AI驱动下的eSSD国产先锋 2025年9月24日至26日，一年一度的阿里云栖大会在杭州盛大举行。此次，阿里云展台的磐 久服务器成为全场焦点。全新一代磐久128超节点AI服务器由阿里云自主研发，凭借高密 度、高性能和高可用的优势，完美适配多种AI芯片，为AI大模型的算力需求提供强力支撑。 然而，AI大模型的快速发展不仅仅依赖于算力，存储能力同样至关重要。算力与存力共同构成了 AI基础设施的核心。此次大会上，中国本土存储厂商德明利作为阿里云生态合作伙伴，首次展出 了其面向AI应用的企业级存储解决方案，包括SATA SSD、PCIe 5.0 SSD、DDR5 R-DIMM等产 品，其中QLC的大容量PCIe 5.0 SSD让人影响尤为深刻。在阿里云的自研服务器和部件展台上， 德明利为阿里云定制生产的企业级SSD（eSSD）也在其中亮相（如下图），这标志着国产存储在 AI产业链中"存力"这一关键环节上迈出了坚实一步。 如果说算力是AI发展的核心驱动力，那么存力正日益成为不可或缺的关键支撑。麦肯锡预测， eSSD市场总量将以每年35%的速度增长，从2024年的181 EB增长到 2030年的1,078 EB。高效、 ...

Core Viewpoint - The storage chip sector in the A-share market has shown strong performance despite increased volatility in the overall market, driven by price hikes from international giants and positive forecasts for NAND Flash prices [2][3]. Group 1: Market Performance - From September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 yuan to 177 yuan and 144 yuan respectively, reaching historical highs [2]. - The price increase expectations were ignited by SanDisk's announcement of a price hike of over 10% for some products, marking the second price increase this year [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, with CFM forecasting a comprehensive price increase in the storage market during that period [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [3]. - For the entire fiscal year 2025, Micron's revenue hit a record $37.4 billion, up nearly 50% year-on-year, primarily driven by demand from data centers and AI servers [3]. - Micron's high-value business segments, including HBM and high-capacity DIMM, generated $10 billion in revenue, five times that of the previous fiscal year [3][4]. Group 3: Domestic Manufacturers' Challenges and Strategies - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [6]. - The traditional business model of relying on purchasing storage wafers from international suppliers has limited profit margins for domestic firms [6]. - Domestic manufacturers are shifting focus towards upstream technology to capture higher value, particularly through the development of proprietary controller chips [6][7]. Group 4: Technological Advancements - Jiangbolong has shipped over 80 million units of its self-developed controller chips, with its UFS 4.1 products outperforming market standards [7]. - Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip and is developing UFS controller chips, expected to be ready for production in 2025 [7]. - Demingli has also achieved mass production of its SATA SSD controller chip, which is the first in China to utilize RISC-V architecture [7]. Group 5: Investment and Market Expansion - Baiwei Storage raised 1.871 billion yuan for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [9]. - Domestic firms are targeting enterprise markets, such as data centers and AI servers, where profit margins are higher and customers prioritize reliability over price [10]. - Jiangbolong's enterprise storage revenue reached 693 million yuan in the first half of 2025, a 138.66% increase, while Baiwei Storage has secured core supplier status with major AI server manufacturers [10].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a record high revenue of 5.9 billion yuan in Q2 2025, with a significant increase in gross margin to 14.8%, up 4.4 percentage points from the previous quarter [7] - The company is the second largest independent storage manufacturer globally and the largest in China, with three major storage brands: FORESEE, Zilia, and Lexar [7] - The company is experiencing rapid growth in enterprise storage, with a projected revenue of 9.22 billion yuan in 2024, representing a year-on-year increase of 666.3% [7] - The company has successfully completed compatibility adaptations for its PCIe SSD and SATA SSD product lines with multiple domestic CPU platforms [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 17.464 billion yuan - 2025: 20.311 billion yuan - 2026: 23.440 billion yuan - 2027: 25.025 billion yuan - The company expects a net profit of 0.615 billion yuan in 2025, with a year-on-year growth rate of 23.4% [2][8] - The gross margin is projected to be 17.0% in 2025, with a return on equity (ROE) of 8.7% [2][8] Market Data - The closing price of the company's stock is 96.73 yuan, with a market capitalization of 26.543 billion yuan [3] - The company has a price-to-earnings (P/E) ratio of 66 for 2025 [2][3] Product Development - The company has expanded its automotive-grade storage product matrix, with successful product verification and mass production of UFS2.1 and UFS3.1 products [7] - The company has shipped over 50 million SLC NAND chips and over 80 million self-developed controller chips [7]