随着存储牛市的持续演进与A+H股上市热潮的澎湃涌动，港股市场正迅速汇聚起一片生机盎然的存储产业生态。 其中，来自A股的兆易创新(03986)、澜起科技(06809)已相继成功在港挂牌，佰维存储(688525.SH)、江波龙(301308.SZ)等公司也已递表，欲加速布 局"A+H"双融资平台。 同时，包括力积存储、芯天下、宏芯宇电子、星辰天合等存储产业链上的一批新兴力量也纷纷向港交所递交招股书，寻求首次公开亮相。 截至目前，这股奔赴香江的资本热忱并未停歇。智通财经观察到，A股的聚辰股份(688123.SH)已于2月6日正式向港交所主板递交上市申请，中金公司担任独 家保荐人。聚辰股份的递表，为这场持续升温的产业聚合再添新的注脚。 三大维度共同作用推动业绩持续稳健成长 聚辰股份自2009年成立至今，已在存储芯片领域深耕超过十六年，并逐步发展成为全球领先的高性能非易失性存储芯片设计企业。目前，聚辰股份已构建起 三大核心业务线：存储类芯片、混合信号类芯片，以及NFC芯片与其他产品。 其一是存储模组配套芯片：核心产品为SPD芯片，全面支持从DDR2到DDR5全系列内存模组，是AI服务器与高性能计算内存系统的关键部件。 ...

Core Viewpoint - The storage industry is experiencing a vibrant ecosystem in the Hong Kong stock market, driven by the ongoing storage bull market and the influx of A+H listings, with companies like Juchen Technology and Lanke Technology successfully listing in Hong Kong [1] Group 1: Company Overview - Juchen Technology has been deeply engaged in the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [2] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips [2] Group 2: Revenue Contribution - Storage chips are the company's primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025, while mixed-signal chips and NFC chips contributed 8.9% and 2.6%, respectively [3] - The product matrix for storage chips includes modules supporting DDR2 to DDR5, high-reliability chips for automotive and industrial applications, and consumer electronics chips [3][4] Group 3: Market Position - Juchen Technology ranks first in China and third globally in the EEPROM market, with a projected global market share of approximately 14.0% in 2024 [4] - The company is the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 4: Financial Performance - Total revenue increased from 703 million RMB in 2023 to 1.028 billion RMB in 2024, with a year-on-year growth of 21.29% in the first three quarters of 2025 [5][6] - Adjusted net profit rose from 141 million RMB in 2023 to 298 million RMB in 2024, reflecting a growth rate of 110.7% [6] Group 5: Profitability and Efficiency - The company's gross margin improved from 46.6% in 2023 to 59.8% in the first three quarters of 2025, driven by a higher proportion of high-value products and improved pricing power [6][8] - The adjusted net profit margin increased from 20.1% in 2023 to 32.3% in the first three quarters of 2025, indicating enhanced operational efficiency [6][8] Group 6: Market Dynamics - The current storage "super bull market" is driven by the AI computing revolution, leading to a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5 [9][10] - The demand for SPD chips is expected to significantly increase as AI servers require more memory modules, with DDR5 prices rising over 307% since September 2025 [11][12] Group 7: Future Outlook - Juchen Technology anticipates significant growth in DDR5 SPD chip demand in the second half of 2026, while also expanding its product line with VPD chips for next-generation storage devices [12] - The company faces challenges such as high customer concentration, with the largest customer accounting for 41.1% of revenue, and reliance on external suppliers for wafer manufacturing [14]

智通财经APP获悉，在AI需求激增导致全球存储芯片供应极度紧张的背景下，全球最大的存储芯片制造 商三星电子已采取激进定价策略。1月25日，据媒体报道，三星电子在今年第一季度将NAND闪存的供 应价格上调了100%以上，这一涨幅远超市场此前预期，凸显了当前半导体市场严重的供需失衡现状。 据上述媒体行业知情人士透露，三星电子已于去年年底完成了与主要客户的供应合同谈判，并从1月起 正式实施新的价格体系。这是继DRAM内存价格被曝上调近70%之后，存储市场的又一重磅调价信 号。 报道称，三星电子目前已着手与客户就第二季度的NAND价格进行新一轮谈判，市场普遍预计价格上涨 的势头将在第二季度延续，甚至贯穿全年。 与此同时，随着26Q1 存储合约/现货价格涨幅超预期，涨价逐步蔓延至代工和封测等环节。 TrendForce 预计常规DRAM 26Q1 价格环比增长55%-60%，主要系26Q1原厂大规模转移产能至服务器和 HBM 应用，带来其他市场供应吃紧。NAND预计环比增长33%-38%，原厂管控整体产能，且同样受到 服务器的排挤效应。海外NAND大厂闪迪此前曾向多家客户提出100%现金预付的长期锁量方案，最长 或涉及 ...

AI播客：换个方式听新闻 下载mp3 存储价格持续上涨，行业成本线被迫重写 从结构上看，本轮涨价并非短期补涨，而是建立在此前长时间低迷周期之上的"急转直上"。 在2023年至2024年经历了长时间价格下探和去库存后，头部存储厂商主动减产、集中产能投向高毛利产 品，为本轮供给收紧埋下伏笔。 Counterpoint在报告中指出，传统服务器DRAM、消费级DRAM和NAND价格在2025年已经累计上涨多 轮，2025年第四季度单季涨幅高达40%—50%，部分高端模组价格涨幅更大。 这种涨势已经在具体产品上得到体现。Counterpoint披露，数据中心常用的64GB RDIMM模组价格从 2025年第三季度的255美元跳涨到第四季度约450美元，并有望在2026年3月前后进一步升至约700美元， 单季度和单年的涨幅都远超上一轮周期。 价格快速上行，使下游整机厂商原有的成本模型迅速失效，过往在其他部件上精细打磨出来的成本优 势，被集中吞噬在"内存"这一单一项上。 音频由扣子空间生成 市场研究机构Counterpoint Research最新发布的存储市场内存月度价格追踪报告显示，全球存储芯片价 格正在经历一轮罕见的 ...