存储行业深度报告：存储行业景气度拐点已至，AI/国产化/需求复苏带来新周期

Investment Rating - The storage industry is rated as a high-growth and strong cyclical sector, with a positive outlook for investment opportunities in domestic storage-related listed companies due to the convergence of AI, localization, and demand recovery [3]. Core Insights - The global storage market exceeded $100 billion, with DRAM and NAND being the current mainstream products. The market sizes for 2022, 2021, and 2020 were$139.2 billion, $153.4 billion, and$117.5 billion, respectively, accounting for 24%, 28%, and 27% of the semiconductor market [2][9]. - The storage industry is entering its fifth cyclical phase driven by AI demand, with significant growth expected in AI servers, AI PCs, and AI mobile devices. The demand for memory capacity is increasing, particularly for generative AI models [2][3]. - Supply and demand dynamics are improving, with major manufacturers like Samsung and SK Hynix announcing production cuts, leading to a price increase for storage chips and an early entry into a recovery cycle [2][3]. - The trend in NAND storage is towards high-density storage and 3D stacking, with Samsung expected to produce over 300 layers of V-NAND flash by 2024 [2][3][40]. Summary by Sections 1. Storage Chip Market Overview - The storage industry is a major segment of the semiconductor industry, with DRAM and NAND dominating the market. The market size has shown significant growth over the years, with DRAM and NAND accounting for over 95% of the storage market [2][9][13]. 2. Cyclical Nature and AI Demand - The storage chip market experiences cycles approximately every 3-4 years, with AI demand marking the beginning of the fifth cycle. Historical demand surges have been linked to technological innovations and consumer behavior [2][3]. 3. Supply and Demand Dynamics - The supply side is tightening due to production cuts from major manufacturers, which is expected to lead to a supply gap by Q2 2024. This is anticipated to drive up the value of storage chips [2][3]. 4. Domestic Manufacturer Focus - The report highlights several domestic companies in the storage sector, including Zhaoyi Innovation, Beijing Junzheng, and others, as potential investment opportunities due to their positioning in the growing market [3].