存储板块首份年报预告出炉 约5倍业绩增长"剧透"行业高景气度

Core Viewpoint - The storage module leader, Baiwei Storage, anticipates significant growth in its financial performance for 2025, driven by a recovery in storage prices and the delivery of key projects [1] Group 1: Financial Performance - Baiwei Storage expects revenue for 2025 to be between 10 billion to 12 billion yuan, representing a year-on-year growth of 49.36% to 79.23% [1] - The company forecasts a net profit attributable to shareholders of 850 million to 1 billion yuan, indicating a substantial year-on-year increase of 427.19% to 520.22% [1] - The recovery in sales revenue and gross margin is anticipated to begin in the second quarter of 2025 as storage prices stabilize [1] Group 2: Market Trends - The global storage market has entered a strong price increase cycle since 2025, with DRAM prices significantly rising; DDR5 (16Gb) increased by 627.79% to $34.08, and DDR4 (16Gb) surged by 2252.57% to $75 [1] - NAND Flash prices also saw a notable increase, with 64G flash products priced at $7.113, up over 60% since the beginning of 2025 [1] - IDC predicts that global data volume will reach 213.6 ZB by 2025 and grow to 527.5 ZB by 2029, with a compound annual growth rate of 25.4% [2] Group 3: Supply and Demand Dynamics - The demand for storage chips is being driven by the explosion of AI computing power, leading to a continuous rise in storage requirements [2] - TrendForce forecasts a significant increase in DRAM contract prices by 55% to 60% in Q1 2026 due to supply constraints from advanced process transitions [2] - Citigroup's research indicates a "severe supply shortage" in the commodity storage market by 2026, driven by structural data growth, with DRAM average price growth expectations revised from 53% to 88% [2] Group 4: Capacity Expansion - Major storage manufacturers are actively expanding production capacity to seize market opportunities, with Tongfu Microelectronics planning to raise up to 4.4 billion yuan for capacity enhancement projects [3] - Other companies like Tianshan Electronics and Changjiang Electronics have also announced expansion plans [4] - Zhaoyi Innovation recently went public, raising approximately 4.611 billion HKD, with a significant portion allocated for strategic investments [4] Group 5: Company Performance Outlook - A-share listed companies in the storage sector are expected to see improved profitability as storage prices rebound from low levels [5] - Twelve storage-related stocks are projected to achieve year-on-year net profit growth or turnaround in 2025, with Jiangbolong and Quanzhi Technology expected to see profit increases exceeding 100% [6] - Jiangbolong reported a substantial increase in net profit for Q3 2025, achieving 698 million yuan, a nearly 20-fold year-on-year growth [6]