电子行业周报：DDR4价格持续上升，国产AI芯片沐熙、摩尔线程启动IPO-20250707

Investment Rating - The report maintains a "Buy" rating for several companies, including 德明利 (Demingli), 通富微电 (Tongfu Microelectronics), 蓝思科技 (Lens Technology), 兆易创新 (GigaDevice), and 中芯国际 (SMIC) [10][20]. Core Insights - DDR4 prices have been rising significantly due to supply shortages, with the price of 8GB DDR4-3200 chips increasing from $1.75 to over $5 in just two months, marking a rise of over 200% [4][16]. - The shift of major manufacturers like Samsung, SK Hynix, and Micron from DDR4 production to more profitable DDR5 and HBM has led to a sharp decline in DDR4 supply, causing prices to surge [5][17]. - Domestic high-end AI chip manufacturers, such as 摩尔线程 (Moore Threads) and 沐熙 (Muxi), are advancing with their IPOs, indicating strong growth potential in the AI chip sector [7][18]. Summary by Sections Market Performance - The electronic industry saw a 1.43% increase from June 30 to July 4, ranking 14th among all sectors, with a P/E ratio of 52.63 [2][27]. - The printed circuit board sector experienced the highest growth within the electronic industry, with an increase of 8.79% [32]. DDR4 Market Dynamics - DDR4's share of global DRAM production fell to 35% in Q1 2025, down 20 percentage points from 2023, while DDR4 prices reached $16 for 16Gb chips, making them 2.6 times more expensive than DDR5 [6][17]. - The average price for 8GB DDR4 3200MHz modules rose from $1.63 at the beginning of the year to $5.1, reflecting a price increase of over 200% [6][17]. AI Chip Sector Developments - Moore Threads focuses on GPU and related products, offering AI training and inference solutions, while Muxi is developing high-performance GPU chips for AI applications [7][19]. - Muxi's products, such as the 曦云 C series, are designed to support large-scale AI model training and inference, showcasing the potential for significant advancements in AI technology [8][19]. Company Performance and Forecasts - Key companies like 德明利, 通富微电, and 蓝思科技 are projected to have strong earnings growth, with EPS estimates increasing significantly over the next few years [10][20]. - The report highlights the importance of monitoring the performance of these companies as they navigate the evolving semiconductor landscape [10][20].