公司基本情况 | 最新收盘价（元） | 100.02 | | --- | --- | | 总股本/流通股本（亿股）4.42 | / 4.42 | | 总市值/流通市值（亿元）442 | / 442 | | 52 周内最高/最低价 | 103.99 / 14.14 | | 资产负债率(%) | 4.6% | | 市盈率 | -263.21 | | 第一大股东 | 东方恒信集团有限公司 | 证券研究报告：电子 | 公司点评报告 股票投资评级 增持 |调整 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -16% 38% 92% 146% 200% 254% 308% 362% 416% 470% 东芯股份 电子 资料来源：聚源，中邮证券研究所 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com l 投资要点 持有上海砺算 37.88%股权，布局高性能 GPU 赛道。在计 ...

Group 1: Core Concept - The article discusses the emergence of Pseudo Static Random Access Memory (PSRAM) as a new choice in embedded memory, addressing the limitations of traditional storage technologies like SRAM and DRAM [1][2]. Group 2: PSRAM Overview - PSRAM is designed for embedded systems, consumer electronics, IoT, wearable devices, and edge AI products, simulating SRAM characteristics while utilizing DRAM's structure [2]. - PSRAM combines the advantages of SRAM's simple interface and DRAM's storage density, featuring a storage structure of one transistor and one capacitor [3]. Group 3: Technical Comparison - PSRAM's internal structure allows for a storage density that can reach 4-8 times that of SRAM, while maintaining a compatible interface with SRAM [3]. - Compared to DRAM and SRAM, PSRAM offers a balanced cost, speed, and integration level, making it a competitive option in the embedded memory market [3]. Group 4: Market Positioning - PSRAM is positioned as a complementary technology to SRAM, DRAM, and NAND Flash, with various types like OPI PSRAM, QPI PSRAM, and SPI PSRAM catering to different application needs [5][6]. - OPI PSRAM, for instance, achieves a theoretical bandwidth of 2.128Gbps at 133MHz, making it suitable for IoT and wearable devices [5]. Group 5: Application Scenarios - PSRAM is rapidly replacing DDR in mobile communications, real-time control systems, and edge computing, with applications in smartphones and industrial robotics [7]. - Despite not matching the absolute bandwidth of high-end DDR4/DDR5, PSRAM's efficiency in pin usage is redefining embedded storage design paradigms [7]. Group 6: Limitations - PSRAM is volatile and loses data upon power loss, necessitating a combination with non-volatile storage like NAND Flash for data persistence [8]. - The current capacity of PSRAM products ranges from 32-512Mb, which is significantly lower than that of LPDDR5 DRAM products, limiting its use in high-capacity applications [8]. Group 7: Domestic Breakthroughs - China's semiconductor industry is seizing opportunities for PSRAM localization, with companies like Unisoc making significant advancements in this field [9]. - Unisoc's PSRAM products support speeds up to 400MHz and bandwidths of 17.06Gb/s, catering to IoT and wearable applications [9][10]. Group 8: Future Outlook - The demand for MCU storage capacity is expected to grow with the proliferation of IoT and AI applications, positioning PSRAM as a key solution [11]. - The integration of PSRAM into MCUs is seen as a significant trend, enhancing performance, cost-effectiveness, and system design simplicity [11].