存储板块首份年报预告出炉

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, reflecting 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 for DDR5 (16Gb) rising to $34.08, a 627.79% increase from the beginning of the previous year [2] - NAND Flash prices have also surged, with 64G flash products increasing over 60% since the start of 2025 [2] - IDC predicts 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 - A significant supply shortage in the commodity storage market is expected in 2026, driven by structural data growth rather than temporary supply chain disruptions [3] - DRAM contract prices are projected to increase by 55% to 60% in the first quarter of 2026 due to a shift towards advanced processes and new capacity for servers [3] - Citigroup has raised its forecast for the average price increase of DRAM in 2026 from 53% to 88% [3] Group 4: Capacity Expansion - Major storage manufacturers are announcing expansion plans to capitalize on the rising prices and increase market share [4] - Tongfu Microelectronics plans to raise up to 4.4 billion yuan, with 800 million yuan allocated for enhancing storage chip testing capacity [4] - Other companies like Tianshan Electronics and Changjiang Electronics have also revealed expansion plans [5] 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 [6] - Twelve storage-related stocks are projected to achieve year-on-year net profit growth or turnaround in 2025, with companies like Jiangbolong and Allwinner Technology expecting over 100% profit growth [7] - Jiangbolong reported a significant increase in net profit for Q3 2025, achieving 698 million yuan, a nearly 20-fold year-on-year growth [7]