半导体存储行业深度研究报告：供需双振驱动价格持续上扬，企业级存储国产化加速推进

Investment Rating - The report maintains a "Recommendation" rating for the enterprise storage sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The semiconductor storage industry is experiencing a price increase driven by supply contraction and high demand from AI applications, with a significant shift towards DDR5 and enterprise-level storage products [8][9]. - Domestic manufacturers are accelerating their entry into the enterprise storage market, with notable advancements in both flash and memory modules, positioning them to capture market share from established players [8][9]. Summary by Sections Supply Contraction and Price Strength - The supply contraction in DRAM due to the discontinuation of DDR4 is leading to rising prices for both spot and contract markets, with a projected price increase of 13% to 18% for PC DRAM in Q2 2025 [19][12]. - In NAND Flash, the discontinuation of MLC and low-capacity TLC products is pushing up eMMC prices, with a significant increase in demand from cloud service providers [20][23]. AI and Domestic Market Trends - The global expansion of data center infrastructure is driving the demand for high-performance storage, with AI servers becoming a core growth engine for the storage market [28][32]. - The Chinese AI server market is projected to grow from $19 billion in 2024 to $25.9 billion in 2025, reflecting a year-on-year growth of 36.2% [28][29]. Relevant Companies - Key companies to watch include: - Xiangnong Xinchuan: Focused on enterprise storage development [38]. - Zhaoyi Innovation: Leading in domestic storage IC design [38]. - Jiangbolong: Achieving significant growth in enterprise-level products [38]. - Demingli: Beginning to sample enterprise-level products [38]. - Baiwei Storage: Building competitive advantages in AI storage [38]. - Jucheng Co.: Accelerating penetration of DDR5 technology [38]. - Lianyun Technology: Leading in domestic SSD controller chips [38]. - Beijing Junzheng: A leading player in automotive storage [38]. - Purang Co.: Emerging in the NOR Flash market [38]. - Dongxin Co.: A leading domestic SLC NAND manufacturer [38].