电子行业周报：关注昇腾产业链及存储料号涨价

Investment Rating - The report maintains a "Buy" rating for companies such as 德明利 (Demingli), 英维克 (Yingweike), 意华股份 (Yihua), 兆易创新 (Zhaoyi Innovation), 北京君正 (Beijing Junzheng), and 中芯国际 (SMIC) [9][15]. Core Insights - The report highlights the rising prices of storage materials and the importance of the Ascend industry chain in supporting domestic AI chip production amid potential US export restrictions on AI chips to China [5][6]. - The DRAM market is experiencing a significant increase in demand, particularly for DDR5 products, with prices rising to USD 4.70, while eMMC products have seen price increases of 8% to 10% [6][14]. - The electronic industry overall has faced a decline of 4.87% in the week of February 24 to February 28, with the electronic sector's P/E ratio standing at 58.95 [27][30]. Summary by Sections Industry Performance - The electronic industry has shown a relative performance of 7.3% over the last month and 39.6% over the last year, outperforming the Shanghai Composite Index [2][4]. - The electronic sector's valuation is led by digital chip design, analog chip design, and semiconductor materials, while printed circuit boards and consumer electronics have seen the largest declines [30]. Key Companies and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (P/E) ratios for various companies, indicating strong growth potential for companies like 德明利 (Demingli) with an EPS forecast of 3.15 for 2025 and a P/E ratio of 45.00 [9][15]. - Other companies such as 兆易创新 (Zhaoyi Innovation) and 北京君正 (Beijing Junzheng) are also highlighted for their growth prospects, with respective P/E ratios of 53.99 and 64.71 [9][15]. Market Trends - The report notes that the semiconductor market is expected to benefit from the growing demand for AI-related storage solutions, driven by the integration of storage and computing capabilities [6][14]. - The report emphasizes the importance of monitoring the Ascend industry chain and related companies as they are positioned to capitalize on the evolving AI landscape [5][6].