[Table_Page] 行业专题研究|电子 2026 年 1 月 25 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 4 | | | AI DRAM | | 需求旺盛，行业供需紧张有望延续 | | --- | --- | --- | --- | --- | | [Tabl 分析师： | 王亮 | 分析师： 耿正 | | 分析师： 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | 021-38003658 | | 021-38003660 | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | SAC 执证号：S0260523050001 | | | | | | 021-38003657 | | | | ...

Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO registration marks the first instance of an unprofitable company being granted IPO approval on the ChiNext board in China [1] Financial Performance - Dapu Micro's projected revenues for 2022, 2023, and 2024 are 557 million, 519 million, and 962 million yuan respectively, with net losses of 534 million, 617 million, and 191 million yuan [3] - For 2025, the company anticipates revenues between 2.05 billion and 2.35 billion yuan, representing a year-on-year growth of approximately 113.06% to 144.24% [4] - The expected net loss for 2025 is projected to be between 464 million and 504 million yuan, indicating a significant increase in losses compared to the previous year [4] Company Overview - Established in April 2016 with a registered capital of 393 million yuan, Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers [6] - The company has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments utilizing self-developed controller chips [6] - Dapu Micro has established a strong customer base, including major tech companies like ByteDance, Tencent, Alibaba, and international clients such as Google [6] Future Strategy - The company plans to continue its focus on the semiconductor enterprise storage sector while expanding into AI-related products such as high-capacity QLC SSDs and intelligent network cards [6] - Dapu Micro aims to enhance its competitive position by developing platform-level storage products and solutions [6] Ownership Structure - The actual controller, Yang Yafei, holds 66.74% of the voting rights through Dapu Haide and Dapu Haijuhua [7] Leadership Background - Yang Yafei, born in July 1979 and a permanent resident of the U.S., has a Ph.D. and previously worked at Qualcomm before leading Dapu Micro [10]

Core Viewpoint - The approval of Dapu Micro's IPO marks a significant milestone for the ChiNext board, showcasing support for hard technology enterprises and the determination to enhance the domestic semiconductor storage industry [4][7]. Group 1: Company Overview - Dapu Micro is one of the few domestic semiconductor manufacturers capable of independently managing the entire technology chain for enterprise-level storage, including "main control chips + firmware algorithms + modules" [4]. - The company has invested heavily in R&D, with 7.37 billion yuan spent over the past three years, accounting for 36.15% of total revenue during that period, which is significantly higher than the industry average [4]. Group 2: Financial Performance and Projections - Dapu Micro plans to raise approximately 1.878 billion yuan through its IPO, focusing on the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as establishing a module mass production testing base [5]. - Revenue is projected to grow from 557 million yuan in 2022 to 962 million yuan in 2024, with an expected 2.158 billion yuan in 2025, representing a 124% year-on-year increase [5]. Group 3: Market Context and Trends - The demand for enterprise-level SSDs is expected to rise significantly due to the explosive growth of artificial intelligence, with SSDs projected to account for 20% of AI server storage by 2028 [7]. - There is a pressing need for domestic brands to increase their market share in the SSD sector, as current market dominance is held by foreign companies like Samsung and SK Hynix [7][8]. Group 4: Industry Implications - Dapu Micro's successful IPO serves as a model for the ChiNext board's innovative support for technology innovation, particularly for unprofitable enterprises in high R&D investment phases [7]. - The establishment of a domestic enterprise-level SSD ecosystem is crucial for supply chain security and the high-quality development of the semiconductor industry in China [7][8].

来源：中国证券报-中证网 1月23日，证监会发布关于同意大普微首次公开发行股票注册的批复，标志着创业板首家未盈利企业 IPO注册获批。 通过提高制度弹性和包容性，创业板有效回应了"硬科技"企业研发周期长、研发投入大的现实特征，持 续放大资本市场对实体科技发展的支持效应。 在此过程中，依托创业板的制度实践，资本市场对创新规律的理解日益深化。通过强调技术研发能力、 关键赛道卡位和长期成长空间，创业板为科技企业跨越关键发展阶段提供稳定的资本支撑，也为新质生 产力培育奠定了坚实基础。 此次IPO注册获批的大普微深耕企业级存储核心环节，在主控芯片、固件算法与产品化能力上长期投 入、持续积累，产品服务于AI、数据中心、云计算等关键应用场景，具备鲜明的技术导向与产业属 性。 拓宽优质未盈利企业上市通道 资本市场服务实体经济 效能持续体现 作为我国多层次资本市场中，服务创新成长企业的核心板块，创业板始终围绕支持科技创新这一战略定 位，不断完善制度安排和审核标准，引导社会资本更多投向具备技术深度和产业价值的科技企业。 证监会主席吴清2025年6月18日宣布创业板正式启动第三套标准，支持优质未盈利创新企业上市。 业内人士认为，此 ...

Core Viewpoint - The article discusses the evolution of the global storage industry, highlighting the absence of Chinese companies in core storage technologies and the transition towards enterprise-level SSDs, which represent a critical opportunity for the Chinese storage industry [1]. Industry Evolution - The storage industry began with IBM's first hard disk in 1956, leading to a market dominated by companies like Western Digital, Seagate, and Toshiba for over half a century [1]. - The introduction of flash memory by Toshiba in 1984 marked a significant technological shift, leading to the commercialization of SSDs in the early 2000s and their eventual dominance in data centers and cloud computing [1]. Enterprise SSD Characteristics - Enterprise SSDs differ from consumer SSDs in their application in complex data center environments, requiring high reliability, low latency, and robust data protection [3]. - Key performance metrics for enterprise SSDs include higher parallel access, lower latency, and greater durability compared to consumer SSDs [4]. Company Overview - Dapu Microelectronics, established in 2016, focuses on the high-barrier field of enterprise SSDs, developing a comprehensive R&D system around controller chips, firmware algorithms, and module engineering [10]. - The company has achieved significant growth, with a compound annual growth rate of 57.66% in main business revenue from 2022 to 2024 [10]. Market Position and Growth - Dapu Microelectronics is recognized as a leading provider of enterprise SSDs in China, with a strong engineering capability and a product matrix that includes SCM, TLC, and QLC SSDs [6][12]. - The company has successfully completed system-level validations and is entering a phase of significant business expansion, driven by favorable policies and market demand for data storage [14]. Future Projections - The global enterprise SSD market is expected to reach $51.418 billion by 2027, with a compound annual growth rate of approximately 20.25% [15]. - Dapu Microelectronics anticipates a revenue of 2.05 to 2.35 billion yuan in 2025, reflecting a year-on-year growth of 113.06% to 144.24% [18]. Investment and Development Plans - The company plans to raise approximately 1.878 billion yuan through its IPO, focusing on the development of next-generation controller chips and enterprise SSDs, as well as establishing a mass production testing base [18][19]. - The investment strategy aims to enhance the company's capabilities in large-scale delivery and supply chain stability, crucial for participation in larger data center projects [18]. Strategic Importance - The storage capacity is becoming a critical variable in infrastructure competition, with the transition from HDD to enterprise SSDs providing a window for Chinese companies to re-enter the global competitive landscape [20]. - Dapu Microelectronics' full-stack capabilities in controller chips, firmware, and modules position it favorably to meet the evolving storage needs driven by AI and cloud computing [20].

Group 1 - The core point of the article is that Shenzhen Dapu Microelectronics Co., Ltd. has received approval for its IPO registration, bringing it closer to entering the capital market [1] - Dapu Micro specializes in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic providers with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [4] - The company has chosen to meet the listing standards of the Shenzhen Stock Exchange's Growth Enterprise Market, which requires an expected market value of no less than 5 billion yuan and a recent year's operating income of no less than 500 million yuan [4] Group 2 - The storage market is currently experiencing high demand and tight capacity due to factors such as accelerated AI commercialization and the expansion of server clusters, leading to rising prices for storage products [5] - Dapu Micro focuses on enterprise-level SSDs, which have higher competition barriers compared to consumer-grade SSDs, due to their stringent performance consistency and system stability requirements [5] - The company has developed a core technology system encompassing main control chip design, firmware algorithms, module design, and verification testing, with its products matching or exceeding the specifications of leading international brands [5] Group 3 - Dapu Micro has proactively positioned itself in the high-performance storage market driven by AI training and inference, launching products like the QLC SSD R6060 with a maximum capacity of 245TB, which meets the dual demands of performance and energy efficiency for AI data center clients [6] - The company has also developed technologies such as intelligent multi-stream, intelligent fault prediction, and computable storage, enhancing the stability and efficiency of enterprise-level SSDs in complex business environments [6] - Dapu Micro is expanding into the intelligent network card and RAID card sectors, leveraging its experience in enterprise-level SSD main control chip design to create a platform solution that integrates storage and networking [7] Group 4 - The enterprise-level SSD market is expected to see new growth driven by the ongoing development of the digital economy and the expansion of AI application scenarios, with optimistic profit expectations for domestic storage industry companies [7] - By leveraging the capital market, Dapu Micro aims to continue its full-stack self-research advantages, contributing significantly to the high-quality development of China's semiconductor storage industry [7]

2026年1月23日，证监会官网显示，深圳大普微电子股份有限公司（以下简称"大普微"）IPO注册获批，标志着大普微距离登陆资本市场更近一步。 | 索 引 号 | bm56000001/2026-00000915 | | --- | --- | | 发布机构 | | | ম 不 | 关于同意深圳大普微电子股份有限公司首次公开发行股票注册的批复 | | 文 름 | 证监许可〔2026〕97号 | 据悉，大普微主要从事数据中心企业级SSD（固态硬盘）产品的研发销售，是业内领先、国内极少数具备企业级SSD"主控芯片+固件算法+模组"全栈自研能 力并实现批量出货的半导体存储产品提供商。 国产稀缺企业级SSD赛道标的 正迎存储热潮 近期，受到下游AI商业化加速、服务器集群规模扩大等因素驱动，存储市场需求火热、产能紧俏，推动存储产品价格一路高涨。 目前，国内多数存储类上市公司主要在消费级SSD、嵌入式存储方面进行业务布局，核心逻辑在于供应链的规模化与成本优化。与之不同的是，数据中心所 采用的企业级SSD更侧重于处理极端负载情况下的性能一致性与系统稳定性，对于读写速率、时延、数据加密、平均无故障时间（MTBF）等指标要求严 ...

Investment Rating - The report maintains an "Outperform" rating for the storage industry [2] Core Insights - The current storage price increase cycle is primarily driven by AI, leading to a structural demand shift in the industry. The demand for high bandwidth and low latency storage is surging due to the rapid growth in AI training and inference, which is expected to continue driving prices upward [4][9] - The supply of storage chips remains tight, with major manufacturers like SanDisk, Samsung, and SK Hynix announcing price increases, indicating a constrained supply environment [4][13] - The domestic storage industry is expected to benefit from the ongoing high demand and the push for self-sufficiency, with companies like Changxin Technology and Yangtze Memory Technologies expanding production capacity [4][54] Summary by Sections AI Demand Explosion Driving Storage Industry "Super Cycle" - The storage demand is shifting from traditional capacity-driven models to performance-driven models, influenced by AI. The expected global data generation volume is projected to reach 393.9ZB by 2028, significantly impacting storage requirements [9] - AI servers are anticipated to see a 20.9% year-on-year increase in shipments in 2026, with their share of total server shipments rising to 17.2% [9][12] Structural Supply Tightness Driving Continued Price Increases - DRAM supply is tightening as major manufacturers prioritize advanced process capacities for high-end server DRAM and HBM, leading to price increases for DDR4 and NAND products [17][21] - NAND demand is expected to grow at a compound annual growth rate (CAGR) of 21% from 2024 to 2030, driven by data center needs, particularly from AI workloads [36][39] Acceleration of Domestic Production, Favoring the Domestic Storage Industry Chain - The domestic storage industry is poised for growth due to the ongoing high demand and the trend towards self-sufficiency. Companies like Changxin Technology are expanding their production capabilities, with plans to increase their monthly output significantly by 2025 [54][55] - The report highlights the importance of the entire storage supply chain, including design, manufacturing, and testing, which are expected to benefit from the current high demand cycle [54][60]

Group 1 - The company Dongxin Co., Ltd. (688110.SH) forecasts a net loss attributable to shareholders of the parent company between 174 million to 214 million yuan for the year 2025 [1] - During the reporting period, the company's operating revenue is expected to grow approximately 43.75% year-on-year, with a significant increase in gross margin [1] - The storage segment of the company has achieved profitability [1] Group 2 - In 2024, the company made a strategic investment of 200 million yuan in Shanghai Lishuan using its own funds [1] - For 2025, the company plans to increase its investment in Shanghai Lishuan by approximately 211 million yuan, continuing its deep layout in the high-performance GPU sector [1] - The company will account for the aforementioned investment using the equity method, with an expected investment loss of about 166 million yuan recognized in 2025 [1]

Investment Rating - The report assigns a "Outperform" rating to the storage industry, driven by the expansion of AI and data, which is pushing the storage sector into a new cycle with increasing prices and demand for new technologies like HBM [2]. Core Insights - The storage market is experiencing significant growth due to the increasing demand for storage technology across various sectors of the digital economy, particularly driven by AI applications. The demand for AI edge storage is growing at a much faster rate than other segments, becoming a key driver for global storage market expansion [7][14]. - The report highlights that the prices of storage products have already seen substantial increases in 2025 and are expected to rise further in 2026, driven by both AI servers and general server demands. The supply-demand dynamics are complex, with structural capacity constraints and competition across multiple dimensions [7][30]. - The report emphasizes the importance of domestic storage manufacturers in China, such as Changxin Memory and Yangtze Memory Technologies, which are making significant strides in production and technology, potentially reshaping the competitive landscape [7][67]. Summary by Sections Market Overview - The global data generation is projected to reach 213.56ZB by 2025 and exceed 527.47ZB by 2029, with China's data generation expected to grow from 51.78ZB in 2025 to 136.12ZB by 2029, reflecting a CAGR of 26.9% [14][17]. - The capital expenditure of major cloud service providers (CSPs) is expected to increase significantly, with a projected total exceeding $600 billion in 2026, marking a year-on-year growth of approximately 40% [23][26]. Supply Side Dynamics - The supply of storage components is constrained, with a shift in capital expenditure focus towards advanced process technologies and high-value products rather than mere capacity expansion. This is expected to maintain a supply-demand imbalance throughout 2026 [67][70]. - The report notes that HBM technology is becoming increasingly competitive, with significant growth expected in the high-performance memory segment, particularly for AI applications [73][79]. Demand Side Dynamics - The demand for AI storage is rapidly increasing, with traditional HDDs facing supply shortages due to the lack of planned expansions by major manufacturers. This has led to a shift towards high-performance SSDs, particularly QLC SSDs, which are expected to see significant growth in 2026 [83][84]. - High-end DRAM remains a standard for AI applications, with a notable shift towards LPDDR5X memory, which is projected to see a demand increase of 169% in 2026 [86][91]. Investment Opportunities - The report suggests focusing on specific segments within the storage industry that are likely to benefit from the current market dynamics, including distributors and module manufacturers, niche market IC design companies, and domestic semiconductor supply chains [4].