Investment Rating - The industry investment rating is maintained as "Add" [7] Core Viewpoints - The DRAM market is expected to begin recovery in Q2 2025, driven by positive customer sentiment due to regional economic stimulus measures [3][25] - NAND Flash average contract prices are projected to decline by 10-15% in Q1 2025, with a challenging market environment due to rising supplier inventories and decreasing order demand [2][24] - Micron Technology is investing approximately 15.74 billion [25] - Micron's new HBM facility in Singapore aims to enhance production capacity and support NAND manufacturing needs, with HBM4 expected to achieve mass production in 2026 [3][27] - Jiangbolong's ePOP products are being utilized in AI glasses, indicating a diversification into wearable technology [28] Investment Recommendations - The HBM industry chain is expected to benefit from the rapid development of advanced computing chips, with recommendations to focus on companies like Saiteng Co., Yishitong, and Lianrui New Materials [5] - The semiconductor cycle is anticipated to recover, with recommendations for companies such as Dongxin Co. and Zhaoyi Innovation [5]
电子行业存储芯片周度跟踪：南亚科预计DRAM市场第2季开始复苏，存储现货行情整体表现平稳
甬兴证券·2025-01-25 05:56