东芯股份股价波动受存储芯片市场回暖与国产替代预期推动

Core Viewpoint - Dongxin Co., Ltd. has experienced significant stock price fluctuations driven by the recovery in the memory chip market and expectations for domestic substitution, with a notable increase in stock price on February 10, 2023, by 6.07% [1] Stock Performance - On February 10, Dongxin's stock closed at 134.7 yuan, with a trading volume of 3.204 billion yuan and a turnover rate of 5.48%; net inflow of main funds was 294 million yuan, accounting for 9.18% of total trading volume [2] - The stock price adjusted to 130.72 yuan on February 11, down 2.95%, with a trading volume of 1.803 billion yuan; it rebounded to 134.68 yuan on February 12, up 3.03%, with a trading volume of 2.160 billion yuan [2] - As of February 13, the latest price was 135.00 yuan, a slight increase of 0.24%, with a cumulative 5-day price change of 8.03% [2] - In terms of margin trading, the net inflow over the past 5 days was 60.6693 million yuan, with an increase in balance [2] Financial Report Analysis - Dongxin's performance in 2025 is expected to show significant improvement, with projected annual revenue of 921 million yuan, a year-on-year increase of 44%; net profit attributable to shareholders is expected to narrow its loss to between -214 million yuan and -174 million yuan [3] - The revenue for the fourth quarter of 2025 is projected to be 350 million yuan, with a quarter-on-quarter growth of over 50% and a year-on-year growth of approximately 80%; the memory business is expected to achieve profitability with a continuous increase in gross margin [3] - The company anticipates further improvement in profitability in 2026, driven by rising memory prices and a recovery in demand from downstream sectors such as network communication and automotive electronics [3] Institutional Perspectives - Huafu Securities' 2026 strategy report indicates that the memory chip market entered a prosperous cycle in 2025, with prices continuing to rise; the synergy of AI and domestic controllability is beneficial for domestic memory enterprises, with Dongxin being a focal point due to its technological chain [4] - The report emphasizes that the exit of overseas major manufacturers from the niche DRAM market presents an opportunity for Dongxin to increase its market share [4]