存储市场迎来新一轮涨价潮

Core Viewpoint - The storage market has entered a new upward cycle driven by supply-side reductions and increased demand, with major manufacturers like SanDisk and Micron raising prices across various products [1][6]. Price Increases in Storage Products - Major storage manufacturers have announced price hikes, with SanDisk implementing a comprehensive price increase across all channels and consumer products effective immediately for new orders [3][4]. - As of September 15, the average spot price for DDR4 8Gb (1Gx8) 3200 has risen to $5.33, a significant increase of over 260% from the average price of $1.47 in the first quarter [4]. - The average spot price for MLC 32Gb 4GBx8 has reached $3.54 as of September 1, reflecting a cumulative increase of 54.29% since the beginning of the year [5]. Factors Driving Price Increases - The current price surge in storage products is primarily influenced by supply-side structural adjustments and a surge in demand. Major manufacturers, including Samsung and SK Hynix, have announced production cuts, accelerating the market's destocking process [7]. - There is a shift in production capacity from traditional DRAM to higher-margin products like DDR5 and high-bandwidth memory (HBM), leading to tighter supply of older DRAM products like DDR4 [7]. - Demand is robust due to the explosion of AI applications, large-scale data center construction, and a recovery in the consumer electronics market. Omdia projects a 17% growth in the global DRAM market size by Q2 2025, driven by the rise of generative AI [7]. Performance of Storage Concept Stocks - Among the 40 A-share stocks involved in the storage industry chain, the average increase since September has been 5.36%, with notable performers like Shannon Semiconductor and Xiechuang Data seeing increases of 79.16% and 38.59%, respectively [9]. - Seventeen concept stocks reported year-on-year growth in net profit for the first half of the year, with Shanghai Xinyang, Lanke Technology, and Haoshanghao showing significant increases of 126.31%, 95.41%, and 71.05% respectively [9]. Foreign Investment Interest - Storage concept stocks have attracted significant attention from foreign institutions, with 16 stocks undergoing research by foreign entities this year. Notably, Lanke Technology received inquiries from 184 foreign institutions [10].