GDIRI观察 | 兆易创新H股上市，存储芯片涨价热浪里的红利与考验

Core Viewpoint - The demand for AI computing power is entering a rapid growth cycle, leading to a significant price increase for storage chips, with international companies planning to raise server DRAM prices by 60%-70% in Q1 2026 compared to Q4 2025 [2][3]. Industry Overview - The global storage chip market is experiencing a sustained upward cycle due to increased demand driven by AI technology, with DRAM and NAND flash consumption in the server sector expected to grow by 40%-50% year-on-year in 2025 [3]. - The price of DDR4 memory modules has tripled within a year, indicating a severe shortage in the storage chip market [3]. - Major companies like Samsung and SK Hynix are prioritizing advanced process capacities, leading to a reduction in the production of mature processes like DDR4, creating supply gaps for specific mid-range storage chips [3]. Company Performance - Zhaoyi Innovation, a leading domestic storage chip company, has seen its stock price increase by 101.25% in 2025, reaching a historical high of 273.77 yuan per share by early 2026, with a market capitalization exceeding 180 billion yuan [2]. - The company reported a revenue of 26.81 billion yuan in Q3 2025, a year-on-year increase of 31.40%, with net profit rising by 61.13% [11]. Product and Market Position - Zhaoyi Innovation has a diverse product matrix, including niche DRAM, NOR Flash, and MCU, with significant market shares in various segments [5][6]. - The company plans to enhance its NOR Flash product line and aims to achieve mass production of 45nm NOR Flash products by 2026 [5]. Supply Chain and Production Strategy - Zhaoyi Innovation operates on a Fabless model, relying on major foundries for production, which allows for rapid market response but also poses supply chain risks [7]. - The company has invested in binding partnerships with key foundries to secure production capacity and mitigate supply chain risks, including a 1.88% stake in Changxin Storage [8][9]. Capital Expansion and Future Outlook - The company went public in Hong Kong on January 13, 2026, raising approximately 4.18 billion HKD to enhance R&D capabilities and expand its global marketing network [14]. - While capital expansion presents opportunities, it also brings challenges related to funding, technology, and market competition, particularly in a capital-intensive industry like semiconductors [15].