存储芯片“估值抢跑”

Core Viewpoint - The storage chip sector continues to show strong performance, with Puran Co., Ltd. (688766.SH) reaching a record high stock price of 255 yuan, reflecting a single-day increase of 14.75% and a year-to-date increase of over 100% [1][7]. Financial Performance - Puran Co., Ltd. forecasts a net profit of approximately 205 million yuan for 2025, representing a year-on-year decline of 29.89%, while expected revenue is 2.32 billion yuan, an increase of 28.63% [2][8]. - The company anticipates a significant fourth-quarter profit of 146 million yuan, marking a quarter-on-quarter increase of 711.1%, driven by product price increases and the launch of its "Storage+" series [2][3][8]. Market Dynamics - The current price increase in the storage industry is attributed to favorable changes in the supply landscape and a surge in demand from AI servers, high-end smartphones, and PC upgrades [3][5]. - The overall storage chip industry is experiencing heightened capital interest, with several leading companies, including Dongxin Co., Ltd. (688110.SH), Jiangbolong (301308.SZ), and Zhaoyi Innovation (603986.SH), also reaching historical stock price highs [4][10]. Valuation and Expectations - The valuation of Puran Co., Ltd. has significantly outpaced its earnings growth, with a price-to-earnings ratio (PE) of approximately 298 times as of January 27 [4][10]. - The market's high expectations for 2026 performance are evident, with predictions of a 134% year-on-year growth in the global storage industry value, reaching $551.6 billion [5][11]. Future Challenges - The sustainability of high valuations will depend on the actual performance of companies in 2026, particularly the ability to maintain high growth rates following the fourth-quarter surge [5][12]. - Analysts emphasize the importance of identifying companies that can convert cyclical benefits into sustainable growth, focusing on those with technological barriers, customer loyalty, and cost control capabilities [6][12].