存储市场缺货潮再蔓延，多家机构预测第四季度存储价格或将延续涨势。 存储市场缺货潮持续，多家机构预测Q4价格继续上涨。年初以来存储器指数涨超60%，东芯股份涨幅 达321.20%。 年初至今，存储器指数涨幅超过60%，成分股东芯股份涨幅高达321.20%。 ...

Mergers and Acquisitions - Hualing Cable plans to acquire control of San Bamboo Intelligent for no more than 270 million yuan, with San Bamboo being a leading provider of industrial connection product solutions in the industry [1] Share Buybacks - Shennma Co. intends to repurchase shares worth between 100 million and 200 million yuan [2] - Fenghuo Communication plans to repurchase shares worth between 75 million and 150 million yuan and will cancel the repurchased shares [2] Investment Cooperation and Operational Status - Yuntian Lifei's self-developed AI-driven product, Luka Doctor AI plush toy, is expected to launch by the end of 2025. The company is also developing the next-generation "brain" chip, DeepXBot series, to enhance humanoid robots' perception, cognition, decision-making, and control tasks [3] - Zhejiang Haideman is in the prototype trial phase for its humanoid robot and robotic dog projects [3] - Haimuxing is among the first in the industry to achieve the "oxide + lithium metal anode" technology route and has completed the commercial closed loop for lithium metal solid-state batteries, which are currently being delivered in batches [3] - Guomai Culture is investing in the film "The Starry Sky of the Three Kingdoms Part One," set to premiere on October 1 [3] - Visionox plans to use Suzhou Guoxian as the project company to carry out preliminary work for the Kunshan Global New Display Industry Innovation Center project [4] - Fola New Materials has collaborated with several domestic and international dexterous hand and humanoid robot companies [5] - Jiuwu High-Tech signed a procurement contract for a membrane treatment system worth 81.5 million yuan with Guotou Xinjiang Lithium Industry Co., Ltd. [6] - Wolker Materials' controlling subsidiary plans to invest 1 billion yuan in the construction of the Kote (Suzhou) New Materials Project [7] - Heng Rui Pharmaceutical's SHR7280 tablet application for marketing approval has been accepted by the National Medical Products Administration, with no oral GnRH antagonists approved in the domestic and international assisted reproductive fields [7] - Ganli Pharmaceutical signed a "Technology Transfer and Supply Agreement" with FZ and BIOMM for a production partnership plan in Brazil, with a total contract value expected to be no less than 3 billion yuan (including tax) [7] - Sinovac Biotech's human interferon α1b inhalation solution has been included in the list of breakthrough therapeutic varieties [8] - Baijin Medical's radiofrequency ablation system has entered the special review process for innovative medical devices [8] - Jiangbolong anticipates an increase in demand for server NAND market inventory in the second half of the year, with storage market prices expected to rise in the fourth quarter. The company's enterprise-level PCIe SSD and RDIMM products have begun bulk imports to leading domestic enterprises [8] - Jingzhida has completed its annual target ahead of schedule for the high-speed FT testing machine, with steady progress on the KGSD CP testing machine, continuously iterating and upgrading in conjunction with storage industry technology solutions [8] - Fuhuang Steel Structure signed a strategic cooperation agreement with the Twenty-Second Metallurgical Group [9] - Poly Development plans to issue company bonds not exceeding 15 billion yuan [10] - Shangwei New Materials has completed the transfer of shares and the controlling shareholder has changed to a holding platform established by an affiliate of Zhiyuan Robotics [11]

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].

Core Viewpoint - The storage market is experiencing a significant price increase driven by supply-side reductions and a surge in demand, marking the beginning of a new upward cycle in the industry [1][3]. Price Increases in Storage Products - Major storage manufacturers, including SanDisk, have announced price hikes across all channels and consumer products, effective immediately for new orders [2]. - As of September 15, the average spot price for DDR4 8Gb (1Gx8) 3200 has risen to $5.33, a more than 260% increase from the first quarter average of $1.47 [2]. - 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 [2]. Factors Driving Price Increases - The current price surge is attributed to structural adjustments on the supply side and a new wave of demand growth, with major manufacturers like Samsung and SK Hynix implementing production cuts [3]. - Traditional DRAM production capacity is being shifted towards higher-margin products like DDR5 and high-bandwidth memory (HBM), tightening the supply of older DRAM products like DDR4 [3]. - Demand is being fueled by the explosion of AI applications, large-scale data center construction, and a recovery in the consumer electronics market, with Omdia projecting a 17% growth in the global DRAM market size by Q2 2025 [3]. Performance of Storage-Related Stocks - Among the 40 A-share companies involved in the storage industry, 17 reported year-on-year profit growth in the first half of the year, with an overall average increase of 5.36% in stock prices since September [4]. - Notable performers include Shannon Chip Creation, Xiechuang Data, and Demingli, with cumulative stock price increases of 79.16%, 38.59%, and 25.01%, respectively [4]. - Shanghai Xinyang reported a net profit of 133 million yuan in the first half of the year, highlighting its role in the production of key materials for storage chip manufacturing [4]. Foreign Investment Interest - Storage concept stocks have attracted significant attention from foreign institutions, with 16 stocks being investigated by foreign entities this year [5]. - Companies like Lianqi Technology, Zhaoyi Innovation, and Baiwei Storage have been the most frequently researched, with 184, 52, and 28 foreign institution inquiries, respectively [5]. Technological Leadership - Lianqi Technology is actively involved in the development of JEDEC product standards in the memory interconnect field and is recognized as the only Chinese company among the three memory interface chip suppliers [6]. - The company is expected to benefit from the rapid development of domestic DRAM manufacturers due to its product performance and local service advantages [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][5] Core Views - The company is expected to benefit from rising storage market prices and rapid growth in enterprise storage business, with projected revenue from enterprise storage reaching 922 million yuan in 2024, a year-on-year increase of 666.30% [2][4] - The collaboration with Sandisk aims to leverage the company's strengths in main control chips and firmware development to enhance market competitiveness in the mobile and IoT sectors [1][2] - The company's global strategy has shown significant results, with overseas business becoming a key growth driver, including a 120.15% year-on-year revenue increase from the acquisition of the Brazilian subsidiary Zilia in 2024 [3][4] Financial Summary - The company forecasts revenues of 10,125 million yuan in 2023, increasing to 29,115 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 12.64% [4][14] - The net profit is projected to turn positive in 2024, reaching 499 million yuan, and further increasing to 1,319 million yuan by 2027 [4][14] - The earnings per share (EPS) is expected to rise from -2.01 yuan in 2023 to 3.15 yuan in 2027 [4][14] Market Position and Strategy - The company has made significant technological advancements, including the successful tape-out of its first self-developed UFS main control chips, which are expected to enhance product competitiveness and customer loyalty [3][4] - The company’s enterprise storage product portfolio, including eSSD and RDIMM, has achieved breakthroughs and is expected to lead future growth [2][4] - The Lexar brand has seen revenue of 3.525 billion yuan, indicating a continuous increase in brand influence and market share [3][4]