电子行业快评报告：供需格局优化或推动存储价格调涨，AI端侧渗透有望提振需求

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [5][8]. Core Insights - Since Q4 2024, storage manufacturers have actively adjusted production capacity to gradually reduce inventory, leading to an improved supply-demand balance in the storage sector. The accelerated penetration of AI edge products is expected to boost storage demand, further enhancing the overall supply-demand dynamics in the storage market [1]. Summary by Sections Investment Highlights - Successful inventory reduction in the storage sector has led manufacturers to announce potential price increases. In 2024, due to significant inventory pressure, storage product prices remained in a downward trend until Q4, when production cuts helped stabilize prices. According to TrendForce, NAND Flash prices are expected to rebound in Q2 2025, with Client SSD prices increasing by 3-8%, Enterprise SSD prices remaining stable, and NAND Flash Wafer prices increasing by 10-15% [2]. - For DRAM, the average price may increase by 3-8% due to HBM3e volume growth and inventory reduction, with Mobile DRAM's LPDDR5X prices expected to rise by 0-5% [2]. - Storage manufacturers, including SanDisk, Micron, Samsung, and SK Hynix, are expected to adjust flash memory prices starting April 2025, with SanDisk announcing a 10% price increase [2]. AI Edge Product Penetration - The rapid penetration of AI edge products, exemplified by open-source models like DeepSeek, is anticipated to enhance consumer storage demand. SK Hynix predicts that AIPC and AI smartphones will penetrate the market at rates of 30%-40% and approximately 30%, respectively. IDC forecasts that the global smart glasses market will ship 12.05 million units in 2025, representing an 18.3% year-on-year growth [3]. - The demand for consumer-grade storage, such as 16/24/32GB DRAM, is expected to rise significantly to support AI applications, with high-performance embedded storage like LPDDR5X/LPDDR5T also seeing increased demand [3]. Investment Recommendations - The global storage chip market is projected to experience a structural recovery in Q2 2025, driven by the cost reduction of AI deployment through DeepSeek technology and the accelerated penetration of edge devices, which will further enhance storage chip demand. Manufacturers' supply strategy adjustments are expected to maintain a stable upward trend in product prices. It is recommended to focus on leading companies in storage chip design, modules, and IDM sectors [3].