电子行业定期报告：存储大厂涨价，关注存储产业链

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [5] Core Insights - The storage manufacturers have announced price increases, indicating a potential recovery in storage prices. Sandisk plans to raise prices by over 10% starting April 1, 2025, reflecting the upward trend in NAND Flash wafer prices due to supply constraints and lower-than-expected inventory [9][10] - The mismatch in supply and demand is a primary driver for the increase in storage prices. Major suppliers like Micron and Samsung are reducing production, with Micron expecting a decline in NAND shipments in Q2 2025 and Samsung cutting its NAND flash output by 10%-15% [9][10] - The demand for storage is surging due to increased capital expenditures in AI, with major companies like Meta, Google, Amazon, and Microsoft projected to spend a total of $297.2 billion in 2025, a 36.8% increase year-on-year [9][10] - The widening supply-demand gap in the storage market is expected to reverse previous pessimistic forecasts, potentially leading to a new investment cycle in the storage sector [9][10] Summary by Sections Market Performance - The electronic industry index decreased by 0.62% in the week of March 10-14, 2025, while the ChiNext index rose by 0.97% and the CSI 300 index increased by 1.59% [12] - Among electronic sub-sectors, the components sector saw the highest weekly increase of 6.68%, while the semiconductor sector experienced a decline of 2.11% [14] Key Companies to Watch - The report suggests focusing on key companies in the storage supply chain, including Demingli, Jiangbolong, Baiwei Storage, Shannon Chip, Langke Technology, Tongyou Technology, Zhaoyi Innovation, Purun Co., East Chip, Hengshuo Co., Juchen Co., Beijing Junzheng, and Lankai Technology [2] Semiconductor Sector Developments - The semiconductor equipment market is projected to exceed $110 billion in total revenue in 2024, with North Huachuang rising to the sixth position among global suppliers [39] - Intel appointed a new CEO, Lip-Bu Tan, effective March 18, 2025, aiming to stabilize the company amid significant challenges [36][38] Consumer Electronics Trends - Apple is expected to see a 2% decline in iPhone sales in China in 2025, with increased competition from Android brands benefiting from government subsidies [52] - The report highlights a significant drop in Apple's wireless earphone sales in China, down 31.7%, with Xiaomi taking the lead in market share [55] Automotive Electronics Insights - Global automotive sales increased by 49% year-on-year in February 2025, reaching 1.2 million units, despite challenges from EU tariffs on Chinese electric vehicles [60] - NIO has implemented a 10% workforce reduction, primarily affecting its sales and customer service teams [62]