电子行业存储芯片周度跟踪：NAND价格下半年或上升，渠道SSD价格上涨

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6]. Core Viewpoints - NAND Flash revenue is expected to decrease by 6.2% in Q4 2024, but the industry is anticipated to return to an upward trajectory in the second half of 2025 due to production cuts and price stabilization [1][23]. - DRAM prices showed a mixed trend with an average fluctuation of 0.89% last week, and Micron showcased its latest 10nm DDR5 memory at MWC [2]. - The HBM market is expected to grow rapidly, driven by demand from advanced computing chips, with Samsung's HBM3E expected to start deliveries in Q2 2025 [3][4]. Summary by Sections NAND Market - In the week of March 3-7, 2025, NAND Flash spot prices fluctuated between -0.81% and 3.53%, with an average change of 0.60% [1]. - The overall NAND Flash industry revenue is projected to decline by up to 20% in Q1 2025 due to reduced orders and contract prices [1][23]. - The industry is expected to recover in the second half of 2025 as prices stabilize and production cuts take effect [1][23]. DRAM Market - DRAM prices varied from -0.72% to 3.45%, with an average increase of 0.89% last week [2]. - Micron's new 1γ DDR5 memory was showcased, with samples expected to be available for partners in Q2 2025 [2]. HBM Market - Samsung's HBM3E products have entered mass production and are expected to be delivered starting in Q2 2025 [3]. - The HBM industry is projected to benefit from the increasing demand for computing power, suggesting a positive growth outlook [4]. Investment Recommendations - The report recommends focusing on companies benefiting from the HBM industry's growth, such as Saiteng Co., Yishitong, and Lianrui New Materials [4]. - In the storage chip sector, companies like Dongxin Co. and Zhaoyi Innovation are highlighted as potential investment opportunities due to expected price increases and inventory normalization [4].