半导体存储赛道迎“超级周期”，九方智投调研大为股份探寻国产存储突围之路

Core Insights - The collaboration between Jiufang Zhitu and Yicai Media aims to explore the opportunities and challenges in the domestic semiconductor storage industry amid geopolitical tensions and the AI wave [1] - Dawi Co., Ltd. has shown steady growth with a reported revenue of 879 million yuan for the first three quarters of 2025, marking a 9.90% year-on-year increase [2] Industry Trends - The storage chip industry is entering an unprecedented "super cycle" driven by the global AI wave, leading to a surge in demand for high-capacity and high-speed chips [3] - TrendForce data indicates that the DRAM industry revenue reached $41.4 billion in Q3 2025, with a quarter-on-quarter growth of over 30%, while NAND brand revenues grew by 16.5% to $17.1 billion [3] - The AI boom is driving a new cycle of simultaneous increase in volume and price in the storage chip sector, with strong structural demand and a favorable domestic competitive landscape [3] Company Strategy - Dawi Co., Ltd. focuses on embedded storage development, which is characterized by long certification cycles, high customer stickiness, and stable margins, positioning it as a cornerstone for the company's growth [3] - The company is extending its strategic focus towards the automotive and industrial control storage markets, which are expected to have higher growth potential and technological barriers [3][5] Market Opportunities - The current geopolitical climate and trade tensions have created a unique opportunity for domestic semiconductor companies, particularly in the storage chip sector, to break through and establish a foothold [6] - Dawi Co., Ltd. has established a subsidiary, Dawi Agile, to quickly enter the consumer-grade high-end storage market by leveraging a former foreign enterprise's R&D team [6] - The domestic storage industry is witnessing comprehensive breakthroughs across design, manufacturing, packaging, and application, with companies like Dawi Co., Ltd. gradually closing the gap with industry leaders [7] Investment Insights - The core of the investment value in the domestic chip industry lies in the "track logic + company quality + valuation matching" framework, which considers government support, downstream market conditions, and company-specific factors [8] - The global semiconductor market is projected to reach $700.9 billion by 2025, with China being the largest and fastest-growing consumer market [11]