兆易创新盘中涨超7%再创新高 公司受益于存储周期上行

Core Viewpoint - The report from Morgan Stanley indicates a significant and expanding supply-demand gap in traditional memory chips, forecasting a new super cycle in the industry from Q2 2025 to 2026, with increasing supply constraints for products like DDR4, DDR3, NOR Flash, and SLC/MLC NAND [1] Group 1: Company Performance - Zhaoyi Innovation (兆易创新) saw its stock price rise over 7% in early trading, reaching a new high of 295 HKD, and is currently trading at 285.8 HKD with a transaction volume of 360 million HKD [1] - The company is projected to hold the largest market share in NOR Flash and SLC NAND Flash products in mainland China in 2024, and is expected to rank second in the niche DRAM market share [1] Group 2: Industry Outlook - The demand for advanced process memory products, such as DDR5 and HBM, is strong, which is putting pressure on the allocation of mature process capacities [1] - Major companies are expected to adopt a positive procurement attitude towards DDR4 in January 2026, with potential price increases of up to 50% in Q1 due to supply limitations [1] - According to Everbright Securities, Zhaoyi Innovation is recognized as a leading player in the domestic niche memory sector, benefiting from the upward cycle in memory prices and volumes, with a diversified product portfolio that is likely to create additional growth opportunities [1]