Ge Long Hui·2025-12-30 07:13Core Viewpoint -兆易创新 is expected to benefit from rising storage prices and is advancing its edge AI layout, with a positive outlook for the DRAM market over the next two years [1] Pricing - The niche DRAM market is anticipated to remain in a relatively tight supply environment for about two years, with prices expected to maintain a favorable level next year [1] Product Development - 兆易创新 is actively promoting new DRAM product layouts, with LPDDR4 expected to launch in the first half of 2026 and achieve mass production in the second half of 2026 [1] - The company is also planning the development of small-capacity LPDDR5 products and expects to release samples of DDR4 products based on new production lines in the second half of 2026 [1] Capacity and Supply Chain - 兆易创新 is negotiating with core suppliers to secure support in terms of capacity and pricing, positioning itself to fully benefit from the storage price increase cycle [1] AI Market Position - The company is advancing its layout in the edge AI sector, with customized storage solutions progressing smoothly, and NOR Flash is benefiting from the demand in edge AI [1] Valuation - Based on a comparable company average PE valuation of 65 times for 2026, a target price of 257.40 yuan is set, maintaining a "buy" rating [1]