供不应求 机构看好 存储芯片板块后市表现

Core Viewpoint - The A-share storage chip sector is experiencing a rebound, driven by surging demand and significant breakthroughs in domestic DRAM, indicating a new price increase cycle for global storage chips [1][4]. Sector Performance - The A-share storage chip sector saw a recovery after two days of decline, with the Wind storage index rising by 2.69% on November 3. Key stocks such as Aerospace Zhizhuang and Taiji Industry hit the daily limit, while others like Puran and Jiangbolong also saw significant gains [1]. - Over the past three months, the storage sector index has increased by nearly 60%, with several companies' stock prices doubling [1]. Demand and Pricing Trends - The demand for high-capacity, low-power storage chips is surging due to the AI model wave, leading to a supply-demand imbalance. This has prompted a new price increase cycle for global storage chips [1]. - TrendForce has revised its fourth-quarter price forecast for Conventional DRAM from an 8%-13% increase to an 18%-23% increase, with potential for further upward adjustments [1]. Company Developments - Changxin Storage announced the mass production of LPDDR5X products, achieving significant improvements in capacity, speed, and power consumption. The highest speed reached 10,677 Mbps, a 66% increase over the previous generation, with a 30% reduction in power consumption [2]. - Changxin Storage's LPDDR5X products are now competitive with international peers, indicating its technology has reached a world-class level, potentially increasing its market share in the global DRAM market [2]. Financial Performance - Major A-share storage chip companies reported strong recovery in their third-quarter earnings. Zhaoyi Innovation's revenue for the first three quarters was 6.832 billion yuan, a year-on-year increase of 20.92%, with a net profit of 1.083 billion yuan, up 30.18% [3]. - Jiangbolong reported a revenue of 16.734 billion yuan for the first three quarters, a 26.12% year-on-year increase, with a net profit of 710 million yuan, up 27.95% [3]. - Changxin Storage is expected to have a valuation exceeding 140 billion yuan after completing its IPO guidance, with its market share projected to grow from under 2% to 10% by the end of 2024 [3]. Future Outlook - Multiple institutions are optimistic about the continued prosperity of the storage chip industry, with rising storage prices and a clear upward trend in the storage cycle [4]. - The price of 512Gb/1Tb Flash Wafer has increased by over 25% since September, and the price of 1TB PCIe4.0 SSD has risen by over 20% during the same period [4]. - The consumer electronics market is expected to continue its recovery, driven by new foldable smartphones and advancements in AI technology, which will sustain high demand for AI infrastructure and related components [4].