芯片扩产设备先行，存储缺货催生设备投资热

Core Insights - The global AI wave is driving a significant shortage in storage chips, leading to an expansion trend among manufacturers, particularly in high-end storage products like HBM (High Bandwidth Memory) [1][2] - Domestic storage manufacturers are under increasing pressure to expand production, with semiconductor equipment becoming a focal point for market attention [1][3] - The semiconductor equipment sector has seen strong performance in the stock market, with companies like Tuojing Technology achieving over 120% annual growth [1][3][4] Industry Trends - The current upcycle in storage chips is primarily driven by the explosive demand from AI servers and multimodal applications, resulting in a shortage and price increases [2][3] - Prices for various storage models have surged, with increases ranging from 40% to 100% in October, and major players like SanDisk raising NAND flash contract prices by 50% due to heightened demand and supply constraints [2][3] - The shift of international manufacturers from low-end to high-end markets has exacerbated the supply-demand imbalance, particularly affecting consumer electronics like smartphones and PCs [2][3] Company Performance - The semiconductor equipment sector reported robust growth in Q3, with total revenue reaching 85.207 billion yuan, a year-on-year increase of 31.54% [4][5] - Companies like Tuojing Technology and Zhongwei Company have shown significant revenue and profit growth, with Tuojing's revenue increasing by 85.27% and net profit by 105.14% [4][5] - Inventory and contract liabilities are at historical highs, indicating strong order visibility and future performance potential for equipment manufacturers [5] Equipment Demand - The demand for high-end semiconductor equipment, particularly for etching and thin film deposition, is expected to rise significantly due to the expansion of storage chip production [6] - Domestic manufacturers are increasingly focusing on high-end semiconductor equipment, with companies like Beifang Huachuang achieving significant milestones in equipment delivery [6] - The introduction of new products in the etching and deposition categories by companies like Zhongwei is indicative of the growing market for advanced semiconductor manufacturing [6]