模组厂：存储价格没有回头路

Core Viewpoint - ADATA Technology reported record-breaking financial results for Q3 2025, driven by strong demand from global cloud service providers, indicating a robust growth trajectory for the company and the memory market overall [2][3]. Financial Performance - Q3 consolidated revenue reached NT$145.11 billion, a quarter-over-quarter increase of 13.15% and a year-over-year increase of 54.38% [2]. - Gross margin significantly improved to 22.7%, up nearly 4 percentage points from the previous quarter [2]. - Operating profit was NT$19.1 billion, a year-over-year increase of 137% and a quarter-over-quarter increase of 55.51% [2]. - Net profit after tax was NT$18.62 billion, with a quarterly increase of over 106% and a year-over-year increase of 190%, resulting in an earnings per share (EPS) of NT$5.57, nearly a 200% increase from the same period last year [2]. Year-to-Date Performance - For the first three quarters of the year, consolidated revenue totaled NT$372.43 billion, reflecting a year-over-year increase of 22.8% [2]. - The average gross margin for the first three quarters was 19.04%, with operating profit of NT$35.59 billion [2]. - Net profit after tax for the first three quarters was NT$33.16 billion, with a parent company net profit of NT$31.65 billion, both showing over 30% year-over-year growth [2]. Future Outlook - The chairman of ADATA expressed optimism for Q4 and 2026, highlighting the strong revenue growth and recovery in gross margins as indicators of continued upward momentum [3]. - The demand from large cloud service providers is expected to sustain the memory market's positive outlook, with anticipated increases in DRAM contract prices and NAND Flash prices [3]. - ADATA plans to prioritize support for strategic and key customer orders in Q4, aiming for record revenue and profit, with a target of exceeding NT$500 billion in annual revenue [3]. - The company is also preparing to increase inventory levels to over NT$20 billion to meet strong customer demand [3]. - The operational performance in Q4 is expected to show "leapfrog growth," laying a solid foundation for strong growth in 2026 [3].