存储芯片有望持续涨价 机构：建议继续超配存储龙头(附概念股)

Core Viewpoint - Samsung Electronics, the world's largest memory chip manufacturer, is expected to report a significant increase in operating profit for Q4 2025, driven by a severe chip shortage and rising memory chip prices, with an estimated profit of 16.9 trillion KRW (approximately 11.7 billion USD), a 160% year-on-year increase [1] Group 1: Market Dynamics - The price of DDR5 DRAM chips has surged by 314% year-on-year in Q4, due to a shift in production capacity towards AI server demands, leading to a severe supply crunch in other markets [2] - Traditional DRAM contract prices are projected to rise by 55% to 60% compared to Q4 of the previous year, while NAND flash product prices are expected to increase by 33% to 38% [2] - Samsung and SK Hynix plan to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025, indicating a broader trend of price increases across the industry [2] Group 2: Future Outlook - Nomura Securities predicts that the current storage supercycle, which began in the second half of this year, will last at least until 2027, with significant new supply not expected until early 2028 [3] - Investors are advised to continue favoring leading storage companies in 2026, focusing on the interplay of memory chip prices, profits, and valuations as the main investment theme [3] - Global demand for memory chips is expected to outpace supply, with DRAM supply growth projected at 15% to 20% and demand growth at 20% to 25% in 2026 [2] Group 3: Related Companies - Semiconductor Manufacturing International Corporation (SMIC) reported Q3 sales of 2.382 billion USD, a 9.7% year-on-year increase, with a gross margin of 22% [4] - Hua Hong Semiconductor's Q3 revenue reached 635.2 million USD, a 20.7% year-on-year increase, driven by demand for flash, logic, and analog products [4] - Shanghai Fudan, a domestic chip design company, offers a wide range of products including security and identification chips, non-volatile memory, and FPGA chips [5]