存储大厂业绩创新高，AI 驱动存储涨价效应扩 散 [Table_ReportDate] 2026 年 2 月 1 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 郭一江 电子行业分析师 执业编号：S1500524120001 邮 箱：guoyijiang@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮 箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] 存储大厂业绩创新高，AI ...

Group 1 - The core viewpoint of the article highlights that the storage industry is currently experiencing a super cycle, driven by a surge in demand for storage chips due to the AI boom, leading to significant revenue and profit growth for major players like Samsung Electronics [2][3][4]. - Samsung Electronics reported a record revenue of 93.8 trillion KRW (approximately 455.9 billion RMB) in Q4 of last year, marking a year-on-year increase of about 24%, with operating profit reaching 20.1 trillion KRW (approximately 9.77 billion RMB), more than doubling year-on-year [2][3]. - The DS (Device Solutions) division, which includes storage chips, generated 44 trillion KRW in revenue, accounting for 47% of Samsung's total revenue, with a 46% year-on-year growth rate, double that of the overall company [3]. Group 2 - Samsung's storage chip business, contributing 37.1 trillion KRW to the DS division, represented 85% of its revenue, with a remarkable 62% year-on-year growth, significantly outpacing the overall revenue growth [3]. - The operating profit from the DS division was 16.4 trillion KRW, accounting for over 80% of Samsung's total operating profit, with a year-on-year increase of approximately 4.6 times [3]. - The strong performance of Samsung's storage chips was further supported by the rising value of high-margin products such as HBM (High Bandwidth Memory) and server DDR5, which are increasingly in demand for AI applications [4]. Group 3 - The strong performance of Samsung Electronics in Q4 was also aided by the strengthening of the US dollar, which positively impacted its operating profit by 1.6 trillion KRW (approximately 78 million RMB) [5]. - The shortage of general DRAM in the consumer electronics market has led to significant price increases, with Samsung and SK Hynix negotiating substantial price hikes for LPDDR supplied to Apple, with Samsung's prices rising over 80% [6][7]. - The increase in memory prices has resulted in higher costs for smartphone manufacturers, leading them to raise product prices, particularly affecting mid-range products more than high-end ones [8]. Group 4 - Samsung Electronics plans to prioritize high-value products for AI applications in Q1, including the mass production of HBM4, indicating a shift in focus towards the AI market rather than traditional consumer electronics [8][9]. - The IDC report noted that manufacturers are reallocating production capacity from consumer electronics to higher-margin AI-specific memory solutions, resulting in a supply shortage for general memory modules [9]. - Companies in the storage industry, such as Jiangbolong, are forecasting significant profit increases for 2025, driven by the rising prices of storage products and the shift in demand towards AI applications [9][10].

记者丨骆轶琪 编辑丨倪雨晴 在AI需求旺盛和涨价声浪下，存储头部厂商的业绩普遍再创新高。 近日，希捷、SK海力士和三星电子等多家头部存储厂商发布业绩财报，2025年第四季度业绩 均再超预期。其中， SK海力士更是实现2025年营业利润翻番。 其核心增长引擎，无疑是AI快速发展下对存储的需求攀升。21世纪经济报道记者综合梳理发 现，对此，有大厂已经开启了密集扩产和合作动作， 加大2026年资本开支是普遍现象。 仅在今年1月，美光科技（Micron）就连续宣布多个动作，旨在加码供应。不过按照投产周期 看， 这些产能释放普遍要等到2027年下半年甚至以后。 靓丽的业绩支撑下，上述头部厂商股价表现同样亮眼， 今年以来，希捷科技涨超60%，美光 科技涨超50%，SK海力士、三星电子韩股均涨超30%。 当然全球存储巨头对后市的态度有所差异，他们都将重要精力押注何方？ 逐季增长 1月29日，韩国存储"双雄"先后召开财报业绩会，宣布了再创新高的业绩表现。 在2025年第四季度， SK海力士三大指标均创下季度历史新高 ：营收环比增长34%至32.83万 亿韩元；营业利润环比增长68%至19.17万亿韩元，营业利润率为58%。 ...

在AI需求旺盛和涨价声浪下，存储头部厂商的业绩普遍再创新高。 近日，希捷、SK海力士和三星电子等多家头部存储厂商发布业绩财报，2025年第四季度业绩均再超预期。其中，SK海力士更是实现2025年营 业利润翻番。 其核心增长引擎，无疑是AI快速发展下对存储的需求攀升。21世纪经济报道记者综合梳理发现，对此，有大厂已经开启了密集扩产和合作动 作，加大2026年资本开支是普遍现象。 仅在今年1月，美光科技（Micron）就连续宣布多个动作，旨在加码供应。不过按照投产周期看，这些产能释放普遍要等到2027年下半年甚至 以后。 当然全球存储巨头对后市的态度有所差异，他们都将重要精力押注何方？ 逐季增长 1月29日，韩国存储"双雄"先后召开财报业绩会，宣布了再创新高的业绩表现。 在2025年第四季度，SK海力士三大指标均创下季度历史新高：营收环比增长34%至32.83万亿韩元；营业利润环比增长68%至19.17万亿韩元， 营业利润率为58%。 三星电子第四季度存储业务实现销售收入37.1万亿韩元，环比增长39%、同比大涨62%，这一增速远超集团整体24%的销售同比增速；期内DS （设备解决方案）业务（包括存储和晶圆代工两 ...

那个曾经统治全球半导体市场的巨头，终于在2025年四季度宣告了它的强势回归。这家全球最大的存储芯片制造商凭借高带宽内存（HBM）技术 突破和市场价格上涨，在2025年Q4实现季度营收和营业利润的双重记录，并从竞争对手SK海力士手中夺回动态随机存储器（DRAM）销售冠军 宝座。 1月29日，三星电子公布最新财报显示，2025年第四季度营收93.8万亿韩元，同比增长23.8%，环比增长9%；营业利润20.1万亿韩元，同比飙升 209.2%，均创下韩国企业单季最高纪录。2025年全年营收333.6万亿韩元，营业利润43.6万亿韩元，同比分别增长10.87%和33.3%。 财报显示，三星的半导体部门（DS）贡献了集团80%的营业利润，Q4营收44万亿韩元，环比增长33%，营业利润16.4万亿韩元，同比暴增 465%。存储业务创下季度营收和营业利润历史新高，主要得益于HBM等高附加值产品销售扩大以及市场整体价格上涨。 据韩国媒体《朝鲜日报》报道，在暂时因判断失误失去先机后，该公司通过全面改进HBM设计重新获得技术竞争力，并在第四季度重夺DRAM销 售额（按营收计算）第一位置。市场机构预计，受益于半导体繁荣和存储供应短缺 ...

｜2025年12月10日星期三｜ NO.1蓝箭航天：终极目标是将朱雀三号每公斤发射费用降至2万元内 近日，蓝箭航天董秘张宇蛟对媒体表示，朱雀三号的复用成本呈现"前期高投入、后期边际递减"特征， 复用5次后，单次成本较首飞下降约45%；复用20次时，成本基本仅为边际成本，主要包括二子级制造 成本、一级维护费等。朱雀三号的终极目标是将每公斤发射费用降至2万元人民币以下。 NO.2IDC：预计2030年中国具身智能机器人用户支出规模达770亿美元 12月9日，IDC最新报告预测，2025年中国具身智能机器人用户支出规模预计超过14亿美元，到2030年 将飙升至770亿美元，年均复合增长率(CAGR)高达94%。IDC指出，当前，在政策推动、资本活跃与产 业链协同加速的共同作用下，中国正快速形成完整的具身智能机器人产业链，政府推进技术标准与示范 应用建设，资本持续投入，产业端则通过开放合作加快技术成果的工程化落地。 12月9日，阿里已成立千问C端事业群，由阿里巴巴集团副总裁吴嘉负责。该事业群由原智能信息与智 能互联两个事业群合并重组而来，包含千问APP、夸克、AI硬件、UC、书旗等业务。阿里巴巴在内部 沟通中提及，千 ...

Core Insights - SK Hynix reported impressive Q3 financial results, with operating profit surpassing 10 trillion KRW for the first time, reaching 11.38 trillion KRW, a year-on-year increase of 62% [1][2] - The company's revenue for Q3 was 24.45 trillion KRW (approximately 17.1 billion USD), marking a 39% year-on-year growth [1][2] - Net income reached a record high of 12.6 trillion KRW, reflecting a 119% increase compared to the previous year [2] Financial Performance - Q3 revenue was 24,448.9 billion KRW, up 10% quarter-on-quarter and 39% year-on-year [2] - Operating profit was 11,383.4 billion KRW, a 24% increase from the previous quarter and a 62% increase year-on-year [2] - Net income for Q3 was 12,597.5 billion KRW, showing an 80% quarter-on-quarter increase and a 119% year-on-year increase [2] Market Position - SK Hynix holds a 64% market share in the HBM segment, having secured all DRAM and NAND customer demands for 2026 [2][6] - The company achieved a 38% market share in the DRAM sector in Q2, surpassing Samsung to become the industry leader [2][6] - The competitive landscape is tightening as Samsung and Micron accelerate their efforts in the HBM market [2][6] Future Outlook - DRAM shipment volume is expected to grow by over 20% year-on-year in 2026, with HBM supply constraints anticipated to last until 2027 [3][6] - Capital expenditures for 2026 are projected to exceed those of 2025, with plans to expand capacity through the M15X project [3][9] - The HBM market is expected to grow to $43 billion by 2027, although potential challenges include increased competition and a possible cooling of AI investment [7][8] Business Segments - The HBM business is a key driver of growth, with high-margin products like HBM3E and server DDR5 contributing significantly to performance [5][6] - Traditional memory chip business is also recovering, with improvements in smartphone and PC markets, and rising prices for DRAM chips used in data servers and mobile devices [8]

Group 1 - The article emphasizes that a stable capital market allows investors to earn consistently, which in turn supports the real economy [1] - The capital market plays a crucial role in funding and nurturing emerging industries, exemplified by the active performance of humanoid robots and the semiconductor industry [1][2] - The long-term bull market in the US stock market is driven by technology, with companies like Intel, Apple, and Nvidia converting technological premiums into shareholder returns [1][2] Group 2 - A strong capital market must reflect the direction of economic transformation, with hard technology companies taking on significant roles [2] - The ongoing AI technology revolution is highlighted, with major tech companies investing heavily to stay competitive [2] Group 3 - A-shares showed mixed performance, with the Shanghai Composite Index slightly down by 0.01%, while the Shenzhen Component, ChiNext, and Sci-Tech 50 indices rose by 0.67%, 1.58%, and 1.24% respectively [3] - The total trading volume in the Shanghai and Shenzhen markets reached 23,711 billion, an increase of 443 billion from the previous day [3] Group 4 - The market is expected to consolidate or trend upwards, with a slightly higher probability of an upward trend [4] Group 5 - Small-cap indices like the CSI 1000 and CSI 2000 have been lagging, indicating a shift of funds towards mid and large-cap stocks [6] - The strong performance of the ChiNext index is attributed to key themes such as AI hardware, humanoid robots, and innovative drugs [6] Group 6 - CATL's A-share market value briefly surpassed Kweichow Moutai, marking a significant shift towards advanced manufacturing driven by technological innovation [7][8] - This shift signifies the replacement of traditional consumption models by advanced manufacturing as a new engine for value creation in China's economy [8] Group 7 - AI-related sectors such as IT equipment, internet, and communication devices are leading the market [9] - The AI hardware sector is experiencing a rotation, with some segments showing strong performance while others are in consolidation [9][10] Group 8 - The NAND Flash market is expected to see a price increase of 5%-10% in Q4, indicating a positive outlook for the semiconductor industry [11] - The copper sector is experiencing gains due to external factors, including supply disruptions from major mining companies [11] Group 9 - The domestic photolithography machine industry is entering a critical growth phase, with significant advancements in production capabilities [12] - The market is currently in a normal consolidation phase, with a focus on the performance of the ChiNext and Sci-Tech 50 indices [12]

Core Viewpoint - The CFM flash memory market anticipates continued price increases for server DDR4 and DDR5 products in Q3, with a narrowing growth range for DDR4 and potential price risks for DDR5 in Q4 [1] Summary by Category DDR4 Products - Server DDR4 prices are expected to continue rising in Q3, with an estimated increase of 10%-15% [1] DDR5 Products - Server DDR5 prices are projected to see a slight increase compared to Q2 in Q3 [1] - In Q4, as manufacturers ramp up DDR5 production and improve yield rates, there may be a significant release of supply, leading to potential price risks for DDR5 products [1]