AI&半导体：数据中心有望成为NAND最大市场

Core Viewpoint - The report from Huajin Securities expresses a positive outlook on the entire storage industry chain, emphasizing the transformative potential of artificial intelligence (AI) and its impact on the semiconductor sector over the next decade [1][4]. Investment Highlights - SanDisk reported Q1 FY2026 results with Non-GAAP revenue of $2.308 billion, a 21% increase quarter-over-quarter and a 23% increase year-over-year. The gross profit margin was 29.9%, up 3.5 percentage points quarter-over-quarter but down 9 percentage points year-over-year. Operating profit was $245 million, a 145% increase quarter-over-quarter but a 31% decrease year-over-year. Net profit reached $181 million, a significant 331% increase quarter-over-quarter but a 31% decrease year-over-year. For Q2 FY2026, the company expects revenue between $2.55 billion and $2.65 billion, with a gross margin of 41% to 43% [1]. - AMD reported Q3 results for the period ending September 30, 2025, with revenue of $9.246 billion, a 36% year-over-year increase. GAAP net profit was $1.243 billion, up 61% from $771 million in the same period last year. The data center segment generated $4.3 billion in revenue, a 22% year-over-year increase, driven by strong demand for the fifth-generation EPYC CPU and Instinct MI350 series GPU. AMD anticipates Q4 revenue to reach $9.6 billion, with a gross margin increase from 52% to 54.5% [2]. - Coherent's Q1 FY2026 revenue was $1.58 billion, a 17% year-over-year increase, with earnings per share of $1.16, exceeding expectations for the fourth consecutive quarter. The growth was primarily due to strong demand in AI data centers and communications. The company plans to double its indium phosphide laser production capacity within the next 12 months [2]. - Huahong Semiconductor reported Q3 results with sales revenue of $635.2 million, a 20.7% year-over-year increase and a 12.2% quarter-over-quarter increase, driven by higher wafer shipments and average selling prices. The gross margin improved to 13.5%, up 1.3 percentage points year-over-year and 2.6 percentage points quarter-over-quarter. The net profit attributable to shareholders was $25.7 million, a significant 223.5% increase quarter-over-quarter. For Q4, the revenue guidance is between $650 million and $660 million, with a gross margin forecast of 12% to 14% [3]. Industry Outlook - The report highlights the anticipated growth of the AI sector, predicting that by 2035, the total computing power in society will increase by up to 100,000 times. This growth is expected to drive a semiconductor supercycle across the entire industry chain, from design and manufacturing to packaging and testing, as well as upstream equipment and materials [1][4]. - The report recommends focusing on key semiconductor industry players, including SMIC, Huahong Semiconductor, Cambricon, Haiguang Information, Chipone, and others, as well as the AIPCB industry chain, which includes Shenghong Technology, Huitian Technology, and others, due to the ongoing recovery in downstream demand and rising upstream raw material prices [4].