Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating that the industry index is expected to outperform the CSI 300 index by more than 5% [3][9]. Core Insights - The report highlights a recent stabilization in the prices of storage chips after a period of fluctuation, with DRAM and NAND prices showing signs of recovery and stabilization [8]. - It notes that the previous significant rebound in storage chip prices was partly due to supply-side production control, and future price increases will depend on sustained demand [8]. - The report suggests focusing on module-related companies, such as Jiangbolong, as potential investment opportunities [8]. Summary by Sections Price Review - As of December 30, 2023, the average spot prices for DDR3, DDR4, and DDR5 were $0.78, $3.77, and $4.69 respectively, with changes of +0.0% week-over-week [8]. - The prices for 256GB and 512GB SSDs were $15.2 and $26.2, reflecting decreases of -1.3% and -1.9% respectively [8]. - DRAM prices reached their lowest points in Q3 2023, with DDR3, DDR4, and DDR5 at $0.96, $2.72, and $3.88 respectively, followed by a rebound [8]. - NAND prices also saw a decline to their lowest in July 2023, with 256GB and 512GB SSDs at $10.2 and $19.0, before rebounding significantly [8]. Investment Recommendations - The report emphasizes that current prices are stabilizing after previous fluctuations, suggesting a cautious but optimistic outlook for the electronic industry [8]. - It recommends monitoring the performance of module-related companies, particularly Jiangbolong, as they may benefit from the current market conditions [8].
电子行业点评:存储芯片价格回顾:反弹后回落,价格趋于稳定
Caixin Securities·2025-01-09 08:24