第一波存储涨价的手机受害者出现了

Core Viewpoint - The global storage chip prices are rising, significantly impacting smartphone manufacturers, with Transsion Holdings reporting a notable decline in revenue and profit due to increased component costs [3][5]. Company Summary - Transsion Holdings expects a revenue of approximately 65.568 billion yuan for 2025, a year-on-year decrease of about 4.6%, and a net profit of around 2.546 billion yuan, down 54.11% year-on-year, marking the first time the company has experienced such a significant profit drop since its listing [3][5]. - The company attributes the decline to rising supply chain costs, particularly for storage components, which have negatively affected product costs and gross margins [3][5]. - As of January 30, Transsion's stock price was 57.79 yuan, down 4.50%, reflecting a 44% decline from its one-year high [3][5]. Industry Summary - In the first three quarters of the previous year, Transsion's net profit fell by 44.97%, indicating a trend of increasing revenue without corresponding profit growth [5]. - Other smartphone manufacturers, such as Xiaomi and realme, have also reported challenges in fully passing on the increased costs of storage components to consumers [5][6]. - UBS forecasts that by Q4 2026, the cost of memory in the BOM (Bill of Materials) for mid-range smartphones will rise to 34%, up from 22% in Q4 2024 and 27% in Q4 2025, with an expected increase of about $16 per unit, representing a 37% rise [6]. - Counterpoint Research predicts that the increase in DRAM prices will raise BOM costs for smartphones across all price segments, with low, mid, and high-end models seeing increases of approximately 25%, 15%, and 10%, respectively, and further increases of 10% to 15% expected by Q2 2026 [6][7]. - The anticipated rise in component costs is expected to lead to a 2.1% decline in global smartphone shipments in 2026, particularly affecting lower-priced models where price adjustment options are limited [7].