调研速递|某存储企业接受摩根士丹利等35家机构调研 NAND Flash需求爆发 mSSD产品...

Core Insights - The company recently engaged in a targeted research and teleconference with 35 institutions, discussing industry trends, product layout, supply chain management, and technology development [1] Group 1: Industry Trends - NAND Flash demand is experiencing a surge, driven by AI technology applications, leading to increased procurement of high-performance storage products like TLC eSSD and QLC eSSD [2] - HDD supply shortages are prompting cloud service providers to shift orders to SSDs, further boosting NAND Flash demand [2] - The industry is expected to maintain a tight supply-demand balance due to cautious capacity expansion strategies from major storage wafer manufacturers [2] Group 2: Supply Chain Management - The company's inventory management strategy is demand-driven, adjusting procurement based on market trends, storage wafer prices, existing inventory, and customer orders [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers ensure stable supply, supporting business expansion [3] Group 3: Product Development - The new mSSD product features significant competitive advantages, utilizing Wafer-level System-in-Package (SiP) technology to integrate core components into a single package, reducing production costs [4] - mSSD offers TB-level multi-capacity options and is designed for high performance while being compact, with innovative features for easy adaptability to various storage applications [4] Group 4: Growth Potential - The company has made progress in high-end storage markets, overseas business expansion, and the development of self-researched main control chips, enhancing its internal growth drivers [5] - An increase in the proportion of high-end products, expanded market share overseas, and greater autonomy in core technologies are expected to steadily improve the company's long-term profitability [5] Group 5: Technology Focus - The company plans to advance chip architecture design, firmware algorithm development, and backend design in key storage areas such as UFS, eMMC, SD cards, and PCIe SSDs [6] - The introduction of a series of high-performance main control chips under a Fabless model aims to enhance the autonomy and market competitiveness of storage products [6]