存储芯片价格飙升 手机厂商集体承压：低端机陷做多亏多困境 新机恐难逃涨价命运

Core Insights - The global memory chip industry has experienced a rare price surge since the second half of 2025, with significant increases in prices for DDR5 and DDR4 memory chips, leading to a 102% increase for DDR5 16Gb chips in just one month [1] - Major smartphone manufacturers are facing pressure due to the rapid price increases, with many halting storage chip purchases as they evaluate the impact of nearly 50% price hikes from suppliers [1][2] - The price of DRAM contracts has risen by 75% year-on-year in the fourth quarter, driven by increased demand from AI applications, which require significantly more memory than traditional servers [3][4] Industry Overview - The price of LP4X/5X memory chips has increased by 40% and UFS contract prices by 25% to 30% in the fourth quarter compared to the previous quarter [2] - The supply of LPDDR and other DRAM types for smartphones is under continuous pressure, leading to expectations of further price increases [4] - The overall BOM cost for devices is projected to rise by 5% to 7% next year due to ongoing increases in DRAM and NAND Flash prices [4] Company Strategies - Smartphone manufacturers are adopting strategies of slight price increases and reducing memory configurations to manage costs, such as downgrading RAM from 16GB to 12GB [5] - Companies are likely to strategically reduce the proportion of entry-level models in their product mix, focusing more on mid-to-high-end models that can better absorb cost increases [6] - Transsion Holdings reported a revenue of 49.543 billion yuan in the first three quarters of 2025, a slight decline, with net profit down by 44.97%, attributing the drop to market competition and supply chain costs [7] Market Predictions - The smartphone industry is expected to face high-pressure conditions for at least one or two more quarters, with potential adjustments in production forecasts due to supply-demand imbalances [8]