Core Insights - Shenzhen Changcheng Development Technology Co., Ltd. (Deep Technology) reported a total revenue of 7.74 billion yuan for the first half of 2025, representing a year-on-year growth of 9.71% [2] - The net profit attributable to shareholders reached 452 million yuan, an increase of 25.39% year-on-year [2] - The net cash flow from operating activities was 1.456 billion yuan, up 7.58% compared to the previous year [2] Business Performance - The growth in performance is primarily attributed to the significant recovery in the storage semiconductor industry and the company's ongoing deepening in high-end manufacturing [2] - Emerging technologies such as generative artificial intelligence, high-performance computing, and new energy vehicles have driven strong demand for storage products, maintaining robust growth in the storage business [2] - Innovations in semiconductor packaging and testing technology have further supported steady growth in this sector [2] Strategic Focus - In the high-end manufacturing sector, the company focuses on industries such as medical health and automotive electronics, enhancing production efficiency and market competitiveness through digital transformation [2] - The integration of flexible manufacturing platforms with digital technologies has significantly improved the company's market responsiveness and lean management capabilities [2] - The metering intelligent terminal business benefits from the global energy system transformation, with stable growth in demand for smart meters and related products [2] Business Structure - The company's business structure is stable, focusing on three main areas: storage semiconductors, high-end manufacturing, and metering intelligent terminals [3] - This diversified business structure helps the company effectively withstand cyclical fluctuations in different industries and provides multiple growth points for performance [3] - Analysts believe that the company's performance in the first half of the year reflects its competitiveness in core business areas and the effectiveness of its strategic execution [3]

Core Insights - The prices of storage semiconductors, specifically DRAM and NAND flash, have significantly increased for the fourth consecutive month as of July, with DRAM prices rising by 50% compared to the previous month [2][3] - The average fixed trading price for PC DRAM (DDR4 8Gb 1Gx8) reached $3.90 in July, marking the highest level since October 2021 [2] - Major DRAM manufacturers are prioritizing server DRAM over PC DRAM, leading to supply pressures and a price reversal for DDR4, which is now priced about 4% higher than DDR5 [3] DRAM Market Dynamics - The average fixed trading price for NAND flash products (128Gb 16Gx8 MLC) increased by 8.67% in July, following a trend of price recovery after a decline that began in September of the previous year [3] - The reduction in production of older DDR4 products due to manufacturers' plans to phase them out has led to a decrease in supply, while demand from PC manufacturers remains strong [3] - The price increase for DDR4 is expected to continue until the end of 2025, with DDR5 usage projected to grow gradually [3] Industry Trends - The demand for edge AI computing power is rising, driven by the proliferation of AI models, which is positively impacting the market for high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [4] - The exit of major players like Samsung, SK Hynix, and Micron from the commodity DRAM market is anticipated to lead to a price increase for commodity DRAM, with prices expected to remain at mid-to-high levels in 2025 and 2026 [4] - The recovery in demand from sectors such as smartphones, PCs, IoT, and industrial control boards, along with the trend of domestic substitution, is expected to drive up supply prices from various storage manufacturers [4]