Biwin Storage Technology (SH:688525) 是说芯语·2026-03-03 23:29Core Viewpoint - The storage industry is entering a highly prosperous cycle in 2026, driven by AI computing power and domestic substitution, leading to significant increases in DRAM and NAND prices, resulting in substantial revenue and profit growth for companies like Bawei Storage [1][2]. Financial Performance - Bawei Storage expects to achieve operating revenue of 4.0 billion to 4.5 billion yuan in January-February 2026, an increase of 3.091 billion to 3.591 billion yuan compared to the same period last year, representing a year-on-year growth of 340% to 395% [1]. - The net profit attributable to the parent company is projected to be between 1.5 billion and 1.8 billion yuan, an increase of 1.683 billion to 1.983 billion yuan year-on-year, reflecting a growth of 921.77% to 1086.13% [1]. - The net profit after deducting non-recurring gains and losses is expected to be between 1.35 billion and 1.6 billion yuan, with a year-on-year increase of 1.533 billion to 1.783 billion yuan, indicating a growth of 836.65% to 973.07% [2]. Market Dynamics - The global storage market is experiencing a significant supply-demand imbalance, with storage chip prices continuing to rise due to explosive demand and severe production capacity shortages [3][4]. - As of January 2026, the average contract price for DRAM and NAND flash memory reached record highs, with DRAM prices increasing by approximately 24% month-on-month and 83% year-on-year, while NAND prices surged by about 65% month-on-month and nearly 150% year-on-year [4][5]. - The price increases are attributed to factors such as explosive growth in AI computing power, production strategies of major manufacturers, and rising raw material costs [5][6]. Price Transmission to Downstream - The ongoing price increases in storage chips are expected to be transmitted to downstream consumer electronics, with major manufacturers already announcing price hikes for their products [6]. - Companies like Lenovo, Dell, and HP have issued price adjustment notices, with increases typically ranging from 500 to 1500 yuan, while new models from Xiaomi and Vivo have seen price increases of 300 to 500 yuan compared to previous generations [6].