Investment Rating - The industry rating is maintained as "Outperform" [8] Core Insights - The semiconductor storage sector is expected to see strong price increases in Q3 and Q4, driven by sustained price hikes, AI catalysis, and accelerated domestic production [3][12][15] - DDR4 contract prices are projected to rise by 30-40% in Q3, with NAND Flash prices also expected to increase by 5-10% [4][12][19] - The demand for storage is being propelled by AI applications, leading to rapid upgrades in storage capacity across servers, PCs, and mobile devices [3][12][30] - Domestic manufacturers are making significant strides in localization, enhancing their competitive edge through self-developed control chips and advanced packaging technologies [3][12][42] Summary by Sections Storage Price Outlook - The storage sector is anticipated to continue its upward price trend in Q3 and Q4, with significant increases in DDR4 and NAND Flash prices [3][12][15] - The ASP for Mobile NAND is expected to remain stable with low single-digit growth, while LPDDR4X is projected to surge over 20% [4][17][19] Recommended Stocks - Jiangbolong is highlighted as a key stock with a dual logic of "cycle + growth," benefiting from price increases and domestic market expansion [5][14][44] - The company is expected to see a 200% year-on-year revenue growth in enterprise storage by Q1 2025, driven by domestic substitution [5][14][45] Market Dynamics - The semiconductor industry is projected to maintain optimistic growth trends through 2025, with AI driving downstream demand [6][30] - The report emphasizes the importance of supply chain restructuring and domestic substitution as key factors influencing market dynamics [6][30][42] Company Developments - Jiangbolong has launched multiple high-speed eSSD products and is actively collaborating with Sandisk to develop high-quality UFS solutions [42][44] - The company has achieved a remarkable 666% year-on-year growth in enterprise storage revenue, indicating strong market demand and operational efficiency [44][45]
存储价格Q3-Q4上涨动能强劲，持续看好金股江波龙