研报 | AI与通用型服务器驱动需求，2Q25前五大企业级SSD品牌厂营收季增12.7%

Core Insights - The article highlights significant growth in the Enterprise SSD market driven by NVIDIA's Blackwell platform shipments and the expansion of North American CSPs in General Server applications, leading to a revenue increase of over $5.1 billion for the top five brands, a quarter-on-quarter growth of 12.7% [2]. Market Overview - The Enterprise SSD market is experiencing a supply-demand imbalance due to shortages in DDR4 and extended lead times for controller IC substrates, impacting the market share and revenue performance of various manufacturers [2]. - Future competition in the Enterprise SSD market will focus on three key areas: AI-driven technological advancements, the rise of domestic Chinese players affecting international brands, and the need for suppliers to manage both new and legacy production capacities effectively [2]. Revenue Performance of Top Five Brands - Samsung: Maintained its market leader position with revenue of $1.899 billion, a slight increase of 0.5% quarter-on-quarter, unaffected by DDR4 shortages [4][5]. - SK Group: Achieved significant growth with revenue of $1.462 billion, a 47.1% increase, driven by a resurgence in demand for high-capacity SSDs and doubled orders from key North American CSP clients [4][6]. - Micron: Reported revenue of $784.6 million, a decrease of 7.9%, maintaining third place but facing potential future revenue growth challenges due to delays in product validation and ramp-up [4][7]. - Kioxia: Experienced a revenue increase of 32.5% to $750.3 million, with market share rising to 13.7%, attributed to its leading Hybrid Bonding technology essential for AI applications [4][8]. - SanDisk: Recorded revenue of approximately $213 million, a decline of 8.2%, while focusing on next-generation product development and enhancing technical capabilities through collaboration with SK hynix [4][10].