[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 | | | | ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the semiconductor and storage sectors, including companies like 香农芯创, 东山精密, 胜宏科技, and 工业富联 [5] Core Insights - The storage market is undergoing a significant structural transformation, with DRAM and NAND flash experiencing unprecedented supply shortages, expected to last until at least 2026 [1][10] - The demand for optical chips is surging, exacerbating the supply-demand imbalance, particularly in the data center sector [1][37] - SK Hynix is transitioning towards a comprehensive AI storage strategy, introducing customized HBM and AI-focused DRAM and NAND products [2][13] - SanDisk reported exceptional FY26 Q1 results, driven by strong NAND demand, with revenue reaching $2.308 billion, a 21% increase quarter-over-quarter [3][29] Summary by Sections Storage Supply and Demand - The DRAM market is experiencing a severe shortage, with prices for DDR5 and DDR4 expected to rise until 2027, driven by a lack of new capacity and high demand from data centers [1][10] - NAND flash supply is also tight, with significant price increases observed in November, reflecting a 50% rise in quotes [1][10] - SanDisk's NAND bit shipments grew by approximately 15%, with expectations of continued strong demand through 2026 [3][29] Optical Chip Demand - Lumentum and Coherent reported strong earnings, benefiting from increased demand for optical chips in data centers, with Lumentum noting a supply-demand gap widening to 25-30% [1][43][49] - Coherent's Q1 revenue reached $1.58 billion, with a significant portion coming from data center and communication sectors [2][51] Key Company Developments - SK Hynix unveiled its product roadmap focusing on AI storage solutions, including customized HBM and AI DRAM, aiming to enhance computational efficiency [2][13] - Lumentum's Q1 revenue was $533.8 million, with a gross margin of 39.4%, driven by strong demand in data center interconnects [43][44] - Coherent's Q1 revenue was $1.58 billion, with a focus on expanding its phosphide production capacity to meet growing demand [50][58]