limitations [5]. Future Outlook - Price increases for various storage products are expected to continue into 2026, with projected price hikes of 10% to 15% for DDR5 RDIMM and 5% to 10% for Mobile NAND [6]. - Domestic storage companies are anticipated to see a steady recovery in demand and production capacity in Q4, driven by the growth of AI-related products and the seasonal uptick in consumer electronics [7].
四季度产业前瞻 | 存储芯片“超级周期”来临 涨价潮预计延续至2026年
Shang Hai Zheng Quan Bao·2025-10-21 18:17