丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨星宇股份（601799.SH） [Table_Title] 星宇股份：2025Q3 业绩符合预期，机器人开启 第二成长曲线 报告要点 [Table_Summary] 星宇股份 10 月 29 日发布三季度业绩报告称，2025 年三季度营业收入约 39.5 亿元，同比增加 12.7%；归属于上市公司股东的净利润约 4.3 亿元，同比增加 13.5%。2025Q3 业绩符合预期， 盈利能力保持稳定。发布 2025 年员工持股计划，彰显公司发展信心。客户多元化+海外战略助 力主业高成长，加速布局机器人开启第二成长曲线。预计公司 2025-2027 年归母净利润分别 16.3、21.6、27.0 亿元，对应 PE 分别为 21.6X、16.3X、13.1X ，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 2、技术研发与产品开发风险。 research.9557 ...

Core Insights - The memory industry, including DRAM, NAND Flash, SSD, and HD, is experiencing a significant price surge due to strong demand from cloud service providers (CSPs) for AI and data center bandwidth expansion, marking an unprecedented phenomenon in the industry [1][2] - The chairman of a leading memory manufacturer expresses a conservative outlook on the potential for a long-term "super cycle," estimating at least four years of favorable market conditions [1][2] Group 1: Market Dynamics - Major CSPs are aggressively purchasing HBM, DDR5, SSD, and HD products, leading to shortages and skyrocketing prices across all four memory product lines [2] - The three major memory manufacturers are shifting resources towards higher-margin DDR5 and HBM products, with a minimal supply of DDR4 being maintained, as production of DDR4 is expected to cease [2] Group 2: Supply Chain and Production - The chairman highlights that the current demand is so intense that even major manufacturers are struggling to keep up, with significant purchases from CSPs depleting their inventories [2] - The expected long-tail effect of limited DDR4 supply is projected to last about two years, indicating a larger-than-anticipated supply-demand gap in the market [2] Group 3: Future Outlook - The current boom in the DRAM market is anticipated to lead to structural changes, benefiting companies with product availability and production capacity, while those unable to secure inventory may face operational challenges [2] - The chairman forecasts that the favorable market conditions will persist for at least four years, with the upcoming quarters and next year expected to be particularly strong [2]